HomeMy WebLinkAboutOrdinance-1986-0683INTRODUCED BY COUNCILMEMBER MERKL
ORDINANCE NO. 68'
SERIES OF 1986
AN ORDINANCE AUTHORIZING THE ISSUANCE AND
SALE OF $51000,000 OF CITY OF WHEAT RIDGE,
COLORADO INDUSTRIAL DEVELOPMENT REVENUE
BONDS (FOOTHILLS MEDICAL ASSOCIATES, INC.
PROJECT), SERIES 1986 FOR THE PURPOSE OF
MAKING A LOAN TO ASSIST FOOTHILLS MEDICAL
ASSOCIATES, INC. IN THE FINANCING OF COSTS
OF A "PROJECT" WITHIN THE MEANING OF THE
COUNTY AND MUNICIPALITY DEVELOPMENT REVENUE
BOND ACT, ARTICLE 3 OF TITLE 29 OF THE
COLORADO REVISED STATU'T'ES 1973, AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A
LOAN AGREEMENT PERTAINING TO THE PROJECT, A
TRUST I14DENTURE SECURING THE PAYMENT OF THE
BONDS AND A BOND PURCHASE AGREEMENT
APPROVING THE MANNER AND TERMS OF THE SALE
OF SAID BONDS; AND APPROVING OTHER MATTERS
PERTAINING THERETO.
WHEREAS, the City of Wheat Ridge, Colorado the
"Issuer"), a city and political subdivision duly organized and
validly existing under the constitution and statutes of the
State of Colorado and the city charter, is authorized by the
County and Municipality Development Revenue Bond Act, Article 3
of Title 29 of the Colorado Revised Statutes 1973 (the "Act"),
and Section 12.1 and Section 1.3 of the City's home rule
charter (the "Charter"), (a) to issue revenue bonds for the
purpose of making a loan to assist in the financinq of costs of
acquiring, constructing, and equipping a "project," as defined
in the Act consisting of land, building and equipment located
within the boundries of Issuer, (b) to enter into a loan
agreement with a "user," as defined in the Act, and thereby
provide for payment to the Issuer of revenues sufficient to pay
the principal of, premium, if any, and interest on said revenue
bonds, (c) to secure said revenue bonds by a trust indenture,
(d) to provide for the manner and terms of the sale of those
revenue bonds by a bond purchase agreement and (e) to enact
this Ordinance and to enter into the Indenture, the Agreement,
and the Purchase Agreement, all as defined herein, upon the
terms and conditions provided herein and therein; and
WHEREAS, by Resolution duly adopted on May 19, 1986
the "Inducement Resolution"), the City agreed to issue its
industrial development revenue obligations in a maximum
aggregate principal amount not exceeding $1,000,000 in
accordance with the provisions of the Act for the purpose of
financing the acquisition of certain real property and the
building and equipping of one or more buildings thereon to be
used as a medical office building (the "Project") located or to
be located within the geographical limits of the Issuer and
allocate $7,000,000 of its state allocation of private activity
bonds to the Project; and
WHEREAS, pursuant to the Tax Equity Fiscal
Responsibility Act of 1982, the City Council held a public
hearing on the issuance of the bond following reasonable public
notice on Monday, September 8, 1986; and
WHEREAS, the following documents have been presented
to the City Council and filed in the office of the City Clerk
(the Clerk) and are there available for public inspection,
which it is proposed that the Issuer enter into:
(a.) Loan Agreement
(b) Trust Indenture
(c) Bond Purchase Agreement
WHEREAS, the City Council desires to issue at this
time the City of Wheat Ridge, Colorado Industrial Development
Revenue Bonds (Foothills Medical Associates, Inc. Project)
Series 1986, to be dated as of the date of issuance and
delivery thereof, in the maximum aggregate principal amount of
$5,000,000 (the "Bonds"); and
WHEREAS, it is necessary to issue the Bonds by
ordinance (the Ordinance or the Bond Ordinance) and to approve
the form and authorize the execution of the aforementioned
documents thereby; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
WHEAT RIDGE:
Section 1. Approvals and Authorizations. The forms
of Loan Agreement, Bond Purchase Agreement and Trust Indenture
are hereby approved. The Mayor and the Clerk are hereby
authorized and directed to execute the Loan Agreement, Bond
Purchase Agreement and Trust Indenture and affix the seal of
the City thereto and further to execute and authenticate such
other documents, instruments or certificates as are deemed
necessary or desirable by bond counsel in order to issue and
secure the Bonds. Such documents are to be executed in
substantially the form hereinabove approved, provided that such
documents may be completed, corrected or revised as deemed
necessary by the parties and approved by the City Attorney's
office in order to carry out the purposes of this Bond
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Ordinance. Copies of all of the documents shall be delivered,
filed and recorded as provided therein.
