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HomeMy WebLinkAboutOrdinance-1998-1121 CITY OF WHEAT RIDGE, COLORADO INTRODUCED BY COUNCIL MEMBER DITULLIO COUNCIL BILL 24 ORDINANCE NO 1121 SERIES OF 1998 TITLE AN ORDINANCE AUTHORIZING THE ISSUANCE OF CERTIFICATES OF PARTICIPATION, SERIES 1998, OF THE CITY OF WHEAT RIDGE, COLORADO, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $14,900,000, AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF A GROUND LEASE AGREEMENT, A LEASE PURCHASE AND SUBLEASE AGREEMENT AND AN OFFICIAL STATEMENT, APPROVING THE FORM OF A MORTGAGE AND INDENTURE OF TRUST, RATIFYING ACTION PREVIOUSL Y TAKEN CONCERNING THE CERTIFICATES, AND PROVIDING OTHER MATTERS RELATING THERETO WHEREAS, the CIty of Wheat RIdge, Jefferson County, Colorado (the "City") IS a duly organized and eXlstmg home rule mUniCIpality of the State of Colorado, created and operatmg pursuant to ArtIcle XX of the ConstItutIOn of the State of Colorado and the home rule charter of the City (the "Charter"), and WHEREAS, pursuant to Chapter XII of the Charter, the CIty IS authonzed to enter mto one or more leases or lease-purchase agreements for land, buildmgs, eqUIpment and other property for governmental or propnetary purposes, and WHEREAS, the City Council has determmed, and hereby deems, It IS In the best mterest of the City and ItS mhabltants that the CIty and the Wheat Ridge RecreatIOn Center Finance Authonty (the "Lessor") enter mto a Ground Lease Agreement dated as ofJuly 1, 1998 (the "Ground Lease") and a Lease Purchase and Sublease Agreement dated as ofJuly I, 1998 (the "Lease"), whIch prOVIde for the leasmg of a parcel ofland (the "SIte") by the City to the Lessor and the acqUIsitIOn, constructIon and eqUIpping thereon of a recreational facilIty (the "Project") by the Lessor and the leasmg of the Project and the subleasmg of the SIte by the Lessor to the City; and WHEREAS, to accomplish the purposes of the Ground Lease and the Lease, the Lessor and The Bank of Cherry Creek, N.A, as Trustee (the "Trustee"), will enter mto a Mortgage and Indenture of Trust dated as of June I, 1998 (the "Indenture"), pursuant to whIch there will be Issued certam CertIficates of Participation (Recreation Center Project), Senes 1998, dated July I, 1998, in the maximum aggregate pnnclpal amount of $14,900,000 (the "Certificates"), and WHEREAS, the obligation of the City to pay Base Rentals and Additional Rentals (both as defined In the Lease) shall be from year to year only; shall constitute currently budgeted expendItures of the CIty; shall not constltute a mandatory charge or reqUIrement many ensumg budget year; and shall not constitute a general obligatIOn or other mdebtedness or multiple fiscal year financIal obhgatlOn of the City wlthm the meamng of any constitutIOnal, statutory or Charter limitation or reqUirement concermng the creatIOn of mdebtedness or multiple fiscal year finanCial obligations, nor a mandatory payment obligatIOn of the City many ensumg fiscal year beyond any fiscal year during which the Lease shall be m effect; and WHEREAS, the Certificates shall eVidence assignments of proportIOnate undiVided mterests m the nghts to receive certam Revenues (as defined m the Lease), shall be payable solely from the sources therem proVided, and shall not constitute a general obligatIOn or other mdebtedness or multiple fiscal year financIal obligation of the City wlthm the meanmg of any constitutIOnal, statutory or Charter limitation or reqUirement concernmg the creatIOn of mdebtedness or multiple fiscal year financIal obhgatlOns, nor a mandatory payment obligatIOn of the City many ensumg fiscal year beyond the current fiscal year; and WHEREAS, neither the Lease nor the Issuance of the Certificates shall directly or mdirectly obligate the City to make any payments beyond those appropnated for any fiscal year dunng which the Lease shall be m effect; and WHEREAS, the City has determmed, and does hereby declare, that the proposal (the "Purchase Agreement") submitted by Hamfen, Imhoff Inc and Dam Rauscher Incorporated (collectively, the "Purchaser") for the purchase of the Certificates at the purchase pnce as set forth, and otherwise upon the terms and provIsions provided therein IS a responsible proposal to the best advantage of the City; and WHEREAS, there have been presented to the City Council at thiS meeting: (i) the proposed form of the Ground Lease, (ii) the proposed form of the Lease, (ili) the proposed form of the Indenture, (iv) the proposed form of the Continuing Disclosure Certificate (the "Contmumg Disclosure Certificate") to be proVided by the City; (v) the