HomeMy WebLinkAboutOrdinance-1983-0529INTRODUCED BY COUNCILMEMBER Aiello
ORDINANCE NO. 529
Series of 1983
AN ORDINANCE AMENDING ORDINANCE NO. 505, SERIES
OF 1982, WHICH PROVIDES FOR THE ISSUANCE AND
SALE OF CITY OF WHEAT RIDGE, COLORADO, INDUS-
TRIAL DEVELOPMENT REVENUE BONDS (RIDGE VILLAGE
SHOPPING CENTER PROJECT) SERIES 1982, PROPERTY LOCATED
AT 38TH AVENUE AND SHERIDAN BOULEVARD.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WHEAT
RIDGE:
1. Article 1 of Ordinance No. 505, Series of 1982, is
hereby amended to read as follows:
ARTICLE I
DEFINITIONS, LEGAL AUTHORIZATION AND FINDINGS
1.1. Definitions
The terms used herein, unless the context hereof shall
require otherwise, shall have the following meanings, and any
other terms defined in the Loan Agreement shall have the same
meanings when used herein as assigned to them in the Loan
Agreement unless the context or use thereof indicates another
or different meaning or intent.
1. Act. The City and Municipality Development Revenue
Bond Act, article 3, title 29, C.R.S. 1973, as amended.
2. Assignment of Rentals. The Assignment of Rentals
from the Company to the Lender securing payment of the Bonds
and the interest thereon.
3. Bond. The $4,200,000 Industrial Development Revenue
Bonds (Ridge Village Shopping Center Project) Series 1983, to
be issued by the City pursuant to this Ordinance.
4. Bond Counsel. The firm of Kutak Rock & Huie, Denver,
Colorado.
5. Bond Register. The records kept by the City to
provide for the registration and transfer of ownership of the
Bonds.
6. City. The City of Wheat Ridge, Colorado, its succes-
sors and assigns.
2
7. Company. Ridge Village Partnership, a Colorado
general partnership, its successors and assigns, and any sur-
viving, resulting or transferee business entity which may
assume its obligations under the Loan Agreement.
8. Deed of Trust. The Deed of Trust to be executed by
the Company in favor of the Lender securing payment of the
Bonds and interest thereon.
9. Improvements. The structures and other improvements,
including any tangible personal property, owned by the Company
and constructed or installed on the Land in accordance with the
Plans and Specifications and to be owned by the Company.
10. Inducement Letter. The letter agreement from the
Company to the City and the Lender dated May 9, 1983.
11. Land. The real property and any other easements and
rights described in Exhibit A attached to the Loan Agreement.
12. Lender. Capital Holding Corporation, its successors
and assigns. The Lender (or its designated subsidiaries) is
the initial purchaser of the Bonds.
13. Loan Agreement. The agreement, dated as of May 1,
1983, to be executed by the City, the Lender and the Company,
providing for the issuance of the Bonds and the loan of the
proceeds thereof to the Company, including any amendments or
supplements thereto made in accordance with its provisions.
14. Offer to Purchase. The letter agreement from the
Lender to the City, dated May 9, 1983.
15. Ordinance. This Bond Ordinance of the City, adopted
on second reading on May 9, 1983, together with any supplement
or amendment hereto.
16. Plans and Specifications. The plans and specifica-
tions for the construction and installation of the Improvements
on the Land, which are approved by the Lender, together with
such modifications thereof and additions thereto as are reason-
ably determined by the Company to be necessary or desirable for
the completion of the Improvements and are first approved in
writing by the Lender.
17. Principal Balance. So much of the principal sum on
the Bond as from time to time remains unpaid.
n
3
18. Project. The Improvements and the Land.
19. Security Agreement. The Security Agreement from the
Company to the Lender securing payment of the Bonds and the
interest thereon.
1.2. Legal Authorization
The City is a political subdivision of the State of Colo-
rado and is authorized under the Act to finance the Project
herein referred to, and to issue and sell the Bonds for the
purpose, in the manner and upon the terms and conditions set
forth in the Act and in this Ordinance.
