HomeMy WebLinkAbout1985 Ordinance No. 034I
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OROINA NCE NO • .Jf±:_
SERIES of 1985
BY AUTHORITY
COUNC IL BILL NO. 34
INTRODUCED BY cou~
MEMBER Brad s haw
AN OR DINANr E TO CONTRACT AN INDEBT EDNESS ON
BEHALF OF THE CITY OF ENGLEW OOD, COLORAD O , AND
UPON THE CREDIT THE REOF BY IS!::UING GENERAL
OBLIGA T ION WATER REFUNDING Bmms OF THE CITY
IN THE PRIN CIPAL AMCJN T OF $5 ,325 ,000 FOR THE
PURPOS E OF REFUNDING OUT ST ANDING INDEBTEDNESS
OF TH, CITY; PRESCRIBING TH E FORM OF THE
BONDS; PR OVID I NG FOR THE L EVY OF AD VALOR EM
TAXES TO PAY THE SAM E; PROVIDING FOR THE
PROCEEDS OF THE BONDS TO BE DEPOSITED IN A
SEPAR ATF: TRUST A CCO UNT FOR THE PAYMENT OF THE
BONDS BEI NG REFUNDED; A ND PR OVIDING OTHE R
DETAILS IN CONNECT ION T HER EW ITH .
1/HEREAS , th e City of Eng l ewood , Colo rado (the "Citi•"l ,
has h eretofo re du ly authorized , sold , i ssued a n d delivered to t he
.on Refundi nq purc ha sers thereat S8 ,45 5 ,000 of its Ge n eral Obl i
\later Bonds , Se ri es 197 8 , dated August 1, 1978 , ,Lh~ "1978 Bonds ")
of which iss ue t here nO\t.' remains outsta nding the t otal am n unt o f
S4,740,000 , in the denomi nation of $5 ,000 each , bearing interest
payab l e semiannually on J un e an d December e,ch year and
mat u r in~ serially o n Decemb e r 1 as follow s :
Ario unt
$2 4 5 ,0 00
260 ,000
2 75 ,000
$300 ,00 0
315 ,000
145,0 0 0
365 ,0 00
395 ,0 00
S420 ,000
44 5 ,0 00
485 ,000
515 ,000
375 ,000
Ila turi ty
19 85
1986
1987
1988
1989
1990
19 9 1
199 2
19 93
l 99 4
1995
199 6
1997
In te r est Ra te
6 .00
6 .00
6 . 00
6 .00%
6 .00
6.00
6 .00
6 .00
6 . 00 %
6 .o 0
6 .00
; .oo
6 .00
Bonds of t his issue maturi ng o n o r a(ter l\u g~st 1, 19 8 8 ,
are redeemah l e at th e option of the Ci yon l\ugu s t l, JS87 , a,1 d on
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any interest payme nt date th erea fter , in i nv er se numerical o rd e r ,
upon p ayme n t o f p ar a nd ac crued i ntercs an ct
WHEREAS , the pr in ci pal of and i nterest o n the 1978 Bo nd s
ar e payable at Th e Firs l National Ba nk of Eng l ewood , Eng l ewood ,
I Col o rado; and
WHEREAS , the City ha s a l so duly author ized , sold , issue d
a n d delivere d to th e purchase rs ther eo f. $1 ,300 ,000 of it s Ge n e ral
Ob liga tion \·la t e r Bonds, Serie s 19 8 0, dat ed Jun e 1, 19 8 0 (the "1980
Bonds") of which issue t he re now remain s o utsta ndinq the total
a mount of $1,26 0,000 , in t he de nomination of S5 ,000 each , b ea ring
in t e r est paya b l e semi -a n n u al ly o n Jun e lan d Decembe r lea c h y ea r ,
and ~at urinq serially o n Decem ber 1, a s f o llows :
Amou n t
$250,000
250 ,000
250 ,0 00
250 ,00 0
260,00 0
Ma turi tv
19 8 5
1 9%
19 87
1988
1989
Int e r es t Rat e
7 ,80 \
6 .60
6 . 70
6 .75
6 . 80
Bonds o f t his i ss ue maturing o n or a ft e r December 1,
1986 , a r c re deemab l e at th e optio n of the City o n Decembe r l,
19S35 , and on a ny int erest payme n t <late th ereaf t e r , in i nv erse
numerical o rder , u po n pa yment of par , acc ru ed interest an d a
pr emium o f l 1 /2% o f th e principal amou n t to he r edeemed ; a nd
WHER EAS , th e p r i n cipal of and interest o n t he l \180 t:..>11ds
are payabl e at The Fir s t Nationa l Ra nk of Eng l e wood , I n tn g lewo od ,
Co l o rado ; a nd
WHEREAS , n one o f the 1 978 Bo nds and th e 1 980 Bo nd s
(co llec ti vely , t he "Ou t st,1 nrlino Ro nds 11
) hav e h e r etofo r e been
refund ed , n or have a ny of t he sal"te been r ed eemed or othe rwise
pa i d , ca nc e lled , or r e tired by th e City; and
WHEREAS , afte r exte nded di s cussions and consu lt ation
wit h the City 's fin a nc ial ar\visor , it has been de t ermined by the
City Cou n ci l tha t by e nt e ring in t o a nd comole tinq a r e f un dinq
pro~ram at this t ime , the City can r educe the t o t a l principa l a n d
interes t payab l e on t h e Outsta ndi ng Bo nd s ; a nd
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l·IHERE AS , the City Council has dete rmin ed and hereby
determines that it is in th e b est interest s of the City , and the
inhabita nt s and taxpayers th ereo f, that th e Out s tanding Bonds
described abo v e in th e total am ount of $6 ,690,000 be r ef unded and
that refunrling bonds b e issuerl in th e principal amou nt of
$5 ,325 ,000 for such purpose; and
\'/Hf.REAS , the City ha s in its tre asury and lega lly
avail ab l e f o r such purpose , the am ount of S 195,178,50(the "F.s c row
Supplement"), whi ch th e City Council has de t e rmined and hereby
det ermin es to alloc ate, with th e proc ee ds of said refun di n g bonds ,
t o s up pl ement t he same , for the purpose of paying the principal of
and inte r es t o n sai d Outs tan d in q Bo n rls at thei r r espective
maturities a s i s hereinafter mo re specif ically set forth; a nd
vlHEREAS , th e proceeds derived from the s a le of said
r efunding bond s , t oge her ".th the Escrow supplement, ~fter
pa yme n • of the costs a n d e xpe nses of th e refundi n g procedure ,
sha ll be pla ced in a spe cial fun d an d trust accou nt , to be
es t ab li s h ed a s herein au tho rize d , for t"e purnose o nly of payi ng
the Out st andiny Bo n ds be ing r efunded , as to principal and inte re st
a s the y b ecome d u e an d payabl e , all as i s mor e parti cu l ar l y
hereinaft er set fo rth;
BE IT OR D-~I NED BY THf. CI TY COUNC I L OF T HE CI"l.Y OF
EN GLE \·10 00 , COLORADO :
Au tho riza ti o n. In accordance wi h the
Charte r of th e Ci ty, Titl e 11, Article 56 , c .R .S ,, the
Con s titution of the State of Co lorado ; an d all other laws of th e
s tat e of Co lorado th ereunt o e n ah linq , th e City s hall i ss ue its
qe n e ral obliqati o n wa t er refundin~ bon d s each to be desiq n ated
"Ge neral Oh li g ati o n Wat er Refu n ding Bond, Seri es 1985", (th e
"R efund inq Bo nd s " or "Bo nd s ") i n the t otal p rin c ipal amount o f
$5 ,3 25 ,000 , f o r th e ;,urpos e of re f und inq th e o ut s ta ndi ng Bon ds ,
which the Cit y Counci l h as de t erm in ed to r e fund. The Bonds shall
co n ;t itute ge n e ral o b li q tions of th e Ci t y , and th e full faith a n d
c r ed it o f the City sha ll be p l e dqed fo r th eir paym e nt.
s ec tion 1.