proposed form of the Purchase Agreement; (vi) the proposed form of Prelimmary Official Statement (the "Prehminary OffiCIal Statement") relatmg to the Certificates, and (vn) the Letter of Representations With Depository Trust Company ("DTC") (the "Letter of RepresentatIOns"), and WHEREAS, no member of the City Council has any conflict of mterest or IS mterested many pecumary manner m the issuance of the Certificates, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO Section 1 Short Title ThiS Ordinance shall be known and may be cited by the short title "Certificates of ParticipatIOn (Recreation Center ProJect), Senes 1998 Ordinance" Section 2 Ratification and Approval of Pnor ActIOns All action heretofore taken (not mconslstent With the proVISIons of this ordmance) by the City Councilor the officers or ~2~ agents of the City Councilor the City relating to the authonzatlOn, sale, Issuance and dehvery of the Certificates (includmg without hmltatlOn, executIOn and dehvery of the Reimbursement Amendment, preparation and distributIOn of the Prehmmary OfficIal Statement and quahficatIon of the Certificates for book-entry with DTC), IS hereby ratIfied, approved and confirmed. The designatIOn of the Prehmmary OffiCial Statement by the City's City Manager as a "nearly final Official Statement" for purposes of Rule 15c2-12 of the US Securities and Exchange Commission IS hereby ratified, approved and confirmed. SectIon 3 Finding of Best Interests. The City Council hereby finds and determmes, pursuant to the ConstItutIOn, the laws of the State of Colorado and the Charter, that the acqUIsItIon, construction, eqUIppmg and leasmg of the Project under the terms and provIsions set forth m the Lease, the Indenture and the Ground Lease IS necessary, convement and m furtherance of the City's purposes and is in the best interests of the mhabltants of the City; and the City Council hereby authonzes and approves such acqUISItIon, constructIOn, eqUIppmg and leasmg ofthe ProJect, all under the terms and proVIsions of the Ground Lease, the Lease and the Indenture SectIOn 4 Approval of Ground Lease and Lease The Ground Lease and the Lease, each m substantially the form presented to thiS meetmg of the City Council, are m all respects approved, authonzed and confirmed, and the Mayor of the City IS authonzed and directed to execute and deliver the Ground Lease and the Lease in substantially the forms and With substantIally the same contents as presented to thIS meetmg of the City Council, for and on behalf of the City SectIon 5 Approval of Indenture The City Council hereby approves the execution and delivery by the Lessor and the Trustee of the Indenture m substantially the form and WIth substantIally the same contents as presented to thiS meetmg of the CIty Council. Section 6 Approval of ASSIgnment. The City Council hereby acknowledges and consents to the aSSIgnment by the Lessor to the Trustee, pursuant to the Indenture, of all nght, title and mterest of the Lessor m, to and under the Lease and the Ground Lease SectIOn 7 Approval of Certificates. The City Council hereby acknowledges and consents to the Issuance and sale of the CertIficates pursuant to the Indenture The City CounCil hereby acknowledges and approves the form, terms and provlslons of the Certificates contamed m the Indenture, m substantially the form presented to thiS meetmg ofthe City Council The City Clerk IS hereby authonzed and dIrected to affix her signature or a facsimile thereof to authenticate the CertIficates, as proVided in the Indenture. SectIon 8 Approval of Purchase Agreement. The CIty Council does hereby accept and approve the Purchase Agreement as submitted by the Purchaser, and the Certificates shall be sold to the Purchaser upon the terms, conditIons and provisions as set forth m the Purchase Agreement provlded that the maximum pnnclpal amount of the Certificates shall not exceed $14,900,000, the mterest rate on the Certificates shall not exceed 55%, the CertIficates shall mature -3~ no later than December 15, 2008, and average annual pnnclpal and Interest payments (and Base Rentals) shall not exceed $1,795,000 SectIOn 9 Approval of Official Statement. A final Official Statement, In substantially the form of the Preliminary Official Statement presented to this meeting of the City Council, IS in all respects approved and authonzed. The Mayor IS hereby authonzed and directed for and on behalf of the City to execute and deliver the final Official Statement In substantially the form and with substantially the same content as the Preliminary Official Statement presented to this meeting of the