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11-85CSTATEOFCOLORADOCOUNTYOFLARIMER)ss.TOWNOFESTESPARKTheBoardofTrusteesoftheTownofEstesPark,LarimerCounty,Colorado,metinregularsession,infullconformitywithlawandtheordinancesandrulesoftheTown,attheMunicipalBuilding,170Maderegos,inEstesPark,ColoradoonTuesday,November26,1985,at7:30p.m.Thefollowingmemberswerepresent,constitutingaquorum:Mayor:H.BernerdDannelsTrustees:NorbertL.AldrichMarkT.BrownByronL.GravesGeorgeJ.NixPaulaL.LaingRichardWoodAmongthosealsopresent:TownClerk:TownAttorney:TownManager:Absent:NoneThemeetingwascalledtoorder.Thereupon,thefollowingproceedings,amongothers,werehadandtaken:TrusteeWoodintroducedandmovedtheadoptionofthefollowingOrdinancewhichwasreadbytitle,withcopiesbeingdistributedinwrittenformtoallmembersoftheBoardandmadeavailabletothemembersofthepublicinattendance.TheTownClerknotedthatTrusteeAldrichhadfiledaletterwiththeSecretaryofStateandtheBoardofTrusteesstatinghehadapotentialconflictofinterestwithrespecttosuchordinanceasaresultofleasingaportionofthesubjectprojectandwouldabstainfromthediscussionandvoteonthebondordinance.—1— 00TOWNOFESTESPARK,COLORADOORDINANCENO.11—85SERIESOF1983ANORDINANCEPROVIDINGFORTHEISSUANCEANDSALEOFTOWNOFESTESPARK,COLORADO,INDUSTRIALDEVELOPMENTREVENUEBONDS,(STANLEYVILLAGESHOPPINGCENTERPROJECT),SERIES1985AINTHEAGGREGATEPRINCIPALAMOUNTOF$2,350,000;ANDAPPROVINGTHEFORMANDAUTHORIZINGTHEEXECUTIONOFCERTAINDOCUMENTSRELATINGTHERETO;WHEREAS,TheTownofEstesPark,LarimerCounty,Colorado(the“Town”),isbyTitle29,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”),theTowndeclareditsintentiontoauthorizeanissueofitsindustrialdevelopmentrevenuebondsinanaggregateprincipalamountnottoexceed$9,500,000inaccordancewiththeprovisionsoftheActforthepurposeofpayingthecostoffinancingaretailshoppingcenteratStanleyVillageShoppingCenter;andWHEREAS,theTownnowdesirestoauthorizeandissueitsTownofEstesPark,LarimerCounty,Colorado,IndustrialDevelopmentRevenueBonds,(StanleyVillageShoppingCenterProject),Series1985A,intheaggregateprincipalamountof$2,350,000(the“Bonds”);andWHEREAS,theproceedsoftheBondissuewillbeloanedtoStanleyCommercialDevelopment,Ltd.,aColoradolimitedpartnership,(the“Partnership”)fortheacquisition,constructionandinstallationofPhaseIofStanleyVillageShoppingCenter(the“Project”);andWHEREAS,thefollowingdocumentshavebeensubmittedtotheBoardofTrusteesoftheTownandfiledintheofficeoftheTownClerk(the“Clerk”)andareavailableforpublicinspection:(a)aLoanAgreement,datedasofNovember1,1985,andtobeactuallyexecutedonthedateofdeliveryoftheBonds(the“LoanAgreement”),proposedtobemadeandenteredintobetweentheTownandthePartnership;—2— (b)aTrustIactuallyexecutedonproposedtobemadeDenver,abankingcorndenture,dthedateofandenteredporation,in1,1985,andtobe(the“Indenture”),andCentralBankof“Trustee”);aLetterofCredit,ReimbursementAgreementandCollateralPledgetobeexecutedonthedateofdeliveryoftheBonds(the“Letterthe“ReimbursementAgreement”andthe“PledgeAgreement”),foroftheTrusteeandtheBondholders;and(d)aBondPurchaseAgreement,oftheBonds(the“BondPurchaseenteredintobetweentheTown“Underwriter”);andBEITORDAINEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO:Section1.ApprovalsandAuthorizations.Theform,termsandprovisionsoftheLoanAgreement,theIndenture,theLetterofCredit,thePledgeAgreement,andtheBondPurchaseAgreementintheformspresentedtotheBoardofTrusteesareherebyapproved.TheMayorandtheClerkareherebyauthorizedanddirectedtoexecutetheLoanAgreement,theIndenture,andtheBondPurchaseAgreementandaffixthesealoftheTownthereto,andfurthertoexecuteandauthenticatesuchotherdocuments,instrumentsorcertificatesasaredeemednecessaryordesirablebybondcounselinordertoissueandsecuretheBonds.Suchdocumentsaretobeexecutedinsubstantiallytheformhereinaboveapproved,providedthatsuchdocumentsmaybecompleted,correctedorrevisedastheMayoroftheTownshallapproveinordertocarryoutthepurposesofthisBondOrdinance,theMayor’sexecutionthereofbeingdeemedconclusiveofhisapprovalofsuchcompletion,correctionorrevision.Copiesofallofthedocumentsshallbedelivered,filedandrecordedasprovidedtherein.TheproperofficersoftheTownareherebyauthorizedanddirectedtoprepareandfurnishtobondcounselcertifiedcopiesofallproceedingsandrecordsoftheTownrelatingtotheBondsandsuchotheraffidavitsandcertificatesasmayberequiredtoshowthefactsrelatingtotheauthorizationandissuancethereofassuchfactsappearfromthebooksandrecordsinsuchofficers’custodyandcontrolorasotherwiseknowntothem.Allsuchcertifiedcopies,certificatesandaffidavits,includinganyheretoforefurnished,shallconstituterepresentationsoftheTownastothetruthofallstatementscontainedtherein.0CatedasofNovemberdeliveryoftheBondsintobetweentheTownDenver,Colorado(the(c)Agreement,ofCredit”thebenefitWHEREAS,OrdinanceandinconnectiontobeexecutedonthedateofdeliveryAgreement”),proposedtobemadeandandCapitalMarketsCorporation,(theitisnecessarytoauthorizetheissuanceoftheBondsbytoapprovetheformandauthorizetheexecutionofdocumentswiththeissuancethereof,-3- 00Theapprovalherebygiventothevariousdocumentsreferredtoaboveincludesanapprovalofsuchadditionaldetailsthereinasmaybenecessaryandappropriatefortheircompletion,includinginterestratesandanynumbersderivedtherefrom,andsuchmodificationsthereto,deletionstherefromandadditionstheretoasmaybeapprovedbybondcounselpriortotheexecutionofthedocuments.TheexecutionofanyinstrumentbytheappropriateofficersoftheTownhereinauthorizedshallbeconclusiveevidenceoftheapprovalbytheTownofsuchinstrumentinaccordancewiththetermshereof.Section2.BondDetails.TheTownshallissueitsIndustrialDevelopmentRevenueBonds,(StanleyVillageShoppingCenterProject),Series1985A,intheaggregateprincipalamountof$2,350,000,datedasofNovember1,1985,asfullyregisteredbondsnumberedR-1upwards,forthepurpose,intheformanduponthetermssetforthinthisBondOrdinanceandtheIndenture.TheTrusteeshallactasPayingAgent,TransferAgent,TenderAgentandRegistraroftheBonds.Principalofandpremium,ifany,ontheBondsshallbepayableattheprincipalcorporateofficeoftheTrustee,oritssuccessortrustee,uponmaturity,priorredemption,orpurchase,uponpresentationandsurrenderoftheBondtotheTrustee.PaymentofinterestshallbemadetotheregisteredownerthereofbycheckordraftmailedbytheTrustee,onorbeforesuchinterestpaymentdatetotheregisteredownerthereofattheaddressshownontheregistrationbooksatthecloseofbusinessontherecorddateforsuchinterestpaymentdate.TheBondsaresubjecttomandatoryredemptionandoptionalredemptioninaccordancewiththeIndenture;noticeofsuchpriorredemptionshallbegivenbytheTrusteeinaccordancewiththeIndenture.ThemaximumneteffectiveinterestrateauthorizedfortheBondsshallnotexceedfourteenpercent(14%).Section3.BondRegistration.TheBondswillbeissuedinthedenominationof$5,000,oranyintegralmultiplesthereof,registeredastobothprincipalandinterest.ThepersoninwhosenametheBondisregisteredshallberegardedastheownerofthatBondforallpurposes.PaymentofprincipaloforinterestonanyBondwillbemadeonlytotheregisteredowneror,uponawrittenorderoftheregisteredownerthereof,tohislegalrepresentative.TheregistrationandexchangeoftheBonds,andtheauthenticationanddeliveryofBondsinsubstitutionformutilated,lost,stolenordestroyedBondsorBondsnotdeliveredforpurchaseshallbeinaccordancewiththeIndenture.Section4.FormandExecutionofBonds.Theform,termsandprovisionsoftheBonds,substantiallyintheformsetforthintheIndenture,shallbeandherebyareapproved;andtheMayorisherebyauthorizedanddirectedtoexecutetheBonds,andtheTownClerkishereby—4- 