HomeMy WebLinkAbout1976 Ordinance No. 033•
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INTRODUCE AS /1 b LL BY l'G Uf~CJ U~l.li C la · t-0 11
BY AUTllO H 'l Y
Ofi.Dl l~ANC E ;;o . 33 ERIES OF' 19 7 6
A ORDI. 1 . CE PROVIDING FO~ T liE ISSUA CE BY THE
CITY OF Ei"GLI:l·:ooD , COLO ::? .. :.oo , OF ITS NE GOTIABLE
CO UP ON nmrns IN THE PRI!'\CI PAL J\1.10U NT OF $2I112, 000
TO DE DI:SIG.!f,TED "GENERAL OBLIGATI0'.11 HOUSING
REF'[J:-JDH:G n mJD[j ", FOR. 1'!!?: PU RPOSr: O F Rf.f'UNDING
OUTSTANDING D O~DS OP THE CIT Y; PRCSC RTBING THE
FORM OF S AI D REFUNDING B O~DS; PROVIDING FOR THE
LEV Y AND COL LECTION OF AN ANNUAL TAX TO PAY
SAID DONDS AND INTEREST; MAKING CERTAIN OTHER
CO VENAN TS AND AGREEMENTS RELATING TO THE REFUND-
ING OF BONDS.
WHEREAS , the City of Englewood, Colorado, has
previo u s ly authoriz e d and issued i ts General Obl i gation
Housing Bonds, Series 1976, d ated February 1, 1976 (hereinafter
referred to as "1 97 6 Hou sing Bonds") i n the total amount of
$2,225 ,000. of wh ich there now r ema ins outstanding the
principal amo unt of $2,225,000, cons isting of 445 bonds in
the denomination of $5,000 each, numbered 1 to 445, inclus ive,
bearing int r est payable s emi-annua lly on June 1 and Decembe r 1
e ch year, and maturing serially on December 1 ea c h year as follows:
Amount Maturi ty Inte r e st Rate
$ 3 5 ,00 0
4 0 ,000
40,000
45,000
50 ,0 00
$ 50 ,000
60,00 0
60 ,000
5 ,000
65,00 0
$ 75,000
80,00 0
85,000
90,0 0 0
10 0 ,000
s 105 ,000
115 ,0 00
120 ,000
130,000
140 ,000
$ 145 ,00 0
160 ,000
175 ,000
195 ,0 00
1977
197 8
197 9
1980
198 1
1982
198 3
1984
1985
1986
198 7
198 8
198 9
19 90
1991
199 2
199 3
19 94
19 95
1996
199 7
1998
1999
20 00
7.50\
7.50\
7.50\
7.50 ~
7.50\
7.50\
7 .5 0\
7.50%
7.50%
7.50\
7.50\
6.30%
6 .25'!
6.25\
6.30\
6.50\
6.50\
6.50\
6 .75%
6.7 5 \
6 .7 5%
6.75%
6.00%
6.00%
Bonds maturing on or b efore Dec mbe r 1, 1985 are
no redee~able prior to their resp c i v e mat uri v da s.
Bonds m u ing in h y ars 1986 a n h r eaf r, a c redeem ble
a he op ion o the City on Dece mb r 1, 1985, and on a ny
n eres p y ~n d c tc
upon p ym n o( par ,
of pri n i ll .
