HomeMy WebLinkAboutOrdinance 1615TITLE:
CITY OF WHEAT RIDGE, COLORADO
INTRODUCED BY COUNCIL MEMBER URBAN
COUNCIL BILL NO. 02
ORDINANCE NO. 1615
Series 2017
AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE CITY
OF WHEAT RIDGE, COLORADO OF ITS SALES AND USE TAX
REVENUE BONDS, SERIES 2017A, AND PROVIDING OTHER
DETAILS IN CONNECTION THEREWITH
WHEREAS, the City of Wheat Ridge, Colorado (the "City") is a home rule municipality
and political subdivision of the State of Colorado (the "State") organized and existing under a
home rule charter (the "Charter") pursuant to Article XX of the Constitution of the State; and
WHEREAS, Sectfon 11.1 of the Charter authorizes the City Council of the City (the "City
Council") to levy and impose taxes for municipal purposes and to provide for their collection,
provided that there shall not be an increase of rate of sales tax unless and until such rate increase
shall be approved by a majority of the electorate voting at a regular or special municipal election;
and
WHEREAS, Sections 12.4 and 12.5 of the Charter authorize the City to, among other
things, issue revenue bonds to construct and acquire capital improvements, payable from the
available proceeds of a city sales and use tax which may be imposed pursuant to chapter XI of the
Charter; and
WHEREAS, Article X, Section 20 of the State Constitution requires voter approval in
advance for the creation of any multiple-fiscal year direct or indirect debt or other financial
obligation; and
WHEREAS, prior to January 1, 2017, the City imposed a sales and use tax at the rate of
3.0%; and
WHEREAS, pursuant to an election held within the City on November 8, 2016 (the "2016
Election"), the City was authorized to increase the rate of sales and use tax levied by the City by
an additional 0.5% commencing January 1, 2017 (the "0.5% Sales and Use Tax"), and to issue
debt in an amount not to exceed $33,000,000, with a maximum repayment cost of not to exceed
$38,500,000, and a maximum annual repayment cost of $3,700,000, with the proceeds to be used
only for certain public investments as provided in the following question approved at the 2016
Election (the "2016 Question"):
SHALL THE CITY OF WHEAT RIDGE DEBT BE INCREASED BY UP TO
$33,000,000, WITH A REPAYMENT COST OF LESS THAN $38,500,000, AND
SHALL THE CITY OF WHEAT RIDGE TAXES BE INCREASED BY UP TO
$3, 700,000 ANNUALLY IN THE FIRST FULL FISCAL YEAR, AND BY WHATEVER
ADDITIONAL AMOUNT IS RECEIVED FOR 11 YEARS THEREAFTER, WITHOUT
INCREASING PROPERTY TAX, BY INCREASING THE RATE OF SALES AND USE
TAX BY 112 CENT PER DOLLAR, WITH THE PROCEEDS TO BE USED ONLY FOR
THE FOLLOWING PUBLIC INVESTMENTS:
• ANDERSON PARK IMPROVEMENTS
IMPROVEMENTS TO ANDERSON PARK TO PROVIDE UPGRADED,
RENOVATED AMENITIES AND FACILITIES THAT ENHANCE
RECREATIONAL OPPORTUNITIES AND MEET THE CURRENT NEEDS OF
PARK AND FACILITY USERS AND TO REDUCE MAINTENANCE AND
REP AIR COSTS; RENOVATIONS TO INCLUDE BUT NOT BE LIMITED TO,
RENOVATION OF THE ANDERSON BUILDING AND OUTDOOR POOL
LOCKER ROOMS AND IMPROVEMENTS TO SURROUNDING PARK
AMENITIES-ESTIMATED PROJECT COST $4,000,000
• WADS WORTH BOULEVARD RECONSTRUCTION -35 m AVENUE TO
INTERSTATE-70
RECONSTRUCTION OF WADS WORTH BOULEVARD TO PROVIDE AN
IMPROVED MULTI-MODAL TRANSPORTATION FACILITY AND
STREETSCAPE IMPROVEMENTS, TO RELIEVE AND MITIGATE SEVERE
TRAFFIC CONGESTION AND FACILITATE REDEVELOPMENT AND
ECONOMIC DEVELOPMENT OPPORTUNITIES -ESTIMATED CITY
SHARE OF TOTAL PROJECT COST $7,000,000
• WHEAT RIDGE -WARD COMMUTER RAIL STATION AREA
CONSTRUCTION OF STREET, BICYCLE/PEDESTRIAN, PUBLIC
AMENITIES AND OTHER INFRASTRUCTURE IMPROVEMENTS TO
ADDRESS TRAFFIC GROWTH AND FACILITATE REDEVELOPMENT AND
ECONOMIC DEVELOPMENT OPPORTUNITIES IN THE AREA
SURROUNDING THE GOLD LINE STATION INCLUDING, BUT NOT
LIMITED TO, RECONSTRUCTION OF RIDGE ROAD, 52nd A VENUE AND
TABOR STREET, A TRAFFIC SIGNAL AT THE WARD ROAD I RIDGE
ROAD INTERSECTION AND A PEDESTRIAN BRIDGE OVER RAILROAD
TRACKS LINKING THE JOB CENTERS TO THE SOUTH -ESTIMATED
CITY SHARE OF TOTAL PROJECT COST $12,000,000
• CLEAR CREEK CROSSING -MIXED-USE DEVELOPMENT SITE ON THE
WEST SIDE OF 1-70 AT 3gth AND YOUNGFIELD
CONSTRUCTION OF ON AND OFF HOOK RAMPS FROM INTERSTATE 1-
70 INTO THE CLEAR CREEK CROSSING DEVELOPMENT TO RELIEVE
TRAFFIC CONGESTION AND IMPROVE VEHICULAR ACCESS AND TO
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FACILITATE REDEVELOPMENT AND ECONOMIC DEVELOPMENT IN A
NEW MIXED-USE, SALES TAX GENERATING REDEVELOPMENT SITE -
ESTIMATED CITY SHARE OF TOTAL PROJECT COST $10,000,000
SUCH INCREASE IN THE SALES AND USE TAX RATE TO BEGIN ON
JANUARY 1, 2017 AND END WHEN REVENUES FROM SUCH SALES AND USE
TAX RATE INCREASE REACH $38,500,000 OR ON DECEMBER 31, 2028,
WHICHEVER OCCURS FIRST; SUCH DEBT TO BE SOLD IN ONE SERIES OR
MORE AT A PRICE ABOVE, BELOW OR EQUAL TO THE PRINCIPAL AMOUNT
OF SUCH DEBT AND ON SUCH TERMS AND CONDITIONS AS THE CITY MAY
DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OF THE DEBT
PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF A PREMIUM OF NOT
TO EXCEED 3.00%; AND SHALL THE REVENUES RAISED BY SUCH SALES AND
USE TAX RATE INCREASE AND PROCEEDS OF SUCH DEBT, AND ANY OTHER
REVENUE USED TO PAY SUCH DEBT, INCLUDING ANY INTEREST AND
INVESTMENT INCOME THEREFROM, BE COLLECTED AND SPENT BY THE
CITY AS A VOTER-APPROVED REVENUE CHANGE PURSUANT TO ARTICLE X,
SECTION 20 OF THE COLORADO CONSTITUTION?
WHEREAS, the 2016 Question was approved by a majority of the registered electors of
the City voting thereon at the 2016 Election; and
WHEREAS, the City is now imposing sales and use taxes in the total amount of 3.5%,
which includes the 0.5% Sales and Use Tax authorized at the 2016 Election; and
WHEREAS, the City has not issued any of the debt authorized at the 2016 Election; and
WHEREAS, the City Council has determined that it is the best interests of the City, and
the inhabitants thereof, to finance a portion of the public improvements authorized in the 2016
Question by the issuance of the City of Wheat Ridge, Colorado, Sales and Use Tax Revenue
Bonds, Series 2017 A (the "Bonds") pursuant to the authority conferred at the 2016 Election; and
WHEREAS, the City Council has determined that the Bonds shall be payable from and
constitute an irrevocable first lien, but not necessarily an exclusive first lien, on the Pledged Sales
and Use Taxes (as hereinafter defined), subject to the terms and provisions hereof; and
WHEREAS, there has been filed with the City Clerk of the City forms of (a) the
Preliminary Official Statement for the Bonds (the "Preliminary Official Statement"), (b) the
Purchase Contract (hereinafter defined), ( c) the Paying Agent Agreement (hereinafter defined),
and ( d) the Continuing Disclosure Certificate (hereinafter defined); and
WHEREAS, it is necessary to provide for the form of the Bonds, the Bond details, the
payment of the Bonds, and other provisions relating to the authorization, issuance, and sale of the
Bonds; and
WHEREAS, no member of the City Council has any conflict of interest or is interested in
any pecuniary manner in the issuance of the Bonds.
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NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WHEAT RIDGE, COLORADO:
SECTION 1. DEFINITIONS AND CONSTRUCTION.
1.01. DEFINITIONS. The meanings of certain terms are enumerated above in the recitals to this
Ordinance. In addition, the following terms have the following respective meanings unless
the context hereof clearly requires otherwise:
Authorized Denominations: denominations of $5,000 or any integral multiple thereof.
Bank: any depository permitted by the laws of the State to receive public funds for deposit.
Beneficial Owner: any Person for which a Participant acquires an interest in the Bonds.
Bond or Bonds: those securities issued hereunder and designated as the "City of Wheat
Ridge, Colorado, Sales and Use Tax Revenue Bonds, Series 2017 A."
Bond Counsel: any law firm of nationally recognized standing in the field of municipal
law whose opinions are generally accepted by purchasers of municipal bonds.
Bond Fund: the special fund created in Section 4.02 hereof.
Business Dav: any day other than a Saturday, Sunday or other day on which banks in
Denver, Colorado or New York, New York are required or authorized to be closed.
Cede: Cede & Co., the nominee of DTC as record owner of the Bonds, or any successor
nominee of DTC with respect to the Bonds.
Charter: the City Charter of the City of Wheat Ridge, Colorado.
Citv: the City of Wheat Ridge, Colorado, and its successors.
City Clerk: the City Clerk of the City.
Citv Council: the City Council of the City of Wheat Ridge, Colorado.
City Manager: the duly appointed City Manager of the City or his or her successor in
functions.
City Sales and Use Tax Ordinance: collectively, the ordinances of the City, as amended to
the date hereof, imposing an aggregate 3.5% municipal sales and use tax upon sales and
services, not specifically exempted, and codified as Chapter 22, Article I of the Wheat
Ridge City Code.
City Treasurer: the duly appointed City Treasurer of the City or his or her successor in
functions.
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Commercial Bank: a state or national bank or trust company which: (i) is a member of the
Federal Deposit Insurance Corporation and the Federal Reserve System, (ii) has, or which
the holding company thereof has, a capital and surplus of $100,000,000 or more (in the
case of a bank holding company, figured on a consolidated basis), and (iii) is located within
the United States.
Continuing Disclosure Certificate: the certificate executed. by officers of the City
simultaneously with the delivery of the Bonds which enables the Underwriter to comply
with Rule 15c2-12 promulgated by the Securities and Exchange Commission.
C.R.S.: the Colorado Revised Statutes, as amended to the date hereof.
Debt Service Requirements: the principal of, interest on, and any premiums due in
connection with the redemption of, the Bonds or any other designated series of securities
hereafter issued, if any, or such part of such Bonds or securities as may be designated, as
such principal, interest and premiums become due, whether at maturity or by mandatory
sinking fund redemption.
DTC: the Depository Trust Company, New York, New York, and its successors and
assigns, as securities depository for the Bonds.
Event of Default: each of the events stated in Section 9 hereof.
Federal Securities: bills, certificates of indebtedness, notes, bonds or similar securities
which are direct obligations of, or the principal and interest of which obligations are
unconditionally guaranteed by, the United States of America, and which are non-callable.
Fiscal Year: the twelve (12) months commencing on the first day of January of any
calendar year and ending on the thirty-first day of December of such calendar year or such
other twelve (12) month period as may from time to time be designated by the City Council
as the Fiscal Year of the City.
Fund: as used in this Ordinance, a segregated account of the City.
Insurance Policy: the municipal bond insurance policy issued by the Insurer, if any,
insuring the payment when due of the principal of and interest on the Bonds as provided
therein, if set forth in the Sale Certificate.
Insurer: the provider of the Insurance Policy, or any successor thereto, if set forth in the
Sale Certificate.
Interest Payment Date: a date on which interest is due on any Bonds or Parity Securities.
The Interest Payment Dates for the Bonds shall be June 1 and December 1.