Bond De tails . Th e Bo nds ·;h al l be issued
s ec tion 2 .
on ly a s fully r eg i s t ered Bonds with ou t coupons ir •:he d e n o minati o n
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of $5,000 each o r any int egra l mu ltipl e th e r eo f , Unl ess th e City
s hall otherwis e direct , the regis t e r ed Bonds s h all b e n ,•mbered
separately fr o m l upward , with the nJmbe r of each Bond prece,le d by
"R-n .
The Bond s s hall be dated as o f July I, 1985, and s hall
be a r interest payabl e semiannually o n February lan d August leach
year, comm e ncing on Fe brua ry 1 , 1986, and sha ll mature o n Au gust l
each year , as follow s:
Am o unt
$830 ,000
445 ,000
480 ,0 0 0
510 ,000
280 ,000
$3 00,000
33 0 ,0 00
360,00 0
390 ,000
435,00 0
$47 5 ,000
49 0 ,00 0
Mat ur it y
1 986
198 7
1988
1989
1 990
199 1
1992
199 3
1994
199 5
1 ~96
1997
Interes t Rate
9 .0 %
~ 8-.5-
8.3 7 5
8. 375
8.375%
W75
7.0
7.0
7.0
7 . 0 %
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The ma;.:i!T\Uf11 n e effective inte r est rate author ized for
this issue of Bo n ds is 7. 7005Bl, p e r a nnum , an d th e ac tual n.at
effective intere st rate is7~~% ne r a nn um .
Sectio n 3 , Pavment o f Bonds ; ?3.yinf'J Aaen t a nd Bond
Reoist r ~r . The p rincipal of and pr em ium, if any , o n the !londs are
payable in l awfu l money of t he Unit ed States o f ,,,ne rica to t~e
r egistered o wn er of eac h Bond u pon pr esenta ti o n at t he princi pa l
offic e of Th e Firs t Nati o nal ll a ~k of En q l ewn od , in Engl ewood ,
Co l o r ado , or its successor , as pay inq aqen t (t he "Paying Agent "),
No twithstanding anything co n ta ine d in th is Ordinanc e to th e
contra ry , interes t o n any Bo nd i s payab l e t o the person in wh ose
na~c su:h Rand is r eg i s t e r ed , at hi s ad1r ess as it ao pe~rs o n the
r <e ~istrat i o n boo ks maintain e<l by or on behalf o f the Ci ty by The
first Nat i ona l Ba nk o f Eng l ewood , in Englewoorl , Co l o ra do , or it s
succes so r, as b o nd reglst rar (the 11 Bond Reqistra r "}, a t the close
o f business o n the fift een t h (15th) day of th e calendar month n ext
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precedi n g each interest payment date (the "Record Date"),
irrespec tive of any tr~n s fer or e x ch ange o f such Rond ~ubscquen t
t o s uch Record Date and prior t o s u c h interest payment date . Such
payment s h a ll be oaid by ch e ck or draf t of the Paying Age nt.
The principa l of , premium if a ny, and interest on th e
Bo n ds s ha l 1 be pa id in acco r dance wi t h the t erms o f a "B ond Paying
Agent a n d Reqis trar Agreement " betwee n th e Ci ty and The Firs t
Natio nal Bank o f Eng l ewood , Englewood , Colo rad o .
Sec tion 4 . Prior Redempt'on . Ro nd s matu ring o n and
after August 1, 1994 , arc subject to r edem[ltion prior to mat urity,
at the option of the City , as a whole or in integ r al mu ltipl es o f
$5 ,000 , i n inverse orde r of l'laturit y, o n August 1, 1993 , and on
a ny i nte r est payme nt date thereafte r, u po n payme nt of pa r, accrued
interes t, and a premium of 1.0% of th e principal amount so
r edeemed .
If less th an al l of the Bonds within a maturit y are to
be redeemed on a ny p r ior redemption date , the Bo n ds to be redee med
shal l be selec ted by 'o t n o t les s than forty -five (45 ) days pr io r
t o the date f ixed for r edemption , in such manner as the Bo nd
Registrar sha ll determine .
integ r a l multipl es of SS ,000 .
The Bond s s hall be r edeemed only in
In the event a Bond i s of a
denominat i on lar9 e r than $5 ,000 , a p or tion of such Bond may be
redee med , but on ly in the principal amount of SS ,000 or a
in t eq,al mult ip le thereof. Such Bo nd s h all be tre ated for the
pu rpose o f redemptio n a s tha t nu01ber o f Bonds whi ch result s from
div i ding the pr incipal amount of such Bond by SS ,000 .
I n th e event any of th e Bon ,.~ or po r tions thereof (w hich
sha ll b e in amount s eq ual t o $5,0 0 0 or any inteqra l mu lti p le
th e r eo f) are call ed f or r erlempt i on as afor e s aid , notice th ereof
iden t ifyi nq the Bonds or portions t hereo f to be redeemed wi 11 be
give n by the Bo n d Reg i s trar by mailing a copy of the redem[ltion
notice by first c l ass ma il (postaoe prepa i d ), n ot l ess than thirty
(30) days prior to the dat e fixe,1 for re demp t ion , t o the
registered owne r o f each Bond to be redeemerl in wh o l e o r in part
at th e addr ess s h o wn o n the registration b ooks ma int ained by or o n
behalf o f th e City by the Bond Reoistrar. ,a i lur e t o give such
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notice by mailing to any bond own e r, o r any d e fect ther ei n, shall
not affe c t th e validity of an y proceedi n g fo r th e r e d emp tion of
o ther Bonds, All Bo nds so call ed for r ed emption wi 11 cease to
bear inte rest after th e spe cifi e d r edempti o n dat e , provi d ed f u nd s
for their redemption a r e on d e po si t at th e place of payment at
t h a t time .
Secti o n 5, Form an d Exe c ut ion o f Bonds . The Bonds
shall be signed with the fac s i mile or manu a l signatur e of the
Mayo r of th e City, se a led with a f a csi mil e or l'lanual im p r e ssion of
th e seal of t he City , an d attested by th e facsimil e o r manual
signatur e of the Dire cto r of Fi nan c e , ex -of fici o City Cl erk o f th e
City . Sh o uld any officer wh ose f a c s i mil e or manu al s ign a ture
appears on the Bon ds cea se t o b e s uc h o ffi ce r be for e de l ive r y of
lhe Bo nd s t o the pur ch a se r, such f a csimile or man udl signature
s h a ll n e ve rth e l ess b e va li d a nd s u ffi c ie nt f o r all p u rp oses .