1.3. Findings
The City Council has heretofore determined and found, and
does hereby determine and find, as follows:
(a) In authorizing the Project the City's purpose
is, and in its judgment the effect thereof will be, the
promotion of industry and development of trade and other
economic activities by inducing the Company and thereby
other profit and nonprofit corporations, commercial and
business enterprises to locate and expand within the
boundaries of the City; to mitigate the threat of unem-
ployment; and to secure and maintain a balanced and
stable economy within the City;
(b) The amount estimated to be necessary to finance
the Project, including the costs and estimated costs
permitted by the Act, is consistent with the issuance of
the Bonds in the principal amount of $4,200,000, as here-
inafter provided;
(c) It is desirable, feasible and consistent with
the objects and purposes of the Act to issue the Bonds,
for the purpose of financing the construction of the Proj-
ect;
(d) The Bonds and the interest accruing thereon
shall never constitute the debt or indebtedness of the
City within the meaning of any provision or limitation of
the constitution or statutes of the State of Colorado or
the City's Home Rule Charter and shall not constitute nor
give rise to a pecuniary liability of the City or a charge
against its general credit or taxing powers; and
4
(e) Pursuant to Sections 113, 114 and 120 of the Act
the City hereby determines that (i) the amount necessary
in each year to pay the principal of and the interest on
the Bonds is set forth in Schedule I attached hereto and
the Loan Agreement requires such payments by the Company,
(ii) it is not necessary to establish a reserve fund for
the retirement of the Bonds or the maintenance of the
Project, (iii) since the Loan Agreement provides that the
Company shall maintain the Project and carry all proper
insurance with respect thereto, no determination of the
estimated cost of maintaining the Project need be made and
(iv) the revenues of the Company will be sufficient to pay
the taxes, if any, assessed against the Project.
1.4. Authorization and Ratification of Project
The City hereby authorizes the Company to provide for the
acquisition, construction, improvement and equipping of the
Improvements to be incluaed in the Project pursuant to the
Plans and Specifications by such means as shall be available to
the Company and in the manner determined by the Company, and
the City hereby ratifies, affirms and approves all actions
heretofore taken by the Company consistent with and in antici-
pation of such authority and in compliance with the Plans and
Specifications.
2. Article II of Ordinance No. 505, Series of 1982, is
hereby amended to read as follows:
ARTICLE II
BONDS
2.1. Authorized Amount and Form of Bonds
The Bonds issued pursuant to this Ordinance shall be in
substantially the form set forth herein, with such appropriate
variations, omissions and insertions as are permitted or re-
quired by this Ordinance, and in accordance with the further
provisions hereof; and the total principal amount of the Bonds
that may be outstanding hereunder is expressly limited to
$4,200,000. The Bonds shall be in substantially the following
form:
~i
r
UNITED STATES OF AMERICA
STATE OF COLORADO
CITY OF WHEAT RIDGE
INDUSTRIAL DEVELOPMENT REVENUE BONDS
(RIDGE VILLAGE SHOPPING CENTER PROJECT)
SERIES 1983
R-1 $1,950,000
FOR VALUE RECEIVED, the City of Wheat Ridge, Colorado (the
"City") hereby promises to pay to the order of Commonwealth
Life Insurance Company, its successors or registered assigns,
from the source and in the manner hereinafter provided, the
principal sum of ONE MILLION NINE HUNDRED FIFTY THOUSAND
DOLLARS ($1,950,000) (the "Principal Balance"), with interest
thereon from the date of delivery at the rate of twelve and
five tenths percent (12.50%) per annum or at such higher rate
as is hereinafter provided, in any coin or currency which at
the time or times of payment is legal tender for the payment of
public or private debts in the United States of America, in
accordance with the terms hereinafter set forth.
