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HomeMy WebLinkAboutOrdinance-1988-0754INTRODUCED BY COUNCIL MEMBER WORTH ORDINANCE NO. 754 Series of 1988 TITLE: AN ORDINANCE AUTHORIZING THE ISSUANCE OF SPECIAL ASSESSMENT BONDS IN THE PRINCIPAL AMOUNT OF $1,250,000 OF THE CITY OF WHEAT RIDGE, COLORADO, FOR CITY OF WHEAT RIDGE, SPECIAL IMPROVEMENT DISTRICT NO. 1987-1; PRESCRIBING THE FORM OF THE BONDS, AND PROVIDING FOR THE PAYMENT OF THE BONDS AND THE INTEREST THEREON. WHEREAS, the City Council of the City of Wheat Ridge, Colorado, has, by Ordinance No. 742, Series of 1987, finally passed and adopted on December 28, 1987, created City of Wheat Ridge, Special Improvement District No. 1987-1, within the City, for the purpose of constructing and installing certain street paving, curb and gutter improvements, and storm drainage improvements, together with necessary incidentals in the District; and WHEREAS, the total cost of the construction and installation of the improvements has been reliably ascertained and is based on the petition for organization and on the estimates of cost prepared by the project engineer; and WHEREAS, the City Council has determined that special assessment bonds of the City for the District should be issued in the amount of $1,250,000 for the payment of part of such construction cost, which is the estimated total cost less the amount to be paid by the City; and WHEREAS, Section 12.8 of the Home Rule Charter provides that the terms and maximum interest rate of general obligation or revenue bonds or other like securities shall be fixed by the authorizing ordinance and such securities shall be sold to the best advantage of the City; and - 1 - WHEREAS, it is now necessary to provide for the issuance of such bonds and the form and payment thereof; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO: Section 1. Authorization and Bond Details. By virtue of and pursuant to the City Charter and the procedure ordinance of the City (Chapter 10 of the Municipal Code), Special Assessment Bonds of the City of Wheat Ridge for City of Wheat Ridge, Special Improvement District No. 1987-1 (the "Bonds"), shall be issued for the purpose of paying part of the costs of local improvements to be constructed and installed in the District. The Bonds shall be in the principal amount of $1,250,000, dated June 1, 1988, and be in the denomination of $5,000 each. The Bonds shall be issued only as fully registered bonds without coupons and shall be due and payable on October 1, 1998, subject to prior redemption in accordance with Section 3 hereof. The Bonds shall bear interest payable semiannually on April 1 and October 1 each year, commencing April 1, 1989, as follows: Initial Interest Amount Bond Numbers Rate $275,000 1 - 55, inclusive 6.25% 80,000 56 - 71, inclusive 6.50 85,000 72 - 88, inclusive 6.75 90,000 89 - 106, inclusive 7.00 100,000 107 - 126, inclusive 7.25 105,000 127 - 147, inclusive 7.50 115,000 148 - 170, inclusive 7.75 125,000 171 - 195, inclusive 8.00 130,000 196 - 221, inclusive 8.15 145,000 222 - 250, inclusive 8.25 The maximum net effective interest rate authorized for this issue of Bonds shall be 12.00% per annum. The actual net effective interest rate is 7.708% per annum. Section 2. Payment of Bonds; Paying Agent and Bond Registrar. The principal of the Bonds is payable in lawful money of the United States of America to the registered owner of each - 2 - Bond upon presentation at the principal office of The Colorado National Bank of Denver, in Denver, Colorado, or its successor, as paying agent (the "Paying Agent"). Notwithstanding anything contained in this Ordinance to the contrary, interest on any Bond is payable to the person in whose name such Bond is registered, at his address as it appears on the registration books maintained by or on behalf of the City by The Colorado National Bank of Denver, in Denver, Colorado, or its successor, as Bond Registrar (the "Bond Registrar"), at the close of business on the fifteenth (15th) day of the calendar month next preceding each interest payment date (the "Record Date"), irrespective of any transfer or exchange of such Bond subsequent to such Record Date and prior to such interest payment date. Such payment shall be paid by check or draft of the Paying Agent. If the date for making any payment shall be a legal holiday or a day on which the principal office of the Paying Agent is authorized or required by law to remain closed, such payment may be made on the next succeeding day which