The proper officers of the City are hereby authorized
and directed to prepare and furnish to bond counsel certified
copies of all proceedings and records of the City relating to
the Bonds and such other affidavits and certificates as may be
required to show the facts relating to the authorization and
issuance thereof as such facts appear from the books and
records in such officers' custody and control or as otherwise
known to them. All such certified copies, certificates and
affidavits, including any heretofore furnished, shall
constitute representations of the City as to the truth of all
statements contained therein.
The approval hereby given to the various documents
referred to above includes an approval of such additional
details therein as may be necessary and appropriate for their
completion, including interest rates and any numbers derived
therefrom or deletions therefrom and additions thereto as may
be approved by bond counsel and the City Attorney prior to the
execution of the documents. The execution of any instrument by
the appropriate officers of the City herein authorized shall be
conclusive evidence of the approval by the City of such
instrument in accordance with the terms hereof.
Section 2. Determinations b Legislative Authority.
The Legislative Authority determines that: i) the Project
constitutes a "project," as defined in the Act, and is
consistent with the purposes of the Act; (ii) the financing of
the Project is in furtherance of the purposes of the Act and
will benefit the people of the Issuer and of the State by
inducing nonprofit enterprises to expand and remain in the
State, by contributing to the maintenance of a balanced and
stable economy within the Issuer and the State and by providing
more medical facilities which promote the public health,
welfare, safety, convenience and prosperity; (iii) provision of
the loan to finance costs of the Project, including without
limitation, the financing thereof, will require the issuance,
sale and delivery of the Project Bonds in the principal amount
of $5,000,000; and (iv) following reasonable notice, and prior
to adoption of this Ordinance, a public hearing was held with
respect to the issuance of the Project Bonds.
Section 3. Terms and Provisions of Project Bonds.
(a) Generally. The Project Bonds (i) shall be
issued, only in fully registered form, substantially as set
forth in Exhibit A to the Indenture; (ii) shall be exchangeable
for Project Bonds of authorized denominations, as provided in
the Indenture; (iii) shall be numbered in such manner as to
distinguish each Project Bond from any other Project Bond; (iv)
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shall be issued in the denominations of $5,000 and any integral
multiple thereof but not to exceed the principal amount of
Project Bonds; (v) shall be subject to optional and mandatory
redemption in the amounts, upon the conditions, and at the
times and prices set forth in the Indenture; and (vi) shall be
dated as of October 1, 1986. Each Project Bond shall bear
interest, in accordance with the Indenture, from the most
recent date to which interest has been paid or duly provided
for or, if no interest has been paid or duly provided for, from
October 1, 1986.
(b) Interest Rate and Principal Maturities. The
Project Bonds shall bear interest at the rate per annum,
payable on each Interest Payment Date, and shall mature as
hereinafter set forth:
Maturity Year Principal Amount Interest Rate
The maximum net effective interest rate on the Project
Bonds is per annum.
