HomeMy WebLinkAbout2012 Ordinance No. 021(Jlli)f1'ANCE NO. 1-L
SER l ES OF 201 2
RY AUTHOR ITY
COUNC IL BLLL NO . 22
INT RODU CED BY COUN n.
ME MBER WTL SON
/\N ORDf NA."J CE OF THE CITY OF ENG LEWOOD AUTI-IO IUZlNG THE
ISSUANCE OF GF::NtR.Al. ODLIG/\TI ON WATER REF UND IN G /\ND
L\1PR OV EMENT BONDS , SER IES 2012 , TO REFUND OUTS TA r-.'DI NG GENERAL
OD LI GAT ION BONDS OF Tl-IE CITY AT A LOWER INTEREST RAT F. ANTI TO
FIN ANCE THE CONST RU CTI ON OF IMPR OVEME NTS TO THE C ITY 'S WATER
SYSTEM: AU TH ORIZL'JG THF. 1.r.\'Y OF PR OPERTY TAXES. IF NECESSARY,
TO PAY SUC H BONDS; PROV[Dfl\'G THE FO RM or THE 130NDS AND OTHER
DETA ILS IN CON:-I ECT ION nrr.:RE\VJTII ; APPROV JN G DOCU MENTS
RELATLN G TO TH E BONDS AND DECL/\!UNG A.'J ~M ERGE NCY .
WHEREA S, the Ci,y of Englewood. Co lorad0 is a nu:n,c,l'al co rpora tion dul y orgruu zed and ope ratin g
as a ho me ru le city unde r Arfcle XX of th e Co nst itu tion uf the State of Colo ra do and the Cha rter of the
Cit y (unless otherwi se 1nd1catcd , ca p1t ahzed tcnns u~cd in thi s preamb le sha ll have tin; mi:1u1i11gs ::.c:l fo rt h
in Sect ion 1 of t\u s Ortlina:icc); and
WHEREA S. pursuan t to Sect ion I 04 of the Chart er , ·.he City is author ized to iss ue ge nera l ob li ga ti on
Uunds for an y publi c cap ita l purpo5e-, :.;ubject to ohta ir .. 111 g vo ter approval of ::i ba ll ot q11c.,1in n ;!11t h ori1.111g
suc h bonds; and
WHEREA S, pursuan t to Section I 06 of the C1,arter , Lhe Ci ty ma)' iss ue re fund ing bonds by ord111ancc ,
wi·hnu t an t:lcctio n. for the purp ose of paying outst unding bond s of the C,ty; and
WHEREA S. purs uant to Aru c\e X, Sec tion 20 of the Sta te Co nst itu<i on (TAB ORi refin anci ng bonded
deb t at lowe r mt ercst rote s does not n.:qu ire vo ter Jpprov:_il in i\dv ance unde r the te rms and prov1s 1ons of
TAD R. anti
WHEREAS. n< an t:l cc ll on on Novem ber 4, 1997 . the fo ll ow ing ba ll ot qut!stion (th e "Ballot Iss ue
Aut hor1 1 . .1t 1on") was appr vcd by a nrnjo ril) of the el 1g1b\c c lccllm, uftln:: Ci t)' vo lin g on the rl nll ot 13 :.ue
Au lhori w.t ion·
SHALL Tl-I E ~r rv OF ENGLEWOOD DEl3T OE IN CREASED $15. 100,000.00 WITH A REPAY ME NT
COS T or $25,.100 .0 00 /\)\'l) SH/\J.L THE CffY OF ENGLEWOOD'S TAXES BE l.NC:RFA SED
$1,300 .000 ANNUA LL Y FOR TI IE PAYME NT OF SUC H DEBT , ALL FOR HI E PURPO SE OF
FINAN CING THE CON STR CT!ON OF JM PR OVFM FNTS TO TIIE C ITY 'S WATER SYSTE M AND
THE PURCH AS E OF WATFR l'R OCESSING EQUIPME NT INCLUDING ALL NECESS/\R Y AND
Al'l'URTF.NJ\.NT F'\CTT .\TfE S. BY THE l~SUANCE AND PAYMENT OF GEN ERAL Ol'lLI GAT ION
13ONDS PAYA ULE FR O~! SUC II CITY rE ES, TAXES OR OTHER REVENUES AS TIIE CJTY
CO UNC IJ. MAY DETER.'VI INE. WHICH BONDS SHALL BE SUl3JECT TO RED EMPT ION, WITII OR
WITf\Ol.JT PREM\;J M, AND 13E ISSU ED AT SL'C:H MAXl •\•l l.Th l LNTER.EST RATE. O.A.TED /\ND
SOLD AT SU ·11 TfME OR TUv!l:S AT SUC H PR.I CES (AT. AflOVE , OR llELOW \'AR) ANTI TN
-'810•1iMY8 86872
<I b ii
SUC H M /\N N!il( A :-1 1) CO N T A INI NG SUC H TE RM S NOT INCON SISTl::NT HEREWIT I I . AS Tl IE
(Tl Y COUNC Ii . M /\ Y DETERM INE. WHI CI I AUTI 10 1( 11..ATI ON SHA L L INCL UDE
1'.L/Tl·IO IU /..,\Tlf)N T O IU::F I IND SI 1r 1-1 HON DS \V ITI IOU T 1\DD ITI ON/\L VOTER A l'l'[(OV A L.
/\NI> IN CfJis N l"•.("1'1/JN THER l'\V IT l·I LI' UET ER.M IN r D IW T l-IF ('IT Y ('()I i NCII . (I I SH,\I I. rll E
l 'l"I Y '(; J\D \1/\1. 1(1":M l'l(O l'El(TY T AX ES OE L'ICRE/\S ED I /\K Y Yli !\R Ii\ /\N /\M OUNT
SU Fl 'IC I CNT TO I'/\ Y T l IE l'IU NCll'/\1..0F , PR EMI UM , IF A NY , !\N D I NTFH l::STON SUCH
UO'l DS WH EN UUC , W ITH OUT I.IMIT/\TlvN /\S 'J"(J RA T E Olt !\M ( lU NT OH /\NY OTl·ll,I(
CU '.'1 1)1',"IO N , /\N I.J (I I) SH;\l ,I, 'I I I E 1'.E VEN Ul :S l'l<OM SllCI I T /,XES /\ND /\NY E'\RN I NGS
1'1-!E lffON /1N IJ l'l(UM l "H l : I NV l:S IMl":NT OF Tl-II: l'I<< i CE U>S OF SL/Cl-I BOND S CONS T IT L/Tlo
I\ V(J J'E R-1\l'PR• l \l ED IU!Y i:N Ul: Cl 1/\N(;I :'', a nd
\VI -I ERL!AS . rrn rs\1a111 1n s 11d 1 aut hon:a!l 1<.,11, the Citv prc v1m1~ly is~ued it s ·'City o r [11 glcw<1(.1ll.
Cn hlradn. c-.r.ucrn ()h l ig:i t i1,n \,\ia ter 11 11cls. Sc"ics 20 04" uf which $1.970 .000 111 aggrq.:nt c pn m:1 p,1 \
:1mm1111 m:i turmg on a nd :tit er .l anu:1ry I, 20 I 'l ;,re curu:lll ly o utsrn ncli ng :1 nd bear 111 1crt:sl at rn tcs b l,;twccn
3 75 0 °11, an:I 11. 750%, p er ;11um m (the "Refu nd ed Hand s"): an d
V../11 El<.E /\S , tl:c:: Rt:fu :1dcd H,1 11d:-. a1c sul,Jt::C.I to red emption pr ior 10 1:111 tu rit)' tit th e opti on o f r:1e C ity, in
w ho l e or i n pa rt , on l a nua r y I . 2014 upo n pn y1m:ru o f p:1 1 pl us 1.1u:rucd 111L t:1 c •a 1<, 1hc 1cdcm p11,1n dme,
with out 1cd~mpt 10 n pr<:111111111 ; :tncl
\VH l~R:::'.A S, pu 1 m nnt to s111..:h mllh unzut ion, th:.:: ('i 1y ab,;p previo us ly issul!cl it~ •'Cit ) o !° En glew oo d,
Co lo r:i d n. Gcncrn l Ohhg;1 tio n Vv'n tt:r Bonds, Scric:1.; 2009'' Ill the aggrcgatC' pnm.:1 p:il arnmml o f $2,6l S,0(U,
wl11L'h bond._ are rol ,-:>-pt~c 1ed 10 he refun ded with 1hc pro::ccds of the Boucls . and
WHERE AS, the C 11y h::t !; :m thm i;.:cd hu t uni s!-aiecl dc ht f,om th e B;i!\,Jl lss uL· A11 1hm 1z.:1l in n m ;he:
:1m ou nl o f $9,4 J O,OU0 , wh ic h nm0 11n1 is nv ai \.11 :lc ror lhL' purpor.c n ·.-co n•:tni ctin g nn prr ,•cn 1t:1U !: to the
Cii y·~ wa t~1 !>Y!)ll:111 , a nJ
WH 1:1<1::.AS , SttJ el , Nico laus & C :1111p:my, lnco rporat ccl , o f Denve r, Co lon-1d .J . ha:, prl::-cnl t;cl J prnµo:,.a l
to the C ·,l y to i!-i ::m e gencrct ! obh gat:011 \\rt lt:r hond~ fot th e pur poses of (i) nn anc:11 1~ the c:on stn1 cti:m of
1111 1wovem G11ts to the C ity's water i:y !ltc m, an d (i i) c1 dvancc rdU!ld111g th e Rel uncl ed l!on J s, and lh l' Counci l
b is <lctermi nccl th~t the nego l:ated sale of th e Uomls to s;i id com1nmy is to the best adv:i mage of the City:
:1 nrl
W H ERE A S, :i pn11.1o n o f thi..: net proce ed!-cli~1 ve<l fr om ll1 e s:1 lr o f th e Ho :ul <i, tog ether wi 1h other
lc g,111)• 11vr1 il 11li li.: frn 1d :~ o :" 1he C i1 y if n~cc s!i :l ry, \\..IJ he irrnvoca bly <.h:p m,iteJ with the Ih nk :1nrl plr1 ccci 1ntn
a S)h.:L:·a l fJ 1d .1ml 1111 sl ,tl..COlllll fo r the: purpos e onl y of pi'ly 111 g tl:c princip nl ol .met intcrc!;t d ue .:1:1<l p3ynb le
<.111 ihc Rcrun<l cd l:S ond s on and prio1 w the C.tl l Da ic.::. ;rn d
WI I E IU!A S. 1h1; p1111 c1pa\ r,I and 11 1t~r cs1 o n the Refunded Bond , me pnyoble ;11 UMH H:mk, 11 a. (.!s
suce~ssor in 111 tcrcs 11 0 Ameri c an Nat iona l B11 11k). Ill Denver, Co:ornd o, o r It~ successor , :ts 1>ay1 11g agent.
1111d
\.VI-IER . .E AS, the C ity hns rr.L·c ived and lh t'!rr-an: :w :.ib hlc hl the mem ber!<i o f th e Co uncil. fo rm s of til t.:
Prelimin a ry Offici :1 ! S1:11cmc nl , Lh c Bond Purch:.i sc Ag rc:c ml.!nt, th ~ Esc rO\I..' Ac r~1:·n ent a11d the Pa yi ng
A gt:n l /\g rcc:mcnt; nnci
\VH EREi\S, the Coun c il dc!-i in.:.s tu aulln.11 i,.t.: tin.: is:rn .in c~ ;u1J sal~ o:· the [)onCs an d. ns prov ided in
T itle 1 1, Arti c le 57, Part 2. Colorado Kev1sed Statute s, del egate au thori 1y w the Sa k Dcl cga lt.: tu nmk c
ccn a in delcnrunat io ns regar<l111 g the Uonds to be set tort h in 1he Sa le Ccnifi cate in accordance \V ith th e
p1 ov is 1o m o f thi s O rd 111 ::ncc .
2
NOW , THl'REFORE , BE IT ORDAINED BY THE CITY COUN Cll OF TH E CffY OF
ENGL EWOOD , COLORADO, AS FOLLOWS :
Sect io n I. Definiti ons . Th e fo llow ing 1em1 s sh all have 1he fo ll owing meaning s as used in lhi s
O rdin ance·
"Ballo t l s.me A111hon :w1i o11" meun s the bn ll ot que sti on qu oted nnd defined as such 111 the preamb les
here to :i.pp ro ved a1 the elec ti on held November 4, 199 7 by City vut t:rs, a11cJ pu1 s uctn t I.J which, in a::l diti o11 10
01hcr ho n<l iss ues. Ili c Refu nded 13nnds were iss ued .
"Ra11k " means l.P.vfB Bo nk. 11 .n.1 il nn.t1onn l banking :1 i;!.ocin t1 on dll ly org:rn iz ecl and c:<i !:ain g un de r the
laws of 1he Unil cd Stare s o f Ame rica whi ch has full and comp iclc 1ru s1 po wers and is a qcalili ed
inst i111 :io n ll n<l cr the Publi c Dcp csil Protectio n Act of the St ale.
'·Bond Account'' mean s th e acco unt es tabl ished by the p:-o vt sions hereof to ac count for th e moneys :Or
which a separate ta x levy is made, ur lcgull y ;.wuilaLh.: lllvm:ys mt app lied , to s.1 t1 sfy 1hc 0Uli gati o11s of the
Bond s The Bond Account shall be a sub sidi ary accounr o f lh e approp ri a1e fund or accou:1 1 of the Cit y and
se parate ly accounted for by th e Cit y in ac co rdance wi th th e pro visions hereof.
"Bond Co un scI'' 111e.1ns (a) as of the dale of issuan ce o f the Dnnds, Ku 1ak Rock LLP , and (b) as of any
olh er date, Ku1.ik Rock LLP o r s uch other altomeys selec ted by th e Clly wit h nalt onally recob,niz ed
exp ert ise in th e iss1:;tn ce o f mun ic1p:1I honds .
"Bond Obligation" means, as of any dat i;, the µrinci pa l a111uu111 of th e Bonds Ou ts1and in g as of such
dale.
"Bond Purclwsc Agreement" mcJn s th e Bo nd Purchas e Agre ement , pursua nt to w:1i ch th e C it y is lo
agree to sel l and th e Underw ri ter is to agree: to purch ase the: Bonds at the prn.:l.:s and on th e terms set for1 h
I herein .