City Council, with such changes as may be approved by the City Manager The distributIOn by the Purchaser of the Preliminary OffiCial Statement and the final OffiCial Statement to all Interested persons In connectIOn with the sale of the Certificates IS hereby ratified, approved and authonzed. SectIOn 10 AuthonzatlOn to Execute Collateral Documents. The City Clerk IS hereby authonzed and directed to attest all signatures and acts of any offiCial of the City In connectIOn with the matters authonzed by thiS ordinance. The Mayor and City Clerk and other appropnate offiCials or employees of the City are hereby authorized to execute and deliver for and on behalf of the City any and all additional certificates, documents, lllstruments and other papers, and to perform all other acts that they deem necessary or appropnate, In order to Implement and carry out the transactIOns and other matters authonzed by this ordlllance, including but not limited to the executIOn of the Letter of Representations, the Purchase Agreement, the Continulllg Disclosure Certificate, and such other certificates and affidavits as may be reasonably reqUIred by the Purchaser The appropnate officers of the City are authonzed to execute on behalf of the City agreements concernlllg the depOSit and lllvestment of funds in connectIOn with the transactIOns contemplated by thiS ordinance. The execution of any lllstrument by the aforementIOned officers or members of the City Council shall be conclusive eVidence of the approval by the City of such instrument in accordance with the terms hereof and thereof. SectIOn II Approval of Mortgage. The City Council hereby approves the borrOWing by the Lessor eVidenced by the Certificates and the mortgaging of the Project pursuant to the terms of the Indenture SectIOn 12 No General Obligation Debt. No provIsIOn of this ordinance, the Ground Lease, the Lease, the Indenture, the Preliminary OffiCial Statement or the final Official Statement shall be construed as creatlllg or constltutlllg a general obligation or other indebtedness or multiple fiscal year finanCial obligation of the City within the meaning of any constitutional or statutory proVision, nor a mandatory charge or requirement against the City In any ensuing fiscal year beyond the then current fiscal year The City shall not have any obligation to make any payment With respect to the Certificates except In connectIOn With the payment of the Base Rentals (as defined In the Lease) and certalll other payments under the Lease, which payments may be terminated by the City In accordance with the provisions of the Lease Each Certificate shall eVidence an assignment of a proportIOnate Interest III the nght to receive revenues under the Lease The Certificates shall not constitute a mandatory charge or requirement of the City in any ensulllg fiscal year beyond the then -4- current fiscal year, and shall not constItute or give nse to a general obligatIOn or other Indebtedness or multiple fiscal year financIal obhgatIon of the CIty Within the meanmg of any constItutIOnal, statutory or Charter debt limitatIOn and shall not constitute a multiple fiscal year direct or indIrect CIty debt or other financial obhgatlon whatsoever No proVIsIon of the CertIficates shall be construed or Interpreted as creating an unlawful delegatIOn of governmental powers nor as a donatIOn by or a lending of the credit of the City within the mearung of SectIOns 1 or 2 of Article XI of the Colorado ConstitutIOn. The issuance of the Certificates shall not directly or Indirectly obligate the City to make any payments beyond those budgeted and appropriated for the City's then current fiscal year Section 13 Reasonableness of Rentals. The City Council hereby determines and declares that the Base Rentals do not ex'ceed a reasonable amount so as to place the City under an economic compulSIOn to renew the Lease or to exercise ItS optIOn to purchase the Project pursuant to the Lease The City Council hereby determines and declares that the penod dunng which the City has an optIOn to purchase the Project (i.e., the entire maximum term of the Lease) does not exceed the useful Me of the Project. Section 14 Repealer All bylaws, orders, resolutions and ordmances of the City, or parts thereof, mconslstent herewith are hereby repealed to the extent only of such inconsistency Tills repealer shall not be construed to revive any other such bylaw, order, resolutIOn or ordmance of the City, or part thereof, heretofore repealed. Section 15 Severability If any sectIOn, subsectIOn, paragraph, clause or other proVISIon of thiS ordinance for any reason IS mvahd