h0r0nf r, i n i nv ~r s num .ricnl ord er ,
er ~a in e rrst n nd a premi un of 1-1 /2 1
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\'/HE REAS , the n in re s t o s of an d the n t
C c ctivc in crest rate on the re uncling bonds shall b e
terially l ss than the net int r e st cost of and net effective
interest rat e on the 1976 Housing Bo nds , to be refund d, as se t
forth in the following table:
(all computations are from Auaust 1 , 1976)
Issue (s) N rest Cost
Net Effective
Interest Rate
1976 Housing Bonds 6.55 '
1976 Refunding Bonds $ l,0 6 7,045 .67 6. 33 '
l-'HI::REAS, by a RE>solution duly adopted on the 28 th
day of June , 1976, th Ci y Counci l of the City of Englewood ,
has d termined to issue , in accordance with the Constitution
and laws of the State of Color do, and its C i ty Chart r and
Ordinance No. _3Z__, $2,112,000 of P. funding bonrls, each to
be designated as hereinafter specified, the same to be sold
at public sale at not less than their par value, for the
purpose of refunding and paying all of the 1976 Housing Bonds ,
referred to above; and
WHEREAS, a notic of sale of bonds has been advertised
in accordance with the provisions of the City Charter: and
WHEREAS, bonds for the above purpose jn the principal
amoun t of $2,112,000 have been awarded to Boet tc her and
Co mp y the best b i d r for said bond s ;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ENGLE\OOD, COLORADO :
Section l. Bond Deta ils Housinq Refunding Bonds . That
in accordance with the City Charter and Ordinance No. 32
there shall be issued negotiable coupon bonds of the City,
e ch to be d signatcd "General Oblig tion Housinq Refunding
Bond•, (hereinafter referred to as the "1976 Refunding
Bonds"), in the total principal amount of $2,112,000 for the
purpose of refunding valid and outs nding qeneral obligation
bonds of the Ci y in the princi pal amount of $2,225,000, which
the City Council of the City has d etermined o refund.
That said 1976 Refunding Bonds shall be negotiable
in form, payable to bearer, shall b e dated August l, 1976,
and consis of 4 22 bonds ·n h d enomination of $5 ,0 00 ch,
numbered 1 to 422, inclusive , and 2 bonds in the denomination
of $1,000 each, numb red 423 and 4 24 , ~hall b e r in er s t
the ra e of 6.50\ per annum, payabl e on Jun e 1, 1977 , and s ~i
annually thereafter on he 1st d y of De cel'\b r and h s
day o June each y ar, and shall m ture s erially on h l
day of December each y e r, as follows:
Amoun !aturi!Y
$ .o,ooo 1977
5 0,000 1978
55 ,000 1979
G0 ,000 ] 80
G0,0 0 0 1981
(S h r•dulc Con inu d )
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Amount Maturity
$ 6 5,000 1982
75,000 1983
70,000 1984
80,000 1985
80,000 1986
$ 90,000 1987
95,000 1988
105 ,000 1989
105,000 1990
120,000 1991
$ 125,000 1992
140,000 1993
140,000 1994
155,000 1995
170,000 1996
170,000 1997
62,000 1998
Bonds of this issue maturing on or before December
l, 1985 are not redeemable prior to their respective maturity
dates. Bonds maturing on or after December 1, 1986 are
redeemable at the option of the City on Decembe1· 1, 1985,
and on any interest payment date thereafter, in inverse
numerical order, uron payment of par and accrued interest,
plus a premium of 1/2 of the principa l so r deemed.
The maximum net effective interest rate of this
issue of 1976 Refunding Bonds shall b ~-6_.=3~3~~' per
annum.
Section 2. P ying Agent. The principal of and
interest on s id 1976 Refundinq Bonds shall be payable in
lawful money of the United States of 1\merica, at The First
National Bank of Englewood, in Englewood, Colorado.
Section 3. Notice of Prior Redemption. The notice of
prior redemption shall be given by publication at least one
time in a newspap r customa rily used by the City for legal
notices, a least thirty (30) days prior to the date on
which said bonds are to be redeemed and paid and Notice
•hall also be given by mailed copy of the notice by registered,
first class mail, to he original purchaser of the bonds at
least thirty (30) d a ys p r ior to the date of redemption.
Such notice shall contain the date and pl ce at whi c h said
bonds shall be redeemed and paid, shal l descr i be the bonds
by their legal description, date, number, amount and price,
and shall state that after the date so fixed for redemption
and payment , the inte rest on said bonds shall cease.
Section 4. Form and Execution of Bonds and Interest
Coupons. The bonds shall be signed with the facsimile
signature of the Ma yor of the C ity with a facsimile of the
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seal of the City affixe d th e r e to, and attested by the manual
signature of the Dire ctor of Finance , ex-offici o City Clerk.
The in re s t accr u in g on said Oonds shall be e videnced by
interest coupons thereto attached, bearing the facsimile
sign ature o f the Director of Finance, and when so executed,
such coupons shall b e the binding obligations of the City,
according to their import. Should any officer whose manual
or facsimile signature ap p ears on said Donds or the interest
coupons attached thereto cease to be such officer before
delivery of the Bonds to the purchaser, such manual or
facsimile signature shall neve rtheless b e valid and sufficient
for all purposes .
