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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 -2- 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) -3- 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 -4- 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 -2- 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 -3- 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- -4- 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 6859E 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. -5- 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 -5- 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 -6- 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. -7- 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, -8- impair or invalidate the remaining paragraphs, clauses or provisions. Section 18. Effective Date. This Ordinance shall take effect one day after final publication. * * * * * * * * * * -9- 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, 6983E -10-