The Bon ds sha ll be in s u bs t ant i a lly t h e fo ll owi ag fo rm :
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No . R-___ _
I Form o f lloncl]
(Fr o nt o f Bo n d ]
UNITED STATES OF AMERI CA
STATE OF COLORADO
COUNTY OF ARAPAHOE
CITY OF ENGLEl'IOOD
s ___ _
GENERAL OBL!G.~TION \/ATE R REFUNDING BOND , SERIES 19 8 5
INTF:R F.ST RATE MATURITY D!\TF:
RE GISTERED OW NER :
PRINCIPAL AM OUNT :
ORI GIN AL
I SS UE DATE
JULY l , 1985
~
DOLLARS
The City of Eng lewo orl , in th e Count y of Ara pahoe a n d
State of Col o r ado , f o r val ue received , h ere by ackn o wl e dges i tse l f
inrlebted an d pro mises to pa y to the re i t ered own e r n amed ab ove ,
or registered assigns , on t he maturity da t e s pe cifi ed above , the
principal am oun t soe ci fi ed abov~, a nd in like ma nner c o pay
inte r es t o n such principa l amou n t (comput ed on th e basis of a
360-day year of twel ve 30-day l'lOnths) fro:n t h e interes t paymen
d ate n ext p r eced i ng the date of reg istration a n d authe n ticat i on of
thi s Bond , u nless ':.hi s Bond i s r eg ist e r ed and authe nti cate d pri or
to Feb ru a ry l , l 986 , in whi c h e v e nt th i s Bond sh a ll bear i nteres t
fr o m J uly 1 , 19 85 , a t th e interes t rat e oer ann~m soec ifi ed above ,
and Auqu s t each year , oayable s emia nnu a l l y on February
commencin g o n Febru ar y 1 , 19 8~, until such principal am o unt i s
pa id , unl ess th i s Bond shall hav e b ee n prev iously ca lled for
r ede mption and payment s h al l h ave b een du l y pr ovided f o r or made .
The prin cipa l o f t his Bond and p r em ium, if any , ar e payab le in
l awful mo ney of the Un i te d States of America t o th e r egis ter ed
o wn er upon presc n a tion at Th e Fir s t Nationa l Bank o f Eng lewood ,
in Eng l ewood , Co lorado , o r i ts su ccesso r , as Paying Age"lt .
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Payment of each in sta ll me nt o f inte r e s t s h a ll be mad e to
th ~ r egis t ere d o wn e r he re o f wh ose na me s ha l l ~opear o n th e
,eg i strati on book s o f th e Ci ty maint a in e d by or o n b e half o f the
City by Th e F irst Nat i onal Bank of Engl !!wo o d , in Eng l ewood ,
Co l o rado , or it s s uccessor , as Bond Reg istrd r, a t th e c l ose o f
busi n ess on th e fiftee nth (1 5t h) day of th e calendar mo nth ne xt
p rece ding each int e r e s t [)a ym e n t date (the "Reco rd Da te "), and
sha ll be pai d by ch eck or draft o f th e Paying Agent maile d to such
registered own er at h i s ad d l·C!sS a s it appea r s o n s uch regi s tr at ion
b ooks .
RE F ERENCE I S HEREBY MADE TO FURTHER PRO VISIONS OF THI S
BOND SET FORTH ON THE REVERSE HER EOF, l•IHI CH FUR TH E R PR OVISIONS
S HALL FO R AL L PURPOSE S HAVE T HE SA ME EFFE CT AS IF' FULLY SET FORTH
I N THIS P LA CE .
Thi s Bond sha ll n o t be va l id or b.acome ob ligato ry for
an y pu rpose or b e e ntitl e d t o any se curi t y o r b e n <:fit under th e
a uthoriz inq Bond Or d in a n ce u nt il the c e rti f icat e o f authentica t ion
here o n shall have bee n si g ned by t he Bo n d Regis tra r .
I N TP.S T IMONY \·/HER EOF, th e Ci t y Cou n c i l o f the C ity o f
Eng l e wood , ha s c aused this Bond to b e si g n e .-J by th e facsi mi l e
sig n a tu r e o f the Mayo r of t h e C i t y , s e a l ed wit h a f ac s i mil e o f the
sea l o f the City , an d att e s ted b y th e f ac s i mi l e s i g n a tur e of the
Direc t o r of Fi na nce , e x -off ici o Cit y Cl e rk , all as o f th e 1 s t d a y
o f July , 1985 .
(FAC S IMILE SEA L )
ATTESTE D:
By : __ -;(s,F',a::-c::-s;:--;:-i m::-;:i_l-::-e:,-S-;i;-;q;--;n;:-a;:-t;:-u;:-r;:-_e ) __
Di rec t o r of Finance ,
e x -off i c i o City Cl e rk
C ITY OF ENGL El/OO D, CO LORADO
By : ___ (_F_a_c_s_i m=i :-;I -::-e-::-S_i_g_n_a_t_u_r_e_) __
:1a yo r
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(Form of Bo nd Regi s trar's Certificate of Auth e ntication )
CERT I FIC ATE OF AUT HENTICATION
This Bo nd is on e of th e Bonds of t~e issue described in
th e wit hin mentioned Bond Resolution.
Dat e of Registration
a nd Auth e nti ca tion:
Th e First National Bank of
Englewo od, En g l e wood, Col o rado ,
as Bond Regis trar
By:_~~-~~~~-----Aut horize d Sig na to ry
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[B ac k o f Bond)
ADD I T I ONA L PROV I S IO NS
Thi s Bo n d is o n e of a s er i es a gg r e ga tin g five Mill io n
One Hu n dred Eig hty Th o u s an d Doll a r s ($5,180,00 0 ) pa r va l ue , all o f
l i k e dat e , t en o r, a nd e f f e c t e xc e pt as t o numb e r , p rin c ipal
am o unt , in te res t rate , and d ate of maturity, issued by th e City
Cou n cil of the City of Eng l e wo od , in th e Co unty o f Ar apa h oe a n d
S ta t e of Colorado , f o r t h e purpo se o f r e fun d ing o ut s t a nd ing
ge n e r a l o b ligati o n wa t e r bo n rt s of th e Ci t y , an d f o r th e payme n t o f
costs a nd e xp e n ses inc id e ntal to s uc h r e f unding , by v i r t ue o f a nd
i n f ul l co nfor mity with th e Home Rul e Cha rt e r of t h e Cit y , t h e
c o n s t i tutio n of th e S t a t e o f Co l o rado , T i t l e 11 , Art i c l e 56 ,
C ,R,S ,, a n d a ll o t h er l aws of th e St a t e of Co l o r ado th e reu nt o
e n abl ing , a nd pu rsuant t o th e d u ly adopt e d Or d i n an ce autho r izinq
th e i s s u a n ce of t his Bo n d , Pu r su a n t t o Sec ti o n l l -5 6-10 7 (6) of
sa i d Ar ti c l e 56 , such re c i ta1 s h al l conc l us i ve ly im pa rt f u l l
co:np li a nc e wi th 11 1 of th e pr o v i s i o n s o f s ~id Ar ti cle , and t h i s
9o nd iss ued co nt a i..n i ng s uc h r ec i t a l i s i nc o nt es t ah l e fo r an y ca u se
wh a t soe ve r a ft er it s d e l ivery fo r va lu e , I t i s h e r eby re cit erl ,
ce rt i fi ed , an d warra nt ed t ha t a l l o f t h e r equ i reme nt s o f l aw hav e
been ful l y co mp l i ed wit h by th e pr ope r o ff ice rs i n i ssuing t his
Bo nd .
Tt i s h e r eby f urt her rec i ted , ~e rt i f i e d , a nd W3r r Jnted
that th e t ot al in deb t edness of t he Cit y , i n cl u d iny tha t o f t his
Bo n d , does n ot e x c e ed any l i mi t p r esc ri b e d by t he City Ch ar t er , o r
th e c o ns tituti o n o r l a1<s o f t h e St a t e o f Co l o r ad o ; that thi s Bo n d
wa s a ut h o r ized by a n orrli n a n ce pa s sed a n d ad o p t ed p ri or t o th e
i s s uance h ereof ; a n th at p ro vi sio n h as bee n ma d e f or th e l evy an d
c o lle c tion o f a n ad val o r em t ax on a ll o f the t axab l e prope r ty
wi th i n th e Ci ty , wi t h o u t li mi tati on o f rat e or a "l o u nt , t o t he
e x te n t othe r f un ds are n ot made availab l e fo r s u ch paymen t s ,
s u•f i -::ie n t t o p ay t he p rin c ipa l of a~d i n te r es t on thi s Bo n d a s
th e s ame r espe cti ve l y become d u e .