0authorizedanddirectedtoattesttheBonds,substantiallyintheformsetforthintheIndenture,butwithsuchchangesthereinasshallbeconsistentwiththeIndentureandthisOrdinanceandastheMayorexecutingtheBondsshallapprove,hisexecutionthereofbeingdeemedconclusiveofhisapprovalofanysuchchanges.TheBondsshallbeexecutedbythemanualorfacsimilesignaturesoftheMayorandTownClerkandshallbeauthenticatedbythemanualsignatureofanauthorizedrepresentativeoftheTrustee.AmanualorfacsimilesealoftheTownisherebyauthorizedanddirectedtobeaffixedtoorimprintedontheBonds.ShouldanyofficerwhosemanualorfacsimilesignatureappearsontheBondsceasetobesuchofficerbeforedeliveryoftheBondstothepurchaser,suchmanualorfacsimilesignatureshallneverthelessbevalidandsufficientforallpurposes.Section5.Determinations.Itisherebyfound,determinedanddeclaredthat:(a)theLoanAgreementandtheLetterofCreditandReimbursementAgreementprovidesthatthePartnershipshallmaintaintheProjectandcarryallproperinsurancewithrespectthereto;(b)theLoanAgreementandtheLetterofCreditandReimbursementAgreementrequirethatthePartnershippaythetaxeswhichthetaxingentitiesspecifiedinSection29—3—120(3)oftheActareentitledtoreceivewithrespecttotheProject;(c)theamountnecessarytopaytheprincipalandinteresthasbeencalculatedandthepaymentsrequiredintheLoanAgreementtobemadearesufficienttopaytheprincipalof,intereston,andanypremiumdueinconnectionwiththeBondswhendueandtopayallothercostsrequiredintheLoanAgreementtobemade;(d)theProject,asmorefullydescribedintheLoanAgreement,constitutesaprojectauthorizedbyanddescribedinSection29-3—103(10)oftheAct,andwillserveavalidpublicpurpose;(e)theissuanceandsaleoftheBonds,theexecutionanddeliveryoftheLoanAgreement,theperformanceofallcovenantsandagreementsoftheTowncontainedintheLoanAgreement,andallactionsrequiredunderthelawsoftheStateofColoradotomaketheLoanAgreementandBondsvalidandbindingobligationsoftheTowninaccordancewiththeirterms,areauthorizedbytheAct;and(f)OtherthanTrusteeAldrich,whohasabstainedfromthediscussionandvoteonthisOrdinance,nomemberoftheBoardofTrusteeshavingacteduponthisBondOrdinanceinhisorherofficialcapacity:(i)hasadirectorindirectinterestintheProject,theLoanAgreement,theIndenture,theLetterofCreditandthePledgeAgreement,theBondPurchaseAgreement,ortheBonds,(ii)ownsanyinterestintheProjectorthePartnership,(iii)isapartneroremployeeofthePartnership,(iv)willbeinvolvedinsupervisingthecompletionoftheProjectonbehalfofthePartnership,or—5— Cv)willreceiveanycommission,bonusorotherremunerationfororinrespecttotheProject,theLoanAgreement,theIndenture,theLetterofCreditandthePledgeAgreement,theBondPurchaseAgreement,ortheBonds.Section6.NatureofObligation.UndertheprovisionsoftheAct,andasprovidedintheLoanAgreement,theBondsshallbespecial,limitedobligationsoftheTownpayablesolelyfrom,andsecuredbyapledgeof,therevenuesderivedfromtheLoanAgreementandshallbefurthersecuredbyaLetterofCreditissuedbytheFirstFederalSavingsBankofColorado(the“Bank”)intheprincipalamountof$2,350,000,plus181days’interestthereon,theobligationsoftheBankthereundersecuredbythePledgeAgreement.TheTownwillnotpledgeanyofitspropertyorsecurethepaymentoftheBondswithitsproperty.TheBondsshallneverconstitutethedebtorindebtednessoftheTown,withinthemeaningofanyprovisionorlimitationofthestateConstitution,statutes,orhomerulecharter,andshallnotconstitutenorgiverisetoapecuniaryliabilityoftheTown,itsagents,employeesorofficers,orachargeagainstitsgeneralcreditortaxingpowers.InenteringintotheLoanAgreement,theTownwillnotobligateitself,exceptwithrespecttotheapplicationoftherevenuesderivedfromtheLoanAgreementandthelendingofthebondproceedsfortheProject.TheTownwillnotpayoutofitsgeneralfundorotherwisecontributeanypartoftheProject’sCosts(assaidtermisdefinedintheLoanAgreement).Section7.BondFund.The“IndustrialDevelopmentRevenueBond,(StanleyVillageShoppingCenterProject),BondFund”(the“BondFund”)isherebycreatedandfurtherestablishedundertheIndentureandalldepositsintotheBondFundshallbeappliedsolelyforthepaymentoftheprincipalof,premium,ifany,andinterestontheBonds,untiltheBondsshallbefullypaid,satisfied,anddischarged.Section8.RevenueFund.The“IndustrialDevelopmentRevenueBond,(StanleyVillageShoppingCenterProject),RevenueFund”(the“RevenueFund”),isherebycreatedandfurtherestablishedintheIndentureinanamountindicatedintheIndenture,forthepurposeofpayingtheprincipalof,premium,ifany,andinterestontheBonds.PaymentsmadebythePartnership,moniesdrawnundertheLetterofCreditorpayableunderthePledgeAgreement,orinterestpaidorinvestmentofmoneysondepositintheProjectLoanFundorintheBondFundwillbedepositedintotheRevenueFundandshallbetransferredbytheTrusteetotheBondFund.Inaddition,upontheoccurrenceofanEventofDefaultundertheIndentureortheLoanAgreementandtheexercisebytheTrusteeoftheremedyofdeclaringtheprincipalandaccruedinterestonalloutstandingBondsdueandpayable,anymoneysintheRevenueFundshallbetransferredbytheTrusteetotheBondFundandappliedinaccordancewiththeIndenture.Section9.ProjectLoanFund.The“IndustrialDevelopmentRevenueBonds,(StanleyVillageShoppingCenterProject)ProjectLoanFund”(the‘ProjectLoanFund”)isestablishedundertheIndenture.Aportionofthe-6— Section10.ElectionUnderallactsnecessarytocomplete$10,000,000small-issueexemptionInternalRevenueCodeof1954,asCInternalRevenueCode.TheTownshalldotheelectionfortheapplicationofthepursuanttoSection103(b)(6)(D)oftheamended,andallregulationsthereunder.Section11.OpinionofBondCounsel.TheissuanceoftheBondsbytheTownissubjecttothereceiptofanunqualifiedopinionbyanationallyrecognizedbondcounselfirmregardingthetax-exemptstatusoftheBonds.Section12.BondOrdinanceIrrepealable.AftertheBondsthisBondOrdinanceshallconstituteanirrevocablecontractTownandtheBondholdersandshallbeandremainirrepealableBonds,bothprincipalandinterest,shallbefullypaid,candischarged.areissued,betweentheuntilthecelledandSection.13.Ratification.A!lactionsheretoforetakenbytheTownandbytheofficersthereofnotinconsistentherewithdirectedtowardtheLoanoftheProjectandtheissuanceandsaleoftheBondsareherebyratified,approvedandconfirmed,includingtheadoptionandpublicationofthenoticeofhearingforTEFRApurposes.Section14thereof,takenherebyrepealed,reviveanyact,•Repealer.AbytheTownandexceptthatthisorder,ordinance,11acts,orders,ordinances,orpartsinconflictwiththisBondOrdinancearerepealershallnotbeconstruedsoastoorpartthereofheretoforerepealed.Section15.Severability.IfanypartorpartsofthisBondOrdinanceareforanyreasonheldtobeinvalid,suchdecisionshallnotaffectthevalidityoftheremainingportionshereof.TheBoardherebydeclaresthatitwouldhavepassedthisBondOrdinanceandeachpartorpartshereof,irrespectiveofthefactthatanyonepartorpartsbedeclaredinvalid.Section16.LimitationofActions.PursuanttoSection29—3—122oftheAct,noactionshallbebroughtquestioningthelegalityoftheLoanAgreement,theIndenture,theDeedofTrust,theBondPurchaseAgreement,ortheBonds,oranyothercontractorproceedingexecutedinconnectionwiththeProjectonorafterthirtydaysfromtheeffectivedateofthisBondOrdinance.Section17datedNovemberherebyapprovedmembersoftheauthorizedandOfficialStatement.ThePreliminaryOfficial13,1985,relatingtotheissuanceandsaleofthintheformheretoforepresented.TheMayorBoardofTrusteesandemployeesoftheTowndirectedtoassistincompletinganOfficialStatement,eBondsisandotherareherebyStatementC:proceedsoftheBonds(afterdepositsofaccruedinteresttotheBondFund)willbedepositedtotheCostofIssuanceAccountandthebalancetotheProjectCostAccountandexpendedasprovidedintheLoanAgreement.