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Home My WebLink Aboutordinance.council.015-99 f) .1:.. 1':1 [5 ORDINANCE NO. Series of 1999 AN ORDINANCE OF THE CITY COUNCil, OF THE CITY OF ASPEN, COLORADO, AUTHORIZING THE EXECUTION AND DELIVERY OF AN INSTALLMENT PURCHASE AGREEMENT BETWEEN KANSAS STATE BANK OF MANHATTAN AND THE CITY OF ASPEN. WHEREAS, the City Council hereby finds and determines that the execution and delivery of an installment purchase agreement dated as of March 31, 1999, between Kansas State Bank of Manhattan and the City of Aspen is appropriate and necessary to the function and operations of the City of Aspen; and WHEREAS, the obligation of the City of Aspen to make payments under the installment purchase agreement shall be from year to year only; shall constitute currently budgeted expenditures of the City of Aspen; shall not constitute a mandatory charge or requirement in any ensuing budget year; and shall not constitute a general obligation or a multiple fiscal year or indirect debt or other financial obligation whatsoever of the City of Aspen within the meaning of any constitutional or statutory limitation or requirement concerning the creation of indebtedness, nor a mandatory payment obligation of the City of Aspen in any ensuing fiscal year beyond any fiscal year during which the installment purchase agreement shall be in effect; and WHEREAS, the installment purchase agreement shall not directly or indirectly obligate the City of Aspen to make any payments beyond those appropriated for any fiscal year during which the installment purchase agreement shall be in effect. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCil, OF THE CITY OF ASPEN, COLORADO: Section 1. That the City Council has determined that a true and very real need exists for the construction of improvements described in Exhibit A of the Installment Purchase Agreement dated as of March 31,1999, between the City of Aspen and Kansas State Bank of Manhattan. Section 2. That the City Council has determined that the Agreement, substantially in the form presented to this meeting, is in the best interests of the City of Aspen for the acquisition of such improvements, and the City Council hereby approves the entering into of the Installment Purchase Agreement. by the City of Aspen and hereby designates and authorizes the City Manager or Mayor to execute and deliver the Agreement on the City of Aspen's behalf with such changes thereto as the Mayor or City Manager deem appropriate, and any related documents, t)'! T rr.. including any Payment Request Form requesting funds from the Vendor Payable Account, necessary to the consummation of the transaction contemplated by the Agreement. Section 3. This ordinance shall not have any effect on existing litigation and shall not operate as an abatement of any action or proceeding now pending under or by virtue of the ordinances amended as herein provided, and the same shall be construed and concluded under such prior ordinances. Section 4. If any section, subsection, sentence, clause, phrase or portion of this ordinance is for any reason held invalid or unconstitutional in a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and shall not affect the validity of the remaining portions hereof. A public hearing on the ordinance shall be held on the _ day of , 1999, in the City Council Chambers, Aspen City Hall, Aspen, Colorado. , INTRODUCED, READ AND ORDERED PUBLISHED as provided by law by the City Council of the City of Aspen on the ~ day of ,1999. John S. Bennett, Mayor ATTEST: Kathryn S. Koch, City Clerk FINALLY adopted, passed and approved this _ day of ,1999. John S. Bennett, Mayor ATTEST: Kathryn S. Koch, City Clerk JPW -04/21/99-G:\john\word\ords\baystone.doc 2 'f" EXHIBIT A DESCRIPTION OF IMPROVEMENTS RE: Installment Purchase Agreement dated as of March 31, 1999, between Kansas State Bank of Manhattan {Creditor} and Citv of Aspen {Purchaser} Below is a detailed description of the Improvements: General Description of the Improvements: Please See Attached Schedules '\'sting of Roads that wiil be improved: Please See Attached Schedules n ~~ @ \~ ~,~.,. ~:.:^./ if' i~ rr: BRANCH NAME BA SRA RKR NW RKD S-AP S-MO N-4Tll N_8Tll N_8Tll N-GL N-WE OR CL DA DU DU E-HY S-ML W-CO E-BL PC DU E-HY GT N-2ND . N-2ND N-GR N-SP PA PP RA RKR W-SM CML Attachment #1 CITI' OF ASPEN 1999 ASPEN PAVEMENT PROGRAM STREETS STREET BAY ST S. RIVERSIDE AVE. ROARING FORK RD. NORTHWAY DR ROARING FORK DR S. ASPEN ST S. MONARCH ST. N. 4TH ST N. 8TH ST. N. 8TH ST N. GALENA ST N. WEST END ST ORIGINAL ST CLEVELAND ST. DALE AVE. DURANT AVE. DURANT AVE. E. HYMAN AVE. S. MILL ST W. COOPER AVE. E. BLEEKER ST. PARK CIRCLE DURANT AVE. E. HYMAN AVE. GILBERT ST. N. 2ND ST. N. 2ND ST. N, GARMISCH ST. N. SPRING ST. PARK AVE. POWER PLANT RD. RACE ST. ROARING FORK RD. W. SMUGGLER ST CEMETERY LN. SECTIpN # FROM: - TO: I . N. SPRING. END 1 . HWY. 82 - GRAVEL 2 - MUSIC TENT RD. - GILLESPIE ST. 1- ROARING FORK DR - END OF NORTHWAY