is not a legal holiday or a day on which such banking institution is authorized or required by law to remain closed. The principal of and interest on the Bonds shall be paid in accordance with the terms of a "Bond Paying Agent and Registrar Agreement" between the City and The Colorado National Bank of Denver, in Denver, Colorado. Section 3. Prior Redemption. The Bonds are subject to call and prior payment on any interest payment date (whether moneys for such call or prior payment are derived from assessments which have been paid or are proceeds of bonds which may be issued to refund the Bonds) in direct numerical order, upon payment of par and accrued interest. Notice of such prior redemption will be given by the Bond Registrar by mailing a copy of the redemption notice by first class mail (postage prepaid) not less than 15 days prior to the date fixed for redemption, to the registered owner of each Bond to be redeemed at the address shown on the registration - 3 - books maintained by or on behalf of the City by the Bond Registrar. Failure to give such notice by mailing to any Bondowner, or any defect therein, shall not affect the validity of any proceeding for the redemption of other Bonds. All Bonds so called for redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment at that time. Section 4. Form and Execution of Bonds. The Bonds shall be signed with the facsimile or manual signature of the Mayor, sealed with a facsimile or manual impression of the seal of the City, attested with the facsimile or manual signature of the City Clerk, and countersigned with the facsimile or manual signature of the City Treasurer. Should any officer whose facsimile or manual signature appears on the Bonds cease to be such officer before delivery of the Bonds to the purchaser, such facsimile or manual signature shall nevertheless be valid and sufficient for all purposes. The Bonds shall be in substantially the following form: - 4 - [Form of Bond] No. R- [Front of Bond] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF JEFFERSON CITY OF WHEAT RIDGE $5,000 CITY OF WHEAT RIDGE, SPECIAL IMPROVEMENT DISTRICT NO. 1987-1 SPECIAL ASSESSMENT BOND ORIGINAL INTEREST RATE MATURITY DATE ISSUE DATE REGISTERED OWNER: OCTOBER 1, 1998 June 1, 1988 PRINCIPAL AMOUNT: FIVE THOUSAND DOLLARS The City of Wheat Ridge, Jefferson County, Colorado, for value received, hereby promises to pay out of the special fund hereinafter designated, but not otherwise, to the registered owner named above, or registered assigns, on the maturity date specified above, the principal amount specified above. In like manner the City promises to pay interest on such principal amount (computed on the basis of a 360-day year of twelve 30-day months) from the interest payment date next preceding the date of registration and authentication of this Bond, unless this Bond is registered and authenticated prior to April 1, 1989, in which event this Bond shall bear interest from June 1, 1988, at the interest rate per annum specified above. Interest shall be payable semiannually on April 1 and October 1 each year, commencing on April 1, 1989, until such principal amount is paid, unless this Bond shall have been previously called for redemption and payment shall have been duly provided for or made. The principal of this Bond is payable in lawful money of the United States of America to the registered owner upon presentation at The Colorado National Bank of Denver, in Denver, Colorado, or its successor, as Paying Agent. - 5 - Payment of each installment of interest shall be made to the registered owner hereof whose name shall appear on the registration books of the City maintained by or on behalf of the City by The Colorado National Bank of Denver, in Denver, Colorado, or its successor, as Bond Registrar, at the close of business on the fifteenth (15th) day of the calendar month next preceding each interest payment date (the "Record Date"), and shall be paid by check or draft of the Paying Agent mailed to such registered owner at his address as it appears on such registration books. If the date for making any payment shall be a legal holiday or a day on which the principal office of the Paying Agent is authorized or required by law to remain closed, such payment may be made on the next succeeding day which is not a legal holiday or a day on which such banking institution is authorized or required by law to remain closed. Bonds of this issue, of which this Bond is one, are subject to call and prior payment on any