or unenforceable, the invalidity or unenforceabihty of such sectIon, subsectIOn, paragraph, clause or other prOVISIOn shall not affect any of the remalnmg prOVISIons of thiS ordinance, the mtent bemg that the same are severable. SectIOn 16 EffectIve Date, Recording and AuthentIcation. This ordinance shall be m full force upon passage. ThIS ordinance shall be numbered and recorded m the offiCIal records of the City kept for that purpose, and shall be authenticated by the SIgnatures of the Mayor or Mayor Pro- Tempore and City Clerk, and published m accordance With law -5- INTRODUCED, READ AND APPROVED on first reading by a vote of8 to 0 this 8th day of June, 1998 and ordered pubhshed m full m a newspaper of general ClfculatlOn m the City of Wheat RIdge, and a Pubhc Heanng on the Ordinance and consideratIOn on final passage set for Monday, June 22, 1998, at 7 00 pm., In the Council Chambers, 7500 W 29th Avenue, Wheat fudge, Colorado INTRODUCED, READ, APPROVED AND ORDERED PUBLISHED on second and final reading by a vote of ---6.- to -L, thIs 22nd day of June, 1998 SIGNED BY THE MAYOR ON THIS 22nd DAY OF June , 1998 ( ! ,. ( ( ""'!(t.~..l" Ic({i i /'-l{-<.{C"( I . r Mayor (SEAL) ATTESTED AS TO FORM BY CITY 1st Publication. June 12, 1998 2nd PubhcatlOn June 26 , 1998 Wheat Ridge Transcript Effective Date June 22 _, 1998 (Copies ofOrdmance may be obtained at the Office of the City Clerk, MUniCipal Building, 7500 W 29th Avenue, Wheat fudge, Colorado) -6~ STATE OF COLORADO ) ) COUNTY OF JEFFERSON ) ss ) CITY OF WHEAT RIDGE ) 1, the duly elected, qualified and actmg CIty Clerk of the City of Wheat RIdge, Colorado (the "CIty") do hereby certIfy' 1 That the foregomg pages are a true, correct, and complete copy of an ordinance adopted by the CIty Council (the "Council") of the CIty at a regular meetmg of the CIty held at the Muntclpal Buildmg of the City on June 22, 1998 2 The Ordinance has been SIgned by the Mayor, sealed wIth the corporate seal of the City, attested by me as City Clerk, and duly numbered and recorded m the offiCIal records of the CIty; and that the same remams of record in the official records of the CIty 3 The Ordmance was duly moved and seconded and the Ordmance was approved on first reading by a vote of ~ to ~ of the members of the Council at the regular meeting on June 8, 1998, as follows Those V otmg Yes Jerry DiTullio Lloyd Donnelly Janelle Shaver Donald Eafanti Ken Siler Ralph Mancinelli Claudia Worth Teri Dalbec Those Votmg No Those Abstamlng: Those Absent 4 That the full text ofthe ordinance as well as the notIce of publIc heanng was published after first reading m the Wheat Ridge Transcnpt, a newspaper of general circulatIOn within the CIty on June 12 , 1998 The affidavIt of publicatIon IS attached hereto as Exhibit A. ~7- 5 That folloWIng saId pubhc heanng, the passage of the Ordmance on second reading was duly moved and seconded, and the Ordinance was finally adopted at the meetmg of June 22, 1998, by an affirmative vote of a majonty of the members of the Council as follows Those V otmg Yes Jerry DiTullio Janelle Shaver Don Eafanti Ken Siler Claudia Worth Teri Dalbec Those Voting No Those Abstammg: Those Absent. Ralph Mancinelli Lloyd Donnelly 6 The members of the Council were present at each of the meetmgs and voted on the passage of such Ordmance as set forth above 7 There are no bylaws, rules or regulations of the Council which nught prohibit the adoption of said Ordmance 8 The Ordmance was published by title III the Wheat Ridge Transcnpt, a newspaper of general circulation m the City on June 26 _, 1998, and the affidaVit of pubhcatlon IS attached hereto as Exhibit B 9 Notice of the meetmgs of June 8, 1998 and June 22, 1998, m the forms attached hereto as Exhibit C was posted at the City MUniCipal BuildIng not less than 24 hours pnor to each meetmg In accordance With law IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of SaId City thIS 23rd day of June , 1998 (SEAL) , 'i ~ ~:;//:L , , , ( ;", , c r' ( City Cle~ '\ ~8- EXHIBIT A " HE GOLDEN TRANSCRIP 1000 10th Street, Golden, CCJ Copy of Publication CITY OF WHEAT RIDGE. COLORADO INTRODUCED BY COUNCIL MEMBER DITULLIO COUNCIL BILL 24 ORDINANCE NO. SERIES OF ~ TITLE. AN ORDINANCE AUTHQRJZ rNG THE ISSUANCE OF CERTIFI. CATES OF PARTICIPATION, SERIES 1998, OF THE CITY OF WHEAT RIDGE. COLORADO. IN THE MAXI- MUM AGGREGATE PRINCIPAL AMOUNT OF $14,900,000. AUTHO- RIZING THE EXECUTION AND DELIVERY BY THE CITY OF A GROUND LEASE AGREEMENT A LEASE PURCHASE AND SUBLEASE AGREEMENT AND AN OFFICIAL STATEMENT, APPROVING THE FORM OF A MORTGAGE AND INDENTURE OF TRUST. RATIPfING ACTION PREVIQUSL Y