I - HWY. 82 - THRU WESTVIEW DR. 2 - DURANT AVE. - TOP OF HILL 3 - DURANT AVE. - SUMMIT ST. I - W. MAIN ST. . THRU W. BLEEKER ST 2 - HWY 82 - W. SMUGGLER ST 3 - W. SMUGGLER ST . MEADOWS RD. I-E. MAIN ST. - AROUND CUL-DE-SAC I-E. COOPER AVE. - E. HYMAN AVE. 2 . DURANT AVE. - UTE AVE. 2 - E. HYMAN AVE. . E. HOPKlNS AVE. i - N. RIVERSIDE AVE. - PARK. AVE. 3 - ORIGINAL ST - WEST END ST 4 - WEST END ST. . RIVER 5 - ORIGINAL ST. - S. WEST END ST. 2 - MALL - DURANT AVE. I - S. GARMISCH ST - S. 1ST ST I - N. GARMISCH ST - N. MONARCH ST. I - SPRUCE ST. .500 PARK CR 1 - S. GARMISCH ST - S. ASPEN ST. I - GARMISCH ST. - S. ASPEN ST 1 - S. ASPEN ST. - S. MONARCH ST 1 - W. MAIN ST. - THRU W. BLEEKER ST. 2 - W. BLEEKER ST - ALLEY 2 - BLEEKER ST. - HALLAM ST. 2 - GIBSON AVE. - BAY ST. I-THRUPARKCR. -HWY. 82 ] - 930 W. SMUGGLER ST - PP BRIDGE 1 - SOUTH AVE. - SPRUCE ST. ] - GILLESPIE ST - MUSIC TENT RD. 4 - N. 7TH ST.. THRV DRIVEWAY 930 W-SM 2 - MTN. VIEW DR. - COUNTY LINE 0\ I ' BRANCH NAME E-HO E-HO GB GB GB GB LP LP N-GR PP RKR RM W-HO W-HO W-HO W-HO W.HY W.SM DN DU DU E-BL E-CO N-MO N-2ND N-6TH N-SP OR PC S-GL W-BL W-HO ~ r--. " I " STREET E. HOPKlNS AVE. E. HOPKlNS AVE. GIBSON AVE. GIBSON AVE. GIBSON AVE. GIBSON AVE. LONE PINE RD. LONE PINE RD. N. GARMISCH ST. POWER PLANT RD. ROARING FORK RD. RED MOUNTAIN RD. H. HOPKlNS AVE. W. HOPKlNS AVE. W. HOPKlNS AVE. W. HOPKlNS AVE. W. HYMAN AVE. W. SMUGGLER ST. DEAN ST. DURANT AVE. DURANT AVE. E. BLEEKER ST. E. COOPER AVE. N. MONARCH ST. N. 2ND ST. N. 6TH ST. N. SPRING ST. ORIGINAL ST. PARK CIRCLE S. GALENA ST. W. BLEEKER ST. H. HOPKlNS AVE. SECTION # FROM:- TO: 5 - ORIGINAL ST. - CLEVELAND ST. 6 - CLEVELAND ST. - END OF STREETIRIVER I - RED MTN DR. - LONEPINE RD. 2 - LONEPINE RD. - SOUTH AVE. 3 - SOUTH AVE. - NEALE AVE. 4 - THRU NEALE AVE. - PARK CIRCLE 1 - GIBSON AVE. - INDEPENDENCE PL. 2 - THRU INDEPENDENCE PL. - RED MTN. RD. 2 - HALLAM - FRANCIS ST. 2 . PP BRIDGE - CEMETERY LN. 2 . MUSIC TENT RD. - GILLESPIE ST. I - N. MILL ST. BRIDGE. HUNTER CRK BRIDGE I - S. GARMISCH ST. - THRU S. 2ND ST. 2 - S. 3RD ST. - THRU S. 4TH ST. 3 - S. 4TH ST. - THRU S. 5TH ST. 3 - S. 5TH ST. - THRU S. 7TH ST. ] - S. GARMISCH ST. - S. 3RD ST. I - N. 1ST ST. - N. 2ND ST. 1 - S. ASPEN ST. - S. MONARCH ST. I - S. ASPEN ST. - S. MILL ST 2 - S. MILL ST. - ORIGINAL ST. 3 - RIO GRANDE PL. - N. SPRING ST. , 3 - S. GALENA ST. - ORIGINAL ST. :;' I - E MAIN ST. - THRU W. BLEEKER ST. 2 - ALLEY - W. FRANCIS STREET 2 - W. BLEEKER ST. - THRU W. HALLAM ST. I - MAIN ST. - RIO GRANDE PL. I - E. COOPER AVE. - DURANT AVE. 2 . 500 PARK CR. - GIBSON 1 . 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Ii' , o , JS.: Pt,: I o itt , i I I Ii ~rTT ,! : o This has been calculated in arrears EXHIBIT B"PAYMENT SCHEDULE Pmt. # r' 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 2B 29 30 Purchaser: City of Aspen Date of first payment: Original Balance: Total Number of Payments: Number of Payments per year; RENTAL PAYMENT SCHEDULE Due Date 15-0ct-99 15-Apr-D0 15-0ct-D0 15-Apr-Dl 15-Oct-D 1 15-Apr-D2 15-0ct-D2 15-Apr-D3 15-0ct-D3 15-Apr-D4 15-0ct-D4 15-Apr-D5 15-0ct-D5 15-Apr-06 1 5-Oct-D6 15-Apr_07 1 5-0ct-0 7 15-Apr-08 1 5-0ct-08 15-Apr-D9 1 5-Oct-D9 15-Apr-l0 1 5-0ct- 10 15-Apr-ll 1 5-Oct-ll 15-Apr-12 1 5-0ct-12 15-Apr-13 15-0ct-13 15-Apr-14 Agreed and Accepted By: Total Payment $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 $196,411.74 Applied to Applied to Interest Principal $113,100.00 $83,311.74 $110,683.96 $85,727.78 $108,197.85 $88,213.88 $105,639.65 $90,772.09 $103,007.26 $93,404.4B $100,298.53 $96,113.21 $97,511.25 $9B,900.49 $94,643.13 $101,768.60 $ 91'691.84~. $104,719.89 $88,654.97 $107,756.77 $8,5'53~0' $110,881.72 $82,31 ~ 114,097.29 $Z~ $117,406.11 ~60 . $120,810.89 $7, · .34 $124,314.40 ,492.22 $127,919.52 64,782.55 $131,629.19 $60,965.31 $135,446.43 $57,037.36 $139,374.38 $52,995.50 $143,416.24 $48,836.43 $147,575.31 $44,556.75 $151,854.99 $40,152.95 $156,258.78 $35,621.45 $160,790.29 $30,958.53 $165,453.21 $26,160.39 $170,251.35 $21,223.10 $175,188.64 $16,142.63 $180,269.11 $10,914.82 $185,496.91 $5,535.41 $190,876.32 15-0ct-99 $3,900,000.00 30 2 Prepayment Price $3,865,440.84 $3,777,261.44 $3,686,613.03 $3,593,426.45 $3,497,630.65 $3,399,152.57 $3,297,917.11 $3,193,847.05 $3,086,863.03 $2,976,8B3.45 $2,863,824.45 $2,747,599.80 $2,628,120.85 $2,505,296.50 $2,379,033.06 $2,249,234.25 $2,115,801.07 $1,978,631.76 $1,837,621.71 $1,692,663.38 $1,543,646.22 $1,390,456.58 $1,232,977.62 $1,071,089.26 $904,668.02 $733,586.98 $557,715.68 $376,919.98 $191,062.00 $0.00 Typed Name and Title: 1""""1-, , I I /1'.. . , , EXHIBIT C ACCEPTANCE OF OBLIGATION TO COMMENCE INSTALLMENT PAYMENTS UNDER EXHIBIT B RE: Installment Purchase Agreement dated as of March 31, 1999, between Kansas State Bank of Manhattan (Creditor) and Ci!v of Aspen (Purchaser) I, the undersigned, hereby certify that I am a duly qualified representative of Purchaser and that I have been given the authority by the governing body of Purchaser to sign this Acceptance of Obligation to Commence Installment Payments with respect to the above referenced Agreement. I hereby certify that: 1. The Improvements described on Exhibit A have not been constructed or avaiiable for use as of the Commencement date of this Agreement. 