interest payment date (whether moneys for such call and prior payment are derived from assessments which have been paid or are proceeds of bonds which may be issued to refund said Bonds) in direct numerical order, upon payment of par and accrued interest. Notice of prior redemption shall be given by mailing a copy of the redemption notice not less than fifteen (15) days prior to the date fixed for redemption, to the registered owner of this Bond at the address shown on the registration books maintained by the Bond Registrar, in the manner set forth in the authorizing Bond Ordinance. All Bonds called for redemption will cease to bear interest after the specified redemption date, provided funds for their redemption are on deposit at the place of payment at that time. REFERENCE IS HEREBY MADE TO FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF FULLY SET FORTH IN THIS PLACE. - 6 - This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the authorizing Bond Ordinance until the certificate of authentication hereon shall have been signed by the Bond Registrar. IN TESTIMONY WHEREOF, the City Council of the City of Wheat Ridge, Colorado, has caused this Bond to be signed with the facsimile signature of the Mayor, sealed with a facsimile of the City seal, attested with the facsimile signature of the City Clerk, and countersigned with the facsimile signature of the City Treasurer, all as of the 1st day of June, 1988. (FACSIMILE S E A L ) ATTESTED: By: (Facsimile Signature) City Clerk CITY OF WHEAT RIDGE, JEFFERSON COUNTY, COLORADO By, (Facsimile Signature Mayor COUNTERSIGNED: By: (Facsimile Signature) City Treasurer [Form of Bond Registrar's Certificate of Authentication] CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds of the issue described in the within mentioned Bond Ordinance. Date of Registration and Authentication: The Colorado National Bank of Denver, Denver, Colorado, as Bond Registrar By: Authorized Signatory - 7 - [Back of Bond] ADDITIONAL PROVISIONS This Bond is one of a series aggregating One Million Two Hundred Fifty Thousand Dollars ($1,250,000) par value, all of like date, principal amount, maturity date, tenor, and effect except as to number and interest rate, issued by the City of Wheat Ridge, in the County of Jefferson and State of Colorado, for the purpose of paying part of the costs of constructing and installing certain street paving, curb and gutter improvements, and storm drainage improvements, together with necessary incidentals, in City of Wheat Ridge, Special Improvement District No. 1987-1. The Bond is issued under the authority of the City Charter, the procedure Ordinance of the City adopted pursuant to the City Charter (Chapter 10 of the Municipal Code) and the Ordinance authorizing the issuance of Bonds of the City, duly adopted, approved, published and made a law of the City prior to the issuance hereof. Pursuant to Section 10-14 of Chapter 10 of the Municipal Code, such recital shall conclusively impart full compliance with all of the provisions thereof, and all bonds issued containing such recital shall be incontestable for any cause whatsoever after their delivery for value. It is hereby recited, certified, and warranted that all of the requirements of law have been fully complied with by the proper officers in issuing this Bond. Payment of this Bond and the interest thereon shall be made from, and as security for such payment there is pledged, a special fund designated as "City of Wheat Ridge, Special Improvement District No. 1987-1 Bond and Interest Fund", which Fund shall contain initially any moneys in the construction account remaining after the cost of improvements has been paid in full and thereafter to contain the proceeds from special assessments to be levied against the property included within the District and specially benefited by the construction and installation of improvements therein. The assessments to be - 8 - levied will constitute a lien on and against each lot or tract of land in the respective amounts to be apportioned by an ordinance of the City. Pursuant to the City Charter, and the Ordinance authorizing the issuance of this Bond, whenever three-fourths (3/4) of the Bonds of this issue have been paid and cancelled, and for any reason the remaining assessments are not paid in time to take up the final Bonds, then the City shall pay said Bonds when due and reimburse itself by collecting the unpaid assessments due the District. In addition, in consideration of general benefits conferred