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The full faith and credit . the City are hereby pl edged
for the punctu al payme nt of th e prin ,pa l of a nd inte"."'cs t o n thi s
Bond,
Bonds of this iss ue , of which t hi s Bond is one , maturing
o n and after l\ug u s t 1, 199 4, are subject to r edemption prio r to
matur ity , at th e option of the City, as a whole or in integral
multiples of $5,000, i n inverse o rde r of maturity, and i f l ess
than a n e ntir e maturity i s t o be redeemed, th e n by l ot within such
maturity, o n August 1 , 1993 , and o n any interest payment date
there after , upon paym e n t of par , accrued int eres t, a n d a premium
of 1,0% o f the principal amount so redeemed .
Th e Bonds will be r edeemed on l y in integral multiples o f
SS ,000 , In the event a Bo nd is of a de n omination lar ge r t ',1an
$5 ,000, a portion of such Bo nd may be redeemed , but only in the
principa l amount of S 5 ,00 0 or any integral multipl e th e reof. Such
Bond will be tre ated for th e purpo es o f redemption as that nu,n ~e r
of Bo nds which result from d i vid i ng the prin c ipa l a!".Ou nt of such
Bo nd by $5,000 .
Notice of pri o r r eder;iptio n shal l be given by ma iling a
copy o f th e redemption n otice , no t l ess than thirty (30 ) days
pr i o r to th e date fixed for redemp tion , t o the registered o wner o f
thi s Bo n d at th e a dd r ess sho1-m o n th e registrati o ~ books
maintai ned by the Bond Re g istrar, in th e ma nner se t for t~ in the
auth o rizin g Bond Ordina n ce . 1\11 B.:rnds ca l l e d for red emp tion will
ce,s e t o bea r interest af ter the spec ifi ed reJemp ti on date ,
provided funds for their r edemptio n ar e o n dep os it at the p lac e of
paym e nt at that time.
The City a n d th e Bo n d Regi strar sha ll n ot be requi r ed to
iss ue or tran sfe r any Bo n ds: (1) during a period beginning on the
Record Date and en d i ng at the c l ose of business or. th e e n s uing
interest p ayme nt date , or (2) d urinq t h e p e ri od be g inning on an1•
date o f sel ect i o n of Ra n ds t0 be redeemed a n d e nding o n t he day on
which the applica ~le noti c e o f r e d mpti o n is g ive n. The Bo n d
Reg i s trar s h a ll n o t he r eq uir ed t o tran s fer any Bon ds se lected or
c alled f o r red empt i 0 n , i n wh0 l e o r in part , Th e City , th a Payi n g
Agent, a n d t he Bo nd Reg i st rar may deem a nd treat the r e;i i s tered
-32 -
owner of any Bond as the absolute owner thereof f or all purposes
(whether or not s uch Bond shal l be ov erdue! a n d any notice to the
con trary shall n o t be bi n d in g upon th e Ci ty , the Paying Agent, or
th e 8ond Registrar .
Th is Bo nd is tran5ferable by the r egiste red owner her aof
in perso n o r by his attorney d uly aut horized in writ ing , at the
princi pa l office of the Bond Registra r, but only i n the mar ,~r ,
subject to the limitations , and upo n payment o f th e crar ;e s
provided i n the authorizing Bond Ordinance and upon surre nder and
cancellation o f th is Bond . This Bond may be t ra,sfei:rnd upon the
r eg istration books upon delivery to th e Bond Ri,,:iist rar of this
Bernd , acco mpani e d by a writt en in st , urnent or instruments of
transfer i n form and with guaranty of s i g n ature satisfactory to
t h e Bo n d K9 gistr a r, d uly executed by th e owner of th i s Bond or hi s
attorney -i n-fa c t or legal r ep r ese ntative, c ont :1:i ning writt e n
in st ru c ti o ns as t o t 11e d e t ails of th e transfer of t he Bond , a)Jn Q
with the soc ial security number o r fed era l emo l oye r i de nt i fi cat i o n
n um:>er of such tra nsferee . In the eve nt of the transfer of thi s
Fl a nd , t~e Bond Regis trar shall e nt er t he transfer of own e rship in
the reqistr ation books and sh a ll auth~nticate and deliver in t he
name of the transf eree o r transferees a n ew fully r egis t e red b ond
or bo nd s of autho r iz~d de nom ina ti o n s of th e same maturity and
interes t r ate for the aggregat e principa l a,nount which the
r eg istered owner i s enti tled to rece i ve a t th e ea rli est
pra cticable time . The Bo nd Registrar may charge the o wn e r o f this
Bond for e very such transfer an a ·no unt sufficient t o re im bu rs e it
f o r its reaso n able fees a nd for any tax or o th er gove rnmental
charge required to be pa id with respec t t o s uch t ran sfe r .
-)) -
I
I
I
I Form of Tra n ,;fe r ]
ASSIGN MENT
F OR VALU E RECEIVED , t he und ersigned se lls, assig n s , a nd
._.r a nsfers unto
SOCIAL SECU RITY OR FEDERAL EMPLOYE R
IDEN TIFICATIO N NU1'IBER OF ASSI GNEE
( Name and Address o f Assig nee)
the within Bond and docs hereby irrevocab l y con,titute and appo :nt
----~----~~-~--~--~-~--~------' atto rn ~y , to tr a nsfer sai d Bo nd o n the bo o ks ~e p t for rerJistration th ereof
wit h full po wer of substitution ~n th e nr~m i ses .
Dated :
Signature of Regist ered Owner :
NOTICE : The signature to this
assignment must cor r espond wi th th e
name of the registered owner as it
appear s upon th e fa ce of the with in
Bond in every part i cu l a r, without
alt e ration or en l argement or any
chanc,e whatever .
Sign ature guaran t eerl :
(Bank , Tru st Company , o r Firm)
-34 -
Section 6 . Authentication . No Bo nd sha ll be val i d or
o bliga L0 ry (or any purpose or be entitle d Lo ~r,y St c-Jrity or
benefit unc'er this Ordinance unles s and until a certificate of
a uth e nti c.,t.ion on such Bo n d subs tantially in th e form herei n above
se t forth shall have been duly executed by the Bond Re g istrar , and
such ~xec uted certificate of th e Bo n d Registrar u po n any such Bo nd
sha ll be con c lusiv e ev i dence that s uc h Rond has b een a uthentica t ed
a nd delivered under thi s Ordinanc e . Th e Bond Regis tr ar 's
certificate of a uth entication on any Bond s hall be deemed to have
been e xecu t ed by it i f signed by a n authorized office r or
signatory of the Bo n d Reg i stra r, b ut it sha ll n ot be n ecessary
that the same offic er or s ignatory siq n the c e rtificate of
authenti c ation on all o f the Bonds i s,uen h ere und er ,
Section 7 . Delivery o f Bond s . Upon the adopt ion of
t his Ordinance , the City shal l e xecu te th e Bon ds and de li ver them
t o the Bond Req i stra r, and th e Bo nd Re a i s tra r shall authenticate
th e Bond s a n d del i ver Lh em tc, the pur chasers th ere o f , as directed
by th e City , and in oc c o r ,1ance wit h a "Bo nd Pur c hn se Agreement"
between the City and __ u _n_i_t_e_d_B_a_n_k_o_f_D_e_n_v_e_r ______ , Oe n ve r ,
Colorado (the"Un de rwri te r").