2. Purchaser acknowledges that Creditor has agreed to deposit into a Vendor Payable Account an amount sufficient to pay the total Project Price (the 'Project Price') for the Improvements so identified in such Exhibit A; 3. The principal amount of the Installment Payments in the Exhibit B accurately refiects the Project Price; 4. Purchaser agrees to execute a Payment Request Form authorizing payment ofthe Project Price, or a portion thereof, for each withdrawal of funds from the Vendor Payable ACCoutij Nonvithstanding that the Improvements have not been constru~ ~ted by Purchaser on the date of execution of the Agreement hereby warrants that: ~\\ \<; 0) Purchaser's obligation to commence Installment R~ 'et forth in Exhibit B is absoiute and unconditional as of th,e , Commencement Date and on each date set fo in x I it B thereafter, subject to the terms and conditions of the Agreement; (b) immediately upon completion of construction and acceptance of all the Improvements, Purchaser wiil notify Creditor of Purchaser's final acceptance of the Improvements by delivering to Creditor the 'Acceptance Certificate' in the form set forth in Exhibit H attached to the Agreement; (c) in the event that any Surplus Amount is on deposit in the Vendor Payable Account when an Event of Nonappropriation under the Agreement occurs, then those amounts shall be applied as provided in Section 10 of the Agreement; (d) regardless of whether Purchaser delivers a final Acceptance Certificate, all Installment Payments paid prior to delivery of all the Improvements shall be credited to Installment Payments as they become due under the Agreement as set forth in Exhibit B. CITY OF ASPEN BY; Title: 1\ EXHIBIT F OFFICERS CERTIFICATE tr"~: Installment Purchase Agreement dated as of March 31. 1999, between Kansas State Bank of Manhattan (Creditor) and , ,tv of Aspen (Purchaser) I, the undersigned, hereby certify that I am a duly qualified representative of Purchaser and that I have been given the authority by the governing body of Purchaser to sign this Officer's Certificate with respect to the above referenced Agreement. I hereby certify that: 1. Purchaser has appropriated and/or taken other lawful actions necessary to provide moneys sufficient to pay all Installment Payments required to be paid under the Agreement during the current Budget Year of Purchaser, and such moneys will be applied in payment of all Installment Payments due and payable during such current Budget Year. 2, Purchaser has obtained insuranc,e coverage as required under the Agreement from an insurer qualified to do business in the State. 3, Purchaser is exempt from all personal property taxes and is also exempt from sales and/or use taxes with respect to the Improvements and the Installment Payments. 4. No event or condition that constitutes or would constitute an Event of Default exists as of the date hereof. 5. The governing body of Purchaser has approved the authorization, execution and delivery of this Agreement on its behalf by the authorized representative of Purchaser who signed the Agreement. 6, During the term of the Agreement, the Improvements will be used for essential governmental functions. Such functions are: o :@~ Please list the Source of Funds (Fund Item in Budget) fo~StiljJment Payments that come due under Exhibit B of this Agreement. ~~ ~ Transportation on City Roads CITY OF ASPEN BY: Title: r , w:\biz\contracts\persona! property\colorado vendor payable document.doc INSTALLMENT PURCHASE AGREEMENT Purchaser t(1' ~.f ~~:~a , Aspen, Colorado 81611 Creditor Kansas State Bank 1010 Westloop Manhattan, Kansas 66502 Dated as of March 31, 1999 This Installment Purchase Agreementdated as of the date listed above is between Creditor and Purchaser listed directly above. Purchaser desires to purchase the Improvements described in Exhibit ~A" and Creditor desires to finance the purchase of the lmprovemetlls by Purchaser all subject to the terms and conditions of this Agreement which are set forth below, I. Definitions: Section 1.01, Definitions. The following terms will have the meanings indicated below unless the context clearly requires otherwise: "Agreement" means this Installment Purchase Agreement and all Exhibits attached hereto, "Budget Year" means the Purchaser's fiscal year. "Commencement Date" is the date when Purchaser's obligation to pay rent begins, "Creditor" means the entity originally listed above as Creditor or any of its assignees, "Improvements" means the improvements made to certain roads and roadways maintained by the Purchaser throughout the term of this Agreement which is described more fully on Exhibit "A~. "Installment Payments' means the payments Purchaser is required to make