HomeMy WebLinkAbout1984 Ordinance No. 046JRDINANC:: NO. f_v
SERIES O, 1984
BY AUTHORITY
CO UN CI L BILL NO .~
r::::~ODUC ED bY CO UNCILMEMBER :z:1,0 ,,
AN EMERGENCY ORD!N. NCE AMENDING ORDINANCE NO. 36,
SER IES Of 1984 l·IHICH AUTH OR IZED THE ISSUA•:::E AND
SALE Of $9,500,000 CITY Of ENGLEWOOD, -OLORADO,
INDUSTRIAL DEVELOPMEMT REVENUE BONDS (KI N:; SOO PERS
PLAZA PROJECT ) SERIES 198 4, TO F INANCE PROP ERTY
SUITABLE FOR USE FOR COMMERCIAL OR BUSINESS
ENT ERPRISES; RATIFYING CERTAIN ACTIONS HERETOFORE
TAKEN ; AUTHORIZING TH E EXEC UTION AND DELIVERY BY
THE C ITY Of A F INANCING AGR EEMENT , INDENTURE OF
TRUST , BOND PURCHASE AGREEM ENT , INDUCEMENT LETTER,
FI NAL OfFICIAr, ST AT EMENT, SAID BONDS AND CLOSING
DOCUMENTS IN CONNE:::TI ON THEREWITH; REPEA LING ACTION
HERETOFORE TAKEN IN CONFLICT HEREI-/ITH; AND DE -CLA RING AN EMERGENC Y.
WEEREAS, the City of En gl ew ood, Col orado (the "Issuer")
is a legally and regu larly created, establisheci municipal
ccrporation duly organized and existing as a home -ru l e c i ty
pu rsuan t t o Article XX of the Constitution o f the State of
Colorado; and
WHER EAS, the provis ions of the County ;r,d Mun ic ipali t y
Jeve l oprne~t Rev enu e Bo~d Ac t , constituting A~ticle 3, Ti t le
2S , Colorado Revised Statutes (the "Act."), a u t.hor:.ze mun1c1-
palit1es to finance, r efinance, a c qu ire, ov;n, lea se, 1r.-prove
a:-id dispose o f one or more proJects, 1ncl ud1 ng any !Jud,
bui lding or other impr oveme :1t. and ~11 real o:-personal
me :-c1al or but 1 ness e :-:t.crp r1 ses (1nclud 1n-;:,, · .. :::!1 ~1 t.:.:
limitation, enterp rise s engaged in sell inq any proaucts o f
agr1culture , industry, comm er ce, man u f acturing or bu si ne s s},
upon s uch conditi ons as the municipal i ty may deem advis ab l e;
and
WHEREAS, such munic ipali ties are furthe r a u thori zed by
the Ac t to issue revenue b onds for t he purpose of defraying
the cost of financing any such project; and
WHEREAS, on Au gust 29, 1984 the Issuer adopted
Ordinance No. 36, Ser ies of 1984 which a mo n g other matters
authorized the issuance and sa le of $9,500,000 City of
En glewo od, Colorado, Industrial Development Revenue Bonds
(King Soopers Plaza Project.) Se r ies 1984 (the "Bonds 11 }; and
WHE?.F:AS, En gl ewo od Redevelo pers, Ltd ., a Colorado
limited partnersh1p , organi=ed and exi sting under the laws
o! the State of Col o cado (the "Partnership") and Boettcher &
Compa ny, In c. (the 11 Underwriter") have requec:.t ed the Is s11er
to amend Ordinance No. 36, Seri es of 1984 to prov ide t hat
the a gg re g~t e pr incipal amount of Bonds is sued and s aid by
the Issuer be an,ended !rom $9,500,000 to $8 ,920,000; and
~i1HtR EAS, the Issu er's Home Rule Cha rte!" provi des tha t:
Emerger.cy ord in ances nece ssary for the immediate
pres erv a t1on of pu~l 1c p roperty, hea lth, p eace or
safety may be in troduced , r~ad and un animous ly approved
by a quorcm prese~t, at any meet in g of the Council.
The facts s howing such urgency and ne ed shall be
spe ci fi c.slly sta t ed in the ordinance. r:o ord i nanc e
shall re ceive f in a l passage on the s am e date it is
introduced ; ho ~ever, emergency o~dinances may re ceive
final p ass a ge by Counci l on the following day.
