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17-86‘00TOWNOFESTESPARK,COLORADOORDINANCENO.17-86SERIESOF1986ANORDINANCEPROVIDINGFORTHEAUTHORIZATIONOFASUPPLEMENTALINDENTUREWITHREGARDTOTHETOWNOFESTESPARK,COLORADO,INDUSTRIALDEVELOPMENTREVENUEBONDS,(STANLEYVILLAGESHOPPINGCENTERPROJECT),SERIES1985BINTHEAGGREGATEPRINCIPALAMOUNTOF$4,600,000WHEREAS,TheTownofEstesPark,LarimerCounty,Colorado(the“Town”),isauthorizedbyTitle29,Article3,Part1,ColoradoRevisedStatutes,asamended(the“Act”),toissuerevenuebondsforthepurposeoffinancingoneormoreprojects,includinganyland,buildingorotherimprovementsandallrealorpersonalpropertiessuitableorusedfororinconnectionwithamanufacturing,industrial,commercial,agriculturalorbusinessenterprise,andtoenterintoaLoanagreementwithauserprovidingforpaymenttotheTownofrevenuessufficientforthepaymentoftheprincipalofandinterestontheBonds;andWHEREAS,byaResolutionNo.39—84dulyadoptedonNovember23,1984,asextendedbyResolutionNo.19—85,dulyadoptedonOctober22,1985,(the“InducementResolution”),theTowndeclareditsintentiontoauthorizeitsindustrialdevelopmentrevenuebondsinanaggregateprincipalamountnottoexceed$9,500,000inaccordancewiththeprovisionsoftheActforthepurposeofpayingthecostoffinancingaretailshoppingcenteratStanleyVillageShoppingCenter;andWHEREAS,theTownauthorizedandissueditsTownofEstesPark,LarimerCounty,Colorado,IndustrialDevelopmentRevenueBonds,(StanleyVillageShoppingCenterProject),Series1985B,intheaggregateprincipalamountof$4,600,000(the“Bonds”);andWHEREAS,theproceedsoftheBondissuewillbeloanedtoStanleyCommercialDevelopment,Ltd.,aColoradolimitedpartnership,(the“Partnership”)fortheacquisition,constructionandinstallationofPhaseIIofStanleyVillageShoppingCenter(the“Project”)providedthePartnershipsatisfiescertainconditions;andWHEREAS,suchconditionsrequireaCreditFacility,asdefinedintheTrustIndenture(the“Indenture”)betweentheTownandCentralBankofDenver,abankingcorporation,inDenver,Colorado(the“Trustee”),bedeliveredtotheTrusteepriortotheConversionDate,definedintheIndentureasSeptember1,1986;and—2— CWHEREAS,thePartnershipisunabletodeliversaidCreditFacilitywithinthetimeperiodspecifiedduetothedifficultiesinobtainingsuchaCreditFacilityunderpresenteconomicconditionsininstitutionswhichnormallyprovidesuchCreditFacilitiesand(ii)thepresentstatusofthelease—upoftheProject;andWHEREAS,theOriginalIndentureprovidesfortheexecutionanddeliveryofsupplementalindenturesdeemednecessaryordesirablebytheTownforthepurposesofmodifying,altering,amending,supplementingorrescinding,inanyparticular,anyofthetermsorprovisionscontainedinsaidIndenture;andWHEREAS,itisdeemednecessaryanddesirabletoauthorizeasupplementalindenturetoextendtheperiodoftimespecifiedfortheconditionsspecifiedtobesatisfiedandtoapprovetheformandauthorizetheexecutionofsaidsupplementalindenture,BEITORDAINEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO:Section1.ApprovalsandAuthorizations.Theform,termsandprovisionsoftheFirstSupplementalTrustIndenture(the“SupplementalIndenture”)intheformpresentedtotheBoardofTrusteesareherebyapproved.TheMayorandtheClerkareherebyauthorizedanddirectedtoexecutetheSupplementalIndentureandaffixthesealoftheTownthereto,andfurthertoexecuteandauthenticatesuchotherdocuments,instrumentsorcertificatesasaredeemednecessaryordesirablebybondcounselinordertoeffecttheintentofthisOrdinance.Suchdocumentistobeexecutedinsubstantiallytheformhereinaboveapproved,providedthatsuchdocumentmaybecompleted,correctedorrevisedastheMayoroftheTownshallapproveinordertocarryoutthepurposesofthisOrdinance,theMayor’sexecutionthereofbeingdeemedconclusiveofhisapprovalofsuchcompletion,correctionorrevision.Copiesofallofthedocumentsshallbedelivered,filedandrecordedasprovidedtherein.Theapprovalherebygiventothedocumentreferredtoaboveincludesanapprovalofsuchadditionaldetailsthereinasmaybenecessaryandappropriatefortheircompletion,includingdatesandsuchmodificationsthereto,deletionstherefromandadditionstheretoasmaybeapprovedbybondcounselpriortotheexecutionofthedocuments.TheexecutionofanyinstrumentbytheappropriateofficersoftheTownhereinauthorizedshallbeconclusiveevidenceoftheapprovalbytheTownofsuchinstrumentinaccordancewiththetermshereof.Section2.Ratification.AllactionsheretoforetakenbytheTownandbytheofficersthereofnotinconsistentherewithdirectedtowardthefinancingoftheProjectandtheissuanceandsaleoftheBondsareherebyratified,approvedandconfirmed.