under this Agreement as set forth on Exhibit ~B". "Legally Available Funds" means funds ,that the goveming body of Purchaser duly appropriates or are otherwise legally avai/able for the purpose of making Installment Payments under this Agreement, including monies held 1n the Vendor Payable Accountto the extent that such moneys are used to prepay Installment Payments or Prepayment Price. "Original Term" means the period from the Commencement Date untillhe end of the Budget Year of Purchaser. "Purchaser" means the entity listed above as Purchaser, "Partial Prepayment Date" means the first Installment Payment date that occurs on or after the earlier of (a) the twenty..four month (24) anniversary of the Commencement Date or (b) the date on which, Purchaser has accepted all the Improvenients and all amounts have been disbursed from the Vendor Payable Account to pay for the Improvements. "Project Price' means the total cost of the Improvements, including all delivery charges, installation charges, legal fees, financing costs, recording and filing fees and other costs which Purchaser has chosen to finance under this Agreement. "Renewal Term" means the annual te,rm which begins at the end of the Original Term and which is. simultaneous with Purchaser's Budget Year. "State" means the state in which Purchaser is located. "Surplus Amount. means any amount on deposit in the Vendor Payable Account on the Partial Prepayment Date. .Term of Agreement"meansthe Original Term and all Renewal Terms, "Vendor Payable Account" means lhe separate account of that name established pursuant to Section X II. Purchaser Warranties eerion 2.01. Purchaser re re ents warrants and covenants as follows for the benefit of C to ees; , Purchaser is an "issuer of tax exempt obligations" because Purchaser is'hee' rtical,su ivisio n of the State within the meaning of Section 103(a) of the Internal Revenue Code of 1986, as amended, (the "Code") or because Purchaser is ons. t uthority or district authorized to issue obligations on behalf of the State or political subdivision of the State within the meaning of Treasury Regulation 1 (b , (b) Purchaser is authorized under the ConstitUtion and laws of the Stat enter I . Agreement, and has used such authority to properly execute and deliver this Agreement. Purchaser has followed all proper procedures of its governing b e uting this Agreement. The Officer of Purchaser executing this Agreement has the authority to execute and deliverthis Agreement. Th)s Agreement constitutes a lega , , binding and enforceable obligation of the Purchaser in accordance with its terms. (c) Purchaser has complied with all statutory laws and regulations that may be applicable to the execution of this Agreement (d) Purchaser shall use the Improvements only fo'r essential, traditional government purposes, (e) Should the IRS disallow the tax-exempt status of the Interest Portion of the Installment Payments as a result of the failure of the Purchaser (0 use the Improvements for governmental purposes, then Purchaser shall be required to pay additional sums to the Creditor or its' assignees so as to bring the after (ax yield 10 the same level as the Creditor or its assignees would altain if the transaction continued to be tax-exempt. (fJ Should the Purchaser cease to be an issuer of tax exempt obligations or if the obligation of Purchaser created under this Agreement is nol or ceases !o be a tax exempt obligation for any reason, then Purchaser shall be required to pay additional sums to the Creditor or its assignees so as to bring the after tax yield on this Agreement to the same level as the Creditor or its assignees would attain if the transaction continued to be tax-exempt. (g) Purchaser has' never non-appropriated funds under an Agreement similar to this Agreement. (h) Purchaser will submit to the Secretary of the Treasury an information reporting statement as required by the Code. m Upon request by Creditor, Purchaser will provide Creditor with current financial statements, reports, budgets and other relevant fiscal information. ij) Purchaser presently intends to continue this Agreement for the Original Term and all Renewal Terms as set forth on Exhibit "B' hereto. The official of Purchaser responsible for budget preparation will include in the budget request for each Budget Year the Installment Payments to' become due in such Budget Year. Purchaser ,reasonably believes that moneys can and will lawfully be appropriated and made available for this purpose. III. Construction of Improvements, Installment Payments and the Prepayment Price Seaion 3.01. Construction and Acceotance.Purchaser shall be solely responsible for oVerseeing the construction of the Improvements. Creditor shall, have no liability for any delay in the construction of any Improvements, Purchaser will payor cause the supplier to pay all transportation, packing, taxes, duties, insurance, installation, testing and other charges in connection with the construction and