Mayor: the duly elected or appointed Mayor of the City or his or her successor in functions.
Maximum Annual Debt Service Requirements: as to the Bonds or any other designated
series of securities Outstanding or proposed to be issued, the maximum amount of Debt
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Service Requirements (excluding any redemption premiums) coming due with respect to
such Bonds or designated series of securities in any year from the year in which such
amount is requiredto be determined through the final maturity of such Bonds or designated
series of securities. For the purposes of this computation, variable rate bonds shall be
assumed to bear interest at the highest of: (i) the actual rate of any outstanding variable
rate bonds on the date of computation, or if the variable rate bonds are not yet outstanding,
the initial rate (if established and binding), (ii) if the variable rate bonds have been
outstanding for at least twelve months, the average rate over the twelve months
immediately preceding the date of computation, or if no variable rate bonds are outstanding
for such twelve months, the average rate borne by reference to an index comparable to that
to be utilized in determining the interest rate for the variable rate bonds to be issued, or (iii)
(a) if interest on the variable rate bonds is excludable from gross income under the
applicable provisions of the Tax Code, the most recently published "Revenue Bond Index"
as published in The Bond Buyer (or if such Index is not published within 30 days prior to
such determination, such index selected by the City), or (b) if interest is not so excludable,
the interest rate on direct U.S. Treasury Obligations with comparable maturities.
Ordinance: this Ordinance which authorizes the issuance of the Bonds.
Outstanding or outstanding: when used with reference to the Bonds, Parity Securities, or
any other designated securities of the City and as of any particular date, all the Bonds,
Parity Securities, or any such other designated securities theretofore executed, issued and
delivered, except the following:
(1) Any Bonds, Parity Securities, or other security cancelled by the City, by the
Registrar, or otherwise on the City's behalf, at or before such date;
(2) Any Bonds, Parity Securities held by or on behalf of the City;
(3) Any Bonds, Parity Securities, or other security of the City for the payment or the
redemption of which moneys or Federal Securities sufficient to meet all of the
payment requirements of the principal of, the interest on, and any prior redemption
premiums due in connection with such Bonds, Parity Securities, or other security
to the date of maturity or any redemption date thereof, shall have theretofore been
deposited in escrow or in trust with a Trust Bank for that purpose, as provided in
and required by Section 8 hereof or a similar provision of the document authorizing
the issuance thereof; and
(4) Any lost, apparently destroyed, or wrongfully taken Bonds, Parity Securities, or
other security of the City in lieu of or in substitution for which another bond or
other security shall have been executed and delivered pursuant to the document
authorizing the issuance thereof.
Owner or Registered Owner: means any· Person who is the registered owner of any Bond
as shown on the registration books maintained by the Registrar on behalf of the City.
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Parity Bond Ordinance: any ordinance hereafter adopted by the City Council authorizing
the issuance of Parity Securities, or such other document or instrument pursuant to which
any Parity Securities are issued.
Parity Securities: any bonds, securities, leases or other obligations hereafter issued payable
from and secured by all or a portion of the Pledged Revenues and having a lien on the
Pledged Revenues which is equal to or on a parity with the Bonds.
Participant: any broker-dealer, bank, trust company, clearing corporation or other financial
institution from time to time for which DTC or another securities depository holds the
Bonds.
Paying Agent: BOKF, NA dba Colorado State Bank and Trust, in Denver, Colorado or its
successor, which shall perform the function of paying agent as set forth in this Ordinance.
Paying Agent Agreement: the Registrar and Paying Agent Agreement dated as of the date
of delivery of the Bonds, between the City and the Registrar and Paying Agent.
Permitted Investments: any investments or deposits permitted by the laws of the State and
the Charter for funds of the City.
Person: any natural person, firm, partnership, association, corporation, trust, public body,
or other entity.
Pledged Revenues: collectively, (a) the Pledged Sales and Use Taxes, plus (b) all amounts
on deposit in the 0.5% Sales and Use Tax Fund, the Bond Fund and the 2017A Reserve
Fund, if any, plus (c) any additional revenues legally available to the City which the City
Council, in its sole discretion and without further consideration from any Owner, may
hereafter pledge to the payment· of the Bonds.
Pledged Sales and Use Taxes: all of the receipts collected by the City from Sales and Use
Taxes (net of costs of collection, enforcement and administration of such Sales and Use
Taxes by the City), but excluding:
(1) any portion of the Supplemental Sales and Use Tax that is required to be
remitted or is otherwise pledged or encumbered pursuant to the Prior Sales
and Use Tax Agreements.
(2) incremental increases in the Supplemental Sales and Use Tax which are
required to be paid into a special fund, or pledged to the payment of
obligations, pursuant to (i) an urban renewal plan as defined in Section 31-
25-103(9), C.R.S., (ii) a plan of development as defined in Section 31-25-
802 (6.4), C.R.S., or (iii) a value capture plan as defined in Section 43-4-
508, C.R.S., or, in the case of (i), (ii) or (iii), any similar plan adopted by
the City exercising its powers as a home rule city; and
(3) any amounts determined, pursuant to the Sales and Use Tax Ordinance, and
other applicable law, to be subject to valid claims for refunds.
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Prior Sales and Use Tax Agreements: collectively, all agreements pursuant to which the
City has agreed to remit all or a portion of the Supplemental Sales and Use Tax, or has
otherwise pledged or encumbered all or any portion of the Supplemental Sales and Use
Tax prior to the date of issuance of the Bonds.
Project: the acquisition and construction of that portion of the public improvements
authorized at the 2016 Election that is being financed with the proceeds of the Bonds.
Principal Corporate Trust Office: means the principal corporate trust office of the Paying
Agent and Registrar.
Purchase Contract: The Bond Purchase Agreement between the City and the Underwriter
concerning the purchase of the Bonds.
Rebate Fund: the fund by that name created in Section 4.05 hereof.
Record Date: the fifteenth day of the calendar month immediately preceding each Interest
Payment Date (whether or not a Business Day).
Redemption Date: the date fixed for the redemption prior to their maturity of any Bonds
or other designated securities payable from the Pledged Revenues in any notice of prior
redemption authorized by the City, or otherwise fixed and designated by the City.
Redemption Price: when used with respect to a Bond or other designated security payable
from the Pledged Revenues, the principal amount thereof, plus the applicable premium, if
any, payable upon the redemption thereof prior to the stated maturity date of such Bond or
other. security, plus accrued interest to and on a redemption date in the manner
contemplated in accordance with the terms of the Bond or other security.
Registrar: BOKF, NA dba Colorado State Bank and Trust, Denver, Colorado, named in
the Paying Agent Agreement as the paying agent, transfer agent and registrar of the Bonds,
or any successor thereto.
Reserve Fund Insurance Policy: any bond insurance policy, surety bond, letter or line of
credit or similar instrument which is utilized in lieu of cash or Permitted Investments in the
2017A Reserve Fund.
Reserve Fund Requirement: is the amount set forth in the Sale Certificate, which may be
zero.
Sale Certificate: the certificate executed by the City Manager or the City Treasurer dated
on or before the date of delivery of the Bonds, setting forth those determinations that may
be delegated to such officials pursuant to Section 11-57-205(1), C.R.S., subject to the
parameters and restrictions contained in this Ordinance.
Sales and Use Taxes: the portion of municipal sales and use tax of the City imposed at the
rate of 1.00% pursuant to the City Sales and Use Tax Ordinance, and codified in Chapter
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22, Article 1 of the Wheat Ridge City Code (which consists of the 0.5% Sales and Use Tax
and the Supplemental Sales and Use Tax).
Security or securities: when used with reference to securities of the City, any bonds, notes,
certificates, warrants, leases, contracts or other financial obligations or securities issued or
executed by the City and payable in whole or in part from a lien on the Pledged Revenues.
Special Record Date: a special date fixed by the Registrar for the payment of defaulted
interest to be preceded by not more than fifteen and not less than ten days' notice.
State: the State of Colorado.
Subordinate Bonds or Subordinate Securities: bonds or securities payable in whole or in
part from the Pledged Revenues having a lien thereon subordinate or junior to the lien
thereon of the Bonds.
Supplemental Act: the Supplemental Public Securities Act, constituting Title 11, Article
57, Part 2, C.R.S.
Supplemental Sales and Use Tax: the portion of the municipal sales and use tax of the City
imposed at the rate of 0.5% that is pledged to the payment of the Bonds, which is in addition
to the 0.5% Sales and Use Tax approved at the 2016 Election that is also pledged to the
payment of the Bonds.
Surety Provider: the entity issuing a Reserve Fund Insurance Policy to secure the Bonds, if
any.
Tax Code: the Internal Revenue Code of 1986, as amended to the date of delivery of the
Bonds, and the regulations promulgated thereunder.
Term Bonds: Bonds that are payable on or before their specified maturity dates from
sinking fund payments established for that purpose and calculated to retire such Bonds on
or before their specified maturity dates.
Trust Banlc a Commercial Bank which is authorized to exercise and is exercising trust
powers.
Underwriter: George K. Baum & Company.
0.5% Sales and Use Tax: the portion of the municipal sales and use tax of the City imposed
at the rate of 0.5% beginning January 1, 2017, that was approved by the voters of the City
at the 2016 Election.
0.5% Sales and Use Tax Fund: the City's "0.5% Sales and Use Tax Fund (Fund 31)"
previously created by the City and referred to in Section 4.01 hereof.
2016 Election: the election held within the City on November 8, 2016.
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2017 A Reserve Fund: the "City of Wheat Ridge, Colorado, Sales and Use Tax Revenue
Bonds, Series 2017A, Reserve Fund" created in Section 4.03 hereof for the purpose of
further securing the payment of the principal of and interest on the Bonds. The 2017 A
Reserve Fund shall secure only the payment of the Bonds and shall not secure the payment
of any Parity Securities. If it is determined in the Sale Certificate that the Reserve Fund
Requirement shall be zero, all references herein to the 2017 A Reserve Fund shall be of no
force and effect.
1.02. CONSTRUCTION. This Ordinance, except where the context by clear implication herein
otherwise requires, shall be construed as follows:
(1) Words in the singular number include the plural, and words in the plural include
the singular.
(2) Words in the masculine gender include the feminine and the neuter, words in the
feminine gender include the masculine and the neuter, and when the sense so
indicates, words of the neuter gender refer to any gender.
(3) Articles, sections, subsections, paragraphs and subparagraphs mentioned by
number, letter, or otherwise, correspond to the respective articles, sections,
subsections, paragraphs and subparagraphs of this Ordinance so numbered or
otherwise so designated.
( 4) The titles and headlines applied to articles, sections and subsections of this
Ordinance are inserted only as a matter of convenience and ease in reference and
in no way define, or limit the scope or intent of, any provisions of this Ordinance.
SECTION 2. SALE OF BONDS.
2.01. NEGOTIATED SALE. The City hereby determines that it is to the best advantage of the City
to sell the Bonds to the Underwriter through a negotiated sale process. The City Manager
and other employees and officers of the City are hereby authorized and directed to take all
action necessary for the issuance of the Bonds and the delivery of the Bonds to the
Underwriter in accordance with the terms and provisions of the Purchase Contract.
2.02. OFFICIAL STATEMENT. The Official Statement, in substantially the form of the Preliminary
Official Statement, is in all respects approved, authorized and confirmed, but with such
amendments, additions and deletions as are in accordance with the facts and not
inconsistent herewith. The City Manager and all other City employees and representatives
charged with responsibility for the sale of the Bonds are hereby authorized and directed to
prepare a final Official Statement, substantially in the form of the Preliminary Official
Statement but including the offering price(s) of the Bonds, interest rates, selling
compensation, aggregate principal amount, principal amount per maturity, delivery date,
ratings, and any other terms or provisions depending on such matters. The Mayor is hereby
authorized and directed to affix her signature to the Official Statement for and on behalf of
the City. The distribution by the Underwriter of the Preliminary Official Statement and
the Official Statement to interested persons in connection with the sale of the Bonds is
hereby ratified, approved and confirmed. The execution of a final Official Statement by
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the Mayor shall be conclusively deemed to evidence the approval of the form and contents
thereof by the City.
2.03. CONTINUING DISCLOSURE. The City hereby covenants that it will comply with and carry
out all of the provisions of the Continuing Disclosure Certificate. Notwithstanding any-
other provision of this Ordinance, failure of the City to comply with the Continuing
Disclosure Certificate shall not be considered an Event of Default; provided that the
Registered Owners of the Bonds may take such actions as may be necessary or appropriate
to cause the City to comply with its obligations under this Section. -
SECTION 3. THE BONDS.