Secti o n 8 , Re qi st rati o n .Jn rl Tr a nsfe r of no n ds ; Pe rsons
Treat en as Owners , The Bond Reg i s tr a r s ha l l ma int~in th e b ooks of
th e City for th e r egis tr a ti on of owners hip o f each Bond as
prov ided in this .Jrdi n a n ce , B0 nd s may be tr ar.sferred u po n the
r eg i s trati o n bo oks u;:,o n d el ive ry of th e i'l o nds t o the Bon d
Re!)ist r a r , accompa r.i ed by a writte n instrumen t or instrume n ts of
transfer in form and with guaranty of signature satisfactory to
the Bond Registrar , duly e x ecut ed by the o wn e r o f the Bonds t o be
transferred or hi s attorney-in-fact or l egal r eprese ntative ,
conta inin~ writte n i nstructions as t o th e deta il s o f the tran sfe r
o f such Bo nds , a l ona with th social security num::ie r o r federal
emp l oyer i de n tificati o n nu~be r o f s uc h tra nsf e r ee . No tran sfer o f
any Bond shall be effectiv until e n e re ,! on th e regist ration
hook s .
!n al l cases o f t he tran sfer of a Bond , the Bond
Regis trar shall en t e r t he tr a n s fer of ownership in th e
-35 -
I
r e gistration b ook s and s hall authenticate a n d d e l ive r in th e n a me
o f th e tran s f e r ee or tran s f e r e e s a n e w f u lly r eg i s t e r e d ilo nd 0r
f>o n ds of autho rize d de nominations o f th e same maturity a n d
interest rat e f o r th e aggreg a te principal a mo un t which the
r eg i s t e red own e r is entitled to r ece iv e at the e arl ies t
pract i c ab l e time in a c corda n ce wit h th e p r o vi s i o n s of this
Or dinan c e . The Bo n d Reg istra r ma y charge th e owner of s u ch Bond
fo r ev e ry such tran s f e r o f a Bond a n a r.1 o u nt s uffic i e nt to
r eim burse i t f o r its r ea s onab l e f e es a nd f~r any ta x o r oth e r
g o v e rnme nt a l c h a rge re q •,ired t o b e o ai d wi th r espect t o such
t r an sf e r.
Th e City a nd Bo nd Re gis tra r s hall not be requ ired t o
issue o r tr a n sf e r any Flon d s : (I) 1 ur in q a pe ri od beg inn i ng o n th e
Record Date and end in~ at th e c l o se o f b u s in ess o n th e en su ing
inter e s t payme nt date , or ( 2) rl u rhq th e pe ri o d b e g i n nin ;i o n a n \•
date o f se l ec ti o n o f Bo n ds t o b e r ad e e med a n d e n d ing o n t h e d ay o n
wh i ch the app !i ca ~l e n o t ice o f r cdeno ti o n i s q ive n .
Reg i s t ra r shal l n o t Oe r -2 -:i u i r ed l o ra ns f e r a ny Bo nds ~~l ected o r
cal l ed f or redemp t i .:)n , in who l ~ Jr :n p.:i rt.
:he Bo n d
Ne w Bo n d s de ! i v e r ect UJXl n any t rans f er s h all b e v a l i d
ge ne r al o b li g at i o ns o f t l1e Ci ty , ~v1 d0 1c in q the s ane o b l i ;ati on a s
t he Bonds s urre nde red , s ha ll be S-."!c ur ~J b y t h is Or d i n an c e , a nd
sha l l b e e n t i tl ed t o a l I of th e securi t y a n tl :>c n e fi t s he r eof to
th e s a-n e e xt e nt a s t he Bo nds su r r e nJe :-e d .
Th e City , th e, Pa yi n g A~e ~t , and t he Bo n d Re g i st ra r ma y
deem an d t reat the reg i s t e r ed o wn e r o f a ny Bo n d a s t h" .:i hs o lut e
o wner th e r e o f fo r all p u r poses (w h e t he r or n o t s uch :la n d s hall be
o v e r d ue ), and a ny n o ti c e t o the c o ntr at·y s hal l no b e h i n:l1 n, u ;x,n
th e City , t h e Pa yin g Agent , o r th e Bon d Re gis tra r .
Sectio n 9 . D0 s t ru c ti o n of i3onrt s . h11e n e ve r a ny ou t -
s tanding Bond sh a l I b e d e liv e r ed t o Lhe Bo n ,i
can c e ll at i o n p urs u a n t t o thi s Ordin ance a nd u po n
pr in c i pa l an o unt an int e r es t r ep r esen t e rl t he r eby ,
ou t s ta n d in q Ro n d s ha l l be d e l ivereJ t o th e llon '.l
Re qi str a r fo r
oa y me n t o f th e
o r \vhen e v e r a n y
t ra n s f e r pu r sua n Req i s tr ar fo e
Bo n d sh al l be
ca n c e ll e d a n d d e s t r o yi,tJ by th e Bon d R.a gi s t r ar a n d c o unt e r pa rt s o f
t o th e pr o vi s i o n s h e r eo f , suc h
6 -
a ce r t if ica t e o f dest ru c ti o n e vi d e n c i ng s u c h d~s t ru c ti o n s h a ll b e
fur ni s h ed by t h e Bo nd Regis t ra r t n th e Ci t y .
Se cti o n 10 , Lo s t Bond s , Any Bo nd that i s l os t , sto l e n ,
des tr oy e d, o r mutil a te d may b e r ep l aced o r paid by the Bo ncl
Reg i s tr a r in ac co rd a n ce with a n d s ubje ct t o th e limitations of
a p pli c abl e law . Th e applicant fo r any s u ch r epla c e me nt Bo nd shall
pos t suc h secu rity , pay s uc h c o s t s , a n d p r ese nt s u c h proo f of
own e rshi p a n d l os s a s ma y b e r e quir ed by ap pli cabl e l aw , o r in the
a bse nce of spe ci f i c r e q u irem e nt s , as may b e re qu i r e d b y th e Bo nd
Re gi st r ar .
Sect i o n l L Dis p os i t i o n a n cl Inve s t me nt o f Bo nd
Proceed s . Th e Bo nds sha ll be issu e cl a n d so l d fo r t h e purpo se of
p a yinq th e c os ts of r ef u n d ing o u ts t a ndi n g g e ne ra l ob l i g a t i o n wa t e r
b o nds o f t he Ci ty , and for the payme n t o f cos t s and ex pe n ses
in c i den t a l t o s u c h r efund ing . Ne ithe r t he Un de r ·.r iter nor a n y
s ubseq ue nt ow n e r s of t he ll o n ds s h al l b e r e s po n si:.l e f or t h e
app l i ca t i o n o r di s p o s al b y th e Ci t y o r a ny o f i t s o ffice r s of t h e
f u n ds rlerived fr om th e s a l e th e r eo f.
All o r a n y po ,t i o n o f t h e Bo nd pr oceed s ma y be
t em po rarily i nve sted o r r e inves t e d , p e nding s uc h u se , i n
secu rit i es or o blig at i on s wh ich ar e l a wf ul inv estm e nt s . It i s
h e r eby c o ve n ant ed and ag r e e d by th e Ci t y t h at t he tempo r a r y
inves t me nt o r r-e inv o?s tment o f th e orig in a l pr o ceed s o f t he Bo nds ,
or o f a n y mon eys tr e at ed a s pr oceeds of t he i30 n ds wi th in t he
mea nin g of Sec ti o n 1 03 (c ) o f t he I n t ern al Rev e nu e Code of 19 5 4 , as
ame nded (th e 11 Code 11
), a nd pe r t i ne nt r e gu l ati o n s , r ul ~ngs , an d
d e ci s ion s , s ha l l b e o f suc h n a tur e an d exte nt, f o r s uc h pe ri od ,
a n d a t s u c h y i e l d , that th e Bonds s h a ll n ot be o r beco,ae arbit r a'.le
b o nd s wi th i n th e mea ni ng o f Se c tio n 1 0 3 (c ) o f the Cod e a n d
pe rtine nt r e gu l at i o ns , r u lin gs , a nd dec i s i on s .