—3— •CCSection3.Repealer.Allacts,orders,ordinances,orpartsthereof,takenbytheTownandinconflictwiththisOrdinanceareherebyrepealed,exceptthatthisrepealershallnotbeconstruedsoastoreviveanyact,order,ordinance,orpartthereofheretoforerepealed.Section4.Severability.IfanypartorpartsofthisOrdinanceareforanyreasonheldtobeinvalid,suchdecisionshallnotaffectthevalidityoftheremainingportionshereof.TheBoardherebydeclaresthatitwouldhavepassedthisOrdinanceandeachpartorpartshereof,irrespectiveofthefactthatanyonepartorpartsbedeclaredinvalid.Section5.DirectiontoTakeAction.TheappropriateofficersandmembersoftheBoardofTrusteesareherebyauthorizedanddirectedtotakeallotheractionsnecessaryorappropriatetoeffectuatetheprovisionsofthisOrdinance,including,butnotlimitedto,theexecutionofsuchcertificatesandaffidavitsasmayreasonablyberequired.Section6.Emergency,RecordingandAuthentication.TheBoardofTrusteesherewithfinds,determinesanddesignatesthatthisOrdinanceisnecessaryfortheimediatepreservationofpublicpeace,healthandsafetyinviewofthepotentiallyundesirableeffectontheTown’seconomy;anemergencyisdeclaredtoexist;andthisOrdinanceshalltakeeffectandbeinforceimmediatelyafteritspassage,adoptionandsignatureoftheMayor.ThisOrdinance,innediatelyonitspassage,shallbenumberedandrecordedintheofficialrecordsoftheTownkeptforthatpurposeandshallbeauthenticatedbythesignaturesoftheMayorandTownClerkPro—Tern.ThisOrdinanceshallbepublishedinalegalnewspaperofgeneralcirculationintheTown.INTRODUCED,READAPPROVED,ADOPTEDANDORDEREDPUBLISHED,this22nddayofJuly,1.(SEAL)ATTESTED:ClerkPro--4- TrusteeHixsecondedthemotiontoapproveOrdinance17—86.Thequestionbeingtheadoptionofthemotion,therollwascalledwiththefoflowingresult:ThosevotingYESMarkT.BrownDavidHabeckerGeorgeJHixPaulaL.LaingDavidBarkerThosevotingNO:NoneThoseabstaining:NorbertL.AldrichThepresidingofficerthereupondeclaredthemotionOrdinanceapprovedandadopted.carried,andtheThereupon,afterconsiderationofothermatters,themeetingwasMayor00Trustees:adjourned.(SEAL)Clerkem—5— 0CSTATEOFCOLORADOCOUNTYOFLARIMER)ss.TOWNOFESTESPARKI,MonteL.Vavra,TownClerkPro—TernoftheTownofEstesPark,LarirnerCounty,Colorado,doherebycertifythattheforegoingpagesnumber1to5,inclusive,constituteatrueandcorrectcopyoftherecordofproceedingsoftheBoardofTrusteesoftheTown,takenataregularmeetingthereof,heldattheMunicipalBuilding,theregularmeetingplaceoftheBoardofTrustees,onTuesday,the22nddayofJuly,1986,insofarassaidproceedingsrelatetoanOrdinanceconcerningtheauthorizationofasupplementalindenturewithregardtotheTown’sIndustrialDevelopmentRevenueBonds,(StanleyVillageShoppingCenterProject),Series1985Bintheaggregateprincipalamountof$4,600,000.TnClerkPro—Tern-6— o0TOWNOFESTESPARK,COLORADOandCENTRALBANKOFDENVER,ABANKINGCORPORATIONasTRUSTEEFIRSTSUPPLEMENTALTRUSTINDENTUREThisinstrumentisafirstsupplementtothatTrustIndenturedatedasofDecember1,1985withreferenceto$4,600,000TownofEstesPark,ColoradoIndustrialDevelopmentRevenueBonds(StanleyVillageShoppingcenterProject)Series19853 •C0FIRSTSUPPLEMENTALTRUSTINDENTURETHISFIRSTSUPPLEMENTALTRUSTINDENTURE(the‘SupplementalIndenture’)ismadeandenteredintoasof____________________,1986,betweentheTownofEstespark,Colorado(the‘Issuer’)apoliticalsubdivisiondulycreated,organizedandexistingundertheConstitutionandlawsoftheStateofColoradoandCentralBankofDenver,abankingcorporationdulyorganizedandexistingunderthelawsoftheStateofColorado,astrustee(the‘Trustee’)andisasupplementtothatTrustIndenturedatedasofDecember1,1985enteredintobetweenthesameparties(theTrustIndentureishereinreferredtoasthe‘OriginalIndenture’).Alldefinedtermsusedherein,asindicatedbyinitialcapitalletters