3.01. AUTHORIZATION. In accordance with the Constitution of the State, the Charter, the 2016
Election, and all other laws of the State thereunto enabling, and pursuant to the provisions
of this Ordinance and the Sale Certificate, the City hereby authorizes the issuance of its
"Sales and Use Tax Revenue Bonds, Series 2017 A," in an aggregate principal amount not
to exceed $33,000,000, to be payable and collectible, as to principal, prior redemption
premium, if any, and interest, from Pledged Revenues as further set forth herein.
The Bonds shall be issued and sold for the purposes of paying the costs of the Project,
paying the costs of issuance of the Bonds and, to the extent set forth in the Sale Certificate,
funding the 2017 A Reserve Fund. All Bond proceeds shall be deposited to such funds or
accounts as set forth in the Sale Certificate .
. Section 11-57-204 of the Supplemental Act provides that a public entity, including the
City, may elect in an act of issuance to apply any or all of the provisions of the
Supplemental Act to the Bonds. The City Council hereby elects to apply all of the
provisions of the Supplemental Act to the Bonds. The Bonds are issued under the authority
of the Supplemental Act and shall so recite as provided in Section 3.02(9) hereof. Pursuant
to Section 11-57-210 of the Supplemental Act, such recital shall be conclusive evidence of
the validity and the regularity of the issuance of the Bonds after their delivery for value.
Pursuant to Section 11-57-205 of the Supplemental Act, the City Council hereby delegates
to each of the City Manager or the City Treasurer the independent authority to sign a
contract for the purchase of the Bonds (including the Purchase Contract) or to accept a
binding bid for the Bonds and to execute any agreement or agreements in connection
therewith, and the City Council hereby further delegates to each of the City Manager or the
City Treasurer the authority to independently make any determination delegable pursuant
to Section 11-57-205(1)(a-i) of the Supplemental Act, in relation to the Bonds, and to
execute the Sale Certificate setting forth such determinations, subject to the parameters and
restrictions contained in Section 3.02(2) of this Ordinance.
Pursuant to Section 11-57-205 of the Supplemental Act, (a) each of the City Manager or
the City Treasurer are hereby independently authorized to determine if obtaining municipal
bond insurance for all or a portion of the Bonds is in the best interests of the City, and if
so, to select an Insurer to issue an Insurance Policy, execute a commitment relating to the
same and execute any related documents or agreements required by such commitment, and
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(b) each of the City Manager or the City Treasurer are hereby independently authorized to
determine if obtaining a Reserve Fund Insurance Policy for all or a portion of the Reserve
Fund Requirement is in the best interests of the City, and if so, to select a Surety Provider
to issue a Reserve Fund Insurance Policy and execute any related documents or agreements
required by such commitment. If it is determined that the Bonds will be sold without
municipal bond insurance, all references herein to the Insilrer and the Insurance Policy
shall be of no force and effect.
The delegation set forth in this Section 3.01 shall be effective for one year after adoption
of this Ordinance.
3.02. BOND DETAILS.
(1) Generally. The Bonds shall be issued in fully registered form (i.e., registered as to
payment of both principal and interest), initially registered in the name of Cede, as
nominee for DTC. The Bonds shall be issued in Authorized Denominations
(provided that no Bond may be in a denomination which exceeds the principal
coming due on its maturity date and no individual Bond will be issued for more
than one maturity bearing the same interest rate). The Bonds shall be numbered in
such manner as the Registrar shall determine.
The Bonds shall be dated as of their date of delivery and shall bear interest from
their date until maturity, payable semiannually on each June 1 and December 1,
commencing on the date provided in the Sale Certificate, except that any Bond
which is reissued upon transfer, exchange or other replacement shall bear interest
from the most recent Interest Payment Date to which interest has been paid or duly
provided for, or if no interest has been paid, from the date of the Bonds.
The Bonds shall bear interest at the rates designated in the Sale Certificate based
on a 360-day year consisting of twelve 30-day months, and shall mature on the
dates and in the amounts set forth in the Sale Certificate subject to the parameters
and limitations in subsection (2) below.
If upon presentation at maturity or prior redemption, payment of any Bond is not
made as herein provided, interest shall continue thereon at the interest rate therein
designated until the principal thereof is paid in full.
The principal of, interest on and premium, if any, due in connection with the Bonds
shall be payable in lawful money of the United States of America, without
deduction for exchange or collection charges. The principal and premium are
payable upon surrender and presentation of the Bond at the Principal Corporate
Trust Office, or such other office of the Registrar as it shall designate by written
notice to the City.
The payment of interest on each Bond shall be made to the Registered Owner of
such Bond and shall be paid by the Registrar on behalf of the City by check or wire
of the Registrar sent to such Registered Owner on each Interest Payment Date
(unless such date is not a Business Day, whereupon such payment shall occur on
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the next succeeding Business Day) at his or her address as it appears on the
registration records of the Registrar maintained for such purpose. Interest on each
Bond shall be payable to the Registered Owner thereof as shown on the registration
records as of the Record Date, regardless of any transfer or exchange of a Bond
subsequent to such Record Date and prior to such Interest Payment Date. Any such
interest ·not so punctually paid or duly provided for shall forthwith cease to be
payable to the Registered Owner on such Record Date, and may be paid to the
Registered Owner at his or her address as it appears on the registration records of
the Registrar at the close of business on a Special Record Date. The Registrar may
make payments of interest on any Bond by such alternative means as may be
mutually agreed to between the Owner of such Bond and the Registrar; provided,
however, that the City shall not be required to make funds available to the Registrar
prior to the dates set forth in the Paying Agent Agreement. All such payments shall
be made in lawful money of the United States of America without deduction for the
services of the Paying Agent or Registrar.
The City and the Registrar may deem and treat the Registered Owner (whether or
not the Bond shall be overdue) on the Record Date or Special Record Date as the
absolute owner of the Bond for the purpose of receiving payment of or on account
of the principal thereof, any redemption premium and interest due thereon, and on
any other date for all other purposes, and neither the City nor the Registrar shall be
affected by any notice to the contrary.
The Registrar shall evidence acceptance of the duties and obligations provided in
this Ordinance by execution of the Paying Agent Agreement. The Bonds shall be
subject to registration, transfer and exchange in the manner, and subject to the terms
and conditions, set forth herein and in the Paying Agent Agreement.
(2) Delegation Parameters. The Bonds shall mature, bear interest from their dated date
to maturity, and be sold, all as provided in the Sale Certificate, provided that:
(a) The aggregate principal amount of the Bonds shall not exceed $33,000,000;
(b) the maximum total repayment cost of the Bonds shall not exceed
$38,500,000;
( c) the maximum annual repayment cost of the Bonds shall not exceed
$3,700,000;
(d) the Bonds shall mature no later than December 1, 2028;
( e) the purchase price of the Bonds shall not be less than 100%;
(f) in the event that the Bonds are subject to optional redemption prior to
maturity, the redemption premium, if any, shall not exceed 3.00%; and
(g) the net effective interest rate on the Bonds shall not exceed 3.50%.
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(3) Redemption of the Bonds. The Bonds shall be subject to optional redemption or
mandatory sinking fund prior to their respective maturity dates as set forth in the
Sale Certificate.
In the case of Bonds of a denomination larger than $5,000, a portion of such Bond
($5,000 or any integral multiple thereof) may be redeemed, in which case the
Registrar shall, without charge to the Owner of such Bond, authenticate and issue
a replacement Bond or Bonds for the unredeemed portion thereof.
The Term Bonds, if any, shall be subject to mandatory sinking fund redemption at
the times, in the amounts and at the prices provided in the Sale Certificate.
On or before the thirtieth day prior to each sinking fund payment date, the Registrar
shall proceed to call the Term Bonds (or any Term Bond or Term Bonds issued to
replace such Term Bonds) for redemption from the sinking fund on the next
December 1, and give notice of such call without other instruction or notice from
the City.
At its option, to be exercised on or before the sixtieth day next preceding each such
sinking fund redemption date, the City may (a) deliver to the Registrar for
cancellation Term Bonds subject to mandatory sinking fund redemption on such
date in an aggregate principal amount desired or (b) receive a credit in respect of
its sinking fund redemption obligation for any Term Bonds of the same maturity
subject to mandatory sinking fund redemption on such date, which prior to said date
have been redeemed (otherwise than through the operation of the sinking fund) and
canceled by the Registrar and not theretofore applied as a credit against any sinking
fund redemption obligation. Each Term Bond so delivered or previously redeemed
will be credited by the Registrar at the principal amount thereof on the obligation
of the City on such sinking fund redemption date and the principal amount of Term
Bonds to be redeemed by operation of such sinking fund on such date will be
accordingly reduced. The City will on or before the sixtieth day next preceding
each sinking fund redemption date furnish the Registrar with its certificate
indicating whether or not and to what extent the provisions of (a) and (b) of the
preceding sentence are to be availed with respect to such sinking fund payment.
Failure of the City to deliver such certificate shall not affect the Registrar's duty to
give notice of sinking fund redemption as provided in this subsection (3).
(4) Notice and Effect of Redemption. Notice of the prior redemption of any Bonds
shall be given by the Registrar in the name of the City by mailing a copy of the
redemption notice by certified or first-class postage prepaid mail, not more than 60
nor less than30 days prior to the Redemption Date to the Owners of the Bonds to
be redeemed at their addresses as shown on the registration records kept by the
Registrar, or in the event that the Bonds to be redeemed are registered in the name
of DTC, such notice may, in the alternative, be given by electronic means in
accordance with the requirements ofDTC. Failure to give such notice as aforesaid
or any defect therein shall not affect the validity of the proceedings for the
redemption of any other Bonds.
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Such notice shall specify the Bonds to be redeemed, the number or numbers of the
Bonds to be so redeemed (ifless than all are to be redeemed), the Redemption Price
to be paid and the Redemption Date. Such notice shall further specify any condition
to such redemption and shall state that, upon the satisfaction of any such condition,
on the Redemption Date there will become and will be due and payable upon each
Bond or portion thereof (in integral multiples of Authorized Denominations) so to
be redeemed at the Principal Corporate Trust Office of the Paying Agent, the
applicable Redemption Price and accrued interest to the Redemption Date, and that
from and after such date, interest on the Bonds (or portions thereof) called for
redemption will cease to accrue. Notice having been given in the manner
hereinabove provided and upon satisfaction of any condition to such redemption,
the Bond or Bonds so called for redemption shall become due and payable on the
Redemption Date so designated and, upon presentation thereof at the Principal
Corporate Trust Office of the Paying Agent, the City will pay the Bond or Bonds
so called for redemption. No further interest shall accrue on the principal of any
such Bond (or portion thereof) called for redemption from and after the Redemption
Date, provided sufficient funds are on deposit at the place of payment on the
Redemption Date. Upon surrender of any Bond redeemed in part only, the
Registrar shall execute and deliver to the Owner thereof, at no expense to such
Owner, a new Bond or Bonds of the same maturity and interest rate and of
Authorized Denominations equal in aggregate principal amount to the unredeemed
portion of the Bond surrendered.
Any notice of redemption may contain a statement that the redemption is
conditioned upon the receipt by the Paying Agent of funds on or before the
Redemption Date sufficient to pay the principal of, interest on and any redemption
premium due on the Bonds so called for redemption, and that if such funds are not
available, such redemption shall be cancelled by written notice to the Owners of
the Bonds called for redemption in the same manner as the original redemption
notice was given.
( 5) Execution and Deliverv. The Bonds shall be executed by and on behalf of the City
with the manual or facsimile signature of the Mayor of the City, shall bear an
impression or a facsimile of the seal of the City, shall be attested by the manual or
facsimile signature of the City Clerk and shall be authenticated by the manual
signature of the Registrar. Should any officer whose signature or facsimile
signature appears on the Bonds cease to be such officer before delivery of the Bonds
to the Underwriter or to any Owner, such signature or facsimile signature shall
nevertheless be valid and sufficient for all purposes.
The Mayor and the City Clerk are hereby authorized and directed to prepare and to
execute the Bonds as herein provided. When the Bonds have been duly executed
and sold, the officers of the City are authorized to, and shall, deliver the Bonds to
the Underwriter thereof on receipt of the agreed purchase price.
(6) Special Obligation Recitals in Bonds. Each Bond shall recite in substance that the
Bond is payable solely from the Pledged Revenues, that the Bond does not
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constitute a general obligation debt of the City within the meaning of the Colorado
Constitution or the Charter of the City, that the Bond is not payable in whole or in
part from the proceeds of general property taxes and that the full faith and credit of
the City is not pledged to pay the principal of or interest on such Bond.
(7) Uniform Commercial Code. The Owners of the Bonds shall possess all rights
enjoyed by holders of investment securities under the provisions of the Uniform
Commercial Code -Investment Securities.