Emerge~cy ord ina n ce~ shall take effe ct immed1a~ely upon
:.~al pas~a?e a~d shall be pu~lished within seen days
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t he r e~f. No ord inance ma k i ng a grant o f a n y special
p ri v il e ge, l e v ying taxes . inc u rr ing i ndeb t e d ne s s ,
au t h o riz ing bo rr owi n g mo n e y or fi x i n g r ates ch arged by
an y ci t y owned ut il ity shal l e v e r be p a ssed a s an
e me r ge ncy me asure.; and
WHEREA S , t he I ssuer has been info rmed b y t h e Pa rt-
nersh i p and che Un d e r wri t e r that c i r c umst ances , a s d e s c ri bed
herei n, wa r r an t th at th is Or din a nc e be decl a r ed ~o be a n
em ergency o rdina nc e .
NOW, THE REF OR E, BE IT ORDAINE D BY THE CITY COUNCIL OF
THE CITY OF ENGLEvlOO D, COLO RAD O THAT :
Se c t ion 1 . Al l a c t ion (no t i nco n sistent wi th t h e
provis i ons o f t h i s Ordinance ) h ere t o f o r e t aken b y t h e City
Counc il a nd t h e e ffor t s o f t he I ssue r d ire cted toward
financi n g t he P r o j ect (a s defined i n Ordi n anc e No . 36,
Serie s 1 984), t~e issu a nc e a nd s a l e o f th e Bo nd s th e r e f o r,
a nd l o a ni ng t he pr ocee ds th~re o f t o t he Pa rt11ership there fo r
be , and t h e s a me h ere by a re, r a ti f i ed, app r ov ed and
con f irmed.
Sec t ion 2. The a gg reg a t e p r incipal am oun t o f t he
Bonds to be issued and s o ld is hereby d eclared to be
$8,~20,000 . Any refe r enc e t o t he f igure $9 ,5 00,000 in
Ordi nance No. 36 , Ser 1e s 1984 is hereby dec la r e d to be
amen~ .!d t o r e ad S8,9~0,00C .
Sec ti o~ 3. The Issue r has be e n ad~i s~~ by t he
Partner shi p and t he U~der~riter th a t the amendment des cribed
1n Section 2 above 1s necessn r y f o r th e 1 s su1 n g o~ t he Bo nds
and tL e complet1on o ! t he P:-o J ect. The ?a :~t n er shi p has
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represented to the Issuer that the Pro ject canno t p roc eed
until such amendment i s mad e and that de lays in the com p le-
tion of the Proj e ct ma y have an adverse effect on the
~s suer 's Urban Renewa l Plan an d the rede~eloprnent o ! the
Issu er's Urb an Renewal Area. Any such impact upon t he
redevelopment of the Urban Rer.ewal Area may impair the
secu rity for the obligations previously issued by the
Englewoo d Urba n Renewa l Authnr ity a nd may als o impact u~on
the credi t rating of the Issuer. Having been so advised ,
the Is;uer hereby finds, determines and declar~s that t his
Ordinance is necessary f or the immedia te preservation of
pu blic property, healtn, peace or safety and shall take
effect immediately upon f1nal passage an d shall be published
within sev en day s of final passage hereo:.
Section 4 . After any of t he Bo nds are issue d, th is
Or dinance sh all be and remain irrepealable unti l the Bonds
and interest thereon snall have been fully paid, c ance lled
and d1 sc!1 arged.
Section 5. If any section, p aragraph, clause or
pr ov :s1 on of this Ordinance shall for a~y reason be helci to
~e 1n,·al1ci or unenforcea~le, t he in~ali dity o~ unenf o rc e -
ab:11:v o: ~·1c h section, pa::-agraph, clause or provision
shall ~ot a!~ect any o! the rema:~ing provisions of this
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Sc c tlon 6 . All bylaws , orders, r e sol utions and
o rd i na~c e s , or parts thereo f, i~con si stent herew i th a nd with
t he documen ts he r eby approv ed, are he r e y repeale d to t he
eY.tent only of such inconsistency . This re pe ale r shal l not
be construed as rev iving any by !aw , orde r, resolut i on or
ord in a nce , or part. t he r e o f .
Se ction 7. Immedla tel y upon its final p ass age, t hl s
Ordinance shall be re co rded in t he Issuer 's book of
ordinances kep t ~or tha t purpose, shall be authenticated by
the signatures of the Mayor a nd the Ex -Offi c i o City
C erk/Trea surer, and shall be pub lished within seven days
hereof 1n the Eng lewc o d Sentinel, a legal ne~spaper of
general c i rc ulation in the C:ty.
IntroC.11c d , r e a rl i n fu l l , and ;:,as sed on !1 r s t reading t f.e
1 5th day of Octo ber , 1 98 4.
Publ i shed as a Bill fo r a n Ordinance on the 17th day o f
Oc t o b e r, 1984.
Re ad by title and pa!::sed o n final readin'? a s 2.n emer gency
ordinance on the 16th day of October , 1984 .
P ub l ished b·: tit l e a s Orciina:1c No . f{p , S e ri es o f 1984 ,
o n the 17tt da~ ;f Oc t obe r , 198~.
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