The Bonds and interest coupons to be attached
the re to shall be in substantially the following form:
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(Form of B nd)
UNITED STATES OF AMERICA
STATE OF COLORADO COUNT Y OF ARAPAHOE
CITY OF ENGLEWOO D
GENERAL OBLIGATION llOUSING REFUNDING DONO
o. $5,000
The City of Englewood , in the County of Arapahoe
and State of Colorado, for v alue received, h ereby acknowledges
itself indebted and promis e s to pay to t h e bearer here of the
sum of
FIVE THOUSAND DOLLARS
in lawful money of the United States of Am erica , on the 1st
day of December , 19 , with interest thereon at the rate of
per centum ( \)
per annum, pay ,hl E" on June 1, 1977, and se111 i ·"ln nually
a f er on Lh e l!:i day of Dec mber and th l st day of June
each year, as evidenced by interest coupons att ched hereto,
both principal and interest being paya ble at The First National
B nk of Englewood , in Englewood, Colorado, upon presentation
and surrender of said coupons and this Bond as they severally
become due •
Bonds of this issue maturing on or before December
1, 1985, are not redeemable prior to their re spective maturity
dates. Those bonds maturing on or after December 1, 1986,
sh 11 be red mablc prior to maturi y at he op ion of the
City on December 1 , 1985 , and on any interest payment date
thereafter, in inverse nwnerical orde r, upon payment of par
and accrued interest plus a premium of 1/2% of the principal
so redeemed. Notice of such prior redemption shall be given
i n the time and manner as more particularly set forth in the
Ordinance authorizing the issuance of this Bond.
This Bond is issued by the City Council of the
City of Englewood , Colorado, for the purpose of paying and
r e unding lawful and valid outstanding general oblig tion bonds
of h e City, under , by virtue of and in ful l conformity with
th provisions of the Constitution and Laws of the State of
Co lorado, p a rticularly Title 31, Article 21, Part 2 Colorado
Re v 'sed Statutes 1973, a s amended, and the City Charter and
Ordinance No. , and pursuant to Ordinance No. duly
adopted, published and made a law of the City prior to the
i s ance of his Bond .
n d h inqs
n•q u 1 r C'd
It h rcby c r ifi d and recited th t all cts
q uir•d to b e on and c onditions <nd things
o o xi s t pr c d nt to u nd i n the i s s nc of this
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Dond to r n d r th e s me l a w f ul a nd v .:ilid hav._, liuppen e d, b ee n
propf'r ly d o rw <1 ncJ pe r orme d, .:i nd d i d xi s l in regular a nd
due i rn , form and rn ann r, as requ i red by law, and that the
to a l d e b t o f t he City , i nclud i ng th t for this Bond, does
not exceed a ny limit of i nd e btedne ss prescrib d by the
Const i tution or Laws o f th e State of Colorado or the Charter
of the City; and tha provision has been mad for the levy
and colle ction of an annu.:i l tax on all the taxable property
in sa i d City suffic i ent to pay the interest on and principal
of this Bond when the same b e come due.
The full faith and credit of the City of Englewood,
Colorado, are hereby pledged for the punctual payment of the
principal of and the i nte r e st on this Bond.
IN WITNESS WHEREOF, the City Council of the City
of En g lewood , Colorado, has caused this Bond to be signed
with the facsim i le si na t ure of the Mayor of t h e City
al d wi th a f a csi mile o f its corporate seal, attested and
c ountersigned by the manual signature of the Director of Finance ,
ex-officio C i ty Clerk and has c aused the interest coupons
at ached h e reto to b e exec uted with the f acsi mile signature
of the Di r c t o r o f F i n a n c , a s of the 1st d y of August, 1976.
(FACSIMILE)
(SEAL)
ATTEST ANO COUNTERSIGNED:
(Manual Signature)
(Do Not Sign)
Director of Finance ex-officio
City Clerk
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CITY OF ENGLE WOOD, COLORADO
(Facsimile Signature)
(Do Not Sign)
Ma yor
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(F o rm of Interest Coupon)
No.