"Bunds'' and "Series 201 ! Bonds" means the Bond s authori zed by the Sectio n hereof tit led
"Authori?.c.Li on and Purpose of Bonds ,"
'·811.,·in css D,,y" mean s any day olhe r 1h an (a) a Sa lurda y or Sund ay nr (b) a day on which banking
in sti tuti ns m th e St:nc .u c authori zed or obliga ted by ;:i,w or cx ccult vc ord t r tu be cl os ed for bu si ne ss .
··charter" me:ms the home ru le Chan cr of th e C 11 y.
"Call Da te" me ans 1hc da te oc dmc s on which the Refu nded Bonds shall be c"l led for op liona l prior
redem pti on as estab lis hed in the Sale Certificate .
'·Cuy'· mc11n s 1he Cit y o f En g:ewoo d, Co lorad o, and any successor thereto.
"Cude" mcr,ns the llllemal Reve nu e Code of 19 86, as amend ed. Each refe1encc lo a sec ti on o flhe Cod e
herein shall he d ee med 10 in clud e the Unned S1a 1es Trcas UI)' Reg ul ar io ns pro posed or 111 el feel I hereunder
and ap plicab le to the Bond s or the use of proceeds th crc-nf, un l~.c::c: 1hc-co nrr xt r:.lr.t rl y rcq l!irc s otherwi se.
··co u11 c1f' mea ns th e Cny Counci l of 1hc Cit y.
''Co zmr)I'' means Ara pJhoe Co unt y, Co lorad o
48 10-611 98-RO!li l
''D vf (m ·a m:c: 5:cm1r i:ir.s'' mea ns b 11\s , 1:1•r1i fi c~1t!!S of 1ncl ch1crl ness . nolcs, bonds or s ir:Ular secunll cs
w h ich nn: <111 c i.;\, 11o r c:illa b lt: uhli~11 1i1J I\S of 1hc Unn ~d S l:tk'S (J r ,'\111 (']/l':I (.11 w i1 1d 1 an : ru lly an d
lll h . .:1111~ltli o n,dl y ~1:;1ra n1 i.;c..d a s to 1hc ti mely p:iyment 0 r pn nl.ip:1 1 and in1crc~:1 .1y , ht.: Un1tc:d St:1h :s ,,I
/\1 11 c 11t::i , to 1lu; ext e nt ,;rn:h i11 vcst1 11 c:11 1s n:..: Permitted l.wcs 11nc11 1,
., o r e· mea ns T h~ l >t.:pos 11o ry frn s l C:om1l:rn y, N\.:W YO! I., N e \\' Yor k, a nd its SUC:C.:t.:!-.SII IS I l l 11\ll:IC~I il lld
:1,;s 1gm:
··nrc 1'/rm kc:I .'.,::l e •· '!f Rc ·p r c•.,·lll /llfion /' :11c:ms tm: lt'llCI of 1cprc.:St:nta tH 1ns fr om tl 1 Cuy ll • I n r lo
induc t DTt ~ 1n :1t:I .1 1: .;c:c11 nr1 c '-: dcpo~llcr y fo1 the l.k -n<l s .
•· E,1a.'Jli11 ,¼ La 11 •,·'' m ca n:. 1h c 'h:1ncr; Artl clt! 5(: c{'l'itl c 11, Colo r:,1111 Rcv is(~d S1 :11 1111~s ; and Pnrl 2 of
1\1 t id~ 57 n r ·1·i 1 le I I, Colo ra do Rcv i::.c:cl Sta tu te:..
"t ·M.Tow Acco1mt'' me.ms, in co nn~1io11 with th e Ht1111Js1 the a,.a.:n u.ll ::;s 1:1bl1sl,ei\ and dcs igni1t cd as suc h
in the s e.:11 011 hereo l t.a .ll tlcd ··J.:.scro w i\cco 1111 t; l1aym u11 o f'R cfuncl cd Bcind s" to Lu.; 111 a111 t.t i11cd hy tl ie
Ha11 k 111 ~c crn cl :rn cc w i th 11,e: Escrow J\grcc mcnt anti 1hi.: p 1ov1~11rns here of.
·· E ,\crnw AJ!r ccmc:111" 1:1c:i ns lht: E.s...:row .'\{!r~:c 11 1cn 1 d:1·,xl as ,,f the Dated Dal e , bt:lwccn 1hc C11y :rn d
thl' fb nlt
.. !=:vcnl n( Dcfrm !r" in c.'l nr. :111y of' tli c event~ ::pec i li ~d 111 1111.\ Srl·I in n hn rnf 111 1ec\ ·'E \'<:llts or D~fa.1 lt."
''Jmprovmne ,11 />1 <y 1·<...t'' 11,c..,1 1:-. :i 11 y pu1pu :,.c f(,r whi ch p1 C'lc ccd<. o f' 1hc IJ .11 1:l s nli"L )' IH: c:-.pc11dcd uu cl er th e
L:.na b li ng Lnw s and the Bal lor Iss ue Auth ori1;n iu11, irn.:IJ Ui1 1g, \,ut 1101 li m 1tc cl to , the pa ymclll of co'i ts o f
iss uance 01 the t:30nc ls
"b ue•·c,\·/ i 'avment Da:e•· 11.cnn s em::h J :11 rn,11y I and Ju .y I . ct1m111c n~,ng J;mu ar y I . '2 0 j _ 0 1 such 01hcr
cl..1 tcs as establ is hed 111 th e Sa le Ccrtdk11 1c frn payment u f int e rest l>n th e Bv 11:..l s .
"Officia l S tm emcn t'" me ans lhe fi na l <l fficin l S1:1 tcmt::nt n:lnti ns lo th e Bond~
"O rd i11 a11 c(''' me.in ~ thi s 0:-rl in nnce, includi ng any 31lli.:ndmem s o r <.11 p p icn 1clll :,., ht reto
''()u 1.,·1,:1u!1m,:'' mcai 1~. as o f nn y dntt, all Bo:itl :, is!:iut::d a 11 d tl cl ivc:1 cd by the 'it y. ex cept tl 1c f\,llnwing :
(r.)
(h)
(c)
(d)
Jn y Hc.iml c:111ccll cd by the L 1ty or the Pay in g Ag clll , o r ut herwisc o n tLe Cit y ''i
:-lc !\a l r, :It o r befo re s1u.:h da te;
any Bc,;i d hel d hy or on l>d .nl: uf the City;
:m y Bumi for th e p;iy mcnl or thi.: red emp 11 0:1 o f wh ich money s or Dcfcas:mc:;
Sccuri11 cs su ffi cient to meet all of the p:.,ymcnt req 111 n·mc:n1., of the princi pal o f.
prcn nu m, if nny, nnd in lc rC!i t o r~ uuch Bond lu lhc tln tc: o : mntu ri :y o r prt or
rcdc:11 11 11iu 11 lli ~IL-u f, :;ha ll ha ve th crclo fo rc b een deposited in lru .J t fo r suc h purp os e
in acco rd an ce wilh the Sectio a hereo f litl u.l ''Dcfccis anceq, and
any lost, ap par ently desu·oy ed, o r wr0ngfull y to ken Bor.d in heu of or in
su bs 11t11 tiun fm wh ic h anothe r bond or ot her s ect:n !y stud ! have been e>.ccut cd and
delive red
'101v11 cr·1 mea ns tl1c l)er son or Persons in who se nam t! tir n:1m cs a Ilond is rc.:g is1ered 011 the rcg 1slrn lio n
boo ks nmm tained by th e Pay ing Age nt pu rsua nt hereto
.. Pay in g .4gc m" mc;in s th e B:mk ar:d it s succes"ors 111 inte res t or rtSS lb'Tl~ Hpproved hy th e C ity.
"Pay in g Agent Agrccm em " mean s :m agreeme nt betw ee n the C1ty and the Pay in g Agcn l concernin g th e
dutie s and obl ig:itio ns o f t'.1c P:iy ing Agen t wi 1h 1cspc:::ct tu tl 1e Honcl s.
•·f'c,1111iued /n vcs ,·me 111 s" mc1ms nny invcsunen : 111 whic h fund s of th e C ity muy be irwcsted under th e
Charter and th e law s of th e Sta ll' :it the lime o f such inves tm e:1l.
·'Per.m n" mean ~ a c..O rlJ ;,_i ra tio n. firm . other bodr corpora lc. panm:rship , assoc 1::tti on or mdi vidu~l and
al so in dud f's nn exc~u 1or, admini stra lor, tru:-aec. receiver or other representauvc appo 111t ed accordi ng 10
lc1w.
"Preliminary Offi c:iul Sta temen t'' me..tn s :he Prel 11111 11a ry Offi cia. Stat emenl prepared in co nncctio 11 wi th
the sale an d iss uan ce o f ch e Bond s.
"I'ri11cipal Payment Dar e'' me.nns .lanunry 1. or such ot her dat.e or dmc s of cnc h year as es tab li shed in
the Srt le Cct1 1f1cate for p<1ymcnt ofprim:ipa l of Lht! Bond s.
"/.Jro_jec:t Ac.:c:cnuu" m c::.1 11::t 1l1 c .1 ccount estab lished by the pro \'i sion J hcrcu f fu r the purpos e of payin g the
cos ts propt::rl y att ribu tab le to Llrn improveme nt 1-'rojt:cl. The Project Acc0u nt sha ll be a subs id iary acco unt
of th e approp nutc fu nd or accoun t of the Cily, and st para tely accounted fo r by the C:ty in :.tc c.ord :in ce w il h
!he provis ions he re of.
"Record Da te" mean s, if th e Interest Payment Date IS on 1hc first day of the month , the fifte enth day o f
the mo nth immedia tely prcccdrn~ the:: montt (wh ether or not such day is a Bu si ness Day) m whi ch such
Lnterest Paym ent Date occ urs ar.d. if the Interest Payment Date is on the liftccuth da y of the month, the ti rs t
day of the month (w het her or not suc h day is n Bu si ness Da y J 111 which such Interest Pa)'TllCn t Oat c occ urs.
·'Refunded Bond Ordi nance'' mea ns th~ ordinance oi the Cit y au th ori zing the issua nce of the Re fu nded
Be nd s .
.. Refimded n ond Req uirements" mea ns tht.: plin t.:ip al uf and iot c1c st due in co nn c t i.._m wllh the Re fu nded
Bonds up 10 1he C:11 1 Date, as s d fo rt h in th(.' Escrow f\grccm~nt.
'·Ncf,111d<'d IJond s" mean s the mat urities of the Cuy of En glewood Genera l Obligat ion Dnnd s, Se ri es
:!00111 :1 ~: la te r dc1crmined by th e· Sn lc Ocl cgaw a11 d I ler.t 1fied in the Snlr f:cn i{i c,1tc as th e Rc fu1 :dcd Bonds.
'·R,f 11 nd f'd Ronrf~ Pnyiog ll grw'' means UM B Brmk . n.a . (a s succe ssor in inte rest 10 Amer ica:1 N:1t ional
n ank). m Dt:nvc r, Co lorad o, as pay in g 11 gcr1l fo r th e Rcftm dc il Bonds. or a11 y succes so r th eret o.
··Rcfiauli11 g Prujec(' mean s the ad vanc e refunding of the Refund ed Bonds :mtl the p:i ymcnt of the costs
or issu an ce of the Bond s.
··.\'ulc Cert1ficatc1
' mean s the ce rtifi ca te execuied by the Sa le Delegate un der th e :'.!Uthor ity dc '.egmcd
pursua 11 1 lo th's Ordi nance, incl uding but not luru tcd to the Sec tt on s hereof 1it led "Rand Detai ls ;"
"Redempt io n of Bo:id s Prior 10 Manm ly," "Escro " ,\cco unl , Pa ym ent of Refu nded Bond s;" and
".1\pprova l uf Rt:latcd Doc ument s .,
"Sale: Dnlc~atc" mcJns the Dircclor o r Fm:i m:e n11d J\d nuni strn tivc Scrv:c(~s of the C11 y or, in 1h1 ! 1·ve 11 1
s u<,;h pt.:1 \011 1~ l.nil v.:1 il;i blc , tlu, C it ) Ma-iagcr.
··s,.,,,.·· 1nt:a11 s 1ht:; Sia1 c of Colorado
···nu /..U1 t'I' 11/ /11.,1ru c 1um s" 11H.:a 11~ ll 1c Tm; Lette r of li:structuJ11 s, datl:d 1l1t: d :11 c 011 wh ich th..: Bond , ;11c
rn 1g11 1:1 ll y 1sst1ctl :111d dd1vcrcd 10 tb c C ity by l\•Jnd Co un :-c l. a!-i;ud: 111 st:·uctll1n :; 11H1 v he ?-upc rscud or
a111cmlctl in :1cc:-m l:incc \\ !Iii their 11:nns
•'U111h·1w1 i 1c:r" mc.•;m!-S1 dd , r..Ji1 ·ol:111, 8: O 111 1:,any , lnr.:01porat cd , o f I cnvt.:r, C ol ora do
ScLti on 2 . /\ul hori'f.a t w n a nd Pu rpose uf flontl s . Pur~u:111 1 to :rnd m accnrc.1 :mcc w.th 1ht.: l;nah l111 !!
l.:1\\'\ ;111 tl th1.: lia ll ut ls:..11t.: J\uthorizn 1ion, the Cny hcrchy au thorizes, ancl d11c ...:1s 1b11t tli1.:n. :;ha l.
1)..; isSl .Ctl, t he "Cit) or Englewood. C olrn ddu , Gc11c1 .il iJl ig.1 t1u n W.i !L;· Rcfundin b and
lmp niv c:n~elll Uo ncs, Scncs2C:12" fo :-the p.1 rpo se o f pm\'id ing fund~ for the lmp 1uvcm cn:
Pn.>Jcc l nnd/or the Refun di ng Project. T he captio n to 1 th e Uond~ nlso s h:i ll 111 clu dc .. Seri es 201 2
Ho 11cl s'· or "St:ric:. 20 I) fk ,nds" dcpcn chn~ rn Ilic t1ct11 ,1l c\;1 h: of issuanc e-(>f lhl! n o nd:-.
{a) Ucb·i stcn :,I Fo rm , Dc11m11 in11 1i,m .,·, JJ11 tt•d Da w ""'' N umbr l'in g . Tlw 1--kmds
shall he ii.sued .n fu ll ) regist ered fom1, i:hnil he <btul ~•r. o f the D:itt!d Date, :rnd shall l11:
rcg1Mcrcd in th e 11:11 11...::, vi the l'cr snr.s 1dcnt.ficd in the rcgistrn:ion bo oks ,1rn in1r1i 111.!tl by th e
Pilying /\gcut pur.s uan1 hc:rcw. T:,c Bmds :,;ha ll he iswcd in den min at 1oi ~s of $5,000 111
p n 11 c 1p:1: :11 1101111! o r any u1t e14ral nmltipk th cr,::of. The Bonds slrn\1 be c omec ut !vl'ly 11L r11li crcd,
beg 111111ng with tl ~c nu:nb er o nr.:, prcceclal hy th e lette r '·({."