1. (a) On July 1, 1983 and on the first day of each
and every month thereafter to and including June 1, 1993,
Ridge Village Partnership (the "Company") shall pay Twenty
Thousand Eight Hundred Twelve Dollars ($20,812), such sum
being the sum necessary to amortize the Principal Balance
of the City of Wheat Ridge, Colorado, Industrial Develop-
ment Revenue Bonds (Ridge Village Shopping Center Project)
Series 1983 (the "Bonds") in three hundred sixty (360)
equal monthly installments at an interest rate of twelve
and five tenths percent (12.50%) per annum.
(b) If the interest on this Bond should become sub-
ject to federal income taxation pursuant to a "Determina-
tion of Taxability" as that term is defined in Section
4.10 of the Loan Agreement dated as of May 1, 1983 (the
"Loan Agreement") among the Company, the City and Capital
Holding Corporation (the "Lender"), and upon receipt by
the Company from the Lender of notice of the Determination
of Taxability, the then current interest rate shall be
immediately increased to twenty percent (20.00%) per
annum, as of the Date of Taxability, as defined in the
Loan Agreement, and each monthly installment thereafter
payable shall be adjusted accordingly. Upon the occur-
rence of a Determination of Taxability, the Company shall
C-
6
have the option to prepay the Bonds upon thirty (30) days
written notice to the Lender by paying an amount equal to
(i) one hundred percent (100%) of the principal amount of
the Bonds then outstanding (the "Principal Balance") and
accrued interest to the prepayment date, including inter-
est at the rate of twenty percent (20.00%) per annum from
the Date of Taxability to the prepayment date, plus (ii)
an amount equal to all other sums due to the City and the
Lender under the Loan Agreement. The Lender shall also
have the option, upon the occurrence of a Determination of
Taxability, to demand prepayment of the Bonds at a price
of one hundred percent (100%) of the Principal Balance
plus accrued interest to the prepayment date, including
interest at the rate of twenty percent (20.00%) per annum
from the Date of Taxability to the prepayment date. The
Lender shall give the Company not less than ten (10) days
prior written notice and the Company shall prepay the
Bonds no later than 90 days after receipt of such notice,
all as provided in Section 4.10 of the Loan Agreement.
(c) All principal of the Bond which remains unpaid
on June 1, 1993 will be immediately due and payable on
that date.
2. Interest shall be computed on the basis of a three
hundred sixty (360) day year, but interest shall be charged for
the actual number of days principal is unpaid.
3. If any payment on the Bonds is not made in full
within ten (10) days after written notice to the Company, the
Lender may, at its option, assess and collect, and the City
shall pay, but only from revenues received from the Company, a
service charge of four percent (4%) of the payment then delin-
quent.
4. Principal and interest due hereunder shall be payable
at the principal office of the Lender, or at such other place
as the Lender may designate in writing.
5. The Bonds have been issued by the City to provide
funds for a project, as defined in Section 103 of article 3,
title 29, C.R.S. 1973, as amended (the "Act"), consisting of
the acquisition and construction of a business and commercial
facility on real estate located in the City (the "Project"),
pursuant to the Loan Agreement, and, further, the Bonds have
been issued pursuant to and in full compliance with the
Constitution and laws of the State of Colorado, particularly
the Act and an ordinance duly adopted by the City Council on
September 27, 1982, as amended on May 9, 1983 (the "Ordinance").
7
6. The Bonds are secured by (i) a Deed of Trust from the
Company as grantor, in favor of the Lender, (ii) a Security
Agreement under the Uniform Commercial Code and (iii) an As-
signment of Rentals from the Company to the Lender. This Bond
is subject to all the terms, conditions and provisions thereof.
7. The Lender may extend the times of nayments of inter-
est and/or principal due on this Bond, including the date of
the final payment on the Bonds, without notice to or consent of
any party liable hereon and without releasing anv such party.
In no event, however, may the final payment on the Bonds be
extended beyond forty (40) years from the date hereof.
8. The Bonds are subject to prepayment, without a pre-
payment penalty, (i) in whole or in part, upon the occurrence
of certain events of damage to, or destruction or condemnation
of, the Project, and (ii) in whole, upon a Determination of
Taxability, all as specified in the Loan Agreement, the Deed of
Trust and the Ordinance.