TAKEN CON. CERNING THE CERTIFICATES. AND PROVIDING OTHER MATTERS RELATING THERETO. WHEREAS, the City 01 Wheat Ridge ~effe'son Coun~y, Colorado. (I,he .City") IS a duly .o~gantzed and eX/sling home rule muniCipality of the State 01 Col- orado, created and operating pursuant to Article XX of the Constitution 01 the State of Colorado and the home rule charter of the City (the MCharter1; and WHEREAS. pursuant to Chapter XII of the C~arter. the City is authorized to enter Into one or more leases or lease- purchase agreements for land, build- Ings. equipment and other property for governmental or proprietary purposes; and WHEREAS. the City Council has deter- mined. and hereby deems. it is in the best interest of the City and its inhabi- tants that the City and the Wheat Ridge Recreation Center Finance Authority (the -LeSSOr-) ent.r into a Ground Lease Agreement dated .s of July 1, ~ 1998 (the -Ground lease' and a lease;. Purchase and Sublease Agreement dat.ed as of July 1, 1998 (the "ease-). whICh provide for the leasing of a parcel of land (the -Site-) by the City to the Lessor and the acquisition, construction and equipping thereon 01 a recreational facility (the "Projectj by the Lessor and the leasing of the Project and the sub-- leasing of the Site by the Lessor to the City; and WHEREAS. 10 accomplish the purpos- es of the Ground Lease and the Lease. the Lessor and The Bank of Cherry Creek, N.A., as Trustee (the "Trustee"), will enter into a Mortgage and Indenture of Trust dated as 01 June 1. 1998 (the -Indenture-). pursuant to which there will be issued certain Certificates of Participation (Recreation Center Pro- ;actl. Series 1998, dated July 1, 1998, In the maximum aggregate princi~~1 amount of $14,900,OOO (the .Certlfl- cates.); and WHEREAS, the obligation of the .C!ity to pay Base Rentals and Additional Rentals (both as defined in the lease) shall be from year to year only; sha.11 constitute currently budgeted expendI- tures of the City; shatl not constitute a mandatory charge or requirement in any ensuing budget year; and shall not constitute a generat obHgation or other indebtedness or muhiple fiscal year financial obligation of the City within the meaning of any constitutional, statutory or Charter limitation or requirement concerning the creation of indebted- ness or muttiple fiscal year financial obligations, nor a mandatory payment obligation of the City in any ensuing fis. cal year beyond any fISCal year during which the Lease shall be in eHect; and WHEREAS, the Certificates shall e....i. dence assignments of proportlonale undi....ided inlerests in the rights to receive certain Revenues (as defined in the Lease), shalt be payable solely hom the sources therein provided, and shall not constitute a general obligation or other indebtedness or multiple fiscal year financial obligation of the ~i1y. with- ~~~:t:~a~~n~~~~~~ ~~;ftt:~~~n~l; requirement concerning the creation 01 indebtedness or multiple fiscal year financial obligations. nor a mandatory payment obligation of the City in any ensuing fiscal year beyond the current ~~~A~~k~~~ither the Lease nor the issuance of the Certificates shall direct. Iy or indirectly obligate the City to make any payments beyond those approprlat. ed lor any fisc~t year dunng whICh the lease shat! be In effect and WHEREAS, the City has determined, and do,~S~ h~reby decl~~e: lh~~ ~~~ pro~ Proof o. _ ..Jblication 1936, and has ever since that date, been admitted to the UnIted States mails as second class matter under the provisions of the Act of March 3 1979 or any amendments thereto. " 7 That the said annexed. publication was publiShed In the regular and entire edition of the Golden Transcnpt, a duly qualified weekly newspaper for that purpose, within the terms and means of the Statutes of the State of Colorado. 8. That the said annexed publication is a full, true, and co;rect ~opy of the anginal which was regular. Iy published In each of the regular and entire issues of saId newspaper, a legally qualified paper for that purpose, once each week, on the same day of each week, for STATE OF COLORADO SS oun being duly 1 That (he) (she) is the Agent of the Golden Transcnpt newspaper printed and published in the City of Golden, County of Jefferson and State of Colorado, and has personal knowledge of all the facts set forth in this affidavit. 2. That the said Golden Transcript is printed and published once each week on Friday, and that it has a general CIrculatIOn In the City of Golden and in the Cou0ty of Jefferson and elsewhere, delivered by carriers or transmitted by mail to each of the sub, scnbers of saId paper, according to the accus' tamed mode of bUSiness in this office. 