(b) 1\111t11 r i(11 lJulcs, Ptim:if'a / Ammmrs mul /11 1,.,-csf Nmcs Th e Bond s sh:d\ malure
a n tl ·.e Pr incip al l'~·,y1n rnt Da tr: nr 1h<: y..:;-irs ;me\ ii: th e prucipa l mnmml s , ;rnci sha ll hear in lc.;rc st 3l
th e ratc t per ann um (c:i k \11:\tt d ba sed (i ll a 36 0-<.l:ly ye.1r ~1f tw{!lvc-,o-rl:iy mn11 1hs ) sr.:t fon h in th e.
Sal<.: Ccrt ific:nt c.
(c) A ccnwl mu/ Dmcs of Puy uu:llf of lu tc ,i:.\f lnh;n: .. ~t 0 11 lhe nonds shall accru e c1 1
the mies sci fo rth :n the Sa le Ccni:ic.lte fro m the li1:cr o f th e Da lcd D r1 1c u1 th e late st luk ·cst
Payment Du te {o r in the cnsc: o l d eln uh c::d 111 1crcsl, the Ja;cs l drt tcJ 10 wh ic..:h mtr.:rc st li as hcc11 p;ii cl
in fu ll a!H I s!1all he pa yab le 0-1 t.:ac h b1tercst Paymcm Date .
(d) /l,•h•1:111 i,m f o r S n/c s Catifica te. The Co uncil hereby dele gates 10 th e Sak
Dc leg:1w frn :1 period of one yc :tr fr<,rn 1hr d:1 \(" o f :u in pl ion of th i~ rdin:m<..c thc f11\km ing
(" h 1r.:h :,hull h1.: ;,c l f'l 1rt h 111 !he S:-i l~ Ce1i1 ti c.11 ~ for th e rl unds):
(i)
(ii )
(ii i)
(i v)
the Rduli dn.l ll umh Llw t :,ha !'. Le p,irt o:' thr.: Rc fu11d ing l'roJr.:ct ;
the Dated Da te of th e Bo nds;
the Pr inc ipa l Pa yment Da1e:
(v) the aggrcgaie prin c ipa l a mo un t of the Bonds, id enti fy111 g th a: pon ion of
whi ch 1s att ri butublc to the Improvem ent Projccl and t ha l porl ion o f
wlti .h is auri but able. to th e R efu nding Project;
(vi) the pri ce at whic h th e Bonds wi ll be so!d pi:r suant to the Bond Pu rc hase
Agreement ;
(vii ) the ;,mo unt c f princi pa l of' the Bo nds maturi ng in an y panicular year and
the respect ive interest ra te s born e by the Bonds;
(vii i) the Bonds which may be redeemed at th e opt io n of the Dist ri ct, tl.e . latcs
up on whi ch such Cl p!1on al redc:nptmn may occu r. and the pn ces at ,hic h
such nnmls may he np1 innally redeemed:
(ix) I.h e principal amoun1 s. if a ny. of Bu11J.s :.ubjc:1;1 tu t11d !l tl a tu1y si 11k.ing
fu nd redemp tton and th e years in whi ch such Bonds will be suhjcct to
such redem pti on: and
(x) the a ll Da te .
(e) Sale Pflrnm ct crs. The autho ri t y d el egated to 1he Sa lt·· l1r·lega1e hy th is ~ccri on
shal l be su hjcct to the follo win g parame ters:
(i) th e aggregat e p:i ncipa l amou nt o f the B 0nds shell 11 01 exceed
S9 , I 70,0 00;
(ii) the fina l mat uri ty of the Bonds sha ll he no !me r th an Dece mber 15, 2032;
(iii) the nc1 e ffe ctive i,u ere5 t rm c on the Bo nd !-sh3 1l no t c.'<.ceed 4 .00%;
(i v) the max imum annua l debt service on th e ll on ds, when com bmed with
the ann ual dt:b l service-fo r 01h~r 0111 s1:mci ing ge nera l obligJ ti on 0 onds
iss ued pursu;mt to, or representi ng genera l o bli gatio n bond s refunding
bo nds issued pursuant to , the Bal1 01 l ss .1 t Au 1h ori za1i cm sha ll 110 1 c:::••~ecd
$1.3 00.000 : and
(v) m tht: t:\t:'llt tl,a t th e Don<l s arc i-;:m cd fo r the purpo!-e o f fu nd ing the
Refu nding Project, the presc:11 va lu e saving s as a percenta ge f the
aggrega te pri nc ipal amc,un t of the Refunded Bonds shall be at leas t thre e
pt:rccn t (3 %) c01 :1p uted b:i.!-e d upon the arbi trage yield for 1hc Rnnds
.11l ocablc to the Re fu nding Pn,jcct to the d,te of del ive ry o f the Bonds,
:1ssum in i; sc nu-mmual c01 np ou nd1n g.
(f) Ma11 11 cr and Fnrm of Pa>""c11t. Princtpa l of eac h Bnnd sha ll be pay a bl e to th e
Ow ne r thereof upon presen tat ion and surrender o f such Bun<l al L}u.: prin 1.;i µa l o ffi ce of Lh c Pa yin g
Agent 111 th e ci1y id enti fi ed 111 the defi niti on of Pay in g Agent in Lh e Sec 1i on l:ereo r ti tled
"Defini ll o ns" or at suc h ot her office of the Payi ng Agen t de signated by the P,,ying Age nt fo r
5-uc.h purpos e. lnt erest on eac h Dond shall be pn ynbl c hy check or draft of the Paying Ai:;c nl
nrn ilcd o n each In1crc~1 Pay meni Date to th e O wn er thereof as of th e close o r b usiness on the
co:-res pondin g Record De.IC, pro\'ided tha t 111 tcrest payab le to an y Owner ;nay be ?:.tl d by :my
01h er me:in s agreed to by such Ow ner :1nd th e Payi ng Arrnt th.1 1 clnr.1; 111,, req uire the City 10
nmkc moneys nvai l3b lc to lhc l'nymg Agent e::a rli cr th ,tn ot hcrw i-.e rc,1t11 recl hert·unclc.r rn in ::rens~
the \:O~ts t-iorn e by tilt.: ,, ·;-hereunder . All pay ment~ of the pri llcira l of rll\d 111 1ere~I o n tht: 13oml'>
s ll :111 h :.: 1:1a,k: in lawfu l mum:y of the Unit ed States o f Amcric n.
(g ) Uo nk-l!ut1 ;1• Hc;.:i.,·trt11io 11 . N0Lw 1ths1:111c li ng a11y n1 l:c1 p1<1v 1s10n llc rcpf, tin:
!Joncls 'i liall bc dclivcrccl onlv 111 ho 11 k c1 1t ry frn m 1q;1st c 1ccl 111 thc 1wmc o l Crdc & L·o., as
nc •ll'l 111 cc o f DTC, ;1cli11g ar. ~(:u11i ti cs deposit ry rd the Hrn1J s a id pri11i.:1pal 11f ,111<1 intc1c ,1 on
th~ Bo nds ~h:,11 he pni<I by wuc lr:msf<:r IC• DTC, picw1dcd, h0wcvc11 1/' :it any tn nc th e: Payi m!.
J\:;c :ll d('·r.nni nc,, ,lll rl 110 1ili c~ tin: City ur its dl:ter.ni:l:llm n. Ilia \ o·r c ;s no lrn1 gc:r ;1 hk: to m:I a::,
u1 1s 110 longer r.::11 ii.fo c1orily pcr limrnng 1tc; rhuir .. , ;1-., m·..:u rit ic:s dcp0 s i1rny f~H the IJorn ls, the
l111y i11 g Age nt m~y . tu 1t~ cl 1i:cre:ion , ci ihcr (1) dc:~1g:1:HC' zi sub slitutt sccun tic.:-. t't.·pc 1~11t 1ry f',11 I l'I t •
:111d 1c1cgi~tcr 1h c Bo nd s as d ircc t ;d hy such :.u b:it itutc :;ccuriti c:. depm:it o 1)•; c,r (11 ) tc1 n mate the
h,10 1: ent ry rcg isllatiL1 11 ~ys tcm and 1c1cgistcr th e Oon ds 111 th1., nomc~ <1f the.: hcncfu:111 1 ,,w11c1!>
tln.:1 c<•f p:·ovided 10 it by OTC Neither til e Ci1 y nur the Pi1y ,111:, Agent s hal l ha v:: :1 11 y li ,1 h1l11 y b
DT ·• Cede & Co., any substttul c securities dc pos i1 orv, :my Pe rson in whose 11.i mc th e Bo11th me
rc rcgis1 c1cd a1 tbe dircc 1i o n of ,my s uh st1 lutc sccun tu:s dcpos1 :UI)', nny beneficial ow m:r of the
n o n ds o r ,my othe1 l'crsu n for(/\) any cl ctcnninati 011 made hy th e 1':1yi 11 g /\gen· p1 11 sua nt tCt the
p10 ,,i r-.o Ul the end ol the ,mmcdiatcl y j)fC...:cding ::::e n.cncc or en) .J I\~ :ict1 on rnk cn to irnp lcm c111
su c.:I dc1<'nn i11 ,1 i~n :~11 cl lhc prm :cdurc c. ,el ated tli erctn that 1s 1.1kcn pu 1 s11:i111 to ;111y din.:c uon of or
in rc h:rn cc on :u 1y 111 for111a tir1 n pwvicl i·cl hy PTC, Ci:clc & Co .. a ny s 11 hM1lt ll c sccu nti l·s
c.l cpos1 ~ory or an) Pcr:;on in who se nanic 1hc l.k>ncls :uc 1:.:11:gistc1t.'d
Sccuo:...L::L Rl'lkmptio n of Bonds l'riur to Mat 11 ri1 y
(a) Optirm11I Ul!1Jc mp1io11 . The Bond s shall li e :-.11\1,1 ud l<.1 1t.:dt.:!11pt ion nt tlt c
opt io n of the City, 111 who le or in p:111, and 11 111 p:in 111 such order of rnnturili :::s :1:-1hc Ci1y shall
determin e :mcl by lo t within a 111:iLUri·y on suc h Cales :ts sel tvrli1 111 th e Su lc Ccrt1flca tc. The
Cou nci l hc rcbv ~ldcgn les to the S:i.\e Dclq;ate the auhnri1y to det ermine the. d ate!-. 0 11 wlrch tl:e
Bonds sli:i\l be S\lhjc:.t to Clptiu rrn l rc<lc mption c.nd the redemption pr ice or pric es :ti wlm:h 5uch
red c.:mpl1 crn mnv i.1c nrncle
(b) /11anda tnry Sinkin,: FumJ R Pdl•mp1inn . All nr any pri nc.:ipal amn11111 nf tl :e
Uond s may be.· suhj c:1 to n:ondntory si nking rund rcdem pu:::,n hy I t on the Principn l Pay1:1cnt
Da le..: uf the.: yc:a1:: and i11 t;1e prin c ipal amount :,-s pecified in the Sri le C e11 ifi calc, m :i redempti on
pnc:c eq ual to the princi pal amou nl 1l11.:1c.:uf (w i:h 110 redempt io n pn.:111iu111). p '.us acc ru ed mt<:rcil
h.1 t he:: 1cllt.n1pl 1vn d:ll r . ·1 he: Louncil hereby cl c\cg;u cs to 1hc Sa le Dd::gatc tlil· 1ll illiu 11 ty to
dcl e111 1i 11c lliC' princi pal arno tmls :ind tl atcs on wl 11 ch th e Honds s lwll be..: s 11 l>jcct tu ma ti d:u my
si1 1l-...m t.t fund rcclc 111p1 u111 .
(c ) H,:,Jm11J1tin11 l'rflr cdurr,·. Noti ce of any rci.lcmr ti ni, of Bnncls sha ll he given
by the: Pa ying Ag i.:nt in th<' n,1rnc 01 1\ Cit y hy sc ndm )!. n co py of s uch notice hy fir st cl a~s .
po~t agc pr.;p:-i id ma il. nu t Jc:ss th :m 30 Cli l )'S pri r 10 the rrdrm plion rl :,lc, in lh ,~ Ownl!r of cad1
Ound being r.::dccmcd Such no tice r,ha ll spec ify th e numbt:r or munhcrs of the Rnnd s so tJ he.·
rc d cc:11tcd (1 f 1('.dcmpt i n shall be in pa rt) and the rcdcn ,p tion dat e. If 1111y Bcu1d !;h~d h~,c hcc n
clu ly ca ll ed fo r redemption a:1d if. u11 u1 bcfo1 c the red emp ti on d ntc, thc:c s hall h:w ~ hccn
deposited w11h :he Payi ng Ag en1 in 111..:cordan ce wit h 1hi s Onhn,mcc fumb s uffi cicut 1., pil) 1hc
rcdemptior. pri ce o f sut:h Bond on the redemp tion dn tc, then such Bon~ sha ll become due mid
pa ya hle nt suc h redem plio n date, and from and ahcr such date mtcrest w ill cease 10 accrue
thereon. Fail ur e to deli ver m,y iCdemp:i on 1101i ct: er an} defect in any redemption notice shi:11
n<>1 affcc 1 1he val id i1y of the p:oceccl iog for ta e redemp tio n of Bond s wi 1h re pec 1 lo whi ch such
41S I U-Ub11N l-1 •81 2
fai lure or defect did not occur . .trn y Bond redeeme d prior 10 us rn atunty by pri or redemption or
01h erwisc shall not be reiss ued und sh~II he: c:i.ncell ed .
Sec 11 ri n 5. Sec urity for th<' Bond s.
(a) Gc11 eral Ohligatim,.,. Th e Bon ds sha ll be ge nera l obli ga ti ons of the Cit y and
1he full fa ith and crcdll of 1hc Cit y arc ple dg ed for the pun ctua l payme nt of th e pri nc1pn l of nnd
intcre s1 on th e Bonds . '/'he Bond s shall not co ns1 11ul c a debt or inde btedn ess of the Co unt y, 1hc
S1a:e or any po ltti cal subd ivision of the State 01hcr 1han the Cit y.
