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