(8) Authentication. No Bond shall be valid or obligatory for any purpose or entitled to
any security or benefit under this Ordinance unless and until a certificate of
authentication of such Bond, substantially in the form set forth in the form of Bond
herein, shall have been duly manually executed by the Registrar. The executed
certificate of authentication on each Bond shall be conclusive evidence that it has
been authenticated and delivered under this Ordinance.
(9) Form of Bond. Subject to the provisions of this Ordinance, each Bond shall be in
substantially the form set forth in Exhibit A, with such omissions, insertions,
endorsements and variations as to recitals of fact or other provisions as may be
required by the circumstances and as may be required or permitted by this
Ordinance or the Sale Certificate, and as may be necessary or appropriate to carry
out the purpose of this Ordinance and to conform to the rules and requirements of
any governmental authority or to any custom, usage or requirement of law with
respect thereto.
3.03. BONDS AND PARITY SECURITIES RATABLY SECURED. The covenants and agreements herein
set forth to be performed on behalf of the City shall be for the ratable benefit, protection
and security of the Owners of any and all of the Bonds and Parity Securities, all of which
Bonds and Parity Securities regardless of the time or times of their maturity, shall be of
equal rank without preference, priority or distinction of any of the Bonds or Parity
Securities over any other thereof, except as otherwise expressly provided in or pursuant to
this Ordinance or the Parity Bond Ordinances pursuant to which the Parity Securities were
issued.
3.04. PLEDGE; SPECIAL OBLIGATIONS. The City hereby irrevocably pledges the Pledged
Revenues to the payment of the Debt Service Requirements on the Bonds. All of the
Bonds, as to all Debt Service Requirements thereof, shall be payable solely out of the
Pledged Revenues. The Bonds shall be payable out of and shall constitute an· irrevocable
first lien, but not necessarily an exclusive such lien, on the Pledged Sales and Use Taxes
on a parity with the Parity Securities, if any, hereafter issued, and on moneys on deposit or
credited to the 0.5% Sales and Use Tax Fund, the Bond Fund and the 2017 A Reserve Fund
as set forth herein.
The Registered Owner or Owners of any of the Bonds may not look to any general or other
fund of the City for the payment of the Debt Service Requirements, except the herein
designated special funds pledged therefor. The· Bonds shall not constitute a general
obligation or a debt of the City within the meaning of any constitutional or statutory
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provision or limitation of the State or the Charter. The Bonds and interest thereon shall not
be considered or held to be general obligations of the City but shall constitute the special
and limited obligations of the City. The Bonds are not payable in whole or in part from
the proceeds of general property taxes, and the full faith and credit of the City is not pledged
for payment of the Bonds.
The creation, perfection, enforcement, and priority of the pledge of revenues to secure or
pay the Bonds as provided herein shall be governed by§ 11-57-208 of the Supplemental
Act and this Ordinance. The revenues pledged for the payment of the Bonds, as received
by or otherwise credited to the City, shall immediately be subject to the lien of such pledge
without any physical delivery, filing, or further act. The lien of such pledge on the revenues
pledged for payment of the Bonds and the obligation to perform the contractual provisions
made herein shall have priority over any or all other obligations and liabilities of the City.
The lien of such pledge shall be valid, binding, and enforceable as against all persons or
entities having claims of any kind in tort, contract, or otherwise against the City irrespective
of whether such persons or entities have notice of such liens.
3.05. REGISTRATION. TRANSFER AND EXCHANGE OF BONDS. The City will cause to be kept at
the Principal Corporate Trust Office registration records in which, subject to such
reasonable regulations as the Registrar may prescribe, the City shall provide for the
registration of Bonds and the registration of transfers of Bonds entitled to be registered or
transferred as herein provided.
Each of the Bonds may be transferred or exchanged by the Owner thereof upon surrender
for transfer or exchange of such Bond at the Principal Corporate Trust Office, or any
successor transfer agent,· duly endorsed or accompanied by a written instrument of transfer
or authorization for exchange in form satisfactory to the Registrar and executed by the
Owner thereof or his or her attorney duly authorized in writing. Thereupon, the Registrar
shall authenticate and deliver, in exchange for such transferred or exchanged Bond, a new
fully registered Bond in the name of the transferee, or, if exchanged, the Owner and issued
in a principal amount equal to the principal amount of the transferred or exchanged Bond,
of the same maturity, and bearing interest at the same rate. The City or the Registrar may
require that the cost, if any, of preparing each new Bond upon such exchange or transfer
and any other expenses of the City or the Registrar, including counsel fees, and any tax or
other governmental charge, incurred in connection therewith (except in the case of an
exchange resulting from the redemption of the Bond exchanged) shall be paid by the Owner
requesting such exchange or transfer as a condition precedent to the exercise of the
privilege of making such exchange or transfer. If any requested transfer or exchange of a
Bond shall necessitate the printing of additional Bonds, the Registrar may require that the
cost of such printing be paid by the City. The City and the Registrar shall not be obligated
to issue, exchange, authenticate or transfer any Bonds (a) during a period beginning on the
Record Date before any Interest Payment Date or Redemption Date and ending on such
Interest Payment Date or Redemption Date, or (b) during a period beginning on the
fifteenth day before the mailing of notice of redemption of Bonds and ending on the date
of such mailing.
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3.06. ISSUANCE IN BOOK-ENTRY FORM. The Bonds shall be initially issued in the form-of a
single, certificated, fully registered Bond for each maturity bearing interest at the same
interest rate. Upon initial issuance, the ownership of each such Bond shall be registered in
the registration records kept by the Registrar in the name of Cede.
With respect to Bonds registered in the name of Cede or held by a securities depository,
the City, the Registrar, and the Paying Agent shall have no responsibility or obligation to
any Participant or Beneficial Owner including, without limitation, any responsibility or
obligation with respect to: (i) the accuracy of the records of the depository or any
Participant concerning any ownership interest· in the Bonds; (ii) the delivery to any
Participant, Beneficial Owner, or Person other than the Registered Owner, of any notice
concerning the Bonds, including notice of redemption; (iii) the payment to any Participant,
Beneficial Owner, or Person other than the Registered Owner, of the principal of, premium
if any, and interest on the Bonds. The City, the Registrar, and the Paying Agent may treat
the Registered Owner of a Bond as the absolute owner of such Bond for the purpose of
payment of the principal of, premium if any, and interest with respect to such Bond, for
purposes of giving notices of redemption and other matters with respect to such Bond, and
for all other purposes whatsoever. The Paying Agent shall pay all principal of, premium if
any, and interest on the Bonds only to or upon the order of the Registered Owners, or their
respective attorneys duly authorized in writing, and all such payments shall be valid and
effective to fully satisfy and discharge the City's obligations with respect to the payment
of the same. No Person, other than a Registered Owner, shall receive a certificated Bond
evidencing the obligations of the City pursuant to this Ordinance.
DTC may determine to discontinue providing its service as depository with respect to the
Bonds at any time by giving notice to the City and discharging its responsibilities with
respect thereto under applicable law. Additionally, the City Manager may terminate the
services of DTC if he determines, in his sole and absolute discretion, that· DTC is unable
to discharge its responsibilities with respect to the Bonds or that continuation of the system
of book entry transfers through DTC is not in the best interests of the Beneficial Owners
or the City. Such termination shall be effected by written notice of the same from the City
to DTC and to the Registrar and Paying Agent. Upon the termination of the services of
DTC, a substitute depository which is willing and able to undertake the system of book-
entry transfers upon reasonable and customary terms may be engaged by the City or, if the
City Manager determines in his sole and absolute discretion that it is in the best interests
of the Beneficial Owners or the City that the Beneficial Owners be able to obtain
certificated Bonds, the Bonds shall no longer be restricted to being registered in the name
of Cede or other nominee of a depository but shall be registered in whatever name or names
the Beneficial Owners shall designate at that time, and fully registered Bond certificates
shall be delivered to the Beneficial Owners.
3.07. OFFICIAL INTENT TO REIMBURSE EXPENDITURES. The City intends to reimburse certain
permitted original expenditures (within the meaning of Treasury Regulation§l.150-2)
incurred by the City in connection with the Project prior to the receipt of any proceeds of
the Bonds. The City shall not use reimbursed moneys for purposes prohibited by Treasury
Regulation §l.150-2(h). The Bonds are expected to be issued in the maximum aggregate
principal amount of $33,000,000. This Section 3.07 is intended to be a declaration of
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"official intent" to reimburse expenditures within the meaning of Treasury
Regulation§ 1.150-2.
SECTION 4. SPECIAL FUNDS.
4.01. DISPOSITION OF PLEDGED REVENUES: 0.5% SALES AND USE TAX FUND. The Pledged
Revenues shall be deposited by the City in the Funds described in this Section 4, to be
accounted for in the manner and priority set forth in this Section 4.
The City has created a special fund designated as the 0.5% Sales and Use Tax Fund (Fund
31) (the "0.5% Sales and Use Tax Fund"). All revenues received from the 0.5% Sales and
Use Tax shall be credited or deposited to the 0.5% Sales and Use Tax Fund, when and as
received by the City. All revenues on deposit in the 0.5% Sales and Use Tax Fund shall
be applied by the City solely in accordance with the authorization received by the City at
the 2016 Election and the 2016 Question. Moneys on deposit in the 0.5% Sales and Use
Tax Fund shall be applied as set forth in this Section 4.
Revenues received from the Supplemental Sales and Use Tax shall be accounted for
separately from the 0.5% Sales and Use Tax and shall be applied as set forth in this Section
4.
Neither the Underwriter nor any subsequent Owner of any Bonds shall in any manner be
responsible for the application or disposal by the City or by any of its officers, agents or
employees of the moneys derived from the sale of the Bonds or of any other moneys
designated in this Section 4
4.02. BOND FUND. The City hereby creates a special fund designated as the City of Wheat Ridge,
Colorado, Sales and Use Tax Revenue Bonds, Series 2017A, Bond Fund (the "Bond
Fund").
There shall be credited or deposited to the Bond Fund first from moneys on deposit in the
0.5% Sales and Use Tax Fund, the following amounts:
(1) Interest Payments. Commencing with the month immediately succeeding the
delivery of the Bonds, an amount in equal monthly installments necessary, together
with any other moneys from time to time available therefor from whatever source,
to pay the next installment of interest due on the Bonds then Outstanding, and the
next installment of interest due on any Parity Securities that are payable from the
Bond Fund.
(2) Principal Payments. Commencing with the month immediately succeeding the
delivery of the Bonds, or commencing one year next prior to the first principal
payment date of the Bonds, whichever commencement date is later, an amount in
equal monthly installments necessary, together with any other moneys from time
to time available therefor from whatever source, to pay the next installment of
principal (whether at maturity or on a mandatory Redemption Date) due on the
Bonds then Outstanding and the next installment of principal (whether at maturity
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or on a mandatory Redemption Date) due on any Parity Securities that are payable
from the Bond Fund.
To the extent that there are not sufficient revenues on deposit in the 0.5% Sales and Use
Tax Fund to make such credits or deposits to the Bond Fund in any month as set forth
above, revenues received by the City from the Supplemental Sales and Use Tax shall be
used to make such credit or deposit in accordance with Section 4.06 hereof.
The moneys credited to the Bond Fund shall be used solely to promptly pay when due the
Debt Service Requirements of the Bonds, and the Parity Securities then Outstanding which
are secured by moneys on deposit in the Bond Fund, except as otherwise provided in this
Ordinance. Parity Securities hereafter issued may be secured by amounts on deposit in the
Bond Fund or may be secured by a separate bond fund, all as provided in the Parity Bond
Ordinance authorizing the issuance of such Parity Securities. In the event that the Parity
Securities are secured by a separate bond fund, all payments to the Bond Fund and the bond
fund securing such Parity Securities shall be made concurrently and on a pari passu basis
as further set forth in Section 4.06 hereof
The City shall be entitled to credits against such payments for any sums on hand in the
Bond Fund which are available for the payment of Debt Service Requirements. Nothing
herein prevents the accumulation of amounts required to be paid into the Bond Fund at a
faster rate than that required in this Section, in which case no further payments need be
made as long as and to the extent that. the amounts so accumulated are on deposit in the
Bond Fund·and available for the payment of Debt Service Requirements on the Bonds.