Principal of and interest and any premium on the
Project Bonds shall be payable as provided in the Trust
Indenture, in each instance, without deduction for the services
of any paying agent.
(c) Execution. The Project Bonds shall be
signed by the Mayor and attested to by the Clerk in their
official capacities (provided that either or both of those
signatures may be facsimiles) and shall have reproduced thereon
a facsimile of the issuer's seal.
(d) The Bonds shall
following form (any blanks in the
the date of delivery of the Bond):
be in substantially the
forms will be completed on
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UNITED STATES OF AMERICA
STATE OF COLORADO
CITY OF WHEAT RIDGE, COLORADO
INDUSTRIAL DEVELOPMENT REVENUE BOND
(FOOTHILLS MEDICAL ASSOCIATES, INC.)
SERIES 1986
September 1, 1986
R-1
$5,000.00
FOR VALUE RECEIVED, CITY OF WHEAT RIDGE, COLORADO (the
"City"), hereby promises to pay to the order of lstBANK,
NATIONAL ASSOCIATION, Lakewood, Colorado (the "Lender"), its
successors or registered assigns, from the source and in the
manner hereinafter provided, the principal sum of SEVEN MILLION
DOLLARS (7,000,000) (the "Principal Balance"), and to pay
interest thereon from the date hereof in consecutive install-
ments beginning October 1, 1986, and on the first day of each
succeeding month thereafter during the term hereof through and
including August 31, 2001, at a per annum rate equal to
(a) 8.58% per annum from the date hereof through and including
August 31, 1991; (b) at a rate equal to The Bond Buyer's
20-Year Bond Index at August 1, 1991, plus 0.5%, from September
1, 1991 through August 31, 1996; and (c) at a rate equal to The
Bond Buyer's 20-Year Bond Index at August 1, 1996, plus .5%.
from September 1, 1996 through August 31, 2001, in any coin or
currency which at the time or times of payment is legal tender
for the payment of public or private debt in the United States
of America, in accordance with the terms hereinafter set forth.
1. (a) on the first day of each
September 1, 1987, subject to paragraph 11
shall pay installments of principal in
On September 1, 2001, the City
installment of principal in the amount of
Principal Balance on this Bond.
month, commencing
hereof, the City
the amount of
shall pay a final
he then remaining
(b) This Bond shall be subject to redemption and
payment in whole or part prior to maturity at the option of the
City, upon instructions from the Lender within six (6) months
after the date of a "Determination of Taxability" (defined in
the Loan Agreement) at a redemption price equal to (i) the
principal amount of the Bond to be redeemed, plus all accrued
and unpaid interest thereon.
(c) This Bond is also subject to redemption and
payment as provided in the Loan Agreement, without premium
prior to maturity at the option of the City, upon instructions
from the Company, as a whole at anytime, or in part in
multiples of principal on any interest payment date in inverse
order of maturity, plus accrued interest thereon to the date
fixed for redemption and payment.
(d) This Bond is also subject to purchase by the
Company, in whole but not in part, on any interest payment
date, solely at the option of the Company, in an amount equal
to the Principal Balance then outstanding plus accrued interest
to the purchase date and without premium. 14ritten notice of
such purchase by the Company shall be given to the Bondholder
at least sixty (60) days before such interest payment date.
(e) This Bond is also subject to mandatory
redemption and payment in whole or in part, without premium, in
the event and to the extent proceeds of this Bond are not dis-
bursed in accordance with the Loan Agreement on or
before
(f) In the event this Bond is to be redeemed in
whole or in part pursuant to the provisions of the Loan Agree-
ment, the Company shall give notice of the redemption to the
Issuer and the Lender by first class mail, postage prepaid,
mailed not less than thirty (30) days prior to the redemption
date. No prior notice of redemption shall be required in
connection with a partial redemption of this Bond from moneys
remaining in the Construction Fund (defined in the Loan Agree-
ment) after the Completion Date.