Sect i o n 12 . Pl e dq e of Ad Valo r em Ta xes . If n ecessa r y ,
the inte r est t o beco~e due on the Bo n ds thr ouqh December l , 1 985 ,
s ha l l b e ad va n ce~ from a n y r evenu e s or funds o f t he City l awfu ll y
a va il a b l e f o r such p ur pose , i n c lu rti n".:1 , hut n o t lirn it ed t o , t r\e
acc r ued inte r est o n th e Bo n us t o b e pa i d by th e pur c has e r on th e
date of de l iv ery . Fo r tl ,e p ur po s e of ,e i mbur s ing sa id adva n ce and
-37 -
I
I
I
p ay i nq the interes t o n and princi pa l o f th e Bo nds as the same
beco.-e due an d payab l e ccsp•,c tive l y , the r e sha ll be l ev i ed by the
Board of County Commission er s o f t he Co unt y o f Arapa ,,oe , Co l orado ,
o n all of th e ta ,.able pr ope rty in th e City , in addi t i o n to a ll
othe r tax es , direct a nnu a l tax es in each of th e years 1 985 to
1997, in c lu s iv e , s uff ici e n t t o oi ake s u ch r eimburs ement and p ay th e
intere st o n and princi pal o f th e Bonds a s th e same b ecome due a nd
payab l e , r espec ti ve ly , t o th e ex t e nt o th er fun ds are n o t made
ava ilabl e for s uch payme nt s . Such a d va l ore•n tax es s hall be
l ev i ed in addit io n to all o th e r taxe s l evied to effect th e pur-
poses of th e City , in c lu rl ing tax es l e vi ed t o mee t the City 's
ope rati o n and mai nt ena nce e xp e nses .
There i s h e r eby es t ab li sh e d th e "City o f En q l e wood
Pri n cipa l and Int erest f u nd , 19 85 " (th e "Bond Fund"). Sa id taxes
.,,hen co ll ected s h a ll be depos i ted in t h e Bond Fund and ,.pp lied
so l ely f o r th e repay me nt of said a dva n ce and t he payment o f t h e
principa l of a nrl i nt e re st o n th e Bonds , r e spec tively , until t he
Bonds , as to both prin c i pa l and inte r est , s h a ll he full y pair!,
sat i sfied , and discharged ; provided , ho weve r , that nothing h ere in
co nt ained sha ll be so constr u ed a s t o preve n t th e City from
appl ying ,my o t her f unds or revenues tha t may be in th e treas ury
of th e Ci t y and availabl e for th a t p u r pose , t o th e ;,ayme nt o r th e
princi pa l o f or interes t o n th e Bonds as th e same respec tiv e ly
matur e a n d accru e , a nd u pon th e app li cation of any other such
fund s or r eve n ues as aforesa id , the mill l e vy o r l ev i es h erein
pr o vi ded may th ereu pon to th a t e xt e nt be diminished .
Th e fo r ego ing p rov i s i o ns of thi s Ordinance ar e, h ereby
d ec lared t o be t he cer ti f i cate of th e Ci ty Co un cil to t he Boar d o f
Co unty Comm issi oners o f Arapahoe County , Colorado , showing th e
agqre ga te am o unt of tax es t o be levied f or th e purposes afo r esairl
by s,3id Board of Co unty CoMr.iissioners fr om t i !T\e t o time , as
r equ ir ed by l aw , for th e purpose of rei1n~ursinq said adva n ce , if
any , a nd payinq th e p r in cipal of and the interest o n t he Bonds as
th e sane h erea ft er matut:"~ o r accru e .
The amounts necessary t o pay a ll costs and expe nses
in ciden tal t o t he i ssua nc e of said Bo nd s and the amo unts h e r e in-
-38 -
above provided t o pay th e interest o n sa id Bonds and to discharg e
the pr inci pal ther eo f wh e n d u e a r e h e r eby approp ri ated for said
purpos~s , and s uch amo unt s as a ppr o p r iat e for each year sh a ll als o
be in c lu ded in th e a nnual b udget and th e appropr i ation bill s t o b e
adopted a n d p a ssed by th ~ City Counci l in each year , r espec t ive ly,
unt i l t he Bo nd s have been ful l y pa id, sa ti sfied , and disc harg ed ,
It shall b e th e dut y o f th e City Council of the City,
a n nu a lly , at t h e t ime a nd in th e manner provided by law for
l e vyin g other City ta xes , if s u c h act io n s hall b e n ecessa r y to
effec tuate the provisions of this Ord inan ce , to r a tify and carry
out the pr ov i sions h e r eof with r efere n ce to t h e l evyi n g and
col l ectio n of ta xes ; a n d the City Coun c i l s h all l evy , certify and
co ll ec t sai d taxes in thP. man ne r provi~ed by l aw fo r the purpos e
of c reating a n acc o unt for the paym,rnt o f the p rin c ipal of t h e
Bon ds and interest thereon , and said taxes , wh en c o ll ect ed , shall
be kep t fo r a nd applied only t o the payment o f t he i nt erest and
pri n ci pal of t he Bonds as hereina bovr specified ,
Sect i on 13 . Additional Tax Levies in t he Event of Deli.n-
~· Said t axes shall b e l e vied , assessed , collected , and
e nfor ced at th e time a n d in th e fo r m a n d manner and with like
int e rest and pen a lties as othe r ge ne r al t a x es in the Sta t e of
c:olo r ado , and when co ll ec te d sa i d taxes sha ll b e paid t o the City
as p rovid ed by l aw , In th e even t any of said l evies o r the
charges th at may be made by th e City sha l 1 fail to produce an
am o unt su ffi cient to p ay the i nterest on and t he principa l o f t he
Bonds becoming due in the n ext succeedi ng year , the def i cit s hall
be ma d e up in th e next l evy , and taxes s h a ll c ontinu e t o be levied
until s a i d Bonds a nd th e inte rest th e r eon s hall be paid in f ul l.
Th e r i ty Cou n ci l sha l l t ake all n ecessa ry and pr ope r steps
pro mptly to enforce the payment o f t axes l evied pursuant to thi s
Ord in ance.
Sec ti on 14 . AP[l li cation o f Net Rev e nu e s . Not withst and -
in th e f o r eg o ing provi s i ons for t a x levies , the City cove nant s
a nd agrees t o estab li s h , mainta in , anci en f o r ce a sched ul e o f
rates , tap fees , t o ll s , a nd c h ar,Jes for th<l avai lability of , con -
nection to , ann cse of th e wat e r facil i tie s o f th e City , which
-39 -
toge th e r with said tax le v ie s and a ll other reve nu es of th e City,
s h al l b e suff ici e nt t o pay th e cost o f ope ra ting an d maintaini ng
said faciliti es and t o pay th e princ ipal of and i n te r est o n th e
Bond s as the same r espect i ve l y matur e a nd acc rue .