9. The monthly payments due under paragraph 1 hereof
shall continue to be due and payable in full until the entire
Principal Balance and accrued interest due on this Bond have
been paid, regardless of any partial prepayment made hereunder.
10. As provided in the Ordinance and subject to certain
limitations set forth therein, this Bond is transferable upon
the books of the City at the office of the City Clerk, by the
Bondholder in person or by its agent duly authorized in writ-
ing, at the Bondholder's expense, upon surrender hereof to-
gether with a written instrument of transfer satisfactory to
the City Clerk, duly executed by the Bondholder or its duly
authorized agent. Upon such transfer the City Clerk will note
the date of registration and the name and address of the new
registered Bondholder in the registration blank appearing
below. The City may deem and treat the person in whose name
the Bond is last registered upon the books of the City as the
absolute owner hereof, whether or not overdue, for the purpose
of receiving payment of or on the account of the Principal
Balance, prepayment price or interest and for all other pur-
poses, and all such payments so made to the Bondholder or upon
its order shall be valid and effective to satisfy and discharge
the liability upon this Bond to the extent of the sum or sums
so paid, and the City shall not be affected by any notice to
the contrary.
11. THIS BOND AND INTEREST HEREON AND ANY PENALTY OR
PREMIUM DUE HEREUNDER ARE PAYABLE SOLELY FROM THE REVENUES AND
8
PROCEEDS DERIVED FROM THE LOAN AGREEMENT, THE DEED OF TRUST,
THE SECURITY AGREEMENT AND THE ASSIGNMENT OF RENTALS, AND SHALL
NEVER CONSTITUTE THE DEBT OR INDEBTEDNESS OF THE CITY WITHIN
THE MEANING OF ANY PROVISION OR LIMITATION OF THE STATE CONSTI-
TUTION OR STATUTES OR THE CITY'S HOME RULE CHARTER AND SHALL
NOT CONSTITUTE NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE
CITY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS.
For the purposes of securing payment of the principal of
and interest on the Bonds, rights of the City (other than
certain indemnification rights and the payment of certain
expenses of the City) under the Loan Agreement have been
assigned to the Lender for the benefit of the holders of the
Bonds.
12. It is agreed that time is of the essence in the
performance of this Bond. In the event of failure by the City
to pay when due any monthly installment of principal or inter-
est or any premium or penalty due on the Bonds, or if an Event
of Default shall occur, as set forth in the Loan Agreement,
then the Lender shall have the right and option by written
notice to the City and the Company to declare the Principal
Balance and accrued interest on the Bonds immediately due and
payable. Failure to exercise such option at any time shall not
constitute a waiver of the right to exercise the same at any
subsequent time.
13. The remedies of the Lender, as provided herein and in
the Deed of Trust, the Security Agreement, the Loan Agreement
and the Assignment of Rentals, are not exclusive and shall be
cumulative and concurrent and may be pursued singly, succes-
sively or together, at the sole discretion of the Lender, and
may be exercised as often as occasion therefor shall occur; and
the failure to exercise any such right or remedy shall in no
event be construed as a waiver or release thereof.
14. The Bondholder shall not be deemed, by any act of
omission or commission, to have waived any of its rights or
remedies hereunder unless such waiver is in writing and signed
by the Bondholder, and then only to the extent specifically set
forth in the writing. A waiver with reference to one event
shall not be construed as continuing or as a bar to or waiver
of any right or remedy as to a subsequent event.
15. This Bond has been issued without registration under
state or federal or other securities laws, pursuant to an
exemption for such issuance; and accordingly the Bond may not
9
be assigned or transferred in whole or part, nor may a partici-
pation interest in the Bond be Riven pursuant to any participa-
tion agreement, except in accordance with applicable registra-
tion requirements or an applicable exemption from such regis-
tration requirements, and the City Clerk may require an opinion
of qualified counsel as to the existence of such an exemption
before transferring this Bond on the books of the City.