use of the Improvements. As soon as practicable after the completion of the Improvements, Purchaser shaH fumish Creditor with an Acceptance Certificate. Execution of the Acceptance Certificate by any employee, official or agent of Purchaser having managerial, supervisory or procurement authority with respect to Improvements of the same general type as the Improvements shall constitute acceptance of the Improvements on behalf of the Purchaser, Regardless of whether Purchaser has fumished an Acceptance Certificate pursuant to this Section, by making an Installment Payment after the completion of the Improvements pursuant to this Agreement, Purchaser shall be deemed to have accepted the Improvements on the date of such Installment Payment for purposes of this Agreement. All Installment Payments paid prior to delivery of Ihe Acceptance Certificate shalJ'be credited to Installment Payments as they become due as shown on the Installment Payment Schedule attached as Exhibit B hereto. SectiOl'l 3.02. InstallmentPavments. Purchaser shall pay Installment Payments exclusively to Creditor or Its assignees in lawful, legally available money of the United States of America. The Installment Payments shall be sent 10 the location specified by the Creditor or its assignees, The Installment Payments shall be payable solely from legally Available Funds, shall constitute a current expense of the Purch~ser and shall not constitute an indebtedness of the Purchaser. Creditor shall have the option to charge interest at the highest lawful rate on any Installment Payment received later than the due date, The Installment Payments will be payable without notice or demand at the time and in the Amounts shown on Exhibit B, Section 3.03. Installment Payments Unconditional. Except, as provided under Section 4.01, THE,OBlIGATIONS OF PURCHASER TO MAKE INSTALLMENT PAYMENTS AND TO ~ERFORM AND OBSERVE THE OTHER, COVENANTS CONTAINED ,IN THIS AGREEMENT SHAll BE ABSOLUTE AND UNCONDITIONAL IN ALL EVENTS WITHOUT \BA TEMENT, DIMINUTION, DEDUCTION, SET-OFF OR DEFENSE. Purchaser understands and agrees that neither the manufacturer, seller or contractor of any Improvements, nor iny salesman or other agent of any such manufacturer, seHer or contractor, is an agent of Creditor. No salesman or agent of the manufacturer, seller or contractor of any Improvements is authorized to waive or alter any term or condition ofthis Agreement, and no representation by the manufacturer, seller or contractor of any Improvements shall in any way affect Purchaser's d~ to pay the Installment Payments and perform its other obligations as set fonh in this Agreement. Section 3.04. PrecavrnentPrice. Upon 30 days written notice, Purchaser shall have the option to pay, in addition to the Installment Payment, the corresponding Prepayment Price which is listed on the same line on Exhibit B. If Purchaser chooses this option and pays the Prepayment Price to Creditor and no olher amounts are owing to Credltorunder th'rs Agreement then Creditor will cancel this Agreement and Purchaser will natbe required to make any more Installment Payments hereunder. Section 3.05. . Te"" of Aireement. The Term of Agreement shall be the Original Term and all Renewal Terms until all the Installment Payments are paid as set forth on Exhibit B except as provided under Section 4.01 and Section 9.01 below. If, after the end of the budgeting process which occurs at the end of the Original Term or any Renewal Term, Purchaser has not non--appropriated. as provided for in this. Agreement then the Term of Agreement shall be extended into the next Renewal Term and the Purchaser shall be obligated to make all the Installment Payments that come due during such Renewal Term. Section 3.06. Disclaimer of Warranties. CREDITOR MAKES NO WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, AS TO THE VALUE, DESIGN, CONDITION, MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE OR ANY OTHER WARRANTY WITH RESPECT TO THE IMPROVEMENTS, CREDITOR SHALL NOT BE LIABLE FOR ~Y, INCIDENTAL, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGE ARISING OUT OF THE INSTALLATION. OPERATION. POSSESSION. STORAGE OR USE OF THE 11 "!ROVEMENTS BY PURCHASER, {. Non-Appropriation Section 4.01. Non.Aporooriation. At the end of each Budget Year, Purchaser shall have the option to non...appropriate the funds to pay the Installment Payments for the next Renewal Term. If Purchaser chooses this option, then all obligations of the Purchaser under this Agreement regarding Installment Payments for all remaining Renewal Terms shall be terminated at the end of the then current Original Term or Renewal Term without penalty or liabillty to the Purchaser of any kind. Purchaser shall immediately notify the Creditor as soon as the decision to non-appropriate is made. V. Insurance, Damage, InsuffICiency of Proceeds. Indemnification Section 5.01. Insurance; Purchaser shall maintain both casualty insurance and liability insuranCe at its own expense with