Section 15, Defea sa n ce , Wh e n all principal , interes t,
an d p r i o r t"edempti o n pr e miu ms , if a ny , in co nn e ctio n with the
Bonds hereby a uthor ized have b ee n duly p aid, the pledge a n d lien
and al l obligation s h e r e unde r s h a ll th ereby be d i scharged a n d the
Bonds sha ll n o l ong ec be d eeme d to b e out s tanding within the mea n-
in g of this Ordi n a n ce . Th ere s h all he dec rnccl to b e s u c h du e
payment wh e n the City has placed in escrow an d in tru s t wit h a
commerc ial bank l ocated wi t hin o r with o ut th e Sta t e of Co lorado ,
a nd exe rcising trust powe r s , an amo un t s uf f i c i e n t {includ inq th e
kn own minimum yi e l d fro m Fed e r a l Secur iti es in which such a!ll o u n t
may be initially inves t ed ) t o meet a ll r equireme n t s o f princi pa l ,
int e r est , and pri o r r ec'ie mpti o n premi ums , if any , as th e same
become due t o t heir f in a l mat uriti es or upo n des i g nate d prior
red oTTlp tio n dates . The Federa ~ Se c uri ties sha ll become due at o r
p ri or Lo th e respective times on which t he pr oceeds the r eo f sha l l
b e needed , in accordance with a sch edu l e establish ed and agre e d
upon betwee n th e Ci ty and s uc h hank at the time of the crea ti on of
th e esc r ow , o r t he Federal Se c ur iti0s sha ll ~c subjec t to
r e d emp ti o n at th e op t ion of the h o l ders thereof to assure such
ava ilab ilit y as so needed t o meet suc h schedul e .
Sect i o n 16 . Es crow .\ccoun t ; Use of Proceeds . The r e i s
h ereby establ ish ed th e "City o f En glewood Bond Re fu ndi n ~ Es c r ow
Accoun t , 1985 " (th e 11 Escrow Ac count 11
). Th e p r oceeds of t he ~nds ,
l ess certa in co sts and e xpenses o f i ss u.:ince ['.\a ya hle therefr om,
whi c h e xpen ses are h er e by a uth or ized t o be paid f ro m th e proceeds
of the Bo nds , s h a ll h e deposited by the Cit y in the Escrow Account
t o he estab li shed and ~a in tai n erl a t the Ban~.
I n add it i on , the approx i ma t e amount o f S 195 1 78 5 0 , beino
l cqa lly ava ila b l e funrls of th e City , (t he "Escr ow Supp l eme n t "), is
h ereby appropri ated anc1 shall be c1epositerl by th e City in the
Escrow Accou n t for th e purpose of suppl eme ntin g the proceeds of
suc h Bo n ds ,
-4 0 -
The Bank is h e r e by autho rized and directecl t o u se such
monies to provide f or the payme n t of th e acq uir ed ob li ga tion s to
b e h eld in th e Escrow Account a nd to fund the Esc row Account wi th
the nec essary b egin nin g cas h, if any , as r e qui red in acco rdanc e
with the esc row sufficie ncy comput a ti o n s verifi ed by a Ce rtifi e d
Publi c Acc o u ntant.
Thereupo n, the ba l a n c e , if any , of Bond proc ee ds h eld by
th e Bank, th e City , o r a ny e th e r perso n, shall be deposited in th e
City's Bond Funcl t o be h e ld fo r the paym e nt of the pri n cipal of or
interes t on the Bonds . The forego ing provision shall ap p l y o nly
t o excess funds in the Esc r ow Account o n hand at th e time of
de li ve ry of th e Bond s , and n o furth e r distribution of fun ds on
hand in the Esc row Accou n t s hall b e made to the Cit y e xc e pt a t the
time of terminati on ot th e Escr o w Agree men t o r as pr ov i ded
the r e in .
The accr u e d int e r es t , if any , on th e Bonds fr om th ei r
dat e t o the d a t e of i ss uan ce a n d d e live ry th ereo f shall b e
de posite d in th e Bond Fun d and h e ld f o r th e paym e nt o f int eres t on
th e Bon d s wh e n due .
section 1 7 , Payme nt o f OUtsta n dinn Bonds . Th e Escrow
Acco un t , in c ludi ng therein th e pr oceeds of t he Bonds and the
Es c r ow S up p le men t , wh en in vested by th e Bank s h a ll a t a ll ti mes be
at l east suff i cie nt t o p ay th e in t erest on and p rinci pa l o f th e
Cut.s t and in g llonds , un der a nd in acco r dance with the follow in g
schedule :
(A ) Bond s of th e designa t ed is s u e s , numbered a n d
maturin g as f o ll a ~s , sh a ll be pa i d and r e tired at th e ir r espectiv e
maturity dates accot-dinq t o the ir o rig i nal terms :
I ssue
198 0 Bond s
1q n Bo n ds
Bonds 11atur i ng
198 5 to 1989, in c l.
1 985 to 1q98 , in c l .
Ill) l nter es t on th e Outs tandin q Bonds wh i ch ma tu r.os
in th e y ears 1 985 and thereaft e r s h al l b ;:,a i d sc'11iannually each
year e n th e prope r interest payme nt dates acco rding t o th ~i r
or i gina l t erms , un til said Out sta ndi n~ Ao n ds mature .
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Sect i o n 18 , Investme nt of F.sc r o w ~ccoun ~. I n acco rd -
ance wi t h the Escrow Agreement , the Ba n k s h ,1 11 i nvest th e funds o n
deposit in th " F.scrow Account in n on-c alla b l e Fed e ·al s ecuriti es
only , and shall fully secure any ca sh bal a n ce in said Accou nt in
the manner r eq uir ed by l aw for other trust funds ,
sec ti on 19 , Additio n a l De posn s . If f o r any r easo n the
fu n d s o n hand in the Esc r ow Accoun t s h a ll be a t any time
insuf ficient to meet payme n ts of principal of and i nte r est o n the
outstanding Bond s , a s the same sha ll beco me du e a nd paya!:lle , th a
City s hall forthwi th deposit in th e Escr ow Account such additional
fun ds as may be requ ir&d to pay th e e11t.ire amoun t ahout t o become
due and payable .
Sectio n 20 , Ob li aation s of Bank . Th e Bane. sha ll fr cim
tim e to t ime r edeem a t maturity a ll o r a portion of the non-
callabl e Fcrtera l Secu rities in th e Escr ow .\ccount in suf~ici-2nt
amount s so that the proceed s tll er~f r o~ anrl the int e r est th e reon as
th e sa1TI~ accrues wilt h e suf f i cie nt to mP.e thB int e r es t
requirement s on the Out s tandi n1 no n~t s ,1s ; ic
1
, i n t e r es t ac e r es a,d
to p.J y said 0 Jt sta ndin g Honrls at he i r r,·s p-1ctive ma t ur iti<?s .
Secti on 21 . Autho riz at i o n tn Execu te Eser a·~ r\oreeme nt.
The l\ayo t and the Dir ecto r ot i:in'ln C•·!, e x-o fficio C.:i~1· Clerk
s hall , and they a r e h e r e~y auth o r1ze<l and J i r•~1:t-:-d :-*J t.3~e ali
n e cessary or approp riate act i on t oward the execu i on o~ a ;,ro per
esc r o w Agr e ement with th e Bank co nc~rninJ t?-10 d0p0sits in ,
inv es tmen t s o f , and disburseme nt s from t!1 e f.scr o•..J :\ccount , and
such oth er ag r eemen t s as may be ne ce ssa ry o r des ir a::,l .a t.o
effec tuate the provisions of th is Ordinance and comp!'{ ·,1i th t he
requirements of law .