on the City at large from the construction or installation of the improvements in special or local improvement districts, the Council may levy annual taxes on all taxable property within the City at a rate not exceeding two (2) mills in any one year for the purpose, among others, of maintaining current payments of interest and equal annual payments of the principal amount of bonds issued. It is hereby certified and recited that the total issue of Bonds of the City for the District, including this Bond, does not exceed the amount authorized by law; that every requirement of law relating to the creation of City of Wheat Ridge, Special Improvement District No. 1987-1, the construction of said local improvements, and the issuance of this Bond has been fully complied with by the proper officers of the City, and that all conditions required to exist and things required to be done precedent to and in the issuance of this Bond to render the same lawful and valid, have happened, been properly done and performed, and did exist in regular and due time, form, and manner, as required by law. THIS BOND DOES NOT CONSTITUTE A DEBT OR AN INDEBTEDNESS OF THE CITY OF WHEAT RIDGE WITHIN THE MEANING OF THE CITY CHARTER, OR ANY CONSTITUTIONAL OR STATUTORY LIMITATION OR PROVISION, AND SHALL NOT BE CONSIDERED OR HELD TO BE A GENERAL OBLIGATION OF THE CITY. THE PAYMENT OF THIS BOND AND THE INTEREST THEREON IS NOT SECURED BY AN ENCUMBRANCE, MORTGAGE, OR OTHER PLEDGE OF PROPERTY - 9 - OF THE CITY EXCEPT FOR SUCH SPECIAL ASSESSMENTS AND OTHER MONEYS PLEDGED FOR THE PAYMENT OF BONDS, AS SET FORTH ABOVE. NO PROPERTY OF THE CITY, SUBJECT TO SUCH EXCEPTION, SHALL BE LIABLE TO BE FORFEITED OR TAKEN IN PAYMENT OF THE BONDS. For the payment of this Bond and the interest thereon, the City has imposed and will collect assessments against the real property included within the District and specially benefited by the construction and installation of improvements, and take all necessary action to collect any assessments that are in default. The City and the Bond Registrar shall not be required to issue or transfer any Bonds: (1) during a period beginning on the Record Date and ending at the close of business on the ensuing interest payment date, or (2) during the period beginning on any date of selection of Bonds to be redeemed and ending on the day on which the applicable notice of redemption is given. The Bond Registrar shall not be required to transfer any Bonds selected or called for redemption, in whole or in part. The City, the Paying Agent, and the Bond Registrar may deem and treat the registered owner of any Bond as the absolute owner thereof for all purposes (whether or not such Bond shall be overdue) and any notice to the contrary shall not be binding upon the City, the Paying Agent, or the Bond Registrar. This Bond is transferable by the registered owner hereof in person or by his attorney duly authorized in writing, at the principal office of the Bond Registrar, but only in the manner, subject to the limitations, and upon payment of the charges provided in the authorizing Bond Ordinance and upon surrender and cancellation of this Bond. This Bond may be transferred upon the registration books upon delivery to the Bond Registrar of this Bond, accompanied by a written instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the owner of this Bond or his attorney-in-fact or legal representative, containing written instructions as to the details of the transfer of the Bond, along - 10 - with the social security number or federal employer identification number of such transferee. In the event of the transfer of this Bond, the Bond Registrar shall enter the transfer of ownership in the registration books and shall authenticate and deliver in the name of the transferee or transferees a new fully registered Bond or Bonds of authorized denominations of the same maturity and interest rate for the aggregate principal amount which the registered owner is entitled to receive at the earliest practicable time. The Bond Registrar may charge the owner of this Bond for every such transfer an amount sufficient to reimburse it for its reasonable fees and for any tax or other governmental charge required to be paid with respect to such transfer. - 11 - [Form of Transfer] ASSIGNMENT FOR VALUE RECEIVED, the undersigned sells, assigns, and transfers unto SOCIAL SECURITY OR FEDERAL EMPLOYER IDENTIFICATION NUMBER OF ASSIGNEE (Name and Address of Assignee) the within Bond and does hereby irrevocably