3. That the said Golden Transcript was established and has been pnnted and published in the said City of Golden and the County of Jefferson uninterrupt, ed and conllnuou.sly during a periOd of at least fJfty,two consecutive weeks next prior to the first Iss~e thereof containing said publication, a copy of whIch IS hereto attached. 4. That the said Golden Transcript is a weekly newspaper of general circulation, and is printed and publIshed In ~hole or in part in the City of Golden and the saId County of Jefferson in which saId publicatIon IS required by law to be published a copy of which is hereunto attached. ' 5. That the said, Golden Transcript is a weekly ne..yspaper qualifIed to publish legal notices, as defined by the Statutes of the State of Colorado 6. That said newspaper had, prior to January' 1, City any and all additional certificates, documents, instruments and other papers, and to perform aU other acts that they deem necessary or appropn. ate. in order to implement and cany out the transactions and other matters authorized by this ordinance, including but not limited to the execution of the Letter 01 Representations. the Pur. chase Agreement, the Continuing Dis- closure Certificate, and such other certificates and affidavits as may be reasonably required by the Purchaser. The appropriate officers of the City are authorized to execute on behalf 01 the City agreements conceming the deposit and investment of funds in connection with the transactions contemplated by ~his ordinance. The eX6Cuti.on of any Instrument by the aforementIOned off.. ! cers or members of the City Council I shall be conclusive evidence of the ~pproval by the City of such instrument 10 accordance With the terms hereof and thereof. Section 11. Acoro....al of Mortcaaa The City Council hereby approves the bor. rowing by the lessor evidenced by the Certificates and the mortgaglOQ 01 the Project pursuant to the terms of the Indenture. Section 12. No General Obliaation ~ No provisIOn of this ordinance, the Ground Lease, the Lease, the Indenture, the Preliminary Official Statement or the final Official State- ment sh~1l be construed as ~reating or Co~stltutlng a general obligatIon or oth- er Indebted,:,es~ or multipl~ fiscal. year financial obhgalton of t~ City Within the meaning of any constltu1k>na. or statu- tory pro....ision. nor a mandato~ charge or require~ent against the CIty In any ensuing fiscal year beyond the then I current fiscal year. The City shall nol have any obligation to make any pay- ment with respect to the Certificates except in connection with the payment of the Base Rentals (as defined in the Lease) and certain other payments under the Lease, which payments may be terminated by the City In accordance With the provisions 01 the Lease. Each Certificate shall e....idence an assign. ment of a proportionate interest in the right to receive revenues under the Lease. The Certificates shall not con- stitute a mandatory charge or require. ment of the City in any ensuing fiscal year beyond lhe then current fiscal year, and shall not constitute or gi....e rise to a general obligation or other indebtedness or multiple. fiscal. year finanCial obligation of the City within the meaning of any constitutional, statutory or Chaner debt limitatIon and shall nOl CO_~slitut~ a m,ultiple fiscal year direct or successive weeks, by inser' tions, and that the first publication thereof was in the issue dated (p ( l L.. , 19-1], and that the last publication was In the issue dated tEll: "5Z_ 1... M<;-~Lc... /" b~d and sworn to befoJ me this /6- day of y0t..-L- 19-%" TKAREttANNE MOLiNE-~ : N?t~\l.P8'TARV?UBLlC. :. < !~"~()~I7A~~<,.ff~ ~---~-~~------~~---- My Commi"ion Expires Mar. 31, 2001 offICers or agents 01 the City Coun- )f the City relating to the authorize- . sale. is$uancl: and delivery 01 the tifica!1V p ~ll)pir.g without li-nitation, c,.otbn .md ::;.Jlivery of the Raim. sement Amendment, preparation t distribution 01 the Preliminary Otfi- Statement and qualifICation of the 1iflC8tes tor book-entry with DTC}, is "eby ratified. approved and con. led. The designalion of the Prelimi. y Official Statement by the City's ( Manager as a -nearty fina1 Official demenr lor purposes at Rule 15c2- of the U.S. Securities and Exchange mmission is hereby ratified. ;>rOVed and confirmed. ction 3. Findtna of Be~t lnlerests e C~ty Council hereby finds and termlnes, pursuant 10 the Constitu- n. the laws of the State of Colorado d the Charter, that the acquisition. nstrudion, equipping and leasing of ) Project lalder the tenns and