4. 03. 201 7 A RESERVE FUND. The City hereby creates a special fund designated as the "City of
Wheat Ridge, Colorado, Sales and Use Tax Revenue Bonds, Series 2017 A, Reserve Fund"
(the "2017 A Reserve Fund"). The 2017 A Reserve Fund shall secure only the payment of
the Debt Service Requirements on the Bonds. Any Reserve Fund Requirement for the
2017 A Reserve Fund shall be set forth in the Sale Certificate. Such Reserve Fund
Requirement may be zero. In the event that it is determined in the Sale Certificate that the
Reserve Fund Requirement shall be zero, all references herein to the 201 7 A Reserve Fund
shall be of no force and effect.
If at any time the City shall for any reason fail to pay into the Bond Fund the full amount
required by Section 4.02 hereof, then the City shall pay into the Bond Fund at such time
from the 2017A Reserve Fund an amount equal to the difference between that paid from
the Pledged Revenues and the full amount so required. For the purpose of maintaining the
2017 A Reserve Fund at the minimum amount required to be maintained therein, the money
so used shall be replaced and transferred to the 2017 A Reserve Fund first from moneys on
deposit in the 0.5% Sales and Use Tax Fund thereafter received and not required to be
otherwise applied by Section 4.02 hereof (concurrently and on a pari passu basis with any
other reserve funds or accounts securing Parity Securities that are payable from the 0.5%
Sales and Use Tax), and then from available Supplemental Sales and Use Tax as provided
in Section 4.06 hereof (concurrently and on a pari passu basis with any other reserve funds
or accounts securing Parity Securities that are payable from the Supplemental Sales and
Use Tax).
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Except as otherwise provided herein, the 2017A Reserve Fund shall be accumulated and
maintained as a continuing reserve to be used only to prevent deficiencies in the payment
of the Debt Service Requirements on the Bonds. All or a portion of the moneys on deposit
in the 2017 A Reserve Fund may also be applied to the optional redemption or defeasance
of all or a portion of the Bonds in accordance with Section 8 hereof and may be applied to
the payment of the final Debt Service Requirements due on the Bonds, whether at maturity
or prior redemption.
The 201 7 A Reserve Fund shall not secure the payment of additional Parity Securities,
although such Parity Securities may be secured by a separate reserve account or reserve
fund, as set forth in the documents authorizing such Parity Securities.
The Reserve Fund Requirement shall be funded and maintained by any one of or any
combination of: (i) cash; (ii) Permitted Investments; and (iii) a Reserve Fund Insurance
Policy which provides for payments when and as required for purposes of the 2017 A
Reserve Fund.
In lieu of all or a portion of the moneys required to be deposited in the 201 7 A Reserve
Flind by this Ordinance and the Sale Certificate, the City may at any time or from time to
time deposit a Reserve Fund Insurance Policy in the 201 7 A Reserve Fund in full or partial
satisfaction of the Reserve Fund Requirement. Any such Reserve Fund Insurance Policy
shall be payable on any date on which moneys will be required to be withdrawn from the
2017A Reserve Fund as provided herein. Upon deposit of any Reserve Fund Insurance
Policy in the 201 7 A Reserve Fund, the City may transfer moneys equal to the amount
payable under such Reserve Fund Insurance Policy from the 2017 A Reserve Fund and
apply such moneys to any lawful purpose.
All cash and investments in the 2017 A Reserve Fund shall be transferred to the Bond Fund
for payment of principal and interest on the Bonds before any drawing may be made on
any Reserve Fund Insurance Policy credited to the 2017A Reserve Fund in lieu of cash.
Payment of any policy costs shall be made prior to replenishment of any such cash amounts.
Draws on all Reserve Fund Insurance Policies on which there is available coverage shall
be made on a pro-rata basis (calculated by reference to the coverage then available
thereunder) after applying all available cash and-investments in the 2017A Reserve Fund.
Payment of policy costs shall be made on a pro-rata basis prior to replenishment of any
cash drawn from the 2017 A Reserve Fund.
Any moneys at any time in excess of the minimum amount required to be maintained in
the 2017 A Reserve Fund may be withdrawn therefrom, and transferred from time to time
to the Bond Fund and distributed in the same manner as other moneys in the Bond Fund.
4.04. TERMINATION OF DEPOSITS; USE OF MONEYS IN BOND FUND AND 2017A RESERVE FUND.
No payment need be made into the Bond Fund or the 2017A Reserve Fund ifthe amount
in the 0.5% Sales and Use Tax Fund, together with amounts on deposit in the Bond Fund
and the 201 7 A Reserve Fund totals a sum at least equal to all Debt Service Requirements
of the Outstanding Bonds and any Outstanding Parity Securities which are payable from
the Bond Fund to their respective maturities or to any redemption date or redemption dates
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as of which the City shall have exercised or shall have obligated itself to exercise its option
to redeem, prior to their respective maturities, any Bonds arid any such Parity Securities
then Outstanding and thereafter maturing, both accrued and not accrued (provided that,
solely for the purpose of this Section, there shall be deemed to be a credit to the 201 7 A
Reserve Fund of moneys, Federal Securities and bank deposits, or any combinations
thereof,·accounted for in any other account or accounts of the City and restricted solely for
the purpose of paying the Debt Service Requirements on the Bonds). In such case, moneys
in the 0.5 % Sales and Use Tax Fund, the Bond Fund and the 2017A Reserve Fund (except
for any known interest or other gain to accrue from any investment or deposit of moneys
pursuant to Section 5. 02 hereof from the time of any such investment or deposit to the time
or respective times the proceeds of any such investment or deposit shall be needed for such
payment, at least equal to such Debt Service Requirements on the Bonds) shall be used
together with any such gain from such investments and deposits solely to pay such Debt
Service Requirements as the same become due. Any moneys in excess thereof in the Bond
Fund and the 2017 A Reserve Fund and any other moneys derived from the Pledged
Revenues may be used in any lawful manner determined by the City.
4.05. REBATE FUND. After the payments required by Sections 4.02 and 4.03 have been made,
there shall be deposited into a special and separate fund hereby created and to be known as
the "City of Wheat Ridge, Colorado, Sales and Use Tax Revenue Bonds, Series 2017A,
Rebate Fund" (the "Rebate Fund") moneys in the amounts and at the times specified in the
Tax Certificate so as to enable the City to comply with Section 7 .14 hereof. Such moneys
shall be deposited in the Rebate Fund concurrently .and on a pari passu basis with any other
rebate funds or accounts relating to Parity Securities. Amounts on deposit in the Rebate
Fund shall not be subject to the lien and pledge of this Ordinance to the extent that such
amounts are required to be paid to the United States Treasury. The City shall cause
amounts on deposit in the Rebate Fund to be forwarded to the United States Treasury (at
the address provided in the Tax Certificate) at the times and in the amounts set forth therein.
Upon receipt by the City of an opinion of Bond Counsel to the effect that the amount in the
Rebate Fund is in excess of the amount required to be contained therein, such excess
moneys may be used by the City for any lawful purpose.
4.06. INSUFFICIENCY OF 0.5% SALES AND USE TAX REVENUES; APPLICATION OF SUPPLEMENTAL
SALES AND USE TAX REVENUES. To the extent that there are not sufficient revenues on
deposit in the 0.5% Sales and Use Tax Fund in any month to make any of the payments or
deposits required to be made as set forth in this Section 4, the City shall make such
payments or deposits, in the order of priority set forth above, from revenues received by
the City from the Supplemental Sales and Use Tax.
4.06. p A YMENT OF ADDITIONAL PARITY SECURITIES. Concurrently with the payments required
by Sections 4.02, 4.03 and 4.05, Pledged Revenues received by the City shall be used by
the City for the payment of principal of and interest on Parity Securities payable from a
lien on the Pledged Revenues and hereafter authorized to be issued in accordance with this
Ordinance and any other provisions herein supplemental thereto, including reasonable
reserves for such securities, as the same accrue.
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Payments for bond funds or accounts, reserve funds or accounts and rebate funds or
accounts for Parity Securities shall be made concurrently and on a pari passu basis with the
payments required by Sections 4.02, 4.03 and 4.05.
4.08. PAYMENT OF ADDITIONAL SUBORDINATE SECURITIES. Subsequent to provision in full for
the payments and fund maintenance transfers required by the foregoing provisions of this
Section 4, any Supplemental Sales and Use Tax revenues remaining in any month after the
payments and accumulations required hereby have been made may be used by the City for
the payment of Debt Service Requirements of Subordinate Securities payable from the
Pledged Revenues and hereafter authorized to be issued in accordance with this Ordinance
and any other provisions herein supplemental thereto, including reasonable reserves for
such Subordinate Securities, as the same accrue; but the lien of such Subordinate Securities
on the Pledged Revenues and the pledge thereof for the payment of such Subordinate
Securities shall be subordinate to the lien and pledge of the Bonds and any Parity Securities
as herein provided.
No revenues received from the 0.5% Sales and Use Tax may be pledged or used by the
City for the payment of Debt Service Requirements of Subordinate Securities for so long
as the Bonds remain Outstanding.
4.09. USE OF REMAINING0.5% SALES AND USE TAX REVENUES AND SUPPLEMENTAL SALES AND
USE TAX REVENUES. After the above-required payments have been made in each month,
and there shall have been credited to the Bond Fund and the 201 7 A Reserve Fund for the
payment of the Bonds and any other securities payable from a lien on the Pledged Revenues
all amounts required to be deposited therein, then any remaining revenues from the
Supplemental Sales and Use Tax may be used by the City in any manner authorized by law
for said funds.
After the above-required payments have been made in each month, moneys on deposit in
the 0.5% Sales and Use Tax Fund shall be retained therein and, except as hereinafter
provided, shall not be released from such Fund until all the Outstanding Bonds and all
Outstanding Parity Securities payable in whole or in part from the 0.5% Sales and Use Tax
have been paid or defeased in full. Notwithstanding the foregoing, moneys on deposit in
the 0.5% Sales and Use Tax Fund may be applied to the optional redemption of all or a
portion of the Bonds and any Parity Securities payable from the 0.5% Sales and Use Tax,
and may be applied to the payment of the final Debt Service Requirements due on the
Outstanding Bonds and Parity Securities, whether at maturity or prior redemption. Upon
the payment or defeasance of all the Outstanding Bonds and Parity Securities payable from
the 0.5% Sales and Use Tax, any moneys remaining on deposit in the 0.5% Sales and Use
Tax Fund shall be remitted to the City and applied to the purposes authorized at the 2016
Election.
4.10. BUDGET AND APPROPRIATION OF FUNDS. The sums provided to make the payments
specified in this Section 4 are hereby appropriated for said purposes, and said amounts for
each year shall be included in the annual budget and the appropriation ordinance or
measures to be adopted or passed by the City Council in each year respectively while any
of the Bonds, either as to principal or interest, are outstanding and unpaid. No provisions
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of any constitution, statute, charter, ordinance, resolution, or other order or measure
enacted after the issuance of the Bonds shall in any manner be construed as limiting or
impairing the obligation of the City to keep and perform the covenants contained in this
Ordinance so long as any of the Bonds remain outstanding and unpaid.
SECTION 5. GENERAL ADMINISTRATION OF FUNDS.
5.01. PLACES AND TIMES OF DEPOSITS. The 0.5% Sales and Use Tax Fund, Bond Fund and
201 7 A Reserve Fund (and any accounts therein) and the Rebate Fund shall be maintain1ed
in a Bank as a book account or invested in Permitted Investments, kept separate and apart
for accounting purposes from all other accounts or funds of the City as trust accounts solely
for the purposes herein designated therefor; provided that there may be established separate
accounts and subaccounts of any fund or account in more than one Bank. For purposes of .
investment of moneys, nothing herein prevents the combination of such accounts with any
other Bank account or accounts or other funds of the City. Each periodic payment shall be
credited to the proper book account not later than the date therefor designated, except that
when any such date shall be a Saturday, a Sunday or a legal holiday, then such payment
shall be made on or before the next preceding Business Day.
5.02. INVESTMENT OF FUNDS. Any moneys in any fund designated herein may be invested in
·Permitted Investments as provided by law. The obligations so purchased as an investment
of moneys in each such fund shall be deemed to be part of such fund, and the interest
accruing thereon or investment income realized therefrom shall be credited to each such
fund. Any loss resulting from such investment shall be charged to the fund from which the
investment was made. The City shall present for redemption or sale on the prevailing
market any obligations so purchased as an investment of moneys in any fund whenever it
shall be necessary to do so in order to provide moneys to meet any payment or transfer
from such fund.
5.03. No LIABILITY FOR LOSSES INCURRED IN PERFORMING TERMS OF ORDINANCE. Neither the
City nor any officer, employee or agent of the City shall be liable or responsible for any
loss resulting from any investment or reinvestment made in accordance with this
Ordinance.
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SECTION 6. PRIORITIES; LIENS; ISSUANCE OF ADDITIONAL BONDS.