(b) L c •:v of Ad Valorcm Ta.<e .,. ror th e pur pose of pa ying th e princip al of and
inte rest on the Bo nds whe n due. r~sp t;ctiv ely, the Co unc il shall annua lly det ermine and L:cnify to
1hc: Board of Count y Co mmi ssioners of the Coun ty, a ra te of levy for gcnern l ad va lorem taxe s,
wit hou t limi tation as to ra te or amount , on all of the taxa bl e prop erl y in th e City, suffi cient tl' pay
the prin dpal uf u111..I i1 1te1 cst on the Domls wh en due, rcspcc Li ve ly, whether nt maLunt y or upon
earli er redempt ion .
(c) Applica tion fl/ Proct•t•d s nf Ad fla /nrl!m Tw.:e.'i . The gen era l ad valorern
tax es lev ied pursuant lo sub sect ion (b) of this Se cti on, when co ll ec ted , slrn ll be dep os 11 erl in the
Bon d Accou nt :1 nd shall be app lied so lely to the payment of the pri m..:ip,11 of and int c1cs1 on the
Bonds and fo r no o th er pu11iose un ti l th e Bo nds, in clu ding pri ncipa l and int erest, are full y paid,
satis fi ed and discharged.
(d) Appropriation u11d 811dgcti11g of 1'1·oc,•cds of A d Va lorcm 1'uxcs. Moneys
rec.:~ive d from the genera l ad val orem taxes levied purs uant to subsecti o n (b) o f this Sec ti on in at)
amoun t suffi c ient to pay the pri nci pr1 l of :md inte ,csl on the Ilonds when due, re spective ly. arc
here by app ro pri ated for that purpose, and all amoun ts req ui red to pay the prin cipa l of and in terest
on the Bon ds due, res pecti vely. in r.;ch yea r shall bl! irn .. luJeJ iH the ann"Ja l bu dget and
appropria tio n ord i nance 10 be adopted and pas sed by the Co unci l for such yea r.
(e) Use or Ad,·an«· of Other l.egal/y A,•ailable Mo11 e,,s . Nothin g hereul sha ll be
int erpre ted :o prohib it or limi t the abi lit y of th e Cit y to use lega ll y ava ilable mon eys to pay all or
any µoni on of the pri nci pal of or int ere st on the ll onds . lf and to the ex tent such oth er lega ll y
ava il ab le mone ys arr usf;'d ro p;+y 1h c pri nci pnl o f or interest on th e Ilonds. th e City may. bu t sha ll
not be requi red to, (i ) redu ce the amount of :a xe s levied fo r s uch purpos e pursuant to
su Lsecuon (b) of th:.s St:cl!on or (ii) .1 $C proc c~ds o f taxt::::. k v1a.l p u1 suant to subs ectio n (b) of
tlu s Sec11o n to rt:imb urs c th e fu nd or i1cco un t from which suc h othe r lega lly nv:-1i lablc moneys urc
withd ra wn fo r the amount wi thd rawn from such fu nd or acco unI to pay tl-,e pri11 c1pal of or
int eres t on 1hc.: lJ onds , lf ih c C11 y sele cts ahcm:1 1\ve (ii ) in th e immedi ately pre cedin g sen tence,
th e taxes lev ied pursuant to subsec ti on (b) of th is Sec ti on shall include am ount s suffic ient lo fund
the rei mbursem ent.
([) Ce rtificatifl n 10 Co unty Co mmissioners It 1s here by decl ared th at , if 1he Cny
does not otherwis e deiemtin e tmd cenify to tht: Board of Co unly Cu111 11 u~:;io11 c, s o f ti1c Co unty a
rate of lcv:-1 for gen eral ad va lorcm property tu xes as required by thi s S ec tion. th e fon:goi ng
provis ions of thi s Secti on shall co nslltutc a ccn1fi ca1 e fr om th e Cou nci l to the Boa rd o f Co un ty
Cu11u11i!)s iu 1u:1s of the Coun ty show ing the aggrcgmc nmounl of ::i d vul orcm taxe s to he lt:vied by
the Board of Coun ty Co:nm i:sion cr s of the Co unty fr om tim e lo time , as requ ir ed by law, for the
pu1)ose ,f pny 1:ig the pri ncipa l o: and interest on the Bonds when due .
(g} Dcpo.,·it of ft,f rm cy.'i 10 Pay llond!i with, and Puy m e11 t of Ba,,ds by Payi ,r g
Ag c:m . No la ,•:1 than lh~ce Ou s11:ess ays 1mm l!d 1a1d y precedin~ e:1ch date ~n whid1 a ! d)'llltnt
48 10 ·61$98 86&7 2
nf pnnc 1pal of or imcrcst on the Ci onds is due, 1.,1c C uy, fro m mone ys in the Oor.d Acco 111H1 shall
<.kpus11 moneys w:th the Pnymg Agent in an amou nt sumc1 c11t to pa) th e pnn(.'l pal of and int crc sl
cm the Hnml :,; cl ue o n suc h elu te. Th e Pnyi n~ Agen t nha ll use the money~ so dt::po sitcd with it to
pay lht.: 1m 11c1pa l (.lf :111cl 111tcrc:;1 0 11 the Bond s whi.::n cl ue .
Scc1i nn 6 . Fr.r m ol Bo111 ls. The Uond s !:hall he 1n i;ubst:11ui al ly 1hc fNm set fon h in Ap pcndi.\ A
hc1c:10 wi lh :,;uch change s 1hcrc10 , 1101 i11 co11 sis1e111 hercw 1lh , .i s nwy he 1w cc5!;:1ry ordc:;1rahli: :111cl
,,pp rcwc cl by ti n: u l'fic 1a ls uf th e C:ty e.,ccut in g tin..: same (whose 111 c1m 1,il nr f:1csimilc signa iurcs
lh en.:on :;h;1 (l cu n'.t1 l11 :c con clu~i"e cv1 clencc of such :ip pm\•al ). All cm•c n<1 11t s, st:ncmcnls .
rcp rcs r.:n 1:ni o 11 s and ;1g1 ccmcn1-. conta111 ed 111 t'.1c lfon,i s ;1n: hereby nppr C'vcd and ad11 p1cd a~ lhc
covcn.11 1ts, st atemen ts, 1c prn sc ntmi ons :md ag1cc111 c11ts or the C:ty . J\lthoug.n all ;ic.:111.:cl a!\
:i ppcnrliccs fo r the conve ni ence of th e re .1dcr, Append ix A 1s an rnt cc ra : p:irt or'th1s Ordi r1,111 cc
:1 11d a1c i11corpo ~al!.!d herei n as if set fo 11h i1, full in rh c: hnrly nf th i!ii nrdin:111ct~
S1,;cl 10 11 7 . Exe cution of U,md s Th:.: Donds sllil ll be c,;xcc ut ccl in th e na me 1111d on bchnlf of the Ci ty
w 11 h Lhc man un l or fac simi le sig.m11u n.: uf lil t M ay l •I, sl1 11l \ l,i..::11 a 111,11 111:11 0 1 fn csi 111ile of lhc sea l
ol the C11 y an d s hall he at :cstcd hy 1hc nw m:nl or fac simile sig n:nurc o f' thl'. City Clerk o f the
ou ncil , all of who n arc hctcby authori zed and direct.cc\ to prql:11 c t111 :I ex ecute the Ha nds 111
<1 ccord:rn cc with t!1c reqmrerncn t-. hereof. Should :my o f'fii.:cr wh•)~;c mam1;1 '. or facsi mi le
~ignn 1nrc ;1 ppc.1 rs on the Oond s cc:isc to be :,;uch nfri ce r be fo re dc !ivc ry of :my Bond, such
m:inu,1 1 or f11cs 11ni\c signature shall ncvc11 hclcss be v:ili d and su ffi c 1e11t -~01 :11\ p11rposcs \Vhcn
t he Oon<l s 11:wc bee n dul y cxecu tt:d, 1h e nffi cc r:-; of th e Ci ty ~re au lhor izcd lo, and slw ll, delive r
th t: Bu ntl s tu th e: f'ay 11 1g J\ycnl fo 1 authc nti culirn l. No rl oml sha ll be secure,! by or tit led to lhc
benefi t Qf thi s Ordin:m cc, or slml I be v;:did or cihliga wry for any pur pos e , unl ess 1ht: ccrtifico tc: uf
m11h c11ti ca tinn nf th e l'ay mg /\ge nt has been manu :1ll y e:<tc uted by an auth orize d signatory of lhc
f'ny in g Agcn!. Th e execu ted cer11fi ca 1e o f a11 Lhcnll ct1 tion ol' the Pa ymg Age nt up on any Bond
s hall be concl usive t!Viden ce . and th e o nl y co mp eten t evidence, tha t such ll on d lrns hccn properly
:u1t he111i c:mc.:d ;u\fl df'livc:r~rl her eund er.
Secti on 8 . ll.c gistrnlion of Honds in Reg istratio n Ho oks M:li ntain~d hy P :iy in g Agent. The
Pc1y i11g J\.gc11 t :sha ll nia int ai11 rcg islrati on boo ks in which th e o'w ncrs hip, lnrn s f'cr and cxch:mgc of
13ond s sha ll be recorded . The perso n in who:-.c na nn: l.111) Ho11J :-.li..11: IJt I t:g i~w rcd 011 such
rc g1 s trnl1 0 11 book shall be dee med to be lh e absolute own c;r th ereof fo r all purp ost::s , w hether or
nn1 payrn c ni on any Bond ~h all be overdue, and neit her the C.ty nor th e P;1 y111g Agen t sha ll be
aifect~d by any no tice or oth er info nnat ion to tht co ntra :-y.
ce lion 9 . Trn nsfc r :ml.I Exc han~c or Bonds . The Bond s ma ) be trans fe rrt·cl or c·xc.h:i11 ecrl :tt 1h r
pr inci pn l o ffi ce o f th e P.:1y ing Agen t in the city id entifi ed in th e definiti o n o f P.i y1n g Agcn l in th e
St.:<.;! 1011 licrt:t if 1itl cd ·'Ddi11it 1n11s " oi J l s uch ..:>t l1cr offi ce of lh c r ,1ying Age nt dcsigna tc c.J by th e
l'a)ii n~ Agent for :;uch purp ose for 11 lik e aggrt.:g atc pnnc1pal amo un t o f' l:\0 11d s or uthc1
a11 th od 1.:d dcnominatio 11 ~: o r lhe s a11 1c :mnu nt y rn d 111t cn.:s t r:i tc , upon pay c1t!:ll by the tr ansferee
of n renso nab\c tr1111sfr r f'ct cstah lir.hcd by the Paying Agc11 1, w gethcr wi th any tax or
eo vemmcntn l charge rcqu ir1..:d tn be paid wi th re s pe ct to !-.-U ch lnrn sfcr or cxc'.1:rng:.: a1hl :l ll 'f co::.t
o f print mg bonds in coru1ee1io11 1h crewi1 h I lpnn s urn:nder fo 1 1ran sfcr of any Bo nd, dul y
endo rsed fo r trn.ns fc r or acc oinpa11ie<.l by an ass ignm en l dul y execut ed by the Ow ner or hi s or her
all orn ey d ul y a uth ori zed in wnt11 ,g. th e Ci ty shnll exec ut e and th e Pnyin g Agen t ~;hall
au th enti cate and deliver in !ht no :m.: uf tlt t: tra 11:-.fr1 c::c a 11cw Do n<l . No1wit hstand in g an y o th er
prov i, ion hereuf, th e l'aying Agent shall not he req ui red to tra nsfer any Bo nd (i ) wh.i ch is
sc hedu led to I, redee med 'n whole or in pan be tween the Busmess Da y 1nuncd:,11el y preced mg
the mailin g of the noti ce of rede m ptio n and th e redemp:ion date or (ii'! bet wee n the Record Date
for a ny ln 1erc~1 P:iyment n ;it e and s uc h Jr.tc ~esl Paymen t Dat e.
48 10-689R-86 81,:.Z 10
Secti on IO Rc11lncerncnt of Lost, Destroyed or Stolen llnnds . If any Bond shall bcconce lost,
dpparcn tly des tro yed , slolcn or wrongful ly token. it may be rep l~ccd in the form and teno r o f the
lost, destroyed, stolen o r taken Bond and the City shall execu te and the Payi~g Agent sh all
aut hc nu cnte and delive r a replacement Bond upon the Owne r furnish mg , to the sa 11 sfac t1on of th t:
Pn ymg Agenl' (a) proo f' n f nwnership (which shall be shown by th e registration books of the
Pa ymg Agent), {bl proof o f loss, destruction or theft , (c) an indemni ty to the C ity and the Paying
Agenl v. 11 h res pect to the Bond 10;1 , dcs11 uycd 01 taken, and (d) payment o f the cost o f preparing
an d executrng the new Bond .
Scct1on 11 . C rcntion of llond /\ccountj funding of Refunding Pro jrrt.
tJ) Creation ofAccmmts. There 1s her eby establis hed th e Bond Accoun t and 1.hc
Proj ect A,.count . The forego in g acco unt s sha ll be maintained by the C ity in accordance 1•·11h th e
provisions ot'thi s Ordmance .
(b) Initial Credits I n Accnu11ts . Upon payment 10 the C ity of th e purcha se price
of the Bonds in accord ance w ith the Bond Pur cha s e Agre ement, the Bonds shall be deli ve red lo,
or ns di rec ted by, the Underwnter and th e pro ceed s recrivc<l hy 1hr. C ity from the sa le of th e
Bonds, toge:hcr wi1 11 lega ll y avai lable moneys o f lhc C11y availa ble for such purpose, sha ll he
app :icd as a s up plemental appropnaLion by the C ity, as follows:
(i) to the Bond Account , the accru ed i nt erest on lhe Bonds from the da ted da te
th ereof to tht: <la t~ of iss uam.:c, if any, an<l
(ii) in the event that Bonds are iss ued 10 fund th e Re fund in g Project. to the
Esc.row Accou nt for pn.ymcnt of the Refunded Bond Requirem en ts in acc ordan ce with
the rcpon o f a ccni fied pubilc accoun tan t as required by the provisi0ns hereof; and
(iii) in the eve nt th :lf Ronrls are iss ued to fund the improvem en t Project, to
the PrOJ L:Ct Acco un t, th e remainin g proceeds of the Bonds.
Sc.:c_li on I:!. Esc r o w /\ccount : Pay m e nt o f .U cfu nckd .Bonds.