provi. JnS 1581 forth in the Lease, the Inden- ,e and the Ground Lease is <:essary. convenient and in further- ICe of the City's purposes and is in , besl irrterests of the inhabitants of e City; and the City Council hereby 4horizes and approves such acquiSt- n, construction, equipping and leas. 9 of the Project, all under the terms Id provisions of the Ground Lease, e Lease and the Indenture. eetion 4. Aooroval of Ground Lease ~. The Ground Lease and the ~ase, each in substantially Ihe form 'esenled to this meeting of the City ounei!. are in all respects approved, uthorized and confirmed, and the layor 01 the City is authorized and Irected to execute and deliver the .round Lease and the Lease in sub- tantially the forms and with subslan- !lIy the same contents as presented to YS meeting of the City Council, for and n behalf of the City. ~ion 5. Aooroval of Indenture The ;ity Council hereby approves the exe- ~ifru:~~ ~~:7n~~n~~e ~~~~;s~n~ ally the form and with substantially the am~ contents as presented to this :'18etlng of the City Council. ;ecti~n 6. Aooroval of Assianment lie City Council hereby acknowledges 10d consents to the assignment by the ..essor to the Trustee, pursuanl to the ndenture, 01 all right, title and interest }f the Lessor in. to and under Ihe .ease and the Ground Lease. >action 7 Aooroval of Certificates The :::ity Council hereby acknowledaes and ::ansents 10 the issuance and sale of he CertifICates pursuant to the Inden- ure. The City Council hereby acknowl- ~dges and approves the form terms tnd provisions of the Certificat~s con- ained in the Indenture, in substantially 'he fo~m presented to this meeting of 'he City Council. The Cily Clerk is lereby authorized and directed 10 affIX ler signature or a facsimile thereof to lut~enticate the Certificates, as provid- ~d In the Indenture. Section 8. Aooroval of P':lrchase Aaree- '!!mll.. The City CounCil does hereby lccepl and approve the Purchase -'greement as submitted by the Pur- .:haser, and the Certificates shall be sold ~~ the Purcha~er upon the terms, .:onditlons and provIsions as set forth in the Purchase Agreement provided that the maximum principal amount 01 the Certificates shall not exceed 514,900,000, the interest rate on the Certificates shall not exceed 5.5% the Certificates shall mature no later ihan December 15, 2008, and average annual principal and interest payments (and Base Rentals) shall not exceed $1,795,000. Section 9. ADDro~al 01 Official ,State- ~_ A final OffIC181 Statement In sub. stantially the form of the Preliminary Official Statement presented 10 this meeting of the City-Council, is in all respects approved and authorized. The Mayor is hereby authorized and direct- ed for and on behalf of the City to exe- cute and deliver the final Official Slatement in ~ubstantially the form and with su~stanllalty the same content as the Prehmi~ary Official Statement pre- ~nted to Ihls meeling of the City Coun- CIl. with such changes as may be approved by the City Manager. The dl~ribution by the Purchaser of the Pre- liminary Official Statement and the final Official Staleme.nt teraU interested per- sons in connectIon with the sale of the Certificates is hereby ratified, approved and authorized. Section 10. Authorization to Fxecute ~ollateral Documents The City Clerk IS hereby authorized and directed to a~est all signatu~es and act:; of any offi- c181 of the City In connection with the maners authorize~ by this ordinance. The Mayor an~ ~Ity Clerk and other appropnate offiCIals or employees of the City are hereby authorized to exe- cute and deliver for and on behalf of the or Olner prOVISIOll :,11c111IIW! c1l'U....1 <>") ....' the remaining provisions of this ordi- nance, the intent being that the same are severa~. Section 16. Effective Date F (lg. and Authentication This c. ce shall be in full force and effect ~ays following the date of final publication. This ordinance shaU be numbered and recorded in Ihe official records of the CiIy kepi tor thai purpose, and shall be authenlicated by the signatures of the Mayor or Mayor Pnr Tempore and City Clerk, and published in accordance with law, INTRODUCED, READ AND APPROVED on firsl reading by a vote of 8 10 0 this 8th day 01 June, 1998 and ordered pUblished In full in a newspa- per of general circulation in the City of Wheat Ridge, and a Public Hearing on the Ordinance and consideration on final passage set for Monday, June 22. 