Notice of Refundin~. The Dire cto r of
Section 22 ,
Finance is h ereby authorize d and d irected t o g iv e n o tice of
r ef undin g of t he Outs tanding Bonds at or a~uu t th~ t i r.le E such
refun ,l i ng . The n ot ic e s h a ll be sen t by c ertif i ert riail to the
Eoll owinJ , at th e l a.:,t known address t l e r eof :
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(1) The First Nati o nal Ra nk o f Engl e wood ,
Engl e wood , Co l o r arlr,,
(As pay i n g agent f or th e
Out s t a ndi n Bonds )
( 2 ) The No rthern Trust Co mp a ny
5 0 So uth LaSa ll e S tree t
Chicago , IL 60675
(As pur chase r o f the Se ries
197e Bonds )
(3) United California Ba nk
Bon d Department
Bo x 3666 Te rminal Ann ex
Lo s Angel e s , Californi a 90051
(As pur c has e r of the S e rie s
19 8 0 Bon ds )
(4) Co nso lidated Bond Ca ll
c/o Elain e Sl1ea
Uni te1 Ba nk o f De nve r
On e Un i ted Ba n k Ce nt e r
17 00 Br o a d way
Denver , Co l o r ado 8027 4-0 1 °0
Sec ti o n 23 . Au t h orization to f.xecu e Co llat e r al
DocuMP n ts . The office r s o t t he C i ty anrl th e me mb e r s of th e City
Co uncil a r e he re by a uth ,)ri zud and directert to t a k e a ny and a ll
o th e r a cti o ns n~cessa ry or a p p r opria t e t o effec t uat e t!"le
pr ov isi o n s o f t h i:; Ord inan ce , in cl11d in cJ , but no t li mit ed t o , the
e x ecutio n of a oond p a ying agent agreeme nt , a bo nd t·elJiStrar and
tran s f er ag~nt ag re ement , a n d su ch ce r t if ic at es and affid.:Jvits as
may r easo~ab l y be req uired by th e p ur chase r o f th e Bonds .
1·,e c t ion 2 4 . Dec lar a ti o n anct ri ndinas . The Ci t y
Co un c il , having been full y inforncd of and h av i nJ ..:ons idered all
the p e rtine n t facts and circumstan ce s , ,1 oes he r eby f i nj ,
det e r min e , an d dec l a r 8 :
(A) Th e taxabl e p r o p er ty u po n whi ch t axes will be
l e vi ed fo r th e pa ymen t of t h e Bonds is i de ntical t o t he
taxa b l e p r operty u po n which t a x l ev ies are being ma cle
f or the pa 1 nent of t h e Outs t a n d i n ~ Bonds , a n d the Bon~s
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s h ;i l l b t r,ayable from th e same fu n ds t o b e d e rived fr om
th e same sourc e as wo uld have b ee n us ed t o pay th e
Out s t a nding Bonds if n o r e funding thereof were t o occu r ;
a n rl
(B ) The fu n ds and inv estme nts t o b e place d i n the
Es c row Account , together wi th inte r<ist t o be deriv ed
fr o m s uch investme nt s , ar-e i n a n amo unt wh i c h at a ll
times sha ll be s uffi cient to pay th ~ Outstanding Bo n ds
a s ~hey become due at th eir re spective maturities as to
princiral a n d i n teres t a nd th e coM putatio n s mad e in
det e rm ining suc h suffici e n c y hav e b ee n v e rifi e d by a
Cer t if i e d Publi c Accou n ta nt ; a n d
(C ) Th e t o tal agq req ate amou n t of bond e rl
ind ebtedn ess of the Ci t y does n o t now , no r s hall it u pon
the is s u a n ce o f t h<• Bo nd r,, e xc eed a ny applicable limit
pr esc ri bed by the li •.r Ch a rt er , o r th ~ c o n s t itu ti on or
l a ws o f the S t ate o f Co lor arl o ; ;ind
(D ) The, i ss uanc e of th e Aonr!s a n d th e r efund in g o f
the Out sta ndi ng no nds , and all pr ocedur es un d er t ake n
i nc ident th e r eto , are in fu ll comp li a n ce a nd c onfo r mit y
\1 ith al l orpl icrib t e req ui reme n ts , p r ovis i o n s , a nd l i mi-
tat i ons pL·escr i bcd by the City Charte r , a n d the
const ituti o n a n d l aw s of th e St3t0 of Co l orad th e r eu nto
enablinq , part i c u l arly Ti tl e l I , Articl e 56 , Part I ,
C .R.S ,; anrl
(E) EnL e ring into a n rl c ~ap l e ting th e refun d ing
prog ram h er e in aut h o ri zed at th ~!; ti rae wil l e na b le th e
City t o r ed u ce th e princ i pa l a nd int e r es t p ayab l e o n t .. a
Out s tandin g Bond s ,
Sectio n 25 , Ratificati o n an d Aopr ova l o f Pri or Actions .
;>.11 acti o n s he r e t ofo r e take n hy the of fi cers of the (:ity an
nemb ers of th e City Co un c il , not inco nsi s t e nt with t he p r o visi or.s
of thi s Or ciina n ce , r e lat inq t o th e a utho riz ot i on , s al e , i s s uanc ~,
a nd de li v e ry o f t h e Bonrl s , b and th n same are h e r eby r a tifi en ,
ap proved , anrl confirm e d .
Section 26 . Ordinance Trrepe alable . Aft e r any of the
Bo nds have been i ssu ed , thi s Ordina nce s h a ll cons titut e an
irrevocable contract be twee n th e City and th e bondowners , and this
Ordi nanc e shall be and remain irrepealab l e until the Bonds and the
interest accruing thereon s hall hav e been fully paid , satisfied ,
and discharged , as here in pr o vided .
Sectio n 27. Rene .,ler . All o r ders , or di nances, and
reso luti o n s of the City , o r parts th e r eof, inc o n sistent with thi s
Ordinance are h ereby repealed t o th e e x t e nt only of s uc h incon-
sis t e n cy .
Section 28 . Sev e rability . If any sec ti on , nar aqraph ,
clause , o r p r ovision of this Ordinance Rh a ll f or any r eason he
h e ld to be invalid or unenforceab le, th e invalidity o r un e ntorc e -
ab ility of such s e ction , paragraph , clau se , or provi s ion sha l l no t
affect any of the r ema inin(J pr o vi s i o ns tJf t h is Or d inan ce , the
inte n t beinq th at the same ar e s e vera~l e .
Section 29 . Hea ring . Tn ac cr,r ,lance with t he City
Cha rter and flunicip a l Cod e o f th e Ci ty , the Ci t 1• r J unc il sh al l
h o ld .:1 public hearing o n this oniin ance , h .-:f o r c final ;:,assage , at
7:3 0 P ,'1. on Mo nd ay ,
Sec t ion 30 .
_cJ...cu~n~--~, 19 8 5 .
Publicati o n anrl Ef f ~cti v i? Da t -?, Th is
Or d inanc e , aft e r it s final pas sage , sha ll be nu.--,~ered a nd
r eco rd e d , and t h e adoptio n and publicati on sha ll ~e authe nti cate d
by the sign a tur e of t he r1ayor a nd the Di1-0 cto r of Fina nce, ex -
off ici o City Clerk -Treasurer , an d by the Ce rtificale of
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Publication. Thi s ordinance s hall b com e ffective thirty (30)
days afte r publica tion followin g final passage.
Introduced, read i n full, and passed on fir st r eading
the 20th day of May , 1985.
Published a s a Bill for an Ordinance on the 22nd day of
May, 198 5.
Read by title and passed on fina l re~ding on the 3rd
da y of J un e , 198 5 .
Publ ished by title a s Ordinanre
198 5 , on t he 5 t h da y o f June , 1985.
No.M_ Se r ies of
Eug,ene L . Otis , Ma yor
l, Ga r y R. Higbe e , ex officio City Clerk -Treas ur er of the
City o( Eng l e wood , Co l orado , hereby certify the above and fore-
going to be a compl ete , accurate a nd correct copy of th e Ordina~c."t
pa ss don final reading and published by titl e as Ord inance No ~,
Se ri es o f 198 5.
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