constitute and appoint attorney, to transfer said Bond on the books kept for registration thereof with full power of substitution in the premises. Dated: Signature of Registered Owner: NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever. Signature guaranteed: (Bank, Trust Company, or Firm) - 12 - Section 5. Authentication. No Bond shall be valid or obligatory for any purpose or be entitled to any security or benefit under this Ordinance unless and until a certificate of authentication on such Bond substantially in the form hereinabove set forth shall have been duly executed by the Bond Registrar, and such executed certificate of the Bond Registrar upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Ordinance. The Bond Registrar's certificate of authentication on any Bond shall be deemed to have been executed by it if signed by an authorized officer or signatory of the Bond Registrar, but it shall not be necessary that the same officer or signatory sign the certificate of authentication on all of the Bonds issued hereunder. Section 6. Delivery of Bonds. Upon the adoption of this Ordinance, the City shall execute the Bonds and deliver them to the Bond Registrar, and the Bond Registrar shall authenticate the Bonds and deliver them to the purchaser thereof as directed by the City, and in accordance with a "Bond Purchase Agreement" between the City and Hanifen, Imhoff Inc., Denver, Colorado (the "Underwriter"). Section 7. Registration and Transfer of Bonds; Persons Treated as Owners. The Bond Registrar shall maintain the books of the City for the registration of ownership of each Bond as provided in this Ordinance. Bonds may be transferred upon the registration books upon delivery of the Bonds to the Bond Registrar, accompanied by a written instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the owner of the Bonds to be transferred or his attorney-in-fact or legal representative, containing written instructions as to the details of the transfer of such Bonds, along with the social security number or federal employer identification number of such transferee. No transfer of any Bond shall be effective until entered on the registration books. - 13 - In all cases of the transfer of a Bond, the Bond Registrar shall enter the transfer of ownership in the registration books and shall authenticate and deliver in the name of the transferee or transferees a new fully registered Bond or Bonds of authorized denominations of the same maturity and interest rate for the aggregate principal amount which the registered owner is entitled to receive at the earliest practicable time in accordance with the provisions of this Ordinance. The Bond Registrar may charge the owner of such Bond for every such transfer of a Bond an amount sufficient to reimburse it for its reasonable fees and for any tax or other governmental charge required to be paid with respect to such transfer. The City and Bond Registrar shall not be required to issue or transfer any Bonds: (1) during a period beginning on the Record Date and ending at the close of business on the ensuing interest payment date, or (2) during the period beginning on any date of selection of Bonds to be redeemed and ending on the day on which the applicable notice of redemption is given. The Bond Registrar shall not be required to transfer any Bonds selected or called for redemption, in whole or in part. New Bonds delivered upon any transfer shall be valid special obligations of the City, evidencing the same obligation as the Bonds surrendered, shall be secured by this Ordinance, and shall be entitled to all of the security and benefits hereof to the same extent as the Bonds surrendered. The City, the Paying Agent, and the Bond Registrar may deem and treat the registered owner of any Bond as the absolute owner thereof for all purposes (whether or not such Bond shall be overdue), and any notice to the contrary shall not be binding upon the City, the Paying Agent, or the Bond Registrar. Section 8. Destruction of Bonds. Whenever any out- standing Bond shall be delivered to the Bond Registrar for cancellation pursuant to this Ordinance and upon payment of the - 14 - principal amount and interest represented thereby, or whenever any outstanding Bond shall be delivered to the Bond Registrar for transfer pursuant to the provisions hereof, such Bond shall be cancelled and destroyed by the Bond Registrar and counterparts of a certificate of destruction evidencing such destruction shall be furnished by the Bond Registrar