IT IS HEREBY CERTIFIED AND RECITED that all conditions,
acts and things required to exist, happen and be performed
precedent to or in the issuance of this Bond do exist, have
happened and have been performed in regular and due form as
required by law.
IN WITNESS WHEREOF, the City has caused this Bond to be
duly executed in its name by the manual signatures of the mayor
and the City Clerk, and the City Clerk has caused the City seal
to be affixed hereto, and has caused this Bond to he dated May
It 1983.
CITY OF WHEAT RIDGE, COLORADO
[SEAL]
Attest:
r
By c2a~~ 1-1
City Clerk
APPROVED AS TO FORM BY
OFFICE OF CITY ATTORNEY
BY-
Mayor
John E. Hayes
PROVISIONS AS TO REGISTRATION
The ownership of the unpaid Principal Balance of this Bond
and the interest accruing thereon is registered on the books of
the City of Wheat Ridge, Colorado, in the name of the holder
last noted below.
Date of Name and Address Siqnature of City
Registration of Registered Owner Clerk or Deputy
10
2.2. The Bonds
The Bonds shall be payable at the times and in the manner,
and shall be subject to such other terms and conditions as are
set forth in the form thereof included as Section 2.1 of this
Ordinance. The net effective interest rate on the Bond shall
not exceed twelve and five tenths percent (12.50%) per annum,
unless there shall have been a "Determination of Taxability,"
in which case the net effective interest rate on the Bond shall
not exceed twenty percent (20.00%) per annum. subject to the
foregoing, the Bonds shall bear interest at the rate set forth
in the form thereof included as Section 2.1 of this Ordinance.
2.3. Execution
The Bonds shall be executed on behalf of the City by the
signatures of the Mayor and the City Clerk and shall be sealed
with the seal of the City. In case any officer whose signature
shall appear on the Bonds shall cease to be such officer before
the delivery of the Bonds, such signature shall nevertheless be
valid and sufficient for all purposes, the same as if he or she
had remained in office until delivery.
2.4. Delivery of the Bonds
Before delivery of the Bonds there shall be filed in the
office of the City Clerk the following items:
1. executed copies of the Loan Agreement, the Assignment
of Rentals, the Deed of Trust and the Security Agreement;
2. an opinion of Counsel for the Company in scope and
substance satisfactory to Bond Counsel as to the authority of
the Company to enter into the transaction and other related
matters;
3. the opinion of Bond Counsel as to the validity and
tax exempt status of the Bonds; and
4. such other documents and opinions as Bond Counsel may
reasonably require for purposes of rendering its opinion re-
quired in subsection (3) above or that the Lender may require
for the closing.
2.5. Issuance of New Bonds
Subject to the provisions of Section 2.9 hereof, the City
shall, at the request and expense of the Lender, issue new
Bonds, in aggregate outstanding principal amount equal to that
of the Bonds surrendered, and of like tenor except as to
11
number, principal amount and the amount of the monthly
installments payable thereunder, and registered in the name of
the Lender or such transferee as may be designated by the
Lender.
2.6. Registration or Transfer
The City will cause to be kept at the office of the City
Clerk a record of the Bonds outstanding and on which, subject
to such reasonable regulations as it may prescribe, the City
shall provide for the registration of transfers of ownership of
the Bonds. The Bonds shall be transferable by the Lender in
person or by its attorney duly authorized in writinq, upon
surrender of the Bonds together with a written instrument of
transfer, duly executed by the Lender or its duly authorized
agent. Upon such transfer the City Clerk shall note the date
of registration and the name and address of the new Lender in
such record and in the registration blank appearing on the
Bonds.
2.7. Mutilated, Lost or Destroyed Ron ds
In case any Bond issued hereunder shall become mutilated
or be destroyed or lost, the City shall, if not then prohibited
by law, cause to be executed and delivered, a new Bond of like
outstanding principal amount, number and tenor in exchange and
substitution for and upon cancellation of such mutilated Bond,
or in lieu of and in substitution for such Bond destroyed or
lost, upon the Lender's paying the reasonable expenses and
charges of the City in connection therewith, and in the case of
a Bond destroyed or lost, the filing with the City of evidence
satisfactory to the City that such Bond was destroyed or lost,
and furnishing the City with indemnity satisfactory to it. If
the mutilated, destroyed or lost Bond has already matured or
been called for redemption in accordance with its terms it
shall not be necessary to issue a new Bond prior to payment.