—7— 00includingsuchchangesastheofficialsandemployeesoftheTowndeemnecessarytoupdatetheinformationinthePreliminaryOfficialStatement.CopiesofthePreliminaryOfficialStatementandtheOfficialStatementareherebyauthorizedtobedistributedtoallinterestedpartiesinconnectionwiththesaleoftheBonds.TheMayorisherebyauthorizedanddirectedtoexecutetheOfficialStatementsubstantiallyintheformofthePreliminaryOfficialStatement,withsuchchangesthereinasshallbeconsistentwiththisOrdinance,theIndentureandtheLoanAgreementandasheshallapprove,hisexecutionthereofbeingdeemedconclusiveofhisapprovalofsuchchanges.Section18.DirectiontoTakeAction.TheappropriateofficersandmembersoftheBoardofTrusteesareherebyauthorizedanddirectedtotakeallotheractionsnecessaryorappropriatetoeffectuatetheprovisionsofthisOrdinance,including,butnotlimitedto,theexecutionofsuchcertificatesandaffidavitsasmayreasonablyberequiredbythepurchaseroftheBonds.Section19.Emergency,RecordingandAuthentication.TheBoardofTrusteesherewithfinds,determinesanddesignatesthatthisOrdinanceisnecessaryfortheimediatepreservationofpublicpeace,healthandsafetyinviewofthefavorablefinancingtermsnowavailableandbecauseoftheextremelyunstableconditionsrelatingtothemarketingof,andinterestrateon,theBonds;anemergencyisdeclaredtoexist;andthisOrdinanceshalltakeeffectandbeinforceimmediatelyafteritspassage,adoptionandsignatureoftheMayor.ThisOrdinance,immediatelyonitspassage,shallbenumberedandrecordedintheofficialrecordsoftheTownkeptforthatpurposeandshallbeauthenticatedbythesignaturesoftheMayorandTownClerk.ThisOrdinanceshallbepublishedinalegalnewspaperofgeneralcirculationintheTown.INTRODUCED,READAPPROVED,ADOPTEDANDORDEREDPUBLISHED,this26thdayofNovember,1985.APublicHearingonthisOrdinancewasheldattheregularmeetingoftheBoardofTrusteesofEstesPark,Colorado,onthe26thdayofNovember,1985priortoadoption.(SEAL)__________MayorATTESTED:TownClerk-8- 00TrusteeWoodmovedtheapprovalofOrdinancell—SSSeriesof1985.ThequestionbeingtheadoptionQfthemotion,theroTfwascalledwiththefollowingresult:ThosevotingYES:Trustees:MarkT.BrownByronL.GravesGeorge3.HixPaulaL.LaingRichardWoodThosevotingNO:NoneThoseabstaining:NorbertL.AldrichThepresidingofficerthereupondeclaredthemotioncarried,andtheOrdinanceapprovedandadopted.Thereupon,afterconsiderationofothermatters,themeetingwasadjourned.(SEAL)_MayorATTEST:TownCerk-9- CCSTATEOFCOLORADOCOUNTYOFLARIMER)ss.TOWNOFESTESPARKI,VickieO’Connor,TownClerkoftheTownofEstesPark,LarimerCounty,Colorado,doherebycertifythattheforegoingpagesnumber1to9,inclusive,constituteatrueandcorrectcopyoftherecordofproceedingsoftheBoardofTrusteesoftheTown,takenataregularmeetingthereof,heldattheMunicipalBuilding,theregularmeetingplaceoftheBoardofTrustees,onTuesday,the26thdayofNovember,1985,insofarassaidproceedingsrelatetoanOrdinanceconcerningtheissuanceofIndustria’DevelopmentRevenueBonds,(StanleyVillageShoppingCenterProject),Series1985Aintheaggregateprincipalamountof$2,350,000andcertainagreementsanddocumentsinconnectiontherewith.Inaddition,attachedheretoisanAffidavitofPublicationoftheNoticeofHearingrequiredbyTEFRA,suchhearinghavingbeenheldonNovember26,1985;andanAffidavitofPublicationoftheOrdinance.(SEAL)L&X-,ctzf}Towntierk-10- 00