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07-8800TOWNOFESTESPARK,COLORADOORDINANCENO.7—88SERIESOF1988ANORDINANCEPROVIDINGFORTHEAUTHORIZATIONOFASUPPLEMENTALINDENTUREWITHREGARDTOTHETOWNOFESTESPARK,COLORADO,INDUSTRIALDEVELOPMENTREVENUEBONDS,(STANLEYVILLAGESHOPPINGCENTERPROJECT),SERIES1985AINTHEAGGREGATEPRINCIPALAMOUNTOF$2,350,000WHEREAS,TheTownofEstesPark,LarimerCounty,Colorado(the“Town”),isauthorizedbyTitle29,Article3,Parti,coloradoRevisedStatutes,asamended(the‘Act”),toissuerevenuebondsforthepurposeoffinancingoneormoreprojects,includinganyland,buildingorotherimprovementsandallrealorpersonalpropertiessuitableorusedfororinconnectionwithamanufacturing,industrial,conunercia.1,agriculturalorbusinessenterprise,andtoenterintoaloanagreementwithauserprovidingforpaymenttotheTownofrevenuessufficientforthepaymentoftheprincipalofandinterestontheBonds;andWHEREAS,byaResolutionNo.39-84dulyadoptedonNovember23,1984,asextendedbyResolutionNo.19-85,dulyadoptedonOctober22,1985,(the“InducementResolution”),theTowndeclareditsintentiontoauthorizeitsindustrialdevelopmentrevenuebondsinanaggregateprincipalamountnottoexceed$9,500,000inaccordancewiththeprovisionsoftheActforthepurposeofpayingthecostoffinancingaretailshoppingcenteratStanleyVillageShoppingCenter;andWHEREAS,theTownauthorizedandissueditsTownofEstesPark,LarimerCounty,Colorado,IndustrialDevelopmentRevenueBonds,(StanleyVillageShoppingCenterProject),Series1985A,intheaggregateprincipalamountof$2,350,000(the“Bonds”);andWHEREAS,theproceedsoftheBondissuewereloanedtoStanleyCommercialDevelopment,Ltd.,aColoradolimitedpartnership,(the“Partnership”)fortheacquisition,constructionandinstallationofPhaseIofStanleyVillageShoppingCenter(the“Project”);andWHEREAS,Standard&Poor’sCorporationassignedaAAA/A_1+*ratingtotheBondsandhasnotifiedbondcounselthatanamendmentofcertainsectionsoftheTrustIndenturedatedasofNovember1,1985,(the“OriginalIndenture”)relatingtotheBondsisrequiredtomaintainsuchrating;and2 00 CWHEREAS,theOriginalIndentureprovidesfortheexecutionanddeliveryofsupplementalindenturesdeemednecessaryordesirablebytheTownforthepurposesofmodifying,altering,amending,supplementingorrescinding,inanyparticular,anyofthetermsorprovisionscontainedinsaWOriginalIndenture;andWHEREAS,itisdeemednecessaryanddesirabletoauthorizeasupplementalindenturetoallowthetrusteetodrawontheLetterofCredit,ifcollateralizedbymortgageloans,ninety-fivedaysinadvanceofaduedate,redemptiondateorpurchasedatetoensurefundswillbeavailabletopayprincipalaridinterestonaduedateortopaythetenderpurchaseprice,asapplicable,andtoapprovetheformandauthorizetheexecutionofsaidsupplementalindenture,BEITORDAINEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO:Section1.ApprovalsandAuthorizations.Theform,termsandprovisionsoftheFirstSupplementalTrustIndenture(the‘SupplementalIndenture”)intheformpresentedtotheBoardofTrusteesatthismeetingareherebyapproved.TheMayorandtheClerkareherebyauthorizedanddirectedtoexecutetheTownSupplementalIndentureandaffixthesealoftheTownhereto,andfurthertoexecuteandauthenticatesuchotherdocuments,instrumentsorcertificatesasaredeemednecessaryordesirablebybondcounselinordertoeffecttheintentofthisOrdinance.Suchdocumentistobeexecutedinsubstantiallytheformhereinaboveapproved,providedthatsuchdocumentmaybecompleted,correctedorrevisedastheMayoroftheTownshallapproveinordertocarryoutthepurposesofthisOrdinance,theMayor’sexecutionthereofbeingdeemedconclusiveofhisapprovalofsuchcompletion,correctionorrevision.Copiesofallofthedocumentsshallbedelivered,filedandrecordedasprovidedtherein,Theapprovalherebygiventothedocumentreferredtoaboveincludesanapprovalofsuchadditionaldetailsthereinasmaybenecessaryandappropriatefortheircompletion,includingdatesandsuchmodificationsthereto,deletionstherefromandadditionstheretoasmaybeapprovedbybondcounselpriortotheexecutionofthedocuments.TheexecutionofanyinstrumentbytheappropriateofficersoftheTownhereinauthorizedshallbeconclusiveevidenceoftheapprovalhytheTownofsuchinstrumentinaccordancewiththetermshereof.Section2.Ratification.AllactionsheretoforetakenbytheTownandbytheofficersthereofnotinconsistentherewithdirectedtowardthefinancingoftheProjectandtheissuanceandsaleoftheBondsareherebyratified,approvedandconfirmed.3 00 00Section3.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,determinesanddesignatesthatthisOrdinanceisnecessaryfortheimmediatepreservationofpublicpeace,healthandsafetyinviewofthepotentiallyundesirableeffectontheTown’seconomy;anemergencyisdeclaredtoexist;andthisOrdinanceshalltakeeffectandbeinforceimmediatelyafteritspassage,adoptionandsignatureoftheMayor.ThisOrdinance,immediatelyonitspassage,shallbenumberedandrecordedintheofficialrecordsoftheTownkeptforthatpurposeandshallbeauthenticatedbythesignaturesoftheMayorandTownClerk.ThisOrdinanceshallbepublishedinalegalnewspaperofgeneralcirculationintheTown.INTRODUCED,READAPPROVED,ADOPTEDANDORDEREDPUBLISHED,this12thdayofApril,1988.(SEAL)MayorATTESTED_________________TownClerk4 00 0TrusteeHixsecondedthemotiontoapproveOrdinance7-88.Thequestiunbeingtheadoptionofthemotion,therollwascalledwiththefollowingresult:ThosevotingYES:Trustees:BarkerDickinsonGarrettHabeckerHixThosevotingNO:NoneThoseabstaining:NorbertL.AldrichThepresidingofficerthereupondeclaredtheNotioncarried,andtheOrdinanceapprovedandadopted.Thereupon,afterconsiderationofothermatters,themeetingwasadjourned.(SEAL)MayorATTEST:TownClerk5 00 0CSTATEOFCOLORADOCOUNTYOFLARIMER)ss.TOWNOFESTESPARKI,VickieO’connor,TownClerkoftheTownofEstesPark,LarimerCounty,Colorado,doherebycertifythattheforegoingpagesnumbered1to5,inclusive,constituteatrueandcorrectcopyoftherecordofproceedingsoftheBoardofTrusteesoftheTown,takenataregularmeetingthereof,heldattheMunicipalBuilding,theregularmeetingplaceoftheBoardofTrustees,onTuesday,the12thdayofApril,1988,insofarassaidproceedingsrelatetoanOrdinanceconcerningtheauthorizationofasupplementalindenturewithregardtotheTown’sIndustrialDevelopmentRevenueBonds,(StanleyVillageShoppingCenterProject),Series1985Aintheaggregateprincipalamountof$2,350,000.(SEAL)/Townclerk1514p6 00