1998, at 7;00 p,m., In the Council Chambers, 7500 W 29th Avenue, Wheat Rfdge, Colorado. INTRODUCED, READ, APPROVED AND ORDERED PUBLISHED on S8C' ond and final reading by a vote of _ to -' this 22nd day of June, 1998. SIGNED BY THE MAYOR ON THIS DAY OF 1998. Mayor (SEAL) ATTESTED: CiryClerk APPROVED AS TO FORM BY CITY ATTORNEY City Anomey (Copies of Ordinance may be obtained at the OHlce of the City Clerk, Municipal Building, 7500 W. 29th Avenue, Wheat Ridge, Coiorado.) Wheat Ridge Transcript TWOOO7.612 Published June 12, 1998 THE GOLDEN TRANSCRIPT 1000 10th Street, Golden, CO Copy of Publication ORDINANCE 1121 INTRODUCED BY CQUNCILMEMBER .Q..!I.l.I!lig (C.B. No. 24) TITLE. AN ORDINANCE AUTHORIZ- ING THE ISSUANCE OF CERTIFI- CATES OF PARTICIPATION. SERIES 1998, OF THE CITY OF WHEAT RIDGE, COLORADO, IN THE MAXI. MUM AGGREGATE PRINCIPAL AMOUNT OF $14,900,000, AUTHO- RIZING THE EXECUTION AND DELIVERY BY -THE CITY OF A GROUND lEASE AGREEMENT, A LEASE PURCHASE AND SUBLEASE AGREEMENT AND AN OFFICIAL STATEMENT, APPROVING THE FOAM OF A MORTGAGE AND INDENTURE OF TRUST. RATIFYING ACTION PAEVIOUSl Y TAKEN CON. CERNING THE CEATJFICA rES; AND PROVtDING OTHER MATTERS RELATING THERETO. BE IT ORDAINED BY THE CITY COUNCil OF THE CITY OF WHEAT RIDGE, COLORADO, THAT INTRODUCED. READ AND ADOPTED on first reading by a vote of e. to Q on this.6.I.I:I day of 1J.lM., 1998, ordered published in full i,:, a newspaper of gen- e~al circulation In the City of Wheat Ridge, and a PublIC Keanng and con. sideration on final passage sel for Mon- day, ~, 1998, a.t 7:00 p.m., in Council Chambers, 1500 W 29th Avenue, Wheat Ridge, Colorado, READ. ADOPTED AND ORDERED PUBLISHED on second and final read- ing by a vote of ..2.. 10 .J.... this ~ day of~, 1998. sJs GraIchen Carvenv ATTEST Grelchen Cerveny, Mayor sJs Wanda Sana ~~~Oee~A~it.fg~gAM BY OFFICE OF THE CITY ATTORNEY s1s1Gerald Dahl Gerald E. Dahl Wheat Ridge Transcript nvOO13.626 First Publication: June 12, 1998 Second Publication; June 26, 1998 Effective Dale: June 22, 1998 {Copies ~f Ordina~ may be obl~ined at t.he OffICe of the City Cle\1(., MunIcipal Budding, 7500 W. 29th Avenue, Wheat Aidael. - Proof of Publication 1936, and has ever since that date, been admitted to the United States mails as second class matter under the provisions of the Act of March 3, 1979, or any amendments thereto. 7 That the said annexed publication was publiShed in the regular and entire edition of the Golden Transcripl, a duly qualified weekly newspaper for that purpose, within the terms and means of the Statutes of the State of Colorado. 8. That the said annexed publication is a full, true, and correct copy of the original which was regular- ly published in each of the regular and entire issues of said newspaper, a legally qualified paper for that purpose, once each week, on the same day of each week, for EXHIBIT B being duly 1 That (he) (she) is the Agent of the Golden Transcript newspaper printed and published in the City of Golden, County of Jefterson and State of Colorado, and has personal knowledge of all the facts set 10rth in this affidavit. 2. That the said Golden Transcript is printed and published once each week on Friday, and that it has a general circulation in the City of Golden and in the County 01 Jefferson and elsewhere, delivered by carriers Dr transmitted by mail to each of the sub' scribers of said paper, according to the accus' tomed mode of business in this office. 3. That the said Golden Transcript was established and has been printed and published in the said City of Golden and the County of Jefferson uninterrupt, ed and continuously during a period of at least fifty,two consecutive weeks next prior to the first issue thereof containing said publication, a copy of which is hereto attached. 4. That the said Golden Transcript is a weekly newspaper of general circulation, and is printed and published in whole Dr in part in the City of Golden and the said County of Jefferson in which said publication is required by law to be published, a copy of which is hereunto attached. 5. That the said Golden Transcript is a weekly newspaper qualified to publish legal notices, as defined by the Statutes of the State of Colorado. 6. That said newspaper had, prior to January 1, successive weeks, by inser' tions, and that the first publication thereof was in the issue dated (, (,,~ ,1 9.:t? and that the last publication was in the issue dated t!=.t-0 ,19~. J. - Y\^ ~2LLk ..-----' 1 {) Subscffl and sworn to before me this 1:/:- day ot?~ ~"-"~"~----,-------,~ ~~~2L~~1~~~ I : STATE OF COLORADO ~ -M;C~;~;~~E~~~-~~;3i~woi' DOCUMENT LOCATOR PAGE City of Wheat Ridge/COP C:\Program Files\Eudora Mail\Attach\BOND-ORD.WPD 6/9/98 11:16 AM 4 si Printer In order to locate this document quickly, Please keep this page with the attached document. Thank You -9-