(a) Ewahlis/r ment ""'' 1Wui11t c11m1 c,: ,,J E.w.:row Act·,mnt. Then.: i:, lu.:rd1y
i..:stah l isht:cl a -ipi:ci~1l a<,;co u111 dcs 1gnatcd a~ the "l{cru 1,ck:d Si..:1 ics 200 '1 Bonds Esc ro w Att.:c.n 111 1 ··
which s.1:,II he.; 1:w 111t ;1incd in ;1L:co:-d an<.,e with u c JH\1,11su1 ns hereof ;111d o f the..: 1.::scn.,w
1\g rec1rn.:11 t The l~s:.:.row /\cL:o unt shal l h:! 111ai11 1;iincd in an .11110u11t at the time of th e in11 1;1 J
c\cpo.'rns thc r'!i n a11d ;,t ;ill times suh :-:c q11t.:ntl y ,11 leas t si1 rfi c ic.:nt. togcl hcr wi th the.: k11ow11
111 inimu m vicld to be d criv1.:d from the ini ti ,11 inv1.:sl mcn l :md 1111v tc 111pur:1 ry 11.:111vcs 1111cn1 nf thl!
d1 ;pnsit s th1.;n;111 ,,r a11 y pa r! 1111..:n:vf in Dcf'cn!-.:incc Scc uritic:. to p;1y !ht.: i{t.:fu nd t.:(1 l\onc l
Rec p1i n:11w111s . l~xr.c•.pt n~ m:ty h~ n1herwisL' pro vidt'd in the E:-:crow Agr ec 11:c11t , the C ity sli:,11
h ave no ri ght m tit le to tlH: 111 011 cys c.rcdll cd 10 O" ho ld in the Es:row AL:co unt , nml !a11.:h litl ;:: f,lw ll
he 1111d 1!t hcrt!by trn n:;for red 10 rhe Ba nk in trus l 10r the pu ymcnt o f th (; Rc f'u nd ~d Ou nd
R1,;quia:111 1;11t s pu1 su;1111 to the Escrow .'\grcement. Mn11c::y ~ sl1,1II be w1 tltd 1i1w11 Uy th1.: IJ:11 1k f1u111
1\Je Esc,ow J\ccounl 0 11 tli~ Call Dat e 10 pemu1 the pil ymc;ll wit hout cic foult of til e l(cfu11cl cd
Bon d Rcquircmc ms. If fhr any n:alio n th e amoun t in lh c l~scr0 w Acco unt shall al any tnrie he
111 su!T1cicnt fo r th ~ purpose hcreol , the C ll y shnll lo:'lhw1th from L:u:: lirst moneys ;ivai\a hlc
th crdor deposit in s uch nccn unt such additiona l mone y, as sln ll ht: ncccs;;a1 y J permit rhc
paym1 ,t in full nf 1hc Rcfunilccl Bo nd Req 11 1rC'm~a1 ls .
(h) Call of Rf~/1m detl 1/m uls , S11hjcr 1 1ri lh <~ 1s~11:rnr:i: nf the: Bon ds , !he f:011 nr il
dn t.!s hereby ,led :11 t.: :1'-in1 c111 10 L!'X crrisc on ·,eh:1lr o: and in lht:! name of the: Cit y it s op ti on lu
red eem m p:1y :mcl c:mce l :ill of the Re fu nded I3o ncl :; o n th~ C'nll Dnte. wh ich is lht! car!ir.:::1 el ate
o n wh :cl: 1h1.: Rt!fu nd cd Bt1 ncl s c:111 be ca lkd anJ redeem ed . The Cou nc il hc 1cby nu thorize s the
Sale D~kga tc tu ck tcrn~111 e the Call D<1te nnd tn i11i;voci1l.l ly 111strucl lh t.: B;111k tu gi•1c 0 1 t:ml!-it: u,
he given a nmice of refunding, del'e:1sr11 1cc mid reel em p tion o f 1he Refund ed Bn nc\s.
5:ld...CJ!U!.l.J.:L lnvcs lm cnts . Pro ceeds o l'thc Bond s delivered to !he Cit y p.1rsu~111 10 th e Secti on licrec-f
t itl ed "Cn::n li on o:' Acco1.111ls: Initia l Cree.i ll--to A<:cri unt s," mc •11c:y!-: on dcposll in 1h c Bond
Acc ount and ;1ny mo neys he :d hy th e 11:i yi np, Agc n1 wil h res pcc: l(l lli c Bonds shall be in ves 1cd in
Pc r rn iucd lnvc stm i.::n1 s , provideJ tha t the :nvt.:s lmcnt of such monrys s lw ll he s11hJCCI In any
a ppl ic;ih le res1ric1inns St:l fo 11h in 1hr T;1x I c.ll c-r of Jn st ni ctio ns and in the "Tax Co mpli ance
Cert i fi cate'' or s imil ar ccH ifi ca l c del ivered by lh e Ci1y in con11Cc lio n w ith the issuan ce of the
ri cm d~ th at de.;cribes th e Ci ty's cxpcct.1tio n:> n:::g,mlin g th e w ;c nm\ in \'c stm cnt of pi occcds o f the
l1 oncls and otl:cr money ~ and the: use: of the improvc:mc::nt Pro_1cct.
~~ffi.lli!..l.1. V;irious F intli11g s1 lk h•rminntiou s, Jkclarnt ions a nd Co nnnuts. Th e Cound l, having
hecn full y 111f11rmc..··d o f nnd ha ·1rng cons 1dcrcct all the pcnment tacts a11d c1rcu msL:111 1.:es , ll i::reby
!incl :.. dctcrn 11n c.:s, dec lnrc s and Gnvcn ant s w ith the Ow ners o f th e Bon ds tl rn t:
(a) vo ter ap r rnvcd 11 f the Ua ll ot Iss ue :\uthor izat1o n w:is obt.,in cd in :1cco1d:rn c:c
w ith :i ll :1pp\1c:1 hl c pr ovis ir111s or la w;
(h) 1t is in til e hcs t in teres t o f th e Cny and il s re sident s that tht: Uond ~ be
au thori zed, ~o ld , i;,s ued and dclivt:red :11 th e I i111c, in the man;1cr and for thc purp o::;c::; pr("l vi(k d h
th is Ord inan ce;
(c) 1h c issua nce o f the Bo nd s will no t c..1 use the Ci ty 10 cxce cxi its dcb1 \1111 it
unde r ap plicabl e Sla te law;
(cl) the OTC Blank et \ ,e!ler of Represe nt at ions enter ed into wit h DT C will govem
th e book Clllry regis trat ion syste m fo r the Bo nd s: and
-1 8 10·Ct89R -8M7 .~ l 2
(e) lh e issua nce o f tl 1c 13onds and a ll pro cedur es un dert aken in c1de n1 !h erc10 are
in full co mplian ce and co nfo rm ity wit h all app lkable rccp 1rcrneut s, provi sions and li mit ati ons
prcscribt:d by the Chaner, the Col orn d1., Cuns 1it ut1 on rmd la ws of th e Stmt, inc ludiug 1!11:;
En ahlmg Laws and the-Hall o1 Issue Aut hori l';ttion . and all cond iti ons and limirn t1 on ~ of the
En a b ling Laws, th e Ballm l ssut: A uthori1a ti 0 11 and mhc r app l icable luw rd ati ng to the bsunncc
of the Bo nd s hav e been sa lis fi ecl .
S1:;cti on 15 . Fe d cru l In co m e Tax Covcu:mfs . For purposes of en s uring 1hat the int c.:rest on th e Bo nds
is and rc,mun s excl ud ed fr om grns'> in co me fo r fed eral in corrn.: tax pu rposes . the Ciry hereby
co ·en:mts tha t:
(a ) l'rnh ibited ll cti on.<. The C i,y will no! use or penni l !he use o r any proceeds
of the flond s or any oth er fund s or 1hc Cuy from wh atever source deri ved, direct ly or indi rect ly,
to ..i cqu irc any secun1ies or nhliga ti o11 s and shall not take or pcnnit to be lakt:n :::my oth er acu on
or act io ns, wh ich wo uld ca use any Bond to be an "u rhllrngc bond" withfo the meani ng of
Scc u on 148 ol th e Code , or wo uld ot herwise cause the iruercst i>n any Bond to be il:cludil,lc in
gross in co me fo r fe dern l income tax purposes.
(b) llf.firmati,,., A ctio 11 s. The Cit y wil l al all t imes d o and pcrfo nr. all ,,c ts
i>enn ittcd I•) law th ut urc nc cca!;..i ry lll 0 1der to as~urc th at in1crc st pnid by the C ity on the Bnnrl c;
sha ll r:o t be in cluct iblc rn gross inco·nc fo r fede ral income rnx purposes under th e C0<le or an y
Olhcr va lid prov isio n of law ln pnn ic ul:i.r. hur wit hout hm1tati on, the Ci ty represents , warra nt s
and covenant" to comply with the fo l'ow mg ml ~s unle ss it re c ei ves an o pinion o f Bond Co un se l
stal ing that suc.h compli ance is no . nece ssa ry : (i ) !,'TOSS proceeds o f th e Jl onds and th e
improvement Project will no~ bl! useL in a manne r that will cause the Bonds to be co nsid ered
1·private acr:vi ly ~on<ls 1
' wi th in the mc.a nin g of the Code . (ii ) the Bond s are not and will not
become dircc ,ly or ind irec 1l y "rcde ra ll y goa r3 ntecd": and (iii ) the City w ill ume ly 1-.1e an lmemal
Re venu e Servic e Form 80 38-G wi th respect lt• the Bonds, whi ch sha ll conLa i n th e info nnat ion
req ui red 10 be filed pursua n! lo Sec uon I 49 (eJ ,,r the Code.
(c) Tax l cu cr of fo.\lrw:ti,m .'i . TI1c City w ill comply wit h the Tax Letter of
In s11ue11011 s del ivered lo it o n the daie of issu ance of the Bo nds, incl ud ing oul no! li m1!cd by the
provi sions of the Ta/. Lett e r of In structi ons regarding th e ap pli cntion and in ve stm ent of Bon d
proceed s. the use of the lmprovement Projl!ct, the ca lcu la1i ons, th e depos it s. tht.: dis bursement s,
th e in ve!.:t ment s and the re ten:1on of 1ecord s dei:c ribe-d in the T :t x I ,c ll er of Lnstructio ns: pro vided
that , in th e ev ent 1he T c1 x Letttr o f ln stru cti ons a rc supe rseded or am end ed by new Tu x Lett er of
ln ~1nic1 in n c. rlrn ft ed by, an d Jc co mpartied by an op.i mon of, Hond Co unse l stat ing th at th t use of
the new Tm. Lett er o f Instru ctions wi ll not c:i us e th e int ere st on th e Uo nds to bccn mc in cl uchh lr
in gross inco me for fed era l income tax purpos es, the Ci ty wi ll th ereafter co mp ly wi th the new
Tax Len er of Instruc t ions.
(d) De si,;1111ti ,111 (If Bnnds a,· Qua/ifietl '/'ux Exempt Oblig ation.<. The Ci!y
he rt.:by designates the Bond s as qualified 1ax e~cmpt o bli gat ion~ wi thin the mem1jng of
Section 265(h)(J) o t the Code . The City covena nt s tha t th e agg1cg~tc fol;~ a mount of all tax
exempt go vernm enta l obl igat ions defi ned 111 Sec tio n 14 ! o f th e Co de or qua lif ed 50 1(c)(3)
bo nds defi ned in Sec tion 145 uftht Co dt' ,~s ued hy tht· C it y, togeth er wi th i;o vemmcnt.1! e ntit ies
whic h <le ri\t.: th ei r is suing a uthori ty fro m th e Cit y or are subj ect to su bst antia l co nt ro l by the
C i.y, arc 11 0 1 ex pec ted to be more fan n S :0,000,000 during the cakndar year m which 1h c Rr.nrl s
are issued . The Cit y recogn izes lh at such tax exemp t ob li gat io ns include note s, leases. loa ns and
wa rra nt!:. as well as bond s. The Cit y fu rt he r recognizes tha t an y ban k. thr ifl ins titu tio:1 or ot her
fi nancwl in ;tituti vn that owns th e Bo nds wiJ: rely on the Ci 1y·s dcs igna:1o n of the Bond s as
-1 8 10·6&98 8687 2 13
qualified tax exempt obl 1g;1t.0 11!\ fur 1l 1e pu1p t•~e u f uvuit.ling t\1e loss o f IOOo/, o f 1rn y othcrv.•1. c
;iv,1!1 .i hl t! ,meres t dcduc t1 on mmb uta ble 1c1 s uch in sll tuticn'.:. t:i x exempt holdi ng s.
Sc ct1nn 16. ll cfr a.i;nncc . Any LI 01 :d shn ll no1 be dcc 11 11..:cl tu hc C>ut <:tri :1d1 ng hereunder if it :,hn.11 have
h<..:cn p:11<1 ;u1 c; c:111i.;cll ccl or if Dcfc.'.ls an cc ·ec ur 1t ics i:h all have: hc..:n ckpos 11 cd ic l111 s· li.1 1 1he
pc1 y111c 11 1 tlti:tcnf (w hci hc r upon or pri or tn the mntur ·ty o r s ucl · l)r,1id , b ut 1f '>ll c h Bond ts 10 h1;
p:nd p 1 in 111 11m t1 11t )', the.: C it y sh:i !1 have l!I VCll th e l':1y111 i::: ,\gc n: 11 1 '\\K·ahk .i .l:c 1i :,11:,; 10 ~'.i\t;
noti..:c o f rc dcmf')l1n 11 :1, J'l'ql nrr-d hy .!11.:: 0 1dir.:111c1·, 1,1 s uch nr,tiC'c s lmll h:lV c ht:c n !_:tvc.:r. Jll
:1c1;01d :t11l:c w1 1h t li i•: 01 d m a 11cc·1. In c..omp 11tng tht! :11nount 11f llu: dq,-'Stl d,:scrih1:cl ;d,0,1· lhi:
C ily m ay 111d11 dc tl ·e mnturi11g p:·im:i p:d ol aru l mt~rcsl !fl he c;:1 rncd 0 11 the Dcfc;1~a11t.:l:
Scl.:UI lli L:s 1r li.;ss limn ,d i th r.: nond s l'!l'C IO ht. dc kll:i(.:C po.11":-11:mt ICl tin s Sec ti o n, th~ Cn y, Ill ll ;
so le cl 1sc1c1101:, ma;• :.dee! whid 1 111' til t.: Hu 1ub .... l1a ll he licf"ca~cd .