2.8. Ownership of Ronds
The City may deem and treat the persons in whose names the
Bonds are last recorded as the absolute owners of such Bonds
for the purpose of making payment of or on account of the Prin-
cipal Balance, redemption price and interest and for all other
purposes whatsoever, and the City shall not be affected by any
notice to the contrary.
12
2.9. Limitation on Bond Transfers
The Bonds have been issued without registration under
state or other securities laws, pursuant to an exemption for
such issuance; and accordingly the Bonds may not be assigned or
transferred in whole or part, nor may a participation interest
in the Bonds be given pursuant to any participation agreement,
except in accordance with applicable registration requirements
or an applicable exemption from such registration requirements.
3. Article III of Ordinance No. 505, Series 1982, is
hereby amended to read as follows:
ARTICLE III
REDEMPTION OF BONDS BEFORE MATURITY
3.1. Redemption
1. In the event of damage, destruction or condemnation
of the Project, and in the event restoration is not required
and the Company does not choose to restore the Project, the
Bonds shall be subject to prepayment and redemption to the
extent and in the manner set forth in Section 5.02 of the Loan
Agreement and in the Deed of Trust.
2. The Bonds are not otherwise subject to optional
prepayments.
3.2. Termination of Interest
Upon payment of any prepayment amount to the Lender and
the giving of requisite notice, if any, the principal amounts
prepaid shall, after such date, cease to bear interest.
4. Article IV of Ordinance No. 505, Series 1982, is
hereby amended to read as follows:
ARTICLE IV
GENERAL COVENANTS
4.1. Payment of Principal and Interest
The City covenants that it will promptly pay or cause to
be paid the principal of and interest on the Bonds at the
place, on the dates, from the source and in the manner provided
herein and in said Bonds. The principal and interest are
payable solely from and secured by revenues and proceeds
13
derived from the Project and payable pursuant to the Loan
Agreement ano the Deed of Trust, which revenues and proceeds
are specifically pledged to the payment thereof in the manner
and to the extent specified in the Bonds, the Loan Agreement
and the Deed of Trust; and nothing in the Bonds or in this
Ordinance shall be considered as assigning, pledging or
otherwise encumbering any other funds or assets of the City.
4.2. Performance of and Authority for Covenants
The City covenants that it will faithfully perform at all
times any and all covenants, undertakings, stipulations and
provisions contained in this Ordinance, in the Bonds executed,
authenticated and delivered hereunder and in all proceedings of
the City Council pertaining thereto; that it is duly authorized
under the Constitution and laws of the State of Colorado,
including particularly and without limitation the Act, to issue
the Bonds authorized hereby, pledge the revenues and assign the
Loan Agreement in the manner and to the extent set forth in
this Ordinance, the Bonds and the Loan Agreement; that all
action on its part for the issuance of the Bonds and for the
execution and delivery thereof has been duly and effectively
taken; and that the Bonds in the hands of the holders thereof
are and will be valid and enforceable obligations of the City
according to the terms thereof.
4.3. Enforcement and Performance of Covenants
The City agrees to perform all covenants and other provi-
sions pertaining to the City contained in the Bonds and the
Loan Agreement.
4.4. Nature of Securi
Notwithstanding anything contained in the Bonds, the Deed
of Trust, the Loan Agreement or any other document referred to
in Section 2.4 of this Ordinance, the Bonds shall never consti-
tute the debt or indebtedness of the City within the meaning of
any provision or limitation of the Constitution or statutes of
the State of Colorado or the City's Home Rule Charter and shall
not constitute nor give rise to a pecuniary liability of the
City or a charge against its general credit or taxing powers;
and the City, its agents, officers and employees shall not be
subject to any personal or pecuniary liability thereon.