(g) On September 1, 2001 (such date to be the
"Final Maturity Date"), the entire Principal Balance and any
interest accrued to the Final Maturity Date shall be due and
payable.
2. Interest shall be computed on the basis of a 360
day year, but charged for the actual number of days principal
is unpaid. Anything in this Bond to the contrary notwithstand-
ing, the obligations of the City under this Bond shall be
subject to the limitation that payments of interest hereunder
shall not be required to the extent that receipt of any such
payment by the Lender would be contrary to provisions of law
applicable to the Lender which limit the maximum rate of in-
terest which may be charged or collected by the Lender.
3. 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.
4. This Bond is issued by the City to provide funds
for a project, as defined in Section 103 of Article 3, Title
29, Colorado Revenue Statutes, as amended (the "Act"), con-
sisting of the acquisition and construction of a building on
real estate located in the City, pursuant to a Loan Agreement
dated as of September 1, 1986, between the City and Foothills
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Medical Associates, Inc. (the "Company") (the "Loan Agree-
ment"), and, further, this Bond is issued pursuant to and in
full compliance with the Constitution and laws of the State of
Colorado, particularly the Act and Resolution of the City duly
adopted on (the "Resolution").
5. This Bond is secured by (i) an assignment of the
Loan Agreement and the Company Note by the City to the Lender,
(ii) a Deed of Trust from the Company as grantor, in favor of
the Lender, (iii) a Security Agreement under the Uniform
Commercial Code, (iv) a Guaranty Agreement between the Com-
pany, , as guarantors, and the
Lender, and (v) the Collateral Assignment of Rents all dated as
of the date hereof. This Bond is subject to all the terms,
conditions and provisions of said Loan Agreement and Company
Note, Deed of Trust, Security Agreement, Collateral Assignment
of Rents and Guaranty Agreement.
6. The Lender may waive an event of default here-
under caused by the nonpayment of interest and/or principal due
on this Bond without notice to or consent of any party liable
hereon and without releasing any such party. However, in no
event shall the Final Maturity Date be beyond forty (40) years
from the date hereof.
7. The City may prepay, without a premium, all or a
portion of the Principal Balance at any time upon ten (10)
days' written notice to the Lender, but only from funds avail-
able therefor under the Loan Agreement. No partial prepayment
shall change the amount or extend the time of payment of any
installment payable hereunder.
8. This Bond is further subject to prepayment, with-
out a premium, in whole, upon the occurrence of certain events
of damage to, or destruction or condemnation of the Project as
specified in the Loan Agreement, the Deed of Trust and the
Resolution.
9. The monthly payments due under the first para-
graph hereof shall continue to be due and payable in full until
the entire Principal Balance and accrued interest due on the
Bond have been paid, regardless of any partial prepayment made
hereunder.
10. As provided in the Resolution and subject to
certain limitations set forth therein, this Bond is transfer-
able upon the books of the City at the office of the City
Clerk, by the Lender in person or by its agent duly authorized
in writing, at the Lender's expense, upon surrender hereof
together with a written instrument of transfer satisfactory to
the City Clerk, duly executed by the Lender or its duly author-
ized agent. Upon such transfer the City Clerk will note the
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date of registration and the name and address of the new regis-
tered Lender 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 re-
ceiving payment of or on the account of the Principal Balance,
prepayment price or interest and for all other purposes, and
all such payments so made to the Lender or upon its order shall
be valid and effective to satisfy and discharge the liability
upon the Bond to the extent of the sum or sums so paid, and the
City shall not he affected by any notice to the contrary.