respect to the Improvements. Purchaser shall be solely responsible for selecting theinsurer(s) and for making a/l premium payments and ensuring that aU policies are continuously kept in effect during the period when Purchaser is required to make Installment Payments. . Purchaser shall prOVide Creditor with a Certificate of Insurance which indicates that this policy is in place and that the Creditor is an Additional Insured. (a) Purchaser shal/insure the Improvements against any loss or damage and aU other risks covered by the standard extended coverage endorsement then in use in the State and any other risks reasonably required by Creditor in an amount at least E!qual to (he then applicable Prepayment Price of the Improvements. Alternatively, Purchaser may insure the Improvements under a blanket insurance policy or policies. (b) The liability insurance shall insure Creditor from. liability and property damage in any form and amount satisfactory to Creditor. (c) Purchaser may self.insure against the casualty risks and liability risks described above. If Purchaser chooses this option/ Purchaser must furnish Creditor with a certificate andlot othet documents which evidences such coverage. (d) Each policy issued or affected by this Section shall contain a provision that the. insurance company shall not cancel or materially modify the policy without first giving thirty (30) days advance notice to Creditor or its assignees. Purchaser shall furnish to Creditor certificates evidencing such coverage throughout the Term of Agreement. Section 5.02. . Damall!e to or Destruction of Imorovements. Purchaser assumes the risk of loss or damage to the Improvements. If the Improvements or any portion thereof is damaged or destroyed, Purchaser will immediately report all such losses to all possible insurers and take the proper procedures to attain all insurance proceeds. At the OPtion of Purchaser/ Purchaser shall either (1) apply the Net Proceeds to replace/ repair or restore the Improvements or (2) apply the Ne( Proceeds to the applicable Prepayment Price. For purposes of this Section and Section 5.03, the tenn Net Proceeds shall mean the amount of insurance proceeds collected from al/ applicable insurance poliCies after deducting aU expenses. incurred in the collection thereof. Section 5.03. Insufficiencv of Net Proceeds. If there are no Net Proceeds for whatever reason or if the Net Proceeds are insufficient to pay in full the cost of any replacement, repair, restoration, modification or improvement of the Improvements, then Purchaser shall, at the option. of Purchaser, either (1) complete such replacement, repair, restoration, modification or improvemenl and pay any costs thereof in excess of the amount of the Net Proceeds or (2) apply the Net Proceeds to the Prepayment Price and pay the deficiency, if any, to the Creditor. No funds will be committed by Purchaser under this Section unless Purchaser first obtains an appropriation' offunds for such purpose from its Governing Body. Section 5.04. Purchaser Nelo?:lil!ence.. Purchaser assumes all risks and liabilities, whether or not covered by insurance, for loss or damage to the Improvements and for injury to or death of any person or damage to.any property whether such injury or death be with respect to agents . employees of Purchaser or of third parties, and whether such property damage be to Purchaser's property or the property of others which is proximately caused by the negf' nt nduct of Purchaser, its officers, employees and agents. PurChaser hereby ass, umes responsibility for and agrees to reimburse Creditor for al/ liabilities, obligations, ~o, . penall;e" claims, act;ons. costs and expenses linclud;ng reasonable attorneys' fees) of whatsoever kind and nature, imposed on, incurred by Of asserted against I that ny way relate to or arise oul of a claim, suit or proceeding,. based in r:;ole or ;n ::: upon th,e negligent conduct of Purch"". its office~, employees and ~ xlmu lent permitted by law, i ij ction 6,01. Title. Title to the Improvements shall vest in Purchaser when p~~nd accepts the Improvements. VII. Assignment ' Section 7.01. AssiR.nment bv Creditor. All of Creditor's rights, title and/or int . and. to this Agreement may be assigned and. reassigr.led in whole or in part to one or more assignees or sub-assignees by Creditor at any time without the consent of Purchaser. No such assignment shall be effective as against Purchaser until the assignor shall have flied with Purchaser written notice of assignment identifying the assignee. Purchaser shall pay all Installment Payments due hereunder relating to such Improvements to or al the direction of Creditor or the assignee named in the notice of assignment. Purchaser shall keep a complete and accurate record of all such assignments. Section 7.02. Assill!nmenl bv Purchaser. None of Purchaser's right, title and interest under this Agreement and in the Improvements may be assigned by Purchaser unless Creditor approves of