PROJ00496

• Contract/PO #: C153523
• Contractor Name: Fort Collins, City of
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: SB 88-30
• Loan Projects - Doc Type: Contract Documents

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principal amaunt .of $33,030,000
pursuant to Ordinance Na. 109, 1977,
(callectively, the Bond Ordinances),

(callectively, the Bonds),
and Ordinance Na. 100, 1986
respectively; and

WHEREAS, the City is auth.orized by Cauncil acti.on and
wi thaut an electian to enter inta laan agreements constituting
general .or special abligati.ons of the Ci ty far water purposes
pursuant t.o Calorada Canstitution art. XI, sec. 6, Calorada
Constitution art. XX, sec. 6, ano City Charter Art. V, Sections
20.2 and 20.3; and

WHEREAS, the Bond Ordinances reserve the right of the
City ta secure, withaut restriction, any .obligations payable from
the net revenues .of the City's water system equally and ratably
with the Bands; and

WHEREAS, there has been fi led wi th the Ci ty Clerk a
farm of laan agreement (the Laan Agreement) to be executed by the
Baard and the City; and

WHEREAS, the Cauncil desires to autharize the
appropriate .officers .of the City ta execute the Laan Agreement.

BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO, AS FOLLOWS:

Section 1. Appraval of Loan Aqreement; Executian;
Chanqes. The farm .of the Laan Agreement is hereby approved. The
Mayor and the City Clerk are hereby autharized and directed ta
execute the Laan Agreement and affix the seal .of the City
thereta. The Loan Agreement is ta be executed in substantially
the farm hereinabave appraved, provided that such farm may be
campleted, carrected or revised a~ deemed necessary or canvenient
by the parties .or their respective caunsel. The Laan Agreement
shall eviaence a general .or special obligatian .of the City ta pay
a principal sum sufficient ta enable the City to purchase the
laan represented by the Cantract and ta pay all costs incidental
theret.o but in na event mare than $3,000,000, bearing interest at
the rate .of 5.00% per annum, maturing in not more than 40 years,
and having such ather terms as may be autharized by the Act.

Section 2. Dispositian .of Proceeds. The praceeds
received by the City under the Laan Agreement shall be applied by
the City to purchase the laan represented by the Cantract and pay
all casts incidental thereta .or ta reimburse the City far funds
previausly advanced far said purpose.

Section 3. General Obliqation Cavenants. If the Laan
Agreement is secured by the full faith and credit .of the City and
by a pledge of the net revenues of the City's water system, the
fallawing provisions shall apply:

BD3826

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06/30/88