11. THIS BOND AND INTEREST THEREON AND ANY PENALTY OR
PREMIUM DUE HEREUNDER ARE PAYABLE SOLELY FROM THE REVENUES AND
PROCEEDS DERIVED FROM THE LOAN AGREEMENT, THE NOTE, THE DEED OF
TRUST, THE GUARANTY, THE COLLATERAL ASSIGNMENT OF RENTS AND THE
SECURITY AGREEMENT, AND SHALL NEVER CONSTITUTE THE DEBT OR
INDEBTEDNESS OF THE CITY WITHIN THE MEANING OF ANY PROVISION OR
LIMITATION OF THE STATE CONSTITUTION OR STATUTES OR THE CHARTER
OF THE CITY, AND SHALL NOT CONSTITUTE NOR GIVE RISE TO A
PECUNIARY LIABILITY OF THE CITY OR A CHARGE AGAINST ITS GENERAL
CREDIT OR TAXING POWERS.
12. The remedies of the Lender, as provided herein
and in the Loan Agreement, the Deed of Trust, the Security
Agreement, the Collateral Assignment of Rents, and the Guar-
anty, are not exclusive and shall be cumulative and concurrent
and may be pursued singly, successively or toqether, 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
of release thereof.
13. The Lender 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 Lender, and then only to the extent specifically set
forth in 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.
14. 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
be assigned or transferred in whole or part, nor may a parti-
cipation interest in the Bond be given pursuant to any parti-
cipation agreement, except in accordance with applicable
registration requirements or an applicable exemption from such
registration 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. Furthermore, this Bond may not be transferred or ex-
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changed except with such disclosure as
the circumstances or facts material to
of a prudent investor documented to the
of the City and its counsel.
may be appropriate under
the investment decision
reasonable satisfaction
IT IS HEREBY CERTIFIED AND RECITED that all condi-
tions, acts and things required to exist, happen and he
performed precedent to or in the issuance of this Bond do
exist, have happended and have been performed in regular and
due form as required by law.
IN WITNESS WHEREOF, the City
be duly executed in its name by the
Mayor of the City of Wheat Ridge, Col
the Seal of the City, to be signed and
signature of the City Clerk and has
dated September 1, 1986.
(SEAL)
ATTEST;
City Clerk
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has caused this Bond to
manual signature of the
orado, to be sealed with
attested with the manual
caused this Bond to be
CITY OF ~,4HEAT RIDGE, COLORADO
By
Title.
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Section 4. Sale of Project Bonds. The Project Bonds
are sold in accordance with the Bond Purchase Agreement, at a
purchase price of 98.350 of the principal amount of the Project
Bonds, plus any accrued interest on the principal amount of the
Project Bonds from October 1, 1986 to the date of delivery of
and payment therefor.
The Legislative Authority is authorized and directed
to make the necessary arrangements with the original purchaser
to establish the date, location, procedure and conditions for
the delivery of the Project Bonds to the original purchaser and
to take all steps necessary to effect due execution,
authentication and delivery to the original purchaser of the
Project Bonds under the terms of this Ordinance, the Trust
Indenture and the Bond Purchase Agreement.
It is determined by the Issuer that the price for and
the terms of the Project Bonds, and the sale thereof, all as
provided in this Ordinance and the Trust Indenture, are in the
best interests of the Issuer and are in compliance with all
legal requirements.
Section 5. Allocation of Proceeds of Project Bonds.
The proceeds from the sale of the Project Bonds including
without limitation, any accrued interest thereon) shall be
allocated, deposited and credited as follows:
( i ) to the Bond Fund created by the
Trust Indenture, any accrued interest paid
by the original purchaser;
(ii) to the Reserve Fund created by the
Trust Indenture, the Reserve Fund
Requirement; and
( i i i ) to the Project_ Fund created by the
Trust Indenture, the balance of the proceeds
of the Project Bonds.
Section 6. Security for the Bonds. To the extent
provided in, and except as otherwise permitted under the Trust
Indenture, the Bonds shall be equally and ratably payable
solely from the Revenues and shall be secured by an assignment
of the Revenues and by the Trust Indenture. The Bonds also
shall be secured by the mote and by the Security Agreement
given by the Company to the Trustee pursuant to the Agreement.