"'ecti ot • 17. Ewnts of Uctault . Lach of the l(,tl owm g ev ent s co maiutes an Event of Oi.;rn ull:
(a) Nm1pay 11w111 ,~( f'rin cipal nr lmert'.,·t. Faih11c to mak e an y pn y111cnt or
pnncipa l of rn in l~rcs l on the Bonrl..; wh en du e
(b ) Un·nch or No 11p1•1f"'""'""''' ti[ /Jut i,·,· l\r:::,ch hy I ,c 1-il y ,,f a11 y maleri;i l
cm·c11.1n l r.ct fNlh htrt.:111 o~ fo il urc hy the Cit y to pt.:r fon n :11 1y mmc ri:-.1 d uty im 1,osr-rl rm 11
hcrc .mcl cr .ind o.:n111 i11un :ion ol' :rn ch bre:-ich o r fa ilure fo r :1 p~rmcl of 60 d:i ;') ~l ll.'r :'Cl Ci pl by th e
City .'\ttu111c:y of w 11:1cn no ·icc thereof :~rom the Pa yin g .'\ge nt or fro m the Ow ners or :11 1~as1
10% or lhc agµrcg:nc nm oum of tilt Bum i Oh\1g;1t1111 1, p1uv i1.kd tlint o:.uc h UO -dny pc 1 iod sha li h:;
cx1c11ctcd f.O long .!S the 'ny has co 111mc11ced ond co n1 1m1cs n goo d fai th cffon to rc1n cdy s uch
brca:.h or failu re.
(c) B"ukruplcy or Rcc,:il't:rshiJJ . An cnl(!r o f dt.:e ro.:c.: Uy ~ court o f co utµeicm
j urn••iic ti on (.lccl ,ir ing the Cit y ba t1kru111 und er fcdc:·a \ bnnkrup tcy 1:-i w or ;1pµoi11 1;n~ a rece ive r of
ali or n11 y mat.cn;:I portion o'. ti , C11y 's :i ~s cts or n:venucs i i; ent ered wit h lh i; cDnsent or
accp :1c!'-cenc.:c o f lh,; City 0 1 :s 1.·11 t c1cd wi1ho11 1 1hr C(\'lC.f'll l nr atquu-....:cc11i.;e of lhl: City hu t is n:'l
v:.,c:uerl , dir,c hJ rgcd or stayed within 30 dny:,; :1 f1 cr 11 is c.-nl ercd.
, ct..:t1 011 18 . Hcmcdics fo1 Events or Dcfoult .
(a ) llc:mc,lie.,·. Upon 1he occ urr c:1ce an d co m i nuancc o t ~111 y Evt:11 t of Defau lt. tl1c
Uw 11e 1s 01 not less tha11 25% o: the aggrcga lc amount o:'thc Boud Ohl :g:.11i on, in :;lu din g. wiLho1..1
l1111i :a unn , a trust ee or tru stt:cs therefor may proceed i1gui11s t the C 11 y 10 p 1ot t:c l rrn d to c11!0 1cc the
ngh1s o r the an\ Uwn crs unde r Lins (Jnlimmct.: hy 111:md,mrn '>, mjunct io11 or by .i thc1 s1111 , ac:ion
m s;,e~1J I 1>roCL.C di ngs in eiju lly or at law. m ;my co urt o:' com pc lt:nt iun sd1 cti oll' (i) fo r the
p:iy mcnl of 1111 e 1t•'>' on any in !-lallnw nr nf'p nncipa l o f.1ny Bond th:it was not paid wh e.1 due nt the
111\c.::rcst rate 1.Ju mc by s ut:h Bond. (1i:1 fo r the SpL':;1f't<.· pcrfo rmnnt'c of :my 1·nvo11:l nt contai ned
here in: (1i1 ) to c :lJ Oin nny ac1 thnt m:.iy bi.: unl :n\.ful or in viol:tli on nf :m y ri ght of any Ownl'r 0 f
:my B ond; (i ") ror an y o th er pro per legal or cqu1 tnb lc n.:mcdy; or {v) :i :1y co111hin ntiOH of ::ud1
remcdic~ (1r as othcrwi st: ma y Uc au1hv1 izt:d Ly i1P!'.i cablc !nw. prov1d(:d, however. th ,1 t
.icc cl ern 11o n of any amount not y et d"Jf! o n th e Bond s accord ing w !hi.:ir 1cn 11 s ~lrnll nu t l.11.:: in 1
nvn1lab lc remedy. Al l s uch procc l½.lmgs ,1t bw or in equity shall be ii1s1itult:d , had ancl
mamwin cd for the cq uul benefi t of all Ow ners o f n ond s th en Uuts tandm g.
(b) 1"t1ilure Tn Pursue Rimwdics No t a Re/ea:,·ei Ui,:ht.\· Cumulmivc . The foi lure
nf :my Own er of an ; Outstandin g Bond to proceed in ncco rda ncc with subscc t1on (a) of thi s
Sec ti on sh,,11 not re he-\'e th e Cit y of any li abil ity fN fai lure In perfnnn or carry 0111 it s dut ies
un der thi s Ord in~n ce. Eac h ~,ght 0 1 privilege of :my ~l!C h Owne-r (or trus lt>C therefo r) i-. i11
-I Sl0-(,SQ8 -8687 2
addi tion and is cumu lat:ve to any mhe r ri gh 1 or priv il ege , a:1d the ex ercise of an y ri ght or
privi lege by or o n beh alf <,f nn) Owner sh ull nol be d ec ml!d a W;t 1ver of any ott:er righ t o r
privi le ge o f s uch Owner.
Sectio n 19 . Amcmlmeof of Orclina 11 cC'
(a) ,1m ct1dm em .~· Pc rnrined Jrithum N11ti ce to o, C,m11e m uj Own er .... The City
rn ny, wit hout the con sent of or noti ce 10 the Own ers of th e □ond s , ad opt one or more ordinan ces
ame ndin g or sup pl ementi ng thi s O rdi ndn ce (which ordinnnccs shall thcrc:-a Hcr bcco in r.:: a part
hcrco O fo r nny ne or more or 311 of th e follo win g purpose.-.·
11) to c ure an y :un blb'111t y or 10 cure . correct or supplcm c,11 any ck rt!c l u1
:nconsistent prov ision o f this Ordirmm.:e;
,:ii) to su bject to this Onhnancc or pledge to the pay111e11'. 0 f 1hc Bond s
,1ddi lio nal re ven ues , pro pe11i cs or co ll :llcral ,
:ii i) to in!-lltut e o r tenni n:Hf' :1 hon k entry rcg istra 110 11 syste m fo r th e Bond s or
·.o fa cilit ate th e dc stf:..'ilat io n of a substitu te scc unt it:s dcpo sitory Wlth rcspe..:t to
mch a sys 1cm:
(iv) to maint ni n the th en cxi st ir~g or to stcure a h.jgher ratin g of the Bon ds by
dllY nationa ll y rccogruzc d scc ur iti c~ rm in.g ngcncy; or
(v) to make a ny othc: c hange thnt d o cs not m ate rial ly a d vernely ,!lfcct the
Owners o f the Bonds .
(b) Amcmltn e11 rs R,~1111iri11g Nmice to mu/ Co n .,·ent of 0 11,111 ,.:,3·. E .... ccpt fn r
ame ndnent s pcnnitted by sub seL:tion (a) of thi s Sect ion , thi s Ordinance may only he ame nd ed
(i) by F. or inancc of tl:c C ity amending or supplement ing thi s Ordi:iancc (whi ch , ailer '.he
t:u11 ~c.-::nts n:quu ed. the refo r, shall bccc•mc a pnrt he reof): and (i i) wu h the written consent o f the
O wners of ,1 least 66-2/3% of th e R o nd Ooli gati on : prov ided tha t a ny amend:nc nt that m ak es any
of the fo ll ow ing dianges with re spect tn an~ Bcmd shri ll not be effe ctive with ou t !hr wnttcn
co 11 5cnt of th e Owm:r o f suc.:h Bond: (A) a chnn gc in lh C" m:-Hn rit y of ~11ch Bo nd ; (B) a red uctio n
o r the int erest ra te e n scch Bond; (C) a change in the terms o f re dem pt ion o f s uch Bo nd ; (0) a
dday 111 thl! p:1yment of prm(:1pa l of or in teres t on .s uch Don d. (£) a rt:dut.:111111 uf tlic Bond
Ohli g~tt ion th e co nsent 11f the Own e r:-of wluch is requi red fo r .i n am endm en t to this Ordin:1ncc ;
or (F) the cs tabhsluncnt of a pr iority or pre fe rem.:e for the p3ym cn t of any :11nm1111 due with
n:~pr::::i.:l tu ;m y ll lli t:1 Bu11J Ctvcr such Oond .
(c) Pr orcd11re for Notifying mid Obtuiniux Co,r .,·cm of Owner,\·. Whc:nc ver the
co nse nt of .m Owner or Ownl.!rs of Bonds is required u ndf"r s11bscr.t ion (h) of thi ~ Sect ion, the
Ci1y shall ma il a 110 11 cc to such Ow ner or Owners RI thei r addresses as set fo rth m the regis tra ti on
books m:11nta mcd by the Paymg Ag ent and 10 the U nderwr iter. which noti,;t: shall hr ic:n y
rl ,:<.c ntw rhc prnpnsecl mm:ndment and state tha t a copy of the amend ment is on :i lc in the o ffi ce
of the City fu r m~p cct1 on. An y consen t of any O-..vner o f n11 y Bond obta in ed w:th rcs pe,;t to an
ame ndm ent shall be 111 wn li11 g u11d shall be ftn a l and not subj ect to w11hci rnwnl, resc1s5 io n o r
111odifica1,on for a peri od oi 60 days after ii ts delivered lo the C11y unless anot her ti me period is
stated for such purpose in the noti ce mail ed pursua nt to this sub ,cct ion.
S enion 20. Appointment aud Duties o f Paying Agent . The Pa yin g Agent ide ntif ied Ill th e Sect io n
ht:rt:of tnled ''Dcfinn ions .. 1s lu:re by appointed a,; pny mg :1gent, rc gmrm and autt:enu cming :igern
fn r 1hc Bonds u1:lc ss nnd unti l th e City rcrn L•Vt..:s !l a~ such :rnd :1 ppo1t1 1t. :t cu ccm:sn r l'.1ying
,\gl:111, 111 which cv t.:11'. such su Lccssor slusll au t('l m aticnlly succeed 10 the <l u1i cs of the P.1ymg
,\gl:111 hcrc:u :1ci er ;11 :d i1s prede ce ssor sha ll !mm cdi atl!l y tum ovt:1 ;1\l it s rcu 1nl:; 1cg;.11 tlt11g tile
Hu11Cls to ~t11..:h s1.cc cs :.o r. Til e 1',1y111~: /\gent shall ngrcc 1(1 pc1 /i,nn al l clut irs nn<l to t:1kc all
ac...1 1n ns .1s:-.ig11 cd t.• JI !i cn.:un d t:1 111 acc oHbn cc w1 1:i the h.:nn s lll:n.;o 1
~...2.L ,\p1,rov;1I of l(clatcll l>n cum t:111 ~. Th e Crnm ci l 11..:rchy r.11ifi cs Jlld apprc n ;:,; he
di<ari 111 11011 .1rnl use 1·1 co 11 ncc11n 11 with 1hr offcrinll ,if th e l1 c111d s n r 1hc P1d11111narv Offir i;il
St:11c mc11 l ;ltlcl :1 11 n(fi c i:il S1:,1cm ent rr.Ja1i ng lo 1h 1: Bon ds; m1tl fo1 .1 J;t nPd o f urn~ yc:a1 Ii 11 1,wmg
th\! .i dc,pti ,,n <11 tlu s 0 1clin:rncc. the Sn lc Delt'gatc i$ a111 hun1 ccl tn cx r•1:11 lC' tl 1c S:1)(' C r1 1 li 1•:111 • :111cl
1hc.; Doi :rl Pl!1 cli asc /\grcc mc nl T he np prop ri:11c Cl ni ccrs :ind offi c,;i;d s of lhl.! Crl y :1rl' h~:11.:hy
au thori zed and di11.:..:tcd tu c::.-cc c,;utc an u11 dcrlnk111g to f,1t ilit <1 lc ccm1 ;,ti11ncc w 1I h Stclir 111 c -. :md
Ex..::.h ,1ngc C om111 1ssiun Rule l5c2·12 (17 C F.R. § 240 .li i..:2•12), :he.. Pa yiu g Ag.:111 J\g1 1,;c.11cnt ,
lh c 1:scrow Agrcc mi..:nt. :1 "r ax (\impli nncc Ccrt ific:11 c" or s11nil m ccnificalc dcscrihi11 g the
Ci ty \ cxpccla tions rega ,cling the use and 1nvcst1111..:n t ol prm:cc ds o f the Bonds and ot her money !!
and \.l e use of the lmp ro vc111c11t Pro.it·ct, ;111 l111 cnrn l Rcvc nut! Ser vice r•orm 803 8·0 with respect
It • the n nncl s :md nil rnhcr docurn ~nts :incl ccrt 1fi ca1c...:: 11 cccs.'>11 ry or d c:s1 rn hlc to d fo ctua le :he
l"=!-11:mcc nr ;1dm111i ,wuio11 n f the Bli nd s. ·h e i:w c~lll lC'nt nf prc•Cl:c cl s n f the Bonds nnd :he
1r ,111 saclil 1ns .::.nnte!ll il l:decl her,·by
Scc1ton 2~. tvcnrs O ccuning 011 lhys Timi Ar c N1,1 ll11 si11 css na ys . Exce pt :,s ,,1h crwis ('
~pc::.,;ilit.:;ill y pl lWi Ji.:J lic1 c i n with rc:-pc ct tu ,1 p:111i cul 11r pnymc nl, event o r net ion , 1fany pa yment
to oe nn dc he re und er o r nny cvi.-:nl or 11c1 io11 lo ul:1..:u1 l1t.:icu11dc1 which. hut fo r thi s ~ccu,111 , i ~ tr
be m,1cl1.: or 1~ to oc:ur o n n <l .iy that is 1101 a n u,in ::!•~ Day, such ;rn:111 1c nt , cv ... 11 1 or ac tinu :-::1;dl
111 stct1 d be made or oi.:1..:u r on lhi: 111.!XI s ucccccimg duy that 1~ a Bu s.;1h~• .... n.,y v.1 1th th t s;.11,1~ c fft.:c l
af.i if ii w:.is nrn c.k or uccurrcd on thr.: da 11; on whi ch 11 wa s onginnl :y s clK.·dulc~: 10 b1.: made <.ir
Ol:Cur.
i1~s ti on 2L Limitation nf Ac 1fo11s . In ;i1,;1,;ord:n1 cc w1 1h Sc..:c t1on I l-Si-212. Clilorndu Rcv1 ~eC
Sl nL Lit c:,, no le~al or ~qu 1t:ibl c .i dinn c:m he broug ht wilh n:s pc-1:t 10 rm y r.!Ji<:lalrvr. :1c:1, or
procct,,;J ings in connccuo n with the .1 u1h ori ;,~1ti on of th e fbnds mo re than 30 d;i ys .:.ftcr the
,1u tl1 u1 i1"'1t1 o n of such sccuritit::s.
