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21-87CCTOWNOFESTESPARK,COLORADOORDINANCENO.21-87SERIESOF1967ANORDINANCEPROVIDINGFORTHEAUTHORIZATIONOFASUPPLEMENTALINDENTUREWITHREGARDTOTHETOWNOFESTESPARK,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),Series19858,intheaggregateprincipalamountof$4,600,000(the“Bonds”);andWHEREAS,theproceedsoftheBondissuewillbeloanedtoStanleyCommercialDevelopment,Ltd.,aColoradolimitedpartnership,(the“Partnership”)fortheacquisition,constructionandinstallationofPhaseIIofStanleyVillageShoppingCenter(the“Project”)providedthePartnershipsatisfiescertainconditions;andWHEREAS,suchconditionsrequirethataCreditFacility,asdefinedintheTrustIndenture,assupplementedbyaFirstSupplementalTrustIndenturedatedasofAugust13,1986,(the“OriginalIndenture”)betweentheTownandCentralBankofDenver,abankingcorporation,inDenver,Colorado(the“Trustee”),bedeliveredtotheTrusteepriortotheConversion 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CCDate,definedintheOriginalIndentureasSeptember1,1987;andWHEREAS,thePartnershipisunabletodeliversaidCreditFacilitywithinthetimeperiodspecifieddueto(UthedifficultiesinobtainingsuchaCreditFacilityunderpresenteconomicconditionsininstitutionswhichnormallyprovidesuchCreditFacilitiesand(ii)thepresenteconomicconditionsintheStateofColorado;andWHEREAS,theOriginalIndentureprovidesfortheexecutionanddeliveryofsupplementalindenturesdeemednecessaryordesirablebytheTownforthepurposesofmodifying,altering,amending,supplementingorrescinding,inanyparticular,anyofthetermsorprovisionscontainedinsaidOriginalIndenture;andWHEREAS,itisdeemednecessaryanddesirabletoauthorizeasupplementalindenturetoextendtheperiodoftimespecifiedfortheconditionsspecifiedtobesatisfiedandtoapprovetheformandauthorizetheexecutionofsaidsupplementalindenture,BEITORDAINEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO:Section1.ApprovalsandAuthorizations.Theform,termsandprovisionsoftheThirdSupplementalTrustIndenture(the“SupplementalIndenture”)intheformpresentedtotheBoardofTrusteesatthismeetingareherebyapproved.TheMayorandtheClerkPro—TernareherebyauthorizedanddirectedtoexecutetheSupplementalIndentureandaffixthesealoftheTownhereto,andfurthertoexecuteandauthenticatesuchotherdocuments,instrumentsorcertificatesasaredeemednecessaryordesirablebybondcounselinordertoeffecttheintentofthisOrdinance.Suchdocumentistobeexecutedinsubstantiallytheformhereinaboveapproved,providedthatsuchdocumentmaybecompleted,correctedorrevisedastheMayoroftheTownshallapproveinordertocarryoutthepurposesofthisOrdinance,theMayor’sexecutionthereofbeingdeemedconclusiveofhisapprovalofsuchcompletion,correctionorrevision.Copiesofallofthedocumentsshallbedelivered,filedandrecordedasprovidedtherein.Theapprovalherebygiventothedocumentreferredtoaboveincludesanapprovalofsuchadditionaldetailsthereinasmaybenecessaryandappropriatefortheircompletion,includingdatesandsuchmodificationsthereto,deletionstherefromandadditionstheretoasmaybeapprovedbybondcounselpriortotheexecutionofthedocuments.TheexecutionofanyinstrumentbytheappropriateofficersoftheTownhereinauthorizedshallbeconclusiveevidenceoftheapprovalbytheTownofsuchinstrumentinaccordancewiththetermshereof. 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CCSection2.Ratification.AllactionsheretoforetakenbytheTownandbytheofficersthereofnotinconsistentherewithdirectedtowardthefinancingoftheProjectandtheissuanceandsaleoftheBondsareherebyratified,approvedandconfirmed.Section3.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,shallbenumberedandrecordedintheofficialrecordsoftheTownkeepforthatpurposeandshallbeauthenticatedbythesignaturesoftheMayorandTownClerkPro—Tern.ThisOrdinanceshallbepublishedinalegalnewspaperofgeneralcirculationintheTown.INTRODUCED,READAPPROVED,ADOPTEDANDORDEREDPUBLISHED,this11thdayofAugust,1987.(SEAL)MayorATTESTEDToClerkPro—Tem 00 00Trustee—HixsecondedthemotiontoapproveOrdinance21—87.Thequestionbeingtheadoptionofthemotion,therollwascalledwiththefollowingresult:ThosevotingYES:Trustees:MarkT.BrownDavidHabeckerGeorgeJ.HixMilanA.DickinsonDavidBarkerThosevotingNO:NoneThoseabstaining:NorbertL.AldrichThepresidingofficerthereupondeclaredthemotioncarried,andtheOrdinanceapprovedandadopted.Thereupon,afterconsiderationofothermatters,themeetingwasadjourned.(SEAL)MayorATTEST:ClerkPro—Tern 00 CQSTATEOFCOLORADOCOUNTYOFLARIMER)ss.TOWNOFESTESPARKI,MonteL.Vavra,TownClerkPro—TernoftheTownofEstesPark,LarimerCounty,Colorado,doherebycertifythattheforegoingpagesnumbered1to5,inclusive,constituteatrueandcorrectcopyoftherecordofproceedingsoftheBoardofTrusteesoftheTown,takenataregularmeetingthereof,heldattheMunicipalBuilding,theregularmeetingplaceoftheBoardofTrustees,onTuesday,the11thdayofAugust,1987,insofarassaidproceedingsrelatetoanOrdinanceconcerningtheauthorizationofasupplementalindenturewithregardtotheTown’sIndustrialDevelopmentRevenueBonds,(StanleyVillageShoppingCenterProject),Series1985Bintheaggregateprincipalamountof$4,600,000.(SEAL) C,00 00STATEOFCOLORADOCOUNTYOFLARINER)ss.TOWNOFESTESPARKTheBoardofTrustessoftheTownofEstesPark,LarjrnerCounty,Colorado,metinregularsession,infullconformitywithlawandtheordinancesandrulesoftheTown,attheMunicipalBuilding,170MacGregor,inEstesPark,ColoradoonTuesday,August11,1987,at7:30p.m.Thefollowingmemberswerepresent,constitutingaquorum:Mayor:H.BernerdDannelsTrustees:Norbert11.AldrichMarkT.BrownDavidHabeckerGeorge3.HixMilanA.DickinsonDavidBarkerAmongthosealsopresent:TownClerkPro—Tern:MonteL.VavraTownAttorney:GregoryA.WhiteTownManager:DaleG.HillAbsent:NoneThemeetingwascalledtoorder.Thereupon,thefollowingproceedings,amongothers,werehadandtaken:TrusteeBrownintroducedandmovedtheadoptionofthefollowingOrdinancewhichwasreadbytitle,withcopiesbeingdistributedinwrittenformtoallmembersoftheBoardandmadeavailabletothemembersofthepublicinattendance.TheTownClerkPro—TemnotedthatTrusteeAldrichhadfiledaletterwiththeBoardofTrusteesstatingthathehadapotentialconflictofinterestwithrespecttosuchordinanceandwouldabstainfromthediscussionandvoteonsaidordinance. 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