Anything in the Ordinance, the Bonds or the Trust
Indenture to the contrary notwithstanding, the Bonds do not and
shall not represent or constitute a debt or indebtedness of the
Issuer within the meaning of any provision or limitation of the
constitution or statutes of the State and shall never
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constitute or give rise to a pecuniary liability of the Issuer
or charge against its general credit or taxing powers, and the
Bonds shall contain a statement to that effect.
Section 7. Covenants and Agreements of Issuer. In
addition to the other covenants and agreements of the Issuer in
this Ordinance and the Trust Indenture, the Issuer covenants
and agrees that:
(a) Arbitrage Provisions and Issuer Information
Return. The Issuer will restrict the use of the proceeds of
the Project Bonds in the manner and to the extent, if any,
which may be necessary so that the Project Bonds will not
constitute arbitrage bonds under Section 103(c) of the Code,
after taking into account reasonable expectations at the time
of the delivery of and payment for the Project Bonds.
To those ends, the Mayor or any other member of
the Issuer is authorized and directed, alone or in conjunction
with the Company or any authorized officer, employee or agent
of or consultant to the Company, to give:
( i ) an appropriate certificate of the
Issuer, for inclusion in the transcript of
proceedings for the Project Bonds, setting
forth the reasonable expectations of the
Issuer regarding the amount and use of the
proceeds of the Project Bonds and the facts,
estimates and circumstances on which those
expectations are based, that certificate to
be premised on the reasonable expectations
and the facts, estimates and circumstances
on which those expectations are based, as
provided by the Company, all as of the date
of delivery of and payment for the Project
Bonds; and
(ii) the statement setting forth the
information required by Section 103(1) of
the Code, which shall be based on the
relevant information provided by the
Corporation.
The circumstances stated in Section 103(n)(12)(A) of the Code
with respect to the allocation of state limit are correct with
respect to the Bonds and the appropriate officer is further
authorized to provide, on behalf of and in the name of this
Legislative Authority a certificate of the type required by
Section 103(n)(12)(A) of the Internal Revenue Code.
(b) Covenant to Preserve Tax-Exemption of
Bonds. The Issuer covenants that it will take all actions that
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may be required of the Issuer for the interest on the Project
Bonds to be and remain exempt from federal income tax, and will
not take any actions which would adversely affect such
exemption, under the provisions of federal tax law that apply
to the Project Bonds, and also under the provisions of H.R.
3838, as passed by the U.S. House of Representatives on
December 17, 1985, until and unless, and except to the extent
that, with respect to H.R. 3838, the Issuer or the Company
obtains a written opinion of nationally recognized bond counsel
that this covenant, as it pertains to H.R. 3838, need not be
complied with in order for the interest on the Project Bonds to
continue to be exempt from federal income taxation; and the
appropriate officers are hereby authorized to take all actions
necessary for any such rebate or rebates of such excess
investment earnings to be made and to take such actions and
give such certifications as may be appropriate to assure such
tax-exemption of the interest.
(c) Transcript of Proceedings. The Clerk, or
other appropriate officer of the Issuer, shall furnish to the
original purchaser a true transcript of proceedings, certified
by the Clerk or other officer, of ( i ) all proceedings had with
reference to the issuance of the Project Bonds and (ii) any
other information from the records of the Issuer which may be
necessary or appropriate to determine the regularity and
validity of the issuance of the Project Bonds.
Section 8. Issuer Documents. To provide for the
issuance and sale of the Project Bonds and the consummation of
the transactions contemplated therein, the Mayor and Clerk, or
any designee of them, are authorized and directed, for and in
the name and on behalf of the Issuer, to execute, acknowledge
and deliver, the Trust Indenture, the Loan Agreement and the
Bond Purchase Agreement in substantially the forms submitted to
Issuer. Those instruments are approved with changes therein
not inconsistent with this Ordinance and not substantially
adverse to the Issuer and which are permitted by the Act and
shall be approved by the officers executing the Trust
Indenture, the Loan Agreement and the Bond Purchase Agreement;
provided, that the approval of those changes by those officers,
and their character as not being substantially adverse to the
Issuer, shall be evidenced conclusively by their execution of
those instruments.