,shallhavethemeaningsprovidedinArticleIoftheOriginalIndenture.WITNESSETH:WHEREAS,pursuanttoandinaccordancewiththeprovisionsoftheCountyandMunicipalityDevelopmentRevenueBondAct,Article3ofTitle29,ColoradoRevisedStatutes,(the‘Act’),bywrittenordinanceoftheBoardofTrusteesofIssuer,andinfurtheranceofthepurposesoftheAct,theIssuerhaspreviouslyproposedtomaketheProjectLoantotheDeveloperinordertofinancetheacquisition,construction,equippingandinstallingoftheProject,includinganybuildingorotherimprovementandallrealorpersonalpropertiessuitableorusedfororinconnectiontherewithandwhichconstitutecommercialorbusinessenterprisesandwhicharefunctionallyrelatedandsubordinatetotheProject,withintheIssuer,andwhicharetobeownedbytheDeveloper;andWHEREAS,inordertofinancethecostoftheProject,theIssuerissuedindustrialdevelopmentrevenuebondsundertheoriginalIndentureinordertomaketheProjectLoantotheDeveloper;andWHEREAS,theDeveloperandtheIssuerenteredintoaLoanAgreementunderwhichtheIssueragreedtomaketheProjectLoantotheDeveloperinaccordancewiththeprovisionsoftheLoanAgreementandtheOriginalIndenture;andWHEREAS,saidprovisionsrequiredcertainconditionsbesatisfiedpriortotheConversionDate,definedintheOriginalIndentureasSeptember1,1986;andWHEREAS,theDeveloperisunabletosatisfysaidconditionspriortotheConversionDateasdefined;and CWHEREAS,Section12.03oftheOriginalIndentureprovidesthattheIssuerandtheTrusteemayexecuteanddeliverasupplementalindenturedeemednecessaryordesirablebytheIssuerforthepurposesofmodifying,altering,amending,supplementingorrescinding,inanyparticular,anyofthetermsorprovisionscontainedintheoriginalIndenture;andWHEREAS,theIssuerdeemedinordinance17—86approvedonJuly22,1986thatasupplementalindenturetoamendtheConversionDatewasnecessaryanddesirable;andWHEREAS,pursuantto12.03(b)theIssuerhasrequestedtheTrusteeenterintoasupplementalindentureandtheTrusteehasgivennoticeoftheproposedsupplementalindenturebyMailtoallOwnersofOutstandingBonds;andWHEREAS,theOwnersofalloftheBondsOutstandinghaveconsentedtoandapprovedtheexecutionanddeliveryofasupplementalindentureamendingtheConversionDatetoSeptember1,1987,NOW,THEREFORE,THISSUPPLEMENTALTRUSTINDENTUREWITNESSETH:Alloftheterms,conditions,definitions,andotherprovisionsoftheoriginalIndentureareincorporatedhereinbyreference,andexceptasmodifiedherein,allprovisionsintheOriginalIndentureareherebyratifiedandconfirmedbytheIssuerandtheTrustee.Suchterms,conditions,definitions,andotherprovisionsaresupplementedbythefollowingprovision:ARTICLEIDEFINITIONSSECTION1.01.Definitions.Theterm“ConversionDate”inArticleIoftheoriginalIndentureisamendedinitsentiretytoread:ConversionDate’meansSeptember1,1987.ARTICLEIITHEBONDSSECTION2.02.InterestontheBonds.Thedate‘August31,1986”insection2.02(b)oftheOriginalIndentureisamendedto‘August31,1987.’ 00ARTICLEIISUPPLEMENTALINDENTURESSECTION2.01supplementalIndenturesRequiringOwnerConsent.ThisSupplementalIndentureisissuedpursuanttoSection12.03oftheOriginalIndenture.TheOwnersofallBondsOutstandinghaveconsentedtoandapprovedtheexecutionanddeliverybytheIssuerandtheTrusteeofthissupplementalIndentureasevidencedbythesignaturesontheconsentsattachedheretoasExhibitA.INWITNESSWHEREOF,theTownofEstesPark,ColoradohascausedthisSupplementalIndenturetobeexecutedbyitsMayoranditsofficialsealtobeimpressedhereon,andcentralBankofDenver,hascausedthissupplementalIndenturetobeexecutedinitsbehalfbyoneofitsauthorizedofficersanditscorporatesealtobeimpressedhereon,allasofthedayandyearfi,stawritten.(SEAL]k:oTOWNOFESTESPARK,COLORADOBy____MayorCENTRALBANKOFDENVER,abankingcorporationBy____________________Attest:AuthorizedOfficerAttest:[SEAL]Title:Asst.Secretary 0CEXHIBITATheundersignedistheOwnerof$__________inaggregateprincipalamountofTownofEstesPark,ColoradoIndustrialDevelopmentRevenueBonds(StanleyVillageShoppingCenterProject)Series1985BandherebyconsentstoandapprovestheexecutionanddeliverybytheFirstSupplementalTrustIndenture,whichSupplementalIndentureamendsthedefinitionoftheConversionDatetomeanSeptember1,1987.DateName