J une,
On the 1st day of December, 19 ~-' unless the bond
to which thi s coupon is attached , if r edeemabl e , h as been
called for prior redemption, the City of Englewood, in the
County of Arapahoe and State of Colorado , will pay to bearer
the amount shown h e reon in lawful money of the United States
of America, at The Firs Nationa l Bank of Englewood, in
Englewood , Colorado , being int rest then due on its General
Obliga ion Hou sing Refunding Bond, dated August l, 1976, bearing
o.
(Facsimile Signature)
(Do Not Sign)
Director of Finance
REGISTRA TION CERTIFICATE
The undersign d, the duly elected, qualified and
acting Director of Finance, ex-offi cio City Clerk of the City
of Englewood, Arapahoe County , Colorado, hereby certifies that
his Bond has been duly r gistered in a book kept for that pur-
pose , and th t the law u nder which this Bond is issued provides
that wh n so registered, its legali ty shall not be open to
contes t by the City which h s issued it or any person or
corporation in b e half of such City for any reason whatever.
IN WITNE SS WHEREOF , he has hereunto caused his
facsimile signature and a facsimi le of the official seal of
th City to be affixed hereto, at Englewood, Colorado, as of
the lst d ay of August , 1976 .
(FAC SIMILE)
( S E A L )
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Section 5 . Disposition o f Bond Proceeds. All of
s id Bond s , wh n xecuL d s provid0d by law, s h al l be
deliv red to the purchaser thereof , in accordzmce with the
contract of purchase h c r efor, and the proceeds derived
therefrom sha ll be used xclu si vely for the purpose of
paying and ref unding th e valid and lawful out standing bonds
described a bove, of th e C i y, as hereinafter set forth;
PROVIDED, HOWEVER , th the proceeds thereof may be temporarily
invested, or reinvested, pending such use , in securities or
obligations h e reinaft r d e scr i bed. It is h ereby covenanted
nd agrc d by th City th t the te n porary i nvestment or
reinvestment of the Original Proceeds of the 19 76 Refunding
onds or proceeds, if an y, of any of the 1976 !l ousing Bonds,
wh ich may be or b e c ome transferred proceeds of the 1 976
Ref und i ng Bonds, or any portion ther of, shall be of such
nature and extent , and for such period, th at the bonds of
the City shall not b e or become "arbitrage bonds" within the
meaning of S ectio l 03 (d), of the Internal P • ·• nue Code , and
pertinent regul tiuns, and such procee ds, wh en so i nvested
or reinvested, shal l be subject to the a pplicable limitations and
restrictions of said Section 1~3(d), as t h e same now e xists
or may later be amended , and shall further b e subject to any
applicable regulations of the De partment of the Treasury •
Neither the purchaser of said bonds nor subsequent
ho lders of any of them shall b e in any way r esponsible for
th applica ion of th proc ds of said bonds by t h e City,
or any of its officers o r employees.
Section 6 . P a ym nt of Principal and Interes t -
19 7 6 RPfundjng Rond Fund . If necessa ry, th~ jnt r st and
principal due on said 1976 Refunding Bonds on June 1, 1977.
may be adva nced from any available fun ds of the City. For
the purpose of reimbursing said advan c e , paying the interest
on said 1976 Refunding Bonds as it sha l l thereafter become
due and providing for the ultima t e payment of said 1976
Refunding Bon s , there sh all b e l evied on all the taxable
prope r y in sai i y, i n a ddi ;~n to a ll other taxes,
dir ct annu 1 taxes in c h of h y a r s 1976 l o 1997, in-
clusive, without limitation as to rate or amoun t, sufficient
to m kc such r imburs m n , o p y th int r s on all of
the 19 76 R fundi ng Bonds outstand i ng, and th e principal
hereof, as the same b e come due and payable, r e spect i vely.
Sa id taxes, when collected , shall be deposited
i n a special f und to be known as "1976 R funding Bond Fund",
nd such fund s ha ll b e opp li cd s olely o th purpose of t he
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p ym n o the i n c s on nd prin cjp l of said 1976 Refunding
Bonds nd f o r no o h r purpo s whatever , until said 1976 Ref unding
Bonds au t h o r i z d by thi s Ordinance , b oth principal and
intere , sh 11 hav b ee n fully p ~i , sa ti s fi d and discharged.
o h ing h r in c ont in d s hall b e so constru d as to prevent
the City from applying any other funds or revenues that may
b in h City r e c ury n d ~v il bl f or tha purpose to
h payment of said bonds and the interest thereon, and upon
the application of such funds or revenues as aforesaid, the
l vy or lev ies herein provided may thereupon to that extent
b dimini s h e d.