to the City. Section 9. Lost Bonds. Any Bond that is lost, stolen, destroyed, or mutilated may be replaced or paid by the Bond Registrar in accordance with and subject to the limitations of applicable law. The applicant for any such replacement Bond shall post such security, pay such costs, and present such proof of ownership and loss as may be required by applicable law, or in the absence of specific requirements, as may be required by the Bond Registrar. Section 10. Disposition and Investment of Bond Pro- ceeds. The Bonds shall be issued and sold for the purpose of paying part of the costs and expenses of constructing and installing local improvements in the District and all other costs and expenses incident thereto. The approximate amount of $106,000 from bond proceeds shall be deposited to the Bond and Interest Fund, for the purpose of paying interest on the Bonds becoming due on April 1, 1989. In the event that all of the proceeds of the Bonds are not required to pay such costs and expenses, any remaining amount shall be paid into the bond and interest fund as provided in Section 13 hereof, for the purpose of calling in and paying the principal of and interest on the Bonds. Neither the original purchaser of the Bonds nor any subsequent owners shall be responsible for the application or disposal by the City or any of its officers of the funds derived from the sale thereof. All or any portion of the Bond proceeds may be tempo- rarily invested or reinvested, pending such use, in securities or obligations which are lawful investments. It is hereby covenanted and agreed by the City that it will not make, or permit to be made, any use of the original proceeds of the Bonds, or of any - 15 - moneys treated as proceeds of the Bonds within the meaning of the Internal Revenue Code of 1986, as amended (the "Code") and applicable regulations, rulings, and decisions, or take, permit to be taken, or fail to take any action, which would adversely affect the exclusion from gross income of the interest on the Bonds under Section 103 of the Code and applicable regulations, rulings, and decisions. Section 11. Incontestable Recital in Bonds. In accordance with Section 10-14 of the Municipal Code of the City, each bond shall recite that it is issued under the authority of the City Charter and the procedure ordinance adopted pursuant to the City Charter; such recital shall conclusively impart full compliance with all of the provisions thereof, and all bonds issued containing such recital shall be incontestable for any cause whatsoever after their delivery for value. Section- 12. Limitation of Action. In accordance with Section 13.6 of the Home Rule Charter, no action or proceeding, at law or in equity, to question the validity of, or enjoin the issuance of, the Bonds authorized herein, shall be maintained against the City, unless commenced within thirty (30) days after the date of passage of this ordinance, or else be thereafter perpetually barred. Section 13. City of Wheat Ridge, Special Improvement District No. 1987-1 Bond and Interest Fund. The Bonds and the interest thereon shall be payable solely from the local improvement fund, designated as the "City of Wheat Ridge, Special Improvement District No. 1987-1 Bond and Interest Fund", which shall contain initially any moneys in the construction account remaining after the cost of improvements has been paid in full and thereafter to contain the proceeds from special assessments to be levied against the property within the District and specially benefited by the construction of improvements therein. When there is on hand a sufficient amount to pay six months' interest on outstanding Bonds for the District, the City - 16 - shall call for payment, on the next interest payment date, outstanding Bonds in direct numerical order with funds available therefor. After the expiration of the period for cash payments of assessments in full, the city shall, to the extent possible, pay each year not less than 10% of the total amount of Bonds outstanding after the payment of the Bonds with the proceeds of such cash payments of assessments in full. Section 14. Additional Security for the Payment of Principal and Interest. Pursuant to Section 13.5 of the City Charter, whenever three-fourths (3/4) of the Bonds of this issue have been paid and cancelled, and for any reason the remaining assessments are not paid in time to take up the final Bonds, then the City shall pay said Bonds when due and reimburse itself by collecting the