6.01. FIRST LIEN ON PLEDGED SALES AND USE TAXES; ISSUANCE OF PARITY SECURITIES; The
Bonds constitute an irrevocable and first lien, but not necessarily an exclusive first lien, on
the Pledged Sales and Use Taxes, which lien on all or a portion of the Pledged Sales and
Use Taxes shall be on a parity with the Parity Securities, if any, hereafter issued, to the
extent provided in the applicable Parity Bond Ordinances pursuant to which such Parity
Securities were issued. The Bonds are also payable from and constitute a lien on moneys
on deposit in the 0.5% Sales and Use Tax Fund, Bond Fund and 2017A Reserve Fund.
Moneys on deposit in the 0.5% Sales and Use Tax Fund and the Bond Fund may also secure
the payment of Parity Securities hereafter issued if so provided in the applicable Parity
Bond Ordinance. Moneys on deposit in the 2017A Reserve Fund shall only secure the
Bonds and shall not secure any Parity Securities hereafter issued.
The City shall be authorized to issue Parity Securities provided that the following
conditions are satisfied:
(1) Absence of Payment Default. The City is current in all payments required to have
been accumulated in the Bond Fund and the 2017 A Reserve Fund as required
herein.
(2) Historic Revenues Test. The Pledged Revenues, as certified by the City Manager
or the City Treasurer, for any 12 consecutive months out of the 18 months preceding
the month in which such proposed Parity Securities are to be issued, shall have been
sufficient to pay an amount at least equal to (A) 200% of the sum derived by adding
the following: (i) the Maximum Annual Debt Service for the Outstanding Bonds;
(ii) the Maximum Annual Debt Service for each series of Outstanding Parity
Securities; and (iii) the Maximum Annual Debt Service for the Parity Securities
proposed to be issued, plus (B) one hundred percent (100%) of all policy costs
attributable to any Insurance Policy and Reserve Fund Insurance Policy and other
similar amounts then due and owing.
(3) Adjustment of Revenues. In determining compliance with the historic revenue test,
the amount of the Pledged Revenues for the applicable 12 month period may be
increased by the amount of gain which is estimated by the City Manager to result
from any increase in the amount of the Pledged Revenues received or to be received
during such applicable 12 month period after giving effect to any ordinance
providing for an increase in the munidpal sales and use taxes pledged to the
payment of the Bonds or the Parity Securities proposed to be issued or providing
for any other addition to the sources of Pledged Revenues, if such ordinance is
effective and the referendum period therefor has expired prior to the issuance of the
Parity Securities.
( 4) The Parity Securities may be secured by a reserve fund or account, but Parity
Securities may be issued without being secured by a reserve fund or account.
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(5) Notwithstanding the foregoing or any provisions to the contrary contained herein,
the City may issue Parity Securities to refund, in whole or in part, any Outstanding
Bonds or Parity Securities without complying with Section 6.01(2) so long as: (a)
the refunding Parity Securities do not increase, for any Fiscal Year in which any
Bonds or Parity Securities will be Outstanding, the aggregate principal and interest
requirements on the Bonds and Parity Securities; and (b) the lien of such refunding
Parity Securities on the Pledged Revenues is not raised to a higher priority than the
lien thereon of any obligations thereby refunded.
6.02. REDUCTION OF ANNuAL REQUIREMENTS. The aggregate Debt Service Requirements
calculated in determining the respective Maximum Annual Debt Service for purposes of
Section 6.01 hereof shall be reduced to the extent such Debt Service Requirements are
scheduled to be paid from moneys or securities deposited in escrow in the manner
contemplated by Section 8 hereof or from moneys actually on hand in the 0.5% Sales and
Use Tax Fund and the Bond Fund for the Bonds or bond funds or accounts for any
Outstanding Parity Securities at the time of such calculation.
6.03. CERTIFICATION OF REVENUES. In the case of the computation of the revenues test provided
in Section 6.01(2), the written certification by the City Manager or City Treasurer that such
annual revenues are sufficient to pay such amounts as provided in Section 6.01(2) hereof
shall be conclusively presumed to be accurate in determining the right of the City to
authorize, issue, sell and deliver Parity Securities.
6.04. SUBORDINATE SECURITIES PERMITTED. The City may issue additional bonds or other
additional securities for any lawful purpose payable from all or a portion of the
Supplemental Sales and Use Tax and having a lien thereon subordinate, inferior and junior
to the lien thereon of the Bonds. So long as the Bonds remain Outstanding, the City shall
not issue bonds or other securities payable from a subordinate lien on all or any portion of
the 0.5% Sales and Use Tax.
6.05. SUPERIOR SECURITIES PROHIBITED. The City shall not issue additional bonds or other
additional securities that have a lien on all or any portion of the Pledged Revenues that is
prior and superior to the lien thereon of the Bonds.
SECTION 7. COVENANTS.
The City hereby particularly represents, covenants and agrees with the Registered Owners of the
Bonds that:
7.01. .AMENDMENT OF CITY SALES AND USE TAX ORDINANCE; CONTINUANCE AND COLLECTION
OF TAXES. The City Sales and Use Tax Ordinance is now in full force and effect and has
not been repealed.
If the City Sales and Use Tax Ordinance, or any modifying or supplemental ordinance not
contravening the limitations of this Section, or any part of said ordinances, shall ever be
held to be invalid or unenforceable, it shall be the duty of the City to adopt immediately
another ordinance, to seek such voter approval, if any, as may then be required by law, or
take any action necessary to produce substantially the same Pledged Revenues as would be
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produced under the terms of the City Sales and Use Tax Ordinance as it exists at the time
of the issuance of the Bonds. To the extent that any changes in the Sales and Use Taxes or
the City Sales and Use Tax Ordinance may lawfully be imposed on the City by the State,
the City covenants to take such action as may be necessary or appropriate to produce
substantially the same Pledged Revenues as would be produced under the terms of the City
Sales and Use Tax Ordinance as it exists at the time of the issuance of the Bonds. To the
extent that the Sales and Use Taxes may lawfully be replaced or superseded by any other
tax or revenue source (including, without limitation, any state collected, locally shared
sales and/or use taxes), the revenues derived by the City from such replacement tax or
revenue source shall become Pledged Revenues under this Ordinance.
The City shall take all reasonable action necessary to collect delinquent payments of the
Sales and Use Taxes or to cause such delinquent payments to be collected.
7.02. IMPAIRMENT OF CONTRACT. No law, ordinance or resolution of the City in any manner
affecting the Sales and Use Taxes, the Pledged Revenues, or the Bonds, or otherwise
appertaining thereto, shall be repealed or otherwise directly or indirectly modified in such
a manner as to materially adversely affect any Bonds Outstanding, unless the required
consent of the Owners of a majority in aggregate principal amount of the then Outstanding
Bonds affected is obtained.
Notwithstanding any other provision of this Section or this Ordinance, the City shall retain
the right to make amendments or changes, without any notice to or consent of the Owners
of the Bonds, in the City Sales and Use Tax Ordinance, or any ordinance supplemental
thereto or in substitution therefor, concerning the use or proceeds of the Sales and Use
Taxes remaining after the current requirements of all ordinances authorizing bonds or other
securities payable from the Sales and Use Taxes, or any portion thereof, have been met; or
concerning changes in applicability, exemptions, administration, collection or enforcement
of the Sales and Use Taxes, if such changes do not materially adversely affect the security
for the Bonds.
7.03. DEFENSE OF LEGALITY OF PLEDGED REVENUES. There is not pending or threatened any
suit, action or proceeding against or affecting the City before or by any court, arbitrator,
administrative agency or other governmental authority which affects the validity or legality
of the 2016 Election or this Ordinance or the imposition and collection of the Sales and
Use Taxes, or any of the City's obligations under this Ordinance or any of the transactions
contemplated by this Ordinance.
The City shall, to the extent permitted by law, defend the validity and legality of the Sales
and Use Taxes and this Ordinance, and all amendments thereto against all claims, suits and
proceedings which would diminish or impair the Pledged Revenues or any other security
for the Bonds.
Except as specified in this Ordinance, the City has not assigned or pledged the Pledged
Revenues in any manner which would materially diminish the security for payment of the
Bonds.
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7.04. PERFORMANCE OF DUTIES. The City will faithfully and punctually perform, or cause to be
performed, all duties with respect to the Pledged Revenues required by the Constitution
and laws of the State and the Charter and the various ordinances and resolutions and
contracts of the City, including, without limitation, the proper segregation of the proceeds
of the Bonds and the Pledged Revenues and their application from time to time to the
respective funds provided therefor.
7.05. COSTS OF BOND ISSUE AND OF PERFORMANCE. Except as otherwise specifically provided
herein, all costs and expenses incurred in connection with the issuance of the Bonds,
payment of the Debt Service Requirements of the Bonds, or with the City's performance
of or compliance with any covenant or agreement contained in this Ordinance, shall be paid
exclusively (but only from the appropriate special fund in the manner authorized herein)
from the proceeds of the Bonds, or from the Pledged Revenues, or from other legally
available moneys, and in no event shall any of such costs or expenses be required to be
paid out of or charged to the general funds of the City.
The City hereby authorizes the creation of a Costs of Issuance Fund pursuant to the
provisions of the Paying Agent Agreement, with such Costs of Issuance Fund to be held
by the Paying Agent and applied as set forth in the Paying Agent Agreement to pay the
costs of issuance of the Bonds.
7 .06. CONTRACTUAL OBLIGATIONS. The City will perform all contractual obligations undertaken
by it under the Paying Agent Agreement, and any other agreements relating to the Bonds,
this Ordinance or the Pledged Revenues. The Mayor and the City Clerk are hereby
authorized to execute and deliver such agreements in connection with the issuance of the
Bonds.
7. 07. FURTHER ASSURANCES. The City shall, so far as it may be authorized by law, execute, and
file or record all further instruments, and make all further assurances as may be necessary
or desirable or as may be reasonable and required to carry out the purposes of this
Ordinance. The City, acting by and through its officers, or otherwise, shall at all times, to
the extent permitted by law, defend, preserve and protect the pledge of the Pledged
Revenues and other funds and accounts pledged hereunder and all the rights of every
Owner of any of the Bonds against all claims and demands of all Persons.
7 .08. CONDITIONS PRECEDENT. Upon the date of issuance of any of the Bonds, all conditions,
acts and things required by the Constitution or laws of the United States, the Constitution
or laws of the State, the Charter, or this Ordinance, to exist, to have happened, and to have
been performed precedent to or in the issuance of the Bonds shall exist, have happened and
have been performed, and the Bonds, together with all other obligations of the City, shall
not contravene any debt or other limitation prescribed by the Constitution or laws of the
United States, the Constitution or laws of the State, or the Charter.
7.09. RECORDS. The City will keep proper books of record and account, separate and apart from
all other records and accounts, showing complete and correct entries of all transactions
relating to the proceeds of the Sales and Use Taxes and the funds established herein, and
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any Owner of any of the Bonds shall have the right at all reasonable times to inspect the
same.
7.10. PROTECTION OF SECURITY. The City, its officers, agents and employees, shall not take any
action in such manner or to such extent as might materially prejudice the security for the
payment of the Debt Service Requirements of the Bonds and any other securities payable
from the Pledged Revenues according to the terms thereof. No contract shall be entered
into nor any other action taken by which the rights of any Owner of any Bond or other
security payable from Pledged Revenues might be prejudicially and materially impaired or
diminished.
The City shall not enter into an agreement or otherwise take any action resulting in any
portion of the 0.5% Sales and Pse Tax being included as incremental sales tax revenues
which will be required to be paid into a special fund, or pledged to the payment of
obligations, pillsuant to (i) an urban renewal plan as defined in Section 31-25-103(9),
C.R.S., (ii) a plan of development as defined in Section 31-25-802 (6.4), C.R.S., or (iii) a
value capture plan as defined in Section 43-4-508, C.R.S., or, in the case of (i), (ii) or (iii),
any similar plan adopted by the City exercising its powers as a home rule city.
7 .11. ACCUMULATION OF INTEREST CLAIMS. In order to prevent any accumulation of interest or
claims for interest after maturity, the City shall not directly or indirectly extend or assent
to the extension of the time for the payment of any interest or claim for interest on any of
the Bonds or any other securities payable from Pledged Revenues; and the City shall not
directly or indirectly be a party to or approve any arrangements for any such extension or
for the purpose of keeping alive any of such coupons or other claims for interest. If the
time for the payment for any such installment of interest is extended in contravention of
the foregoing provisions, such installment or installments of interest after such extension
or arrangement shall not be entitled in case of default hereunder to the benefit or the
security of this Ordinance, except upon the prior payment in full of the principal of all of
the Bonds and any such securities or interest the payment of which has not been extended.