Section 7. App r o pr i ation -Tax L~vies. The sums
h •r e i n provide d to pay h e inte r est on sajd bonds and to
di c h r e the principdl th e reof wh e n due, are h e reby ap-
ropriatcd for that purpose, and s i d amounts for each year
hall lso b e inc lude in the ann ual budget and the appropria-
ion bills to be adopted and p a ssed by the City Council of
he City in e ach year, r specti vely.
Section 8. ~~unding Esc row l\ o un . Th proceeds
o he 1 76 Refundjng Bonde authorize d herein, in the amount
of $2,112,000 shal l be d p os i · ed b y the City, in a
special fund and separate trust account, for the purpose of
refunding the 197 6 Hou s ing Bonds . The trust account shall
be designated as the "City of Englewood, Bond Refunding
Escrow Account, 1976" (herein sometimes referred to as the
"R funding Escrow Ac coun ",or "Escrow Account"), to be
establi s h ed and ma i n tai n ed at The First National Bank of
Englewood, in Englewood, Colorado, a commercial bank duly
organized and exis ing under the Laws of the United States
of Am ric , b e ing a member of the Federal Deposit Insurance
Corpora tion , having full and c omplete trust powers (hereinafter
sometimes referre d to as the "Bank").
The accrued inte rest, if any, on the 1976
Hous i ng Dond s
d a te there on,
o b e refunded, f rom t h e las t interest payment
o he dat e of the issuance o~
the Re f u nding Oonds h 11 be de posite d by the City with the
B nk in th k f und i nlJ Enc row Account. In a ddition to the
par amoun of he R_ unding Bonds and the accrued interest
on the 1976 Housing Bon d s to be refunded , the City shall
depos i h a aunt of$ :~,7 4 5 .93 to the Refunding
E scrow J\ccou~t . Th City Counci l has determi n ed and does
hP r e by d ter. ine that the use of the supplemental funds, if
any , is in the best i ntere sts of the City , that said funds
are 1 l)a lly v a ila bl e h e r cfor , and that s uch am ount shall
b P u s •d .:i nd Y.p nd d for h purposes sp cif i cd jn t he
e scro w l\q r eene n t. Th 0 .:i l. amou nt s 0 b cl c,-posit t o t h e
r.··c r n ·" r.0 11 n t :-;h 1 ll .... ii s c l low :
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( ) p r rlm unt of 1 97 6 Re fund i ng
B nd s $ 2,112,000
(bl a cruc d in~ercs t o n out-
st nding b n d s to b e r e -
fun ded ( stimated Aug . 23 ,
, 1976
(c ) supplemental anounts,
if any
Tota l
$ 34,413.88
$ 53.745.93
$2 ,200,159.81
Such amoun ts whe n i nve sted by the Bank, will be at
al l t i me s at l e ast s u fficient t o pay th e interest on and
pri n c ipal o f the 1976 Housing Bonds to be refunded and
paid, in accord a nce with t h e f ol lowing schedule:
(A) Bonds of the desi gna te d issues, numbered and
m turing a s follows , shall be p i d a nd retire d at their
respe c ti v e m turity d a cs a c cordi ng to the i r orig i nal terms :
Is ue
1976 Housinq Bon d s
uri n g
2000 , in cl .
Bonds Numbered
1 to 445, incl.
(B) Inte r est on said 1 976 Housing Bonds being
refunded acc ruing o r b eing pay abl e subseque ~t to issuance of
the 1 9 76 R fundin g Bon d s sh 11 b~ p i d semi-an nually each
y r , o n t h e proper in r s paym nt d a tes a ccording to
their origin al t e rms , u n ·1 s i d 1976 !lousing Bonds mature,
S ection The
accrued interest , if any , on th
their d t t o he d a of the i s uance and d e livery thereof,
and Lhe premi um or a p r ion th r eof , if a ny, i n the amount
of $ 1 ,7 )3 . 5 , paid by h purc h ase r f or any of said
r fun ing on s , sh l l O ' d~po $it d i n t h 19 7 6 R funding
Bond F u n d, and held for h p ym ent of interes t on the
issue of s i d B nds when h e same b ~c omes due and payable.