unpaid assessments due the District. In addition, in consideration of general benefits conferred on the City at large from the construction or installation of the improvements in special or local improvement districts, the Council may levy annual taxes on all taxable property within the City at a rate not exceeding two (2) mills in any one year for the purpose, among others, of maintaining current payments of interest and equal annual payments of the principal amount of bonds issued. Section 15. Assessment of Costs. By an ordinance adopted concurrently with the passage of this Ordinance, the City Council has caused assessments to be imposed against the real property specially benefited by the construction and installation of the improvements, and included within the District. The City Council covenants that it will take all necessary action to collect delinquent assessments. Section 16. Designation as "Qualified Tax-exempt Obligations". The City hereby designates the Bonds as "qualified tax-exempt obligations" for purposes of Section 265(b) (3) of the Internal Revenue Code of 1986, as amended. - 17 - Section 17. Acceptance of Bond Purchase Agreement. The City Council does hereby reaffirm its determination to accept the Bond Purchase Agreement as submitted by the Underwriter, and to sell the Bonds to the Underwriter upon the terms, conditions, and provisions as set forth in the Bond Purchase Agreement. Section 18. Approval of Preliminary Official Statement. The City Council hereby approves the Preliminary Official State- ment dated April 29, 1988, in the form presented at this meeting. Copies of the Preliminary Official Statement and the final Official Statement are hereby authorized to be distributed by the Underwriter to all interested persons in connection with the sale of the Bonds. Section 19. Authorization to Execute Collatoral Docu- ments. The officers of the City are hereby authorized and directed to take any and all other actions necessary or appropriate to effectuate the provisions of this ordinance, including, but not being limited to, the execution of a Bond Paying Agent and Registrar Agreement, a Bond Purchase Agreement, and such certificates and affidavits as may reasonably be required by the Underwriter. Section 20. Ratification and Approval of Prior Actions. All actions heretofore taken by the officers and members of the City Council, not inconsistent with the provisions of this ordinance, relating to the authorization, sale, issuance and delivery of the Bonds, be and the same are hereby ratified, ap- proved and confirmed. Section 21. Ordinance Irrepealable. After any of the Bonds herein authorized have been issued, this ordinance shall constitute an irrevocable contract between the City and the owner or owners of the Bonds, and this ordinance shall be and remain irrepealable until the Bonds and the interest accruing thereon shall have been fully paid, satisfied, and discharged, as herein provided. - 18 - Section 22. Severability. That if any one or more sections or parts of this ordinance shall be adjudged unenforce- able or invalid, such judgment shall not affect, impair or invalidate the remaining provisions of this Ordinance, it being the intention that the various provisions hereof are severable. Section 23. Repealer. All ordinances or parts thereof in conflict with this Ordinance are hereby repealed. Section 24. Recording and Authentication. This Ordi- nance shall be numbered and recorded in the official records of the City; the adoption and publication shall be authenticated by the signatures of the Mayor or Mayor Pro Tem and the City Clerk and by the certificate of publication. Section 25. Effective Date. This Ordinance shall be effective fifteen (15) days from the date of final publication of this ordinance. INTRODUCED, READ AND ADOPTED on first reading by a vote of 8 to 0 on this 14th day of March, 1988, ordered published in full in a newspaper of general circulation in the - 19 - City of Wheat Ridge and public hearing and consideration on final passage set for April 25, 1988, at 7:30 P.M., in the Council Chambers, 7500 West 29th Avenue, Wheat Ridge, Colorado. READ, ADOPTED AND ORDERED PUBLISHED on second and final reading by a vote of 8 to 0, this 9th day of May, 1988. SIGNED by the Mayor on this 10th day of May , 1988. Dan Wilde, Mayor ATTEST: Wanda Sang, City C]iOrk APPROVED AS TO FORM BY OFFICE OF 'ti ATTORNIyY John E. H es 1st Publication: March 17, 1988 2nd Publication: May 19, 1988 Effective Date: June 3, 1988 - 20 -