Scc11011 2=.:. Ord in rt nee is Contr.1ct with Owners orBoutls ,111tJ l.rn:11 c;1l;1!•k Ait i.:r tl,c Bowh-h11 ve
-,cc n iss ued , tins Ordmancc sh all be and remai n a co ntrac t between th~· Lit)' and the Own .:rs o (
:he Hoi ids an d shrill be and re main irrcpca lab k-until :!ll m:10unts du e-,,1,,11h respec t to the Bo nds
sha ll he lu ll)' pa i:!. sati sfied nnd discharged ar,d :,II ot he r obligat i"ns of the Cit y With res pec t to
·he n ond s aha I lu w: bt::en sat isfi ed in the manrH.:r pro vided herein .
Sect i~1n :!), ll c:tdings T he hl·.idi ng,s 10 til l.' w 1n o u i. s1•c·11rn , mu\ ,;;uh!-.<:c h11 :1s 10 tlus Ord11w m.:c have
been in :;crtei.l so.ldy fo r the convcni cm,c of \h e rea der, arc not :i p:irt o f tin s Qrdman t..·r :m et '-:h:111
nu t be usccl 111 ,111:1 manner to interp ret tlm Onl11 1nnce.
Sec11o n :!6. S cvcrnb ilit y. It is hereby exp re ss ly dt:cl,ul:t.l tl m1 all J>I' ,vi:.io11s hc1 cof n11cl 1hcir
ap p lica uon are rn1cnde d to be and are severab le. In ord er 10 impl emem such int ent, 1f any
prov isi on he reof or the applicn11 on thereof 1s dctcnnmcd by :; coun or ndmini strati ve body to Uc
mvalid or un enforceable, in v.l10 le or in pa 1t . such determi nat ion s hall not affec t, 11n pa 1r or
invalidate a ny ot her provis ion her eof or th e ap pli ca ti on of the provi sio n in que::.tion to any ot he r
situa:1011 ; nnd if :-my prov is ion hereo r or th e ap plicat ion thereof is determi ned by a cou rt or
adm inis trat ive body to be v:.i li d or enforcct bl r: only i f it.c; .'lpp licm ill 11 is limi lcd. its appli ca tion
slrn ll be lim ited as rc:quir ed to mos1 fully im ple:m:n l i:s pu rpose .
1 6
Sect io n 27 Repea l of Jn co nsis lenl Ordioaoccs, Reso luti ons, Ilylaw !, Rul es nod Orde r s. All
ord inan ces, rc::so lurio ns, hylaws. ru les and orders. or part s thereof, that n.re mco ns1s 1~111 with o:-in
con fli ct with this Ordina nce, are here by rep ealed to the cxtc lll of such i11con sistc11 cy or confli ct.
Sec tion 28. Ratific ation of Pri or Action s. A ll nctto ns heret ofo re 1:.ikcn (not mco ns1stcnt w ith th e
provisio ns of th is Ord inance, the Ena blin g Law s or th e f3allot Iss ue Aut hori,.auo n) hy th e
ouncil or by the officc:rs .:md emp loyee:!. uf the City dir ected towa1J thl.: is:.u ;111 c..:c uf th e 8011ds
for th e pu rposes herein set fo n h arc hereby rntificd , ap proved an d confi rm ed
Sec tion 29 Emcrgcoc y Dcclaralion a nd Eff ec ti ve Dat e. The Counc il has bee n ad vised thm in
order for the Ci ty 10 sec ure the l o"' inrrrr...s 1 r:nes CU!Te.n :ly prcr;:en l in the mflrke1 ancl riv oi rl a
pos sible increase 111 !7-:uch ra tes. it is necessa ry to iss ue th e Bo nds .is soon as poss ib le. TI1crefo re ,
for sa ici reason , th e Counc1 I declares that tills or dina :1ce is necess.-1ry fo r 1he 1rnm cdiatc
prcservatior of pu bli c prop cny , hea lth , peace. '" safe ly and an emergency cxisLs . Th is
Ordi na nce shall be effect ive im media tely upon fina l pa ssage and be pub I ished withm seven da ys
afte r pub lica ti on fo ll ow 111g fi 1:.-1 I passage
[Jll roduced , read in full , nnd passt:d u11 lit~t 1c:aJ i 11g a:,; un c:1 11 r.:1 gt.:11 cy 01dimmce on the I 6t h d.t y of
April , 20 I 2.
Publt shed by Title as an Emergency Bill fur an Ordi nance in the City's officia l newspaper on 1i1c 20• day
of Apri l, 2012
Published as an Emerge ncy 13ill foe an Ordi nance on the Cit y's official websi te begi nnin g on the 18th day
of Apri l.20 12 for thin y (30) day ,
Read by tit:c as an Emergency Ordinance and passed on final read ing on the 7th day of Ma y, 2012 .
Pub lished by titl e III th e City 's offic ial new spaper as Emerge nc} Urdma nce No.'fd_, Senes or 20 12,
on th e 11th day of Ma y.2012.
Pu blishe d os an Emergency Ordin ance by titl e on the Ci ty's offi cia l websi te beg1r:ning on the 91b day of
""'· "" '"' """' C,O),fa~. ~ ~ ~
~-l'enn . '.V1ayor
ATT EST .
• I /1 .
-
11) Bu sh, LJrPi ) C ) Cl rk .. 0
I, K Cl'I)' Oush. Dcpu ly Ci ty C lerk c,f :ht.: Cit y of Eng lcwv~nl , Cvh.11 .id c,. hc1 cby LC rt 1fr that tht: 11hc,vc
;111d l orcgrn 11 ~ 1s a i ruc cnpy of th e l:•,1:1ergcm.:y OrJi nancc p.i:-scd un fina l rea ding .i nd pu blishcll hy 1ulc
as Urd 1rar.c,· N(, '2:-\.. SL':n r~ ol 20 12 .
48 10-6R%-86R7 2
APPE NDIX A
FORM OF BOND
Li I T ED STA T ES OF AME RI CA
STA TE OF COLORADO
CITY OF ENGLEWOOD , COLORADO
GENERAL OBLIGATION WATEH REF UNDING AND IMl'l<OVEMENT BOND
SE W ES 2012
No. R $ ___ _
l nlerc·s 1 Ha l e Maturily Dat e Origh::a l Dat<:d Dat e CUSIP
REG IST ERED OW>IE R: Ce de & Co.
Tax ldc ntifica1i o11 Number : 13-2555 1 19
PRIN CIP AL SUM : "DOLLAR S ..
The Ci 1y of Eng le woo d , Colorado, a du ly orga ni zed and val idly ex isti ng ho me-r ule
mun icipal ity of th e St ate or Colo rad o, fo r val ue rece ived , hereby promise s 10 pay 10 the order of
th e rcgi~terc.:d o w ne r named abo ve , or reg istered ass ign s, the pr incipal sum stnt ~d ,1bov e on the
matur ity date slated above, wi lh inl crcs t 0 11 such pri nc ipal s um fr om the o rig in al da 1ed date stated
above at the inte res t ra le per annum stated abo ve (calcu lat ed based on a 360-da y ye.a r of twelve
30 -day mon th s), paya bl e on ____ an d ____ o f each ye ar, commencin g ___ _
Ca pi taliz t:d 1enns used bul not dclin cd in this bond shall have th e mean in g ass igned to th em in
1h e Ord in ance of the City au th oriz:ng th e iss uanc e of lh c Bo nds.
The principa l or and inl eres t on 1hi s bond :s pa ya ble lu 1he regis t ered 0wn er here of up on
prese r,ia tion and surr ender of thi s bond at th e pri nc ipa l ope rmion, offi ce o r LI MB Bank, n.a .. as
p~tyiug agc 11 1, i11 D1.:11v t:i , Cul ur<1 Uo, oi at suc h other o ffi ce o f th e Paying A ge nt dcs ign Jte d by the
Payi ng /\ge m fo r such pu rpose. Inte rest on 1hi s bDnd is pay ahlc by choc k or draft of the Paying
Age nt ma:led on 1he l:ll eres l Pay menl Dal e to the reg iste red own er hereo f as of the [fi ft ee nth day
vf th e 111 0n1h inun ediai ely pr ece din g) I fir st <l ay fl the 111011111 (w lmlter ur 11 u1 s uch d.,y i a
Elu s in ess Day ) in whic h th e ln1 crcs1 Ptt ymcnT Dal e occ ur s; pmv id ecl tha t, in terest pay ab le lo th e
reg islc rcd owner o f 1his au nd may be paid by any 1h er means ag reed to by suc h regis tere d
ow ner an d 1h e Pay in g /\ge m Ihm docs 1101 requ ire th e Ci ly lo ma ke m oneys nva illble 10 th e
Paying A ge nt earl ier than othc,r w isc requ ir cU und er th l! Ordinan ce or in c r casr th e co~ts bor ne hy
1h e C:1y under 1he Ordin ance ; pro vide d fu t1her , th at, so long as CeJc & Co. 1s ih e regis lered
ow ner o f this bo nd , l~c prin ci pal of and in tcrcs l o n lhis bond shall be paid by wi re 1ran sfer 10
Ce de & Co. An y pay!llc nl ur µrincip;il uf u1 in terest 'Jn 1h 1s bond 1h at is due on a cu y 1h 01 is 11 01 a
Bu si ness Dav shel l be made on l~e ncx l s uccce din is clay th ai is a Bu sine ss Da y wi1 h 1hc same
cffccl as if mnde on 1he day en winer. 11 was orig in a lly schedulcc to b~ made . All payme nt , of
/ll'1 11 c1 p,il i .r .i1 1tJ i111 c..:1es t on th is bo nd shall be made in li:1wful 11'',oney o f 1hc U ni te d S:atcs o:~
/\lll t:l'I Gil
rlu s ho nd 1s 17:irt of :1 11 i:-.s uc nf' g..:n::ra l 0!1lig al HH1 w:i 1c1 1:;l und i ng r111d imprcvcmen:
hlt11d s or th t' C i\)' d,·sit'n:111: I 1111' r:i1y or F.n~lcwon d , C!dur. du, (iC ll t..;1':t l (1hli gi1l ion \Vah.:r
l{c!u nd .ng and lm provc rnc 111 H0n d:;. Serie£ 2012, iSfll<.:cl in th e.: p, :.,c,p:d ,lrno111ll or$ ___ _
(t he 'Hn11ds"), T ht: li\1 11d s li.i vc lic en issu ed pur suant to , un dc:r \he auth rn i1y of, an d i n full
(.;on lt1 rn'llt y wn h, the '~:,1an cr. the Crn 1sli t11 tio11 and Ill e liiws 0! the Suk , i11 cludin~. in par li l:u in,
Part 2 o r A rti cle 57 or T itle 11 . C.:.1l orndu Rc ,,ise d Stat111e s (colle ct ively, the ''brnhl in i,\ l.:1w s"):
purs1 H.t11t 10 auth nriz.tli on by a ma,i ri ty o f the reg islrrcci r lef'lnr s nf lh ~ City voli nc iii an dc:1:t 11n
1,,;u\y (.,:.ilh,d :ind held on Nuv~111hcr 41 1997; an d pursuunt to a ord in cnce ndop tcd hy the Ci1y
Cou nci l or the City . T H E ORD ll>iANC E CO I-IST f'!'I.ITF.S Tl II: COKTR.A CT llETWfT N T l 11 :
REG IST[lsl:'.IJ OWNE R OF THIS f3 0 ND ANll THI: CI TY . T HI S BO NIJ IS ONL Y
l'V II '"N(:r (1F SllCH CONT R.i \ T AND . ;\S SUC H, IS SljBJECT IN A L L RES PEC T S 1'0
T IIE TEl{MS OF T 'IE O R.DI NANCE, \\IH I 'I I Sl ;P;:'.l(S i,1.11"-:S ANY INCON SIST ENT
ST .l\lT:M EN T IN TH I~ BO ND.
'l'hL.:. Bond s hav e bL·en 1sStH.:d JY 11w L:11 ) for 1he purpose 1( pro vi ding fun ds fo r lhc
lmpruvca11ent Prnicc: and th e l(efu 1,din ~ 1'1, iec t dtscr ihcd in ,he Ordinance. The Bond s arc
,tei:crn l oh h,ta tio ns nr the Ci1y ;in rl lhe. rull f';,i lh ;in d r.ru li, ri f th e C i1 y arc pl edged fo r the
pun ctual 11:.1ymcn1 o f the pnn cipul of and i ntcn..:~:I 0 1~ the ll nnds . Fu r th e pu rpose o f pa yi ng lhc
princ :pal :,faud im en.:st on th e l3n n<ls whL'.11 Uu L'., H.::i pc..:ctivcly, the C.,unci l in tl 1e Urdinam.c ha s
covcnant cc.l :rn nw,11:,·, to th e cxt<.:111 legal ly :-iva ih1hh.: moneys ure nnt ot ht:.:rwi~e app li ed , to
de term ine an d cc nify lo th e Board o:· Co umy Commi ss ioners of Arapahoe Co un ty. a ra te o t' levy
fo r gc ncr:tl Jd valo n.!m taxes, w ilh nul li mita tio n :t s to r:it e or amount , on c1 il o /' th e. taxH bir·
pro per ty 111 th.,; C 1Ly, suffi cie nt lo pay th e prin cipul of and in1 crc st on the Bnnds when chm .
rcs?ectivcl y, whe th er a, ma turity or upo n earl ie r rede m pt ion.
['J he redemption provi sion s from Section 4 of Ili c Ordi 1nn ce nn d th e Sal e Ccn ilicatc
shall be se t rorth herein]
Noti ct: o f rmy rc<lc mp li l111 (1' f\nn ds shall be giv en by the Puyi ng Agent in the name l•f lit e
Ci 1y by sendin g a co py o r such not ice by firs t das,, pos ta ge pre pa id :na il , 1101111 u1e 1li an oO d,,ys
1101 les s th a n )0 da ys 1:ri ur to the ,cdem ption date, t,1 the vw aer of each Hun d bc 111g redee med.