7 .12. PROMPT PAYMENT OF BONDS. The City shall promptly pay the Debt Service Requirements
of every Bond at the places, on the dates, and in the manner specified herein and in the
Bonds according to the true intent and meaning hereof.
7.13. OTHER LIENS. Other than as provided herein, there are no other liens or encumbrances of
any nature whatsoever on or against the Pledged Revenues.
7.14. TAX COVENANT. The City covenants for the benefit of the Owners of the Bonds that it will
not take any action or omit to take any action with respect to the Bonds, the proceeds
thereof, any other funds of the City or any facilities financed with the proceeds of the Bonds
if such action or omission: (i) would cause the interest on the Bonds to lose its exclusion
from gross income for federal income tax purposes under Section 103 of the Tax Code;
(ii) would cause interest on the Bonds to lose its exclusion from alternative minimum
taxable income as defined in Section 55(b)(2) of the Tax Code except to the extent such
interest is required to be included in adjusted current earnings adjustment applicable to
corporations under Section 56 of the Tax Code in calculating corporate alternative
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minimum taxable income; or (iii) would cause interest on the Bonds to lose its exclusion
from Colorado taxable income or Colorado alternative minimum taxable income under
present Colorado law. The foregoing covenant shall remain in full force and effect
notwithstanding the payment in full or defeasance of the Bonds until the date on which all
obligations of the City in fulfilling the above covenant under the Tax Code and Colorado
law have been met.
Notwithstanding any provision of this Section, the City may rely conclusively on an
opinion of Bond Counsel in complying, or in any deviation from complying, with the
provisions hereof.
SECTION 8. DEFEASANCE.
If, when the Bonds shall be paid in accordance with their terms (or payment of the Bonds has been
provided for in the manner set forth in the folloWing paragraph), then this Ordinance and all rights
granted hereunder shall thereupon cease, terminate and become void and be discharged and
satisfied.
Payment of any Outstanding Bond shall prior to the maturity or Redemption Date thereof be
deemed to have been provided for within the meaning and With the effect expressed in this Section
if: (a) in case said Bond is to be redeemed on any date prior to its maturity, the City shall have
given to the Paying Agent in form satisfactory to it irrevocable instructions to give on a date in
accordance with the provisions of Section 3 .02 hereof, notice of redemption of such Bond on said
Redemption Date, such notice to be given in accordance with the provisions of Section 3.02 hereof;
and (b) there shall have been deposited with the Paying Agent or a Trust Bank either moneys in
an amount which shall be sufficient, and/or Federal Securities which shall not contain provisions
permitting the redemption thereof at the option of the issuer, the principal of and the interest on
which when due, and without any reinvestment thereof, will provide moneys which, together with
the moneys, if any, deposited with or held by the Paying Agent or Trust Bank at the same time,
shall be sufficient to pay when due the Debt Service Requirements due and to become due on said
Bond on and prior to the Redemption Date or maturity date thereof, as the case may be, as
evidenced by a report of an independent firm of nationally recognized certified public accountants
verifying such sufficiency. Neither such Federal Securities nor moneys deposited with the Paying
Agent or Trust Bank pursuant to this Section or principal or interest payments on any such Federal
Securities shall be withdrawn or used for any purpose other than, and shall be held in trust for, the
payment of the Debt Service Requirements of said Bond; provided any cash received from such
principal or interest payments on such Federal Securities deposited with the Paying Agent or other
Trust Bank, if not then needed for such purpose, shall, to the extent practicable, be reinvested in
securities of the type described in (b) of this paragraph maturing at times and in amounts sufficient
to pay when due the Debt Service Requirements to become due on said Bond on or prior to such
Redemption Date or maturity date thereof, as the case may be. At such time as payment of a Bond
has been provided for as aforesaid, such Bond shall no longer be secured by or entitled to the
benefits of this Ordinance, except for the purpose of any payment from such moneys or securities
deposited with the Paying Agent or other Trust Bank.
The release of the obligations of the City under this Section shall be without prejudice to the right
of the Paying Agent to be paid reasonable compensation for all services rendered by it hereunder
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and all its reasonable expenses, charges and other disbursements incurred on or about the
administration of and performance of its powers and duties hereunder.
Upon compliance with the foregoing provisions of this Section with respect to all Bonds then
Outstanding, this Ordinance may be discharged in accordance with the provisions of this Section
but the liability of the City in respect of the Bonds shall continue; provided that the Owners thereof
shall thereafter be entitled to payment only out of the moneys and/or Federal Securities deposited
with the Paying Agent or other Trust Bank as provided in this Section.
In the event that there is a defeasance of only part of the Bonds, the Registrar shall, if requested
by the City in writing, institute a system to preserve the identity of the individual Bonds or portions
thereof so defeased, regardless of changes in Bond numbers attributable to transfers and exchanges
of Bonds, and the Registrar shall be entitled to reasonable compensation and reimbursement of
expenses from the City in connection with such system.
SECTION 9. DEFAULT PROVISIONS AND REMEDIES.
9.01. EVENTS OF DEFAULT. Each of the following events is hereby declared to be and to
constitute an Event of Default, provided however, that in determining whether a payment
default has occurred pursuant to paragraphs (1) or (2) of this Section, no effect shall be
given to payments made under an Insurance Policy:
(1) Nonpayment of Principal. Payment of the principal of or the redemption premium
due for any of the Bonds is not made when the same becomes due and payable,
either at maturity or by proceedings for prior redemption or otherwise;
(2) Nonpayment oflnterest. Payment of any installment of interest on the Bonds is not
made when the same becomes due and payable;
(3) Incapable to Perform. The City for any reason is, or is rendered, incapable of
fulfilling its obligations hereunder.
(4) Default of Anv Provision. The City makes any default in the due and punctual
performance of any of the representations, covenants, conditions,· agreements and
other provisions contained in the Bonds or in this Ordinance on its part to be
performed, other than those provided in paragraphs (1), (2) and (3) of this Section
9.01 and other than the City's continuing disclosure covenant in Section 2.03
hereof, and if such default continues for sixty days after written notice, specifying
such default and requiring the sanie to be remedied, is given to the City by Owners
of at least twenty-five percent in aggregate principal amount of the Bonds then
Outstanding; provided that if such default cannot be cured within such sixty days,
and during that period corrective action has commenced to remedy such default and
subsequently is diligently pursued to the completion of such performance, an Event
of Default shall not be deemed to have occurred.
9.02. REMEDIES FOR DEFAULTS. Upon the happening and continuance of any of the Events of
Default, as provided in Section 9.01 hereof, then and in every case the Owners of Bonds in
a principal amount not less than twenty-five percent of the aggregate principal amount of
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the Bonds then Outstanding, including, without limitation, a trustee or trustees therefor,
may proceed against the City to protect and to enforce the rights of any Owner of Bonds
under this Ordinance by mandamus or by other suit, action, or special proceedings in equity
or at law, in any court of competent jurisdiction, either for the specific performance of any
covenant or agreement contained herein or for any proper legal or equitable remedy as such
Owners, trustee or trustees may deem most effectual to protect and to enforce the rights
aforesaid, or thereby to enjoin any act or thing which may be unlawful or in violation of
any right of any Owner of any Bond, or to require the City to act as if it were the trustee of
an express trust, or any combination of such remedies, or as otherwise may be authorized
by any statute or other provision of law. All such proceedings at law or in equity shall-be
instituted, had and maintained for the ratable benefit of all Owners of the Bonds.
Notwithstanding anything else provided herein, the Owners shall have no right to
accelerate the Bonds upon an Event of Default.
9.03 . RIGHTS AND PRIVILEGES CUMULATIVE. The failure of any Owner of any Outstanding Bond
to proceed in any manner herein provided shall not relieve the City, or any of its officers,
agents or employees of any obligation to perform or carry out any duty, obligation or other
commitment. Each right or privilege of any such Owner (or trustee thereof) is in addition
and is cumulative to any other right or privilege, and the exercise of any right or privilege
by or on behalf of any Owner shall not be deemed a waiver of any other right or privilege
thereof.
9.04. DUTIES UPON DEFAULT. Upon the happening of any of the Events of Default as provided
in Section 9.01 hereof, the City, in addition, will do and perform all proper acts on behalf
of and for the 0Wners of the Outstanding Bonds to protect and to preserve the security
created for the payment of the Bonds and to insure the payment of the Debt Service
Requirements promptly as the same become due.
SECTION 10. AMENDMENT OF ORDINANCE.
10.01. AMENDMENTS OF ORDINANCE NOT REQUIRING CONSENT OF OR NOTICE TO OWNERS OF
BONDS. The City may, without the consent of, or notice to, the Owners of the Bonds, adopt
such ordinances supplemental hereto (which amendments shall thereafter form a part
hereof) for any one or more or all of the following purposes:
(1) To cure any ambiguity, or to cure, correct or supplement any defect or inconsistent
provision contained in this Ordinance, or to make any provision with respect to
matters arising under this Ordinance or for any other purpose if such provisions are
necessary or desirable and do not materially adversely affect the interests of the
Owners of the Bonds; or
(2) To subject to this Ordinance additional revenues, properties or collateral; or
(3) To provide for the issuance of Parity Securities or Subordinate Securities as
permitted by Section 6 hereof.
10.02 AMENDMENTS OF ORDINANCE REQUIRING CONSENT OF 100% OF OWNERS OF BONDS
ADVERSELY AFFECTED. This Ordinance may be amended or modified for any one or more
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of the purposes set forth below, by ordinance duly adopted by the City Council, without
receipt by the City of any additional consideration, but only with the prior written consent
of the Owners of one hundred percent (100%) in aggregate principal amount of the Bonds
and Parity Securities Outstanding adversely affected thereby:
( 1) Changing Payment. A change in the maturity or in the terms of redemption of the
principal of any Outstanding Bond or any installment of interest thereon; or
(2) Reducing Return. A reduction in the principal amount of any Bond, the rate of
interest thereon, or any prior redemption premium payable in connection therewith;
or
(3) Prior Lien. The creation of a lien upon or a pledge of revenues ranking prior to the
lien or to the pledge created by this Ordinance; or
(4) Modifying Amendment Terms. A reduction of the principal amount or percentage
of Bonds which may be required herein for any amendment hereto; or
(5) Priorities Between Bonds. The establishment of priorities as between Bonds issued
and Outstanding under the provisions of this Ordinance; or
(6) Partial Modification. Any modifications otherwise materially and prejudicially
affecting the rights or privileges of the Owners of less than all of the Bonds then
Outstanding.
10.03 . AMENDMENTS OF ORDINANCE REQUIRING CONSENT OF MAJORITY OF OWNERS OF BONDS.
Except as otherwise provided in Sections 10.01 and 10.02 hereof, this Ordinance may be
amended or modified by ordinance duly adopted by the City Council, without receipt by
the City of any additional consideration, but with the prior written .consent of the Owners
of at least a majority in aggregate principal amount of the Bonds and Parity Securities
Outstanding at the time of the adoption of such amendatory ordinance or other instrument.
10.04. NOTICE OF PROPOSED AMENDMENTS. Whenever the City Council proposes to amend or
modify this Ordinance under the provisions of Sections 10.02 or 10.03, it shall give notice
of the proposed amendment by certified mail, return receipt requested, to all Owners of the
Bonds and Parity Securities. Such notice shall be mailed at least thirty days prior to the
adoption of the proposed amendment, shall briefly set forth the nature of the proposed
amendment and shall state that a copy of the proposed amendatory ordinance or other
instrument is on file in the office of the City Clerk for public inspection.
SECTION 11. MISCELLANEOUS.
11.01. AUTHORIZATION OF DOCUMENTS. The form, terms and provisions of the Continuing
Disclosure Certificate, the Paying Agent Agreement and the Purchase Contract are hereby
approved, and the City shall enter into and perform its obligations thereunder in
substantially the forms of such documents on file with the City Clerk; and the officers of
the City are hereby authorized and directed to execute and deliver such documents as
required hereby. Such documents are to be executed in substantially the forms hereinabove
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approved, provided that such documents may be completed, corrected or revised as deemed
necessary by the parties thereto in order to carry out the purposes of this Ordinance. The
execution of any document or instrument by the appropriate officers of the City herein
authorized shall be conclusive evidence of the approval by the City of such document or
instrument in accordance with the terms hereof.
The City Manager and the City Treasurer are each independently authorized to execute and
deliver any documents necessary to obtain the Insurance Policy and the Reserve Fund
Insurance Policy to secure the paynient of the principal of and interest on the Bonds, if so
determined in the Sale Certificate.