5. Article V of Ordinance No. 505, Series 1982, is
hereby amended to read as follows:
14
ARTICLE V
MISCELLANEOUS
5.1. Severabilit
If any provision of this Ordinance shall be held or deemed
to be, or shall, in fact, be, inoperative or unenforceable as
applied in any particular case in any jurisdiction or jurisdic-
tions or in all jurisdictions or in all cases because it con-
flicts with any provisions of any constitution or statute or
rule or public policy, or for any other reason, such circum-
stances shall not have the effect of rendering the provision in
question inoperative or unenforceable in any other case or
circumstance, or of rendering any other provision or provisions
herein contained invalid, inoperative or unenforceable to any
extent whatever. The invalidity of any one or more phrases,
sentences, clauses or paragraphs in this Ordinance shall not
affect the remaining portions of this Ordinance or any part
hereof.
5.2. Reliance
In authorizing this Ordinance and the issuance and sale of
the Bonds, the City Council is relying in part upon representa-
tions maae by the Company and the Lender for information con-
cerning the Company, the Project, the Lender and the purchase
of the Bonds, respectively.
5.3. Authorization to Execute Agreements
The forms of the proposed Loan Agreement, the Assignment
of Loan Agreement, the Inducement Letter and the Offer to
Purchase are hereby approved in substantially the forms pre-
sented to the City Council; and the Mayor and the City Clerk
are authorized to execute the Loan Agreement, the Assignment of
Loan Agreement, the Inducement Letter and the Offer to Purchase
in the name of and on behalf of the City and such other docu-
ments as Bond Counsel considers appropriate in connection with
the issuance of the Bonds. In the event of the absence or
disability of the Mayor or the City Clerk, such officers of the
City as, in the opinion of the City Attorney, may act in their
behalf, shall without further act or authorization of the City
Council do all things and execute all instruments and documents
required to be done or executed by such absent or disabled
officers.
5.4. Authority to Correct Errors, Etc.
15
The Mayor and the City Clerk are hereby authorized and
directed to make or agree to any alterations, changes or addi-
tions in the instruments hereby approved as the Mayor and the
City Attorney deem necessary or proper to accomplish the pur-
poses of this Ordinance, the signatures of the Mayor and the
City Clerk on the instruments to be conclusive evidence of such
approval; provided, however, no alteration, change or addition
shall be made which shall alter the maximum net effective
interest rate, denomination, date, maturities, form, interest
rates, registration privileges, manner of execution, places of
payment or terms of prepayment of the Bonds or which shall
increase the aggregate principal amount of the Bonds authorized
by the City Council or in any way give rise to a pecuniary
liability of the City or a charge against its general credit or
taxing powers with respect to the Bonds.
5.5. Further Authority
The Mayor and the City Clerk and other proper City offi-
cials, and each of them, are hereby authorized to execute and
deliver for and on behalf of the City any and all additional
certificates, documents and other papers and to perform all
other acts they may deem necessary or appropriate in order to
implement and carry out the matters herein authorized.
5.6. This Ordinance shall take effect one day after final
publication.
INTRODUCED, READ AND ADOPTED on first reading by a vote of
6 to 2 with 0 abstentions on this 25th day -of April 1983;
oraereca 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 may 9, 1983, at 7 :30 L .M., at Council
Chambers, 7500 West 29th Avenue, Wheat Ridge, Colorado.
--READ? ADOPTED AND ORDERED PUBLISHED on second and final
reaA.ing by a vote 8 to 0 this 9th day of May 1983.
SIGNEDMayor on this 10th day of May 1983.
Frank Stites, Mayor
ATTEST:
- r
L_
W-anda Sang, City ClVk
1st publication: April 28, 1983
2nd publication: May 19, 1983
Wheat Ridge Sentinel
Effective Date: May 20, 1983
APPROrD7ASrT!5'1_0 N BY (OFFICE OF CITY ATTY.
Johq.E. Hayes
17
SCHEDULE I
[To be provided]