S11 ch not ice shall spec ify 1l1t' 11ut 11 hcr or numb e rs of'th c Bo nd s so to be rcdee111e d (i r redem pti on
shall be in pa,1) :111d th e rcd e n:ptiun date. If any l:l 0n:I shal l have bee n dul y calleJ fo r redc 111p tion
and 1f, v 11 llf ln . .:frn c..: li1t· 11.:dc111 pti11 11 da te, 1\ic.:1~ shn l \ li;wc l,ce 11 depos itt;d wi th the P:1 yin g Agent
in accorcl .u1 ce w1 1h lh e Urd 1n ancc lunds suffi c1c n1 lo pa y th e rcd c.mpl ion price of s uch Bond on
1h e rede m ption dal e, 1hen such ll oud sl:i dl bec ome du e and p;iy ablc :11 suc h re demp ti on date, and
from :ind afte r such <late in1c1e~l wi ll cease to al~c nic tlwn:t1n. Fai ;u1r to d rdi v~r any rc<i r.mpli nn
(!Oti ce 01 ,,11 y defec t in an y rede mpt ion notic e shnll not uf'lcc t th e va lid it y or the proc~edi ng fo:·
th e redc 111p 1ion of Bon:ls with respec t to wh ic h suc h fail ure or de fect di d lll>I occu r. A11 y l:lu 11J
tedecm ed pri or to it s maturi ty by pr ior redempti on or ot hmvisc shall nnt be reiss ued and shall be
can cel led .
T he Payi ng 1\gcm :..hull mni ntn in rcg i~tr:1ti on h ob: in \.\h ich the ownershi p, transfe r an d
excha nge oi Bond s shall be recorded. The pc:su (I i11 wl,ose u:u us this bu 11cl shal l be rq;is:01cd on
t\-2
such regis trati on b:io ks ;hal l be de emed 10 be the ab sol ute ow:1cr hereof for all purp os es, whe ther
or not pny,n cn t o n this bond sha ll be ov~rdue, and neith er the City nor the Pa yin g Agen t sh all be
affec ted by an y not ice or othe r inl c,m1at1o u to th e co nt rary.
TlllS bnnd may be tra nsfcnC'd or exchanged at the pr inc ipa l of1i ce of the P2.ying Age nt in
De nve r. olorado, or at such ot her o ff ice o f th e Pay in g Age nt des ignat ed by th e Pay in g Age nt
fo r such pur pose !or a li ke ag grega te prin ci pal am ount o f Bond s o: oth e,r authorized
denominati ons ($5,000 or an )' iu 1egral mu lt ipl e th ere of) of the same mat uri ty and int erest ra 1e,
upon pay ment by th e transfe ree o f' a reasonab le tran sfe r l'ct es wbli shed by th e Pa yin g Agent,
toge ther with any ta x or go ve rnm ental charg e required tu be paid wit h respect to such tran sfe r or
ex chan ge and any cos t of' prinLing bond s in connecti on th erewith . Up on surr end e r for Lran sfe r of
any Donel du ly endors ed for tran sfe r or at:co mpani ed by an as si gnm em dul y ex t:c uLed by th e
Ow ner or hi s or her at1 omey dul y auth )rized in wr iLin g, th e City shall execut e and Lhe Pa yi ng
Ag ent shall aut henti cate and deliv er in the name of th e trans fere e a new Bond. Notwi tbstand ing
any oth er prov ision o f th e Ord in an ce, the Pa yin g Age nt shall not be. requi red to tran sfe r any
l:\ond (a) wh ich is sc hedu led to be redee med in who le or in part between th e Bu sin ess Day
immedi ately prece ding the mai ling of th e notice o f redempti on and the redemp ti on date; or
(b) between the Reco ,d Date. for ai:y Inte rest 1'ay rn en1 Da te an d su ch Interest ?aymcn l Date.
Th e Ordi nance ma y be am ende d or sup plemen ted fr om tim e to time wi1 h or with out the
consen t of the reg i"te red own ers o f the Bond s as provid ed in h e Ordinan ce.
11 is he re by ce rtifi ed th at all co nd it io ns, act s and thing s req ui red by th e Charte r, the
Co nst itu ti on and la ws of th e S1a1e, incl uding the Enabl in g Law s, and the o rdin ances o f th e City ,
to exi st, to ha ppen and to be perform ed, prec edent to and in th e. iss uan ce of this bond, e>:i st, have
happen ed and have bee n pe rfom1 ed, an d that neither this bond nor the other bond s o f the iss ue of
which th is bo nd is a part exceed any limitation s prescri bed by th e Chaner, the Co nstitutio n or
13 ws o f th e Stat e. in clud in g 1r.e Enablin g Laws, or the ordinan ces of the City.
Thi s bo nd shall not be eniit lecl 10 any ben efit under th e Ord inance, or become val id or
obligat ory for an y purp ose, unti l th e Paying Agen t sh~II hav e signed the certi fica\c o f
alllhcnt icat iun hereon.
!N WITN ESS WJ--1.EREOF, th e City Coun c il of th e C ity ha s cau sed thi s bond to be
exec uted wit h the signat ure r,f it s Mayor nn d att csied by th e s igna tllre of it s C ity Cler k, and has
ca use d th e sea l o f the City to bl' im pres~ecl nr impr int ed hereo n. al l as of th e dat~ s,' fo rth bdow.
!CITY SE A l THE C:'l'Y OF CNG LEWOOD
rJ y
Mayo r
Attest :
By ____________ _
C il)' 'Jerk
i\-3
CE RTIFICATE OF Al'Tl-lENTI CATJO!'/
T h is h,111 d i s one of th e honds nf th~ is ..;uc di:r..c;ri hcd in the wi th in m ~ntio nccl 0rdinance.
-------------1 lld ll HANK, N ./\ .. :i s i'a y i11g Agent
I})-·--------
A 1tlion zecl .'i1 gnatrn y
Al'l'IHJ\'I NG LEGAL Ol'INION
Se t lixlh be low is a t111 c co py n f tlw. "rrrnvine lc-:g:i l npi 11in n a l K.ut :,k 1(0 cl: I.I I'.
dc livca:cl (111 lhi: dale 0 11 whi ch th e Bnnds wcrf" or :gi:-i;,ll y i s1:;11cd · !The form ul lcga. opi rion of
l'lvnd Co un sel s ha ll ~e sci f'c,rth here.] f, the un:J crsigncd C it y C ler k .,f the 'ily of En glewood,
Colo r:i uo , do hereby certi fy thal the forego in g a ppmv i11 g opinion o l Km:,k l(ock L LI', Denver,
C:ol o rudo. i•.: n lrue .111d coinplet~ copy of a rn :1 11u :1l ly (;scc.:u1 ed ~n c Jal\.:d ~O JJ)' 1hcrc;<1f on fil e in
lhc of'Jiciol records n f'lh c C il y.
13 y .(§csim ilc_si~•~n_a _ll ~1rc_'~--------
C ity C erk
ASSIGNMENT
FO R VALU E RECEI V Ell lh e unuc rsigned lw rcby se ll s , assig n s a n,1 trn nder, 111 110
(!'lease print o r 1ypcwri1c nam e an d addrc~s c,f Trans feree)
(Tax Jd snli fica tion 0 1 Soc ial , ec uril y No.)
the w ,1h in l>C•11d a n d al l right s th ere under, and hereby irre vocab ly co n st it ut e s and :ippoi nl s
---,----all om ey lo trans fer th e wi lhin bond on the boo ks kept for rng 1stratio n
tht.:rc~if, wit Ii ful l puwi;r uf :-.mb stitutio 11 in th e pn.:111i st~s.
11a1 ~c1 :
Signature Ci mirn ntce d:
Si •n atu re(~) mu s t be i;ua rant ce d by a
na.ti o n:d bnnk or tru:-;t co 1.i p:1ny or by n
bro kcrn gc firr 1 hav in g a mcmbershlp in o ne
o f th e ll1i :jor stock exchan ges.
NOTICE: l'h c sip 11 ~t ure to 1his assil!nmcnl mu s1
corrc .,pond ,vii i' tl ·.c n;une :is it .1pp cars upo n the
f'a ce fl f' 1h e vmh in bond i n cv 1 ·y part icu lrn.
v,,il hl •lll alicn ,t io n or t·n :1r f_',c-111 c 11 1. r 1111 y chant:l
whati..:vc r.
T RA NSFE R FEE MAY l:l t REQUIR.CD
1\-4
COUNCIL COMMUN ICAT ION
Date:
---r-----·------7 Subject:
Apr il 16, 201?
Agenda 1km:
'1 a i1 An Em ergency Bill tor an Ordinance /\u thor i zin g
The Iss u an ce o f General Obli gat io n Wat er
KeiLJ 11d 1ng and Improvemen t Bon ds ~e n es .!U I.!
Initiated B1•: I St,,rr Source:
Fina nce and Adminis t .. _•·i~t Se rvice> Dep artment Fran k Grygl ew icz. D irector
COUNCIL GOAL AND rREVIOUS COUNCIL ACT IO N
Cil y Co unci l has nn t taken formc\l act ion regar ding !hi! is~u an ce of tile e Ge nera l Obli gd tr nr , \!\la te r
Rt ·'.mding and Imp r ovem e nt Bond!I, b ut \h e s l.' 11.1:·· \,;, ··::.cuss ed w ilh Ci t\' Council il l th e stu dy !;ession on
April 9, 2012.
RECOMMENDED ACTIC,N
S:aff rer omrn ends Cou ncil approve th e .:11 ach ed b ill fo .· a·, ordina nce au th o riz ing t h e 1ssthrn ce of Gen era l
Ub l1ga 11 0 11 Kelu 11 d111 g c1 nd Improv ement Ha nds .
The citize11 s gave appr oval 10 issue ge n era l ob l1 gat icn bond s fo r \•\later r-und improve·nents at th e
ts ovemb er 4. 199 7 el ecti on and the Ci ty has no t iss ued all of the bonds.
• The fo l lowinH parameters of the ne\,v i5 ue in clude:
• Tl 1e c.1gg 1 ega te p 1 i 11ci1Jit l .1 nwunt of th e 20 1 2 Bu11d ) ,, ill nut e.,..:~e d S9 .1 70 rrnl li o n , and
• Th e fin al maturity of th e Bon ds w ill not be later tha n December 15, ~032; and
• TI ,e ne t efi ective int eres t ratt on th e Donds will no t exceed 4.00 pe1ccn t ; nnd
• Th e ma,imutn ,:mnua! debt serv ice on th e Bo n ds , c ombin ed w ith oth er ou tst andi n g general
ol liga!lon b o nds ,,uthorized by 1'1e Oa ilo t lli ~ue Au 1hori zcll1on shall n o t exceed $1.) m illio n ;rn nuallv;
and
Th e p re s e nt ,·a lue sav ngs of the rdundi ng bonds w ill b e a t leas t thrt::c (3} p e rcent of th e c1 gg reg li t e
amou nl 0 1 the h 111d!, be111 g refund ed
.'I p orti on of the 1u n ds rec ei ve d fr o m th e sale of th es e b o nds w ,11 h e used to refu nd th e Citv's Gen e,al
Obliga ti on VVater Bond s, Sent!S 2001 t o f wh1 c.l 1 S 1,970,000 111 ,1m~reg,.1° principa l i~ Ol1l s la n d in g and bea r
ir1terest rat es bet\\een 3.i5 and 4.i5 perce nt pe r arnu m . The rctu ndmg cun em ly prod uces$: 4 1,58 3 in
<.,wings, .1 <.,w,ng<. ')f 7.hq pP rrent.
The rc rnai nrler o f 1h e p roce eds frorn th e )ale o( th r'it' h on,b, w ill be use d to r improvem en ts l o th C' Ci ty's
VV a ter Fu nd , 1n L1 11 din g an 11 ll ra vio l~t di sin fec1i 0n Sy!:!ll'n1.
UA C~GRO U ND, ANALYSIS , AND ALTERNATIVES IDENTIFIED
Th e Cil', 0 1 l.n glcwoul ,ec eive d ,,ppro,al 10 issue ge nc ,a l llbl1gat1on d eht fo r Wa te r rund ca p,1 ,,I p ro1ccts m
!'J97. Th e vote r., :,pproved i ssu ing ll j) to S 1 'l : million . The 111.1j o ri t)' of 1hr: fu· ·J~ h,1ve not oee n u,ed but
Ci ty ~t,1ff lw!> 1cl en11 fi tJd ,1 11 11 mbe r o f projcc 15 th ,11 ca n he fu nd ed by rss ui r g :hr ,,,1horv:·d h11 11ds
It ,l 1<1ul d b e not ed th ,11 1:-i xes :ir~ 110 1 .11 1t 1ciptttPd 10 he m ed frn ~,11v1cing 1h i~ 11 1 \Jt ·~tH' dd l' , .. il l he
!,l:rv i ccd I om re v<! 1u~s col lected b) the W .1t e1 Fund.
h n, l>lll lcJ r .m o rcl1n ,.111u~ 1!1 IJ ~ 111;; IM 5~ccl l>y tm~1gc1 u..y rnd 111 ,u 1ce !>,1 th e ll' ,, •.., ct1 11 W! l!t ,U•.:c l JS quk.kh-JS
po, ... 1l>h • ,,. u:d1H . .:l' lhe possihi ltt y ol uu.·:i·t!:.~c~d i111 ,:rcs 1 1t1tc:s r1 s ,,ve ll .1 s pch;ib'y • ch c ,n g mrn t:. 1vest c1:-
1nlt·1 t•<..I 111 p ,,r h:,silll'. dw h o11d <..
rt NAN CIAL IMP ACT
-r l ii -.. ,1 f li n) ,l 1rn 1IJ 11 0 1 h,w t'! J d i1 ec t ir11 p .1 LI 011 the Ci ty's fri 1r1 11 C11d co nditio1 1, ,1,; l 111~ rlr.h t ,;erv 1ce
1eq 11 iremenl 'i ,i r e fu nded hy revt-nl ,e:.-o >ll r•f!(•d l~v 1lw Vv',11e r ru ncl . n,c t:ur1e111 <n 11:ii,111 di11 g d~l>t :,L'rviu:
will be 1ecl11 :l'rl, resu 111 11 1~ 111 a c;,1'/lll b~ I n cw,1omtr~ Ol lh f.• C II V'!. \•V,1:1•1 Fu nd
LIS T 0 1' ATTACl ·1Ml:Nrs
Pru po~t!d hill fo 1 ~11 1 orrl in.u u.l •