The officers and employees of the City and members of the Board are hereby authorized
and directed to take any and all other actions necessary or appropriate to effectuate the
provisions of this Ordinance, including but not limited to, the issuance of the Bonds, the
execution and delivery of the Continuing Disclosure Certificate, the Paying Agent
Agreement, the Purchase Contract, and any and all additional documents, instruments,
certificates and other papers, and performing all other acts that they deem necessary or
appropriate.
11.02. REPLACEMENT OF REGISTRAR OR p A YING AGENT. The Registrar or Paying Agent may
resign at any time upon 30 days prior written notice to the City. The City may remove the
Registrar or Paying Agent upon 30 days prior written_notice to the Registrar and/or Paying
Agent, as the case may be. No resignation or removal of the Registrar or Paying Agent
shall take effect until a successor has been appointed; provided, that if no successor is
appointed by the end of 90 days, the Paying Agent or Registrar may petition a court of
competent jurisdiction to appoint a successor. If the Registrar or Paying Agent initially
appointed shall resign, or if the City shall remove said Registrar or Paying Agent, the City
may, upon notice mailed to each Registered Owner of any Bond, at the address last shown
on the registration books, appoint a successor Registrar or Paying Agent, or both. Every
such successor Registrar or Paying Agent shall be a Commercial Bank or shall be an officer
of the City. It shall not be required that the same institution serve as both Registrar and
Paying Agent hereunder, but the City shall have the right to have the same institution serve
as both Registrar and Paying Agent hereunder.
Any company or national banking association into which the Registrar or Paying Agent
may be merged or converted or with which it may be consolidated or any company or
national banking association resulting from any merger, conversion or consolidation to
which it shall be a party or any company or national banking association to which the
Registrar or Paying Agent may sell or transfer all or substantially all of its corporate trust
business, provided such company shall be eligible, shall be the successor to such Registrar
or Paying Agent without the execution or filing of any paper or further act, anything herein
to the contrary notwithstanding.
11.03. No RECOURSE AGAINST OFFICERS AND AGENTS. Pursuant to Section 11-57-209 of the
Supplemental Act, if a member of the City Council, or any officer or agent of the City acts
in good faith, no civil recourse shall be available against such member, officer, or agent for
payment of the principal of or interest on the Bonds. Such recourse shall not be available
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either directly or indirectly through the City Council or the City, or otherwise, whether by
virtue of any constitution, statute, rule of law, enforcement of penalty, or otherwise. By
the acceptance of the Bonds and as a part of the consideration of their sale or purchase, any
Person purchasing or selling such Bond specifically waives any such recourse.
11.04. ORDINANCE IRREPEALABLE. This Ordinance is, and shall constitute, a legislative measure
of the City, and after any of the Bonds are issued, this Ordinance shall constitute an
irrevocable contract betWeen the City and the Owner or Owners of the Bonds; and this
Ordinance, if any Bonds are in fact issued, shall be and shall remain irrepealable until the
Bonds, as to all Debt Service Requirements, shall be fully paid, cancelled and discharged,
as herein provided.
11.05. LIMITATION OF ACTIONS. Pursuant to Section 11-57-212 of the Supplemental Act, no legal
or equitable action brought with respect to any legislative acts or proceedings of the City
in connection with the authorization or issuance of the Bonds, including but not limited to
the adoption of this Ordinance, shall be commenced more than thirty days after the
authorization of the Bonds.
11.05. INTERESTED PARTIES. Nothing in this Ordinance expressed or implied is intended or shall
be construed to confer upon, or to give or grant to, any Person, other than the City, the
Insurer, the Surety Provider, the Paying Agent and the Registered Owners of the Bonds,
any right, remedy or claim under or by reason of this Ordinance or any covenant, condition
or stipulation hereof, and all covenants, stipulations, promises and agreements in this
Ordinance contained by and on behalf of the City shall be for the sole and exclusive benefit
of the City, the Insurer, the Surety Provider, the Paying Agent and the Registered Owners
of the Bonds.
11.07. REPEALER. All ordinances, resolutions, bylaws, orders, and other instruments, or parts
thereof, inconsistent herewith are hereby repealed to the extent only of such inconsistency.
This repealer shall not be construed to revive any ordinance, resolution, bylaws, order, or
other instrument, or part thereof, heretofore repealed.
11.08. SEVERABILITY. CONFLICTING ORDINANCES REPEALED. If any section, subsection or clause
of this Ordinance shall be deemed to be unconstitutional or otherwise invalid, the validity
of the remaining sections, subsections and clauses shall not be affected thereby. All other
ordinances or parts of ordinances in conflict with the provisions of this Ordinance are
hereby repealed.
11.09. CHARTER CONTROLS. Pursuant to Article XX of the State Constitution and the Charter, all
State statutes that might otherwise apply in connection with the provisions of this
Ordinance are hereby superseded to the extent of any inconsistencies or conflicts between
the provisions of this Ordinance and the Sale Certificate authorized hereby and such
statutes. Any such inconsistency or conflict is intended by the City Council and shall be
deemed made pursuant to the authority of Article XX of the State Constitution and the
Charter.
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11.10. RATIFICATION AND APPROVAL OF PRIOR ACTIONS. All actions heretofore taken by the
officers of the City and members of the City Council, not inconsistent with the provisions
of this Ordinance, relating to the 2016 Election, the authorization, sale, issuance, and
delivery ofthe Bonds, and the applicationof the proceeds of the Bonds to the Project, are
hereby ratified, approved, and confirmed.
11.11. EFFECTIVE DATE. This Ordinance shall take effect immediately upon adoption at second
reading and signature by the Mayor, as permitted by Section 5.11 of the Charter.
INTRODUCED, READ, AND ADOPTED on first reading by a vote of 8 to 0 on this
27th day of February, 2017, ordered published in full in a newspaper of general circulation in the
City of Wheat Ridge, and Public Hearing and consideration on final passage set for March 13,
2017 at 7:00 p.m., in the Council Chambers, 7500 West 29th Avenue, Wheat Ridge, Colorado.
READ, ADOPTED AND ORDERED PUBLISHED on second and final reading by a
vote of 2 to __Q_, this 13th day of March , 2017.
ATTEST:
First Publication: March 2, 2017
Second Publication: March 16, 2017
Wheat Ridge Transcript
Effective Date:March 13, 2017
Published:
--=M,...a~rc.,_.h~· -~• 2017.
Wheat Ridge Transcript and www.ci.wheatridge.co.us
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EXHIBIT A
[Form of Bond]
Unless this bond is presented by an authorized representative of The Depository Trust Company,
a New York corporation ("DTC"), to the City or its agent for registration of transfer, exchange, or
payment, and any bond issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative ofDTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL inasmuch as the Registered Owner hereof, Cede & Co., has an interest
herein.
No.R-
INTEREST RA TE
%
UNITED STATES OF AMERICA
STATE OF COLORADO
CITY OF WHEAT RIDGE
SALES AND USE TAX REVENUE BOND
SERIES 2017 A
MATURITY DATE DATED AS OF
----1,20_ ___ ,2017
REGISTERED OWNER: Cede & Co.
PRINCIPAL AMOUNT:
$ ----
CU SIP
DOLLARS
The City of Wheat Ridge, Colorado (the "City"), for value received, hereby
acknowledges the City indebted and promises to pay to the Registered Owner specified above, or
registered assigns, solely from the special funds provided therefor, as set forth herein, the Principal
Amount specified above, on the Maturity Date specified above, and interest thereon payable on
June I and December I in each year commencing on 1, 2017, at the Interest Rate per
annum specified above, until the Principal Amount is paid or payment has been provided therefor.
This bond will bear interest payable to the Registered Owner at the Interest Rate specified above
from the most recent Interest Payment Date to which interest has been paid or provided for, or, if
no interest has been paid, from the date of this bond. This bond is one of an authorized series
issued pursuant to an ordinance of the City Council of the City (the "City Council") adopted on
_____ , 2017 (the "Bond Ordinance"). To the extent not defined herein, terms used in this
Bond shall have the same meanings as set forth in the Bond Ordinance.
This Bond bears interest, matures, is payable, is subject to optional redemption and
to mandatory sinking fund redemption, and is transferable as provided in the Bond Ordinance and
the Sale Certificate.
A-1
This Bond is a special and limited obligation of the City payable solely out of and
secured by an irrevocable first lien, but not an exclusive first lien, on the Pledged Sales and Use
Taxes, and from moneys on deposit or credited to the 0.5% Sales and Use Tax Fund, the Bond
Fund relating to the Bonds and the 201 7 A Reserve Fund, if any, relating to the Bonds. This Bond,
including the interest thereon, does not constitute a debt or an indebtedness of the City within the
meaning of any constitutional, home rule charter or statutory provision or limitation of the State
of Colorado. This Bond is not payable, in whole or in part, from the proceeds of ad valorem taxes
of the City, and the full faith and credit of the City is not pledged for the payment of the principal
of or interest on this Bond.
The principal of the Bonds shall be payable at the principal office of the Paying
Agent upon presentation and surrender of such Bonds. Except as otherwise provided in the Bond
Ordinance, payment of interest on the Bonds shall be paid by check or wire on the Interest Payment
Date to the Person appearing on the registration records of the City as the Registered Owner thereof
as of the close of business of the Registrar on the Record Date to the address of such Owner as it
appears on the registration records of the City.
Reference is made to the Bond Ordinance and to all ordinances supplemental
thereto, with respect to the nature and extent of the security for the Bonds, rights, duties and
obligations of the City, the rights of the Owners of the Bonds, the rights, duties and obligations of
the Paying Agent and Registrar, the circumstances under which any Bond is no longer
Outstanding, the ability to amend the Bond Ordinance, the ability to issue Parity Securities, and to
all the provisions of which the Registered Owner hereof by the acceptance of this Bond assents.
The Bonds of the series of which this is one are issued by the City for the purpose
of defraying wholly or in part the costs of the Project, all under the authority of and in full
conformity with the Constitution and laws of the State of Colorado, the Charter of the City, Title
11, Article 57, Part 2, C.R.S. and all other laws of the State of Colorado thereunto enabling, and
pursuant to the authority conferred at the 2016 Election and the Bond Ordinance duly adopted
prior to the issuance of this Bond. Pursuant to Section 11-57-210, C.R.S., this recital shall be
conclusive evidence of the validity and the regularity of the issuance of this Bond after its delivery
for value.
It is hereby certified, recited and warranted that all the requirements of law have
been complied with by the proper officers of the City in the issuance of this Bond.
This bond shall not be valid or obligatory for any purpose until the Registrar shall
have manually signed the certificate of authentication herein.
A-2
349860S6vS
IN WilNESS WHEREOF, the City Council of the City of Wheat Ridge, Colorado,
has caused this Bond to be executed in its name and on its behalf with the manual facsimile
signature of the Mayor of the City, to be sealed with the manual or facsimile seal of the City, and
to be signed and attested with the manual or facsimile signature of the City Clerk of the City.
(SEAL)
Attest:
(Manual or Facsimile Signature)
City Clerk
34986056v5
CITY OF WHEAT RIDGE, COLORADO
(Manual or Facsimile Signature)
Mayor
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(Form of Registrar's Certificate of Authentication)
REGISTRAR'S CERTIFICATE OF AUTHENTICATION
Date of authentication and registration: _______ _
This is one of the Bonds described in the within-mentioned Ordinance, and this
bond has been duly registered on the registration books kept by the undersigned, as Registrar for
such Bonds.
__________ ,as Registrar
By _______________ _
Authorized Officer
(End of Form of Registrar's Certificate of Authentication)
A-4
34986056v5
(Form of Assignment)
ASSIGNMENT
For value received, the undersigned hereby sells, assigns and transfer unto
____________ the within bond and hereby irrevocably constitutes and appoints
____________ attorney, to transfer the same on the records of the Registrar, with
full power of substitution in the premises.
Signature Guaranteed:
Signature must be guaranteed by a
member of a Medallion Signature
Program.
Address of Transferee:
Social Security or other tax
identification number of transferee:
NOTE: The signature to this Assignment must correspond with the name as written on the face of
the within bond in every particular, without alteration or enlargement or any change whatsoever.
EXCHANGE OR TRANSFER FEES MAY BE CHARGED.
(End of Form of Assignment)
A-5
34986056v5
(Form of Prepayment Panel)
PREPAYMENT PANEL
The following installments of principal (or portion thereof) of this bond have been
prepaid in accordance with the terms of the ordinance authorizing the issuance of this bond.
Date of Prepayment
34986056v5
Principal Prepaid
Signature of Authorized
Representative of the Depository
(End of Form of Prepayment Panel)
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