such assignment in writing before such assignment occurs and only after Purchaser first obtains an opinion from nationally recognized counsel stating that such assignment will not jeopardize the tax-exempt status of the obligation. VIII. Maintenance of Improvements Section 8.D1. Purchaser shall keep the Improvements in good repair and working order. Creditor shall have no obligation to inspect, test, service, maintain, repair or make improvements or additions to the Improvements under any circumstances. Purchaser will be liable for all damage to the Improvements, other than normal wear and tear, caused by Purchaser, its employees Of its agents. Purchaser ,shall pay for and obtain all pennits, licenses and taxes necessary (or the installation, operation, possession, storage or use of the Improvements. Purchaser shall not during the term of this Agreement create, incur or assume any levies, liens or encumbrances of any kind with respect to the Improvements excepf those created by this Agreement. Purchaser shall allow Creditor to examine and inspect the Improvements at all reasonable times. IX. Default Section 9.01. Events of Default defined. The following events shall constitute an "EVent of Default" under this Agreement: (a) Failure by Purchaser to pay any Installment Payment listed on Exhibit "S" for fifteen (15) days after such payment is due according to the Payment Date listed on Exhibit "B", (b) Failure to pay any other payment required to be paid under this Agreement at the time specified herein and.a continuation of said failure for a period of fifteen (15) days after written notice by Creditor that such payment must be made. If Purchaser continues to fail to pay any payment after such period, then Creditor may, but will not be obligated to, make such payments and charge Purchaser for all costs incurred plus interest at the highest lawful rate. (c) Failure by Purchaser to observe and perfonn any warranty, covenant, condition, promise or duty under this Agreement for a period of thirty (30) days after written notice specifying such failure is given to Putchaser by Creditor, unlessCredit6r agrees in writing to an extension of time. Creditor will not unreasonably withhold its consent to an extension of time if corrective action is instituted by Purchaser. Subsection (c) does not apply to Installment Payments and other payments discussed above. (d) Any statement, material omission, representation or warranty made by Purchaser in or pursuant to this Agreement which proves to be false, incorrect or misleading on the date when made regardless of Purchaser's intent and which materially adversely affects the rights or security of Creditor under this Agreement. (e) Any provision of this Agreement which ceases to be valid for whatever reason and the loss of such provision would materially adversely affect the rights or security of Creditor. (f) Purchaser admits in writing its inability to pay its obligations. Purchaser defaults on one or more of its other obligations. Purchaser applies or consents to the appointment of a receiver or a custodian to manage its affairs, Purchaser makes a general assignment for the benefit of creditors. Section 9.02. Remedies on Default. Whenever any Event of Default exists, Creditor shall have the right to take one or any combination of the following remedial steps: ~~) Wi(h or without terminating this Agreement, Creditor may declare all Installment Payments and other amounts payable by Purchaser hereunder to the end of the then current Budget Year to be immediately due and payable. ))} Creditor may retain all amounts credited to the Vendor Payable AccountandPurchaser shall have no further interest therein. (c) Creditor may require that the Purchaser execute a/l appropriate documentation to assign over to Creditor the rights that Purchaser has under the warranty provisions with regard to repairing and maintaining the Improvements for tile balance of the time that the contractor's warranty is valid and Purchaser hereby agrees to execute such documentation if requested in writing to do so by the Creditor. (d) Creditor may take whatever action at law orin equity that may appear necessary or desirable to enforce its rights. Section 9.03. No Remedv Exclusive. No remedy herein conferred upon or reserved' to Creditor is intended to be exclusive and every such remedy shall be cumulative and shall be inaddicion to every other remedy given under this Agreement now or hereafter existing at law or in equity. No del~y or omission to exercise any right or power accruing upon any default shall impair any such right or shall be construed to be a waiver thereof. X. Vtmdor Payable Account Section 10.01. Establishment of Vendor Pavable Account. On the date that the Creditor executed this Agreement, which is on or after the date that the Purchaser executes this Agreement, Creditor agrees to (i) make available to Purchaser an amountsufficient to pay the total Project Price for the Improvements by establishing