S c ion 1 0 . I nv s ments i n Re fun d ing Es crow Account.
T;, B nk shall inv st th funds on deposit in the Refunding
Esc row Acco un i n non-c 11 ble d irect o bligations of, or the
principal and interest of whic :~ obliga t i ons are unconditionally
gu ranteed by, the Uni _d St tes of Am e rica ONLY, (hereinafter
r fcrr d to d "ac uircd oblig ion") an d shall fully secure
any cash balance in ~ i d Accou n t in th e manner required by
law for othe r trus funds .
If , f r a ny r a s on , at an y t i me, th e f unds on
h n in ~ ch P fun in~ ~;,c row Accoun t s h 1 1 b e ins u ffi ci e nt
om et such p y . n ~.Cd h• s m sh 11 b bou to b e come
d e a nd p yoblc , h e y sh 11 fo rthwi th d eposi i n s uch
P~fu n cin E ~cr o w Ac cou n such a dcition 1 fund s s ma y be
r quire d f ul ly o m _
p yabl0. .
h _ moun t so a b out to b c o m due and
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S c tion 11. Obliq r i o n s o f Es crow Ra nk. The
Ba nk sh 11 fr m time to time redeem at ma turity all or the
app rop riate p or ion of Lh e acquired obligations i n sai d
RC'f 11nling 1 -:~;r r w J\•,·1 u11t. i11 :;urr1 i nL ..imount s so t h at the
proceeds ther efrom and the in terest th ereon as the s a me
acc r ues , w ill b e suffici e nt to meet the interest requirements
on the 1976 Hous i n g Bonds as such i nterest accrues and to
pay said bond s at their r espec tive maturities, according to
the schedule herei nabove set forth .
S ec tion 12. Authoriza tion to Execute Escrow Agreement.
The Mayor of the C ity , and the Dire ctor of Finance shall,
and they are h ereby u t horized and directed to take all
necessa ry or appropriate action towa rd the exec ution of a
prope r Escrow Agreement with the Bank concerning the d e po si ts
in , inve stme nts of and disburs~ments from said Refunding
Escrow Ac count , and such oth r agreements as may be necessary
or desir ble to effec uate the provis ions of this Ordinance
and comply with the requ irements of law. The form of the
Refunding Es c row Agre ment is atta c hed as "Exhibit B" and
incorporated herein by specific reference.
S ect ion 13. Notice Qf Re fun ding. Notice of refunding
of he 1976 Housing Bonds shall b e given at or about the
time of such refunding, by publ i cation of such notice one
time in The Englewood Hera ld Sentinel , a n e ws paper published
and having general circulation in the Ci ty. Th e form of
such notice is set forth in Exhi b it "C" and incorporated
herein by specific r efer ence .
In addition to the publi shed notice referred
to above, notice of s u ch refunding s hall be sent by registered
mail to the followi ng at the last known address thereof:
l. II nifcn, Imhoff and Samford
nenv r , Co lorado
2 . The First N tional Bank of Englewood
Enqlewood , Colo rado
3. Denver Conso lidated Bon d Call
De nv r, Colorado
Sect ion 14. D cl a t i on s and Findings o f the City
Counci l. The c ·ty Council having been fully informed of and
having conside red d ll th e pertinent facts and circumstances,
do s hereby de e r mine a n d ecl re:
(A) Tha he net i nte r est cost and the net
effec tive in ercs r ate of the 1 976 Refunding Bonds
he r ein authoriz ed , wh ich are issued for the purpose
o refunding ou s tandi ng bonds of the City, do not
th n •t i nt ~r s t cost and net e ffective in-
r d c o t he 19 76 Housing Bonds being refunde d
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wj h s ,id i s ·u of Bonds, and the r efore , no
clc tion is required for t h e issuance of such
197 6 Rcfund in Bond s .