Section 9. Other Documents. The Mayor and the Clerk
are hereby authorized and directed to execute any
certifications, financing statements, assignments and other
instruments and documents which are necessary or appropriate to
perfect the assignments set forth in the Trust Indenture and to
consummate the transactions contemplated in this Ordinance, the
Trust Indenture, the Loan Agreement, and the Bond Purchase
Agreement.
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Section 10. Compliance with Open Meeting
Requirements. It is found and determined that all formal
actions of this Legislative Authority concerning and relating
to the adoption of this Bond Legislation were taken in an open
meeting of this Legislative Authority, and that all
deliberations of this Legislative Authority and of any of its
committees that resulted in those formal actions, were taken in
meetings open to the public, in full compliance with applicable
legal requirements, including Section 30-10-302 of Colorado
Revised Statutes 1973, as amended.
Section 11. Public Official Approval. For purposes
of meeting public approval requirements for the issuance of the
Project Bonds, the Legislative Authority, as the applicable
elected representative of the Issuer, approves the issuance of
the Project Bonds.
Section 12. Election Under Internal Revenue Code.
The City shall do all acts necessary to complete the election
for the application of the Ten Million Dollar small issue
exemption pursuant to Section 103(b)(6)(D) of the Internal
Revenue Code of 1954, as amended, and all regulations
thereunder.
Section 13. Bond Ordinance Irrepealable. After the
Series 1985 Bond is issued, this Bond Ordinance shall
constitute an irrevocable contract between the City and the
Bank or subsequent owners of the Series 1985 Bond, both
principal and interest, shall be fully paid, cancelled and
discharged.
Section 14. Ratification. All action heretofore
taken by the City and by the officers thereof not inconsistent
herewith directed toward the financing of the Project and the
issuance and sale of the Series 1985 Bond is hereby ratified,
approved and confirmed.
Section 15. Charter and Statutory Limitations Met.
The City Council hereby determines that the provisions and
limitations of the City's Charter and any other applicable law
imposed on the issuance of the Bond have been met.
Section 16. Repealer. All acts, orders, resolutions,
ordinances, or parts thereof, taken or adopted by the City and
in conflict with this Bond Ordinance are hereby repealed,
except that this repealer shall not be construed so as to
revive any act, order, resolution, ordinance, or part thereof,
heretofore repealed.
Section 17. Severability. If any paragraph, clause
or provision of this Bond Ordinance is judicially adjudged
invalid or unenforceable, such judgment shall not effect,
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impair or invalidate the remaining paragraphs, clauses or
provisions.
Section 18. Effective Date. This Ordinance shall
take effect one day after final publication.
* * * * * * * * * *
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INTRODUCED, READ AND ADOPTED on first reading by a vote
of 6 to 2 on the 25th day of August I
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 September 8, 1986 at 7:30 o'clock
p.m., in Council Chambers, 7500 West 29th Avenue, Wheat Ridge,
Colorado.
READ, ADOPTED AND ORDERED PUBLISHED IN FULL on second and final
reading by a vote of 6 to 2 , this 8th day
of September , 1986.
SIGNED by the Mayor on this 9th day of
September , 1986.
FRANK STITES, MAYO
ATTEST:
Wanda Sang, City Cle
1st Publication: 8/28/86 , 1986
2nd Publication: , 1986
Wheat Ridge Sentinel
Effective Date: Z/bb 1986
APPROVED AS TO FORM BY OFFICE OF CITY ATTORNEY:
JOHN/ HAYES, CITY ,ATTORNEY
r// t,
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