a separate, no-interest bearing ~.:count (the "'Vendor Payable Account"'), as agent for Purchaser's account, with a financial institution that Creditor selects that is acceptable to Purchaser (including Creditor or any i ,'its affiliates) and (ii) to deposit an amount equal to such Project Price as reflected on Exhibit B inthe Vendor Payable Account. Purchaser hereby further agrees to make the , epresentations, warranties and covenants relating to the Vendor Payable Account as set forth in Exhibit C attached hereto. Upon Purchaser's delivery to Creditor of a Payment Request Form in the (orm set forth in Exhibit I attached hereto, Purchaser authorizes Creditor to withdraw funds from the Vendor Payable Account from time to time to pay the Proiect Price, or a portion thereof, as the Improvements are being constructed. The Payment Request Form must be signed by an authorized individual,acting on behalf of Purchaser. The authorized individual or individuals designated by the Purchaser mustsig.n the Payment Request Form Signature Card which will be kept in the possession of the Creditor, Section 10.02. Disbursement uoon Non-AoorQoriation. If an Event of Nonappropriation occurs prior to the Partial Prepayment Date, the amount then on deposit in the Vendor Payable Account shall be retained by the CreditOr and Purchaser will have no interest therein. Section 10.03. Surolus Amount. Any Surplus Amount then on deposit in the Vendor Payable Account on the Partial Prepayment Date shall be applied to pay on such Partial Prepayment Date a portion of the Prepayment Price then applicable. Section 10.04. Recalculation oflnsrallment Payments. Upon payment ofa portion of the Prepayment Price as provided in Section 10.03 above, each Installment Payment thereafter shall be reduced by an amount calculated by Creditor based upon a fraction the numerator of which is the Surplus Amount and the denominator of which is the Prepayment Price on such Partial Prepayment Date.. WithinlS days after such Partial Prepayment Date, Creditor shall provide to Purchaser a revised Exhibit B to this Agreement, which sha,lf take into account such payment of a portion of the Prepayment Price thereafter and shall be and become thereafter Exhibit B to this Agreement. Notwithstanding any othet provision of this Section 10, thiS Agreement shall temain in full force and effect withrespecl to aU or the portion of the Improvements accepted by Purchaser as provided in this Agreement, and the portion of the principal component of Installment Payments remaining unpaid after the Partial Prepayment Date plus acaued interest thereon shall remain payable hi accordance with the terms of this Agreement, including revised Exhibit B hereto which shall be binding and <;onclusive upon Creditor and Purchaser. XI. Miscellaneous Section 11.01. Notices. All notices shall be sufficiently given and shall be deemed given when delivered or mailed by registered mail, postage prepaid, to the parties a'. their respective places of business as first set forth herein or as the parties shall designate hereafter in writing. Section 11.02. Bindine: Effect. This Agreement shall inure to the benefit of and shall be binding upon Purchaser and Creditor and their respective successors and assigns. Section 11.03. SeverabilifY. In the event any prO\lision of this Agreement shall be held invalid or unenforceable ,by any colirt of competent jurisdiction, such holding shalf .not invalidate or render unenforceable any other provision hereof. Section 11.04, Amendments. Addenda' Chanv.es or Modifications. This Agreement may be amended, added to, changed or modified by written agreement duly executed by Creditor and Purchaser. Section 11 05.' Execution in Counleroarts. This Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Section 11.06. Caotions. The captions or headings in this Agreement do not define, limit or describe the s or intent of any provisions or sections of this Agreement. Section 11.07. Entire Writine:. This Agreement constitutes the entire.writlng between Creditor haser. .No waiver, consent, modification or change of terms of this Agreement shall bind either party unless in writing and signed by both parties, and then SUChlon modification or change shall be effective only in the specific instance and for the spec, ific purpose given. Th'ere are no understandings, agreements, representations, . nd' ns, or rranties, express or implied, which are not specified herein regarding this Agreement or the Improvements purchased hereunder. Any terms an d condition~ ase o,de, 0' othe, documents submitted by Pu",hase' In connecHon with 'his Agreement which are in addition to or inconsistent with the terms and conditions of th' g e. ill not be binding on Creditor and will not apply to this Agreement. C,edl,o, and P",chase, have caused ,his Agreemeo' to be executed In the;' na.@ t~ utho,lzed ,ep,esentatlv.. listed below, f"" ~ -:ITY OF ASPEN KANSAS STATE BANK By: By: Typed: Typed: Title: Title: r-