(B) Tha h fu nds and i nvcstm n ts to be
placed in s ai d £scrow Account, together with the
in c rest to be d ~rivcd from s uch investment, are in
an amount which at all ti~e s shall be sufficient
o pay h refunde d bonds , as the y become due at
their respec t ive matu rities, as to principal,
interest , and a ny charg es of the escrow agent
payable the refrom, and that the computations made
in determining such suffic iency have been verified
by a Certified Public Accountant.
(C) That the total aggregate amount of bonded
indebtedness of the City does not now, nor will it
subsequent to the is suance of said issue of 1976
Refunding Bonds, exceed any applicable limit
prescribed by the Constitution or Laws of the State
of Colorado or the City Ch arter.
(D) That the issuance of said 1976 Re funding
Bonds and all procedures undertaken in cide nt thereto
are in full compliance and conformity with all applicable
requirements , provision s and limitations prescribed
by the Constitution a nd Laws of the State of
Colorado thereunto ena b ling and Ordinance No. _3;;;...;;;:2'--~
of the City.
(E) That none of the 1976 Hous ing Bonds
herein authorized to be refunded have heretofore
b een r funded, p ai d, cance lled or otherwise been
discharged ,'nor shall any of said bonds to be
refunded hereafter be r efunded, paid, cancelled or
otherwise dis c harged, except as herein authorized
and p rovided, prior to the date of issuance of the
1976 Refunding Bonds herein authorized.
That the officers and members of the City
Counci l are h rcby au thorized and directed to take a ll other
ac ions n c essa ry o r approp ri a te to effectuate the provisions
of this Ordinance , including, but not being limited to, the
execution of such certificates and affidavits as may reasonably
be re qu ired by the purchaser of said Bonds.
Section 15. Ratificati on and Approval of Prior Action.
T hat all actions h e r etofore taken by the officers and members
of he City Cou nc i l, not inconsiste~t with th e provisions of
this Ord ·nance rel a ting to the authoriza tion, sale, is suance
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and d l i v ry of . 1 H • un d i n B n s , be and the same are
hereby ratifi d , ap pro nd confirmed.
S e ion l . That should any one or
more s ctions o r par ts of this Ordinance be ad j udged un-
enforceable or in v 3l i d , z uch judgr.en t shall not affect,
imp ir o r inv l1 d t h e r maini n g provisions of this Ordinance,
it be ing the intention that the v arious provisions hereof
arc sev rabl •
S ction l ·1. Hc pealcr. .n.1 1 Ordinances or parts
thereof in conflict wit h this Ord i nance are hereby repealed.
Sec ion 18. Ordinance Irrepealable. After said
Refunding Bonds ar i s sue d , his Ordinance shall be and
remain irrcpeal ble until said Refunding Bonds and the
i n eres th e reon sh 11 hav b een full y pa i d, satisfied and
discharged.
In ac cordance with Section
40 of the City Charte r , the C i ty Co uncil sha ll hold a public
heari ng on the Ordinanc •, b for fi nal p ssage thereof, on
Mo 11 ay , the 1 9 th d y of July , 1976, at
7:3 0 P.M.
Section 20. Reco rd ing a~d Auth n ication . This
Ordi n ance as adopted by th Ci y Co unc i l, s hall be numbered
and recorded , and the ado p tion nd publication shall be
authentica t ed by the sign ture of the Mayor of the City, and
the Director of Finance , ex-offi c io City C l erk , by a ffixing
the seal of the City and by a C rtificate of Publication.
This Ordinance sha ll b come effective th i rty (30) days after
Introduced , read in full anc pRsaed on first reading
on the 6th day of July , 1976.
Published a s a 8jll for an Ordinance on the 7th day
of July , 1976.
Re ad b y titl a nd assed o n final reading on the 19th
day f July , 197 6.
Pub ish d ty titl e a s Ordi nance No. 33. Series of
1976, on t h e 2 1st cay c-f Jul·. 1 76.
ATTEST:
I , am D. Jam e s , do he:-eb y certi f y that the above
and forPg oi r g j s a t 1·1...e, accu ate and corr.i:-lete copy of the
Ordj rian c e, pa ss ed on f 1 nc.J r e.d ing and J:.ut.U shed by t i tle as
t 1·d Jnar.c e !'10 . 3i , S r i e:; uf 1 ~7 6.
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