HomeMy WebLinkAbout1985 Ordinance No. 069I OROJN,\OCt 00, ;;I (J
SERIES CF lY B~/
DY AUTIIOH ITV
CXXJtCIL BILL 00. 82
Hn'POOO.'.:ID BY COUtC J L
KIJ1Bt:k ar1s
AN OROJNAl'CE ALTI'HORJZ l NG TH C JSSU.r-JCE: AflJ SAl.E Of !DI' tXCEEDWG
$50,000 1 000 Ctn' Of DQ..D>lOOO , COLORhOO , Ml'LTl-fA'-\lLY HOUSING
HORTG'.GE Rf.VEMJE BOtVG (TROLLEY S(.lJARt .\P.;R'JME:flo,-S PROJOCT) 1965
SERlf .. S h , 'IO FIIWCE PROPERTY SUlThBLE FOR USE FOR P.F.SJO!':!'IJ'IAL
RFNTAL PROJECTS; AATIFY I NG CrnTAIN ACTIONS HERE'rof'ORE Th KEtl ;
AIJ.'ti'.)R :_:~ THE E:W:U'I'lOU ~'Ji) OEl l\'fllY BY nu: CIT'i OF A PINA."CING
AGRE™LNT A!O HOE!m.JRE \'F "11 '•,"' • AA1D 00:0S A.'D CLOSIUG DX!.JMD.rrS
IN ooi-r.10..··•TiotJ WCRO-.'JTH ; kCl'E.ALING AL~l'!ON KI:RE'J'OFORE T,iKE?: rn
rot.'FI.JCT HrlID~ITH ; A.."O on-TARING M ~~G::c v.
h'liERE'A.5 , t he City or Dlgl c wood Colorado , (t.~· "I ssuer") i s a
lega!ly ard regula r ly createJ, establ1s!icd murli c1pal corporation
duly 'ltgan1z1... ... i and exist ing as n rnle ci ::,· ?U,rs.mnt ro h!Ucle
:o: o· the Cons:itution of the State' of Colorado ; a:'lt.i
l<,':i!:RF.;s , the> pro\'lsiont or t he 0:>Jnty a.\: M.:nic1p.!l1ty
0£>,·eloµ-:"1,?:'lt Fleve nuc Bord k:~, const itul ing Ar ~1cle 3 , Tit.le 29 ,
Colo:-aJo Rc·11scd Srntute s (the ",\ct"J, ai.:t.hon ze m~:i1c1p..,.l lties t o
(in::1"!:'11 , r ef inance , acq1J 1re , 01,.1 1, le:::.Si:, 1mp10\'e arrj dispos e of Ol'h"
or Jrore proJects , incluchn] any l a!'\.":, bJ~ld1n~ or othe:-imp rOVC!Tila!f'lt
a!l:l a1l r eal Ot personal properties s .tit.able or us'?Q for or 1n
ronnect1on ...,lth r e sidential r e ntal pt cjects upon such c;:l:lChtions as
l he n-u."'licipal ity !Mi' deon OOns.Jble ; aOO
-)-
WHEREA S, auch aunlclpalili ee ec e tu,the1 a uthorized by Lh~
Act to h e ue revenue bonds fo, the purpoac of defraying the COHt o(
flnancln<J 1ny 1uch p,ojeclJ and
WH EHEAS, 1uch aunJcipeltti e & 11ay aulhoiJu the u,;er c1 the
p,oject, or an agent or the user or a trustee, to dhburae the pro-
ceed& of auch bondG to pay cert.bin a:,ata authorir.ed bf the Act ll'l6e r
certain conditions itet forth therein, In cludi ng the condition that
the ueer thereor ag,ee to pay to auch 1u.nicip,lity an Daunt auffl-
cient to pay, wh en due , the principal, intereet and pre111lu11, Sf any,
on such bond&, and any other expense& incurred t,J the ■uniclpalit y Sn
connection therewith, aur.h bond& to be payable aalely frCSI the reve-
nue& derived frOUI pay1t1ents to the ■uniclpalily by the user of the
project; and
WH~EA.S , the Brady Corpo ration (the •corporation•), on
behalf of Trolley Square Apartllent & A&eo cl ote&, Ltd., a Colorado
ll11lted partnership,,~ be organir.ed end exist under the la,,s of the
State of Colorado (the •pa,t ner&Mp•), has presented to the l 6s uer a
propo6al w~r t-by the 16eue r will, p.11 suant to the kt, Issue the rev-
enue bond s hec ei nar tcr des c ri bed an d l can the proceeds t.herefr ar. to
the Portne 1 6hip to financ e the Ao:Juloi ti on, oonstruction and il'lprov-
ing or a [e i;iden thl rent b l fa cility consiuing o( a pproxiJ::i.ately 200
epart11 e nts un its, p roposed t o be loca ted vithin the C1ty, 46 vell u
all real e&lal e , fixtures and equ i pl'll cnt r.ec~s&ery or convenient
therefor (collect ively, the •prnj e ct •), vhl ch Pr oject vill be located
within the boundarin or the Issuer and q ua lifies as a •project•
-2-
I
vilhi n the 11canln9 of l he Ac t 1n that ■u ch hctlitlu are 1ultabh
tor r ealdent lal rent al hou a1n9 1 and
WUDlEAS, the Corporation hae urruented t o t h~ City Uiat
the Project vi ll be de 6 l9ned to qual Uy a ■ a •project• vithi n the
11ean ing o f the Ac t, a nd
WUCRtAS, the City cone!der1 that the Project , if l ocated
vithi n the City, vill provide •ore adequate re 6identhl hou 1&Jn 9
fa c tl1tl e6 for low -a nd 11 Jd dl t!-J nc o ■e fu,iliea and pereona , and
WHl:REAS, the City l1 08 con&i d e ced the Partnership's pr •
posal end he& conc lud~d t hat the e co nomic e nd other benlf lt e t c t.i~
City will be aub11tentlel nnd that 1t vi&he & t o procee tl vith tl1(:
de vel opalen t and financing of th e Project ; and
WHERE AS, the •ci t y of En9 lNood, Co l ora d o, Mu lt i-rut y
Houol n9 Mo rtga ge Revenue Bonds !Trolley Squar~ Apftrtments Project
198S Set ie & A,• in a n a ggr egate pri ncipal uount of not eat'ti,, Ung
f 50,000,000 (the •e ond, • l, vil l be is6ut d, sold and de l ivered by the
luuer l o Capital Mar ket Coq.1 N at ion , ln c . of Denve 11 Col or ado and
Aeso ciates Cthe •original Pu r 1.:h a t uo•), to pr CNi de fund& t o tlr.an ot
the Pr oject, and to pay ccrtatn 1nr\dent ial cos t s incu1red in co nne c -
tion wit h the hsua nc e of t he B<' ·I: 1 and
WHEREA S, theore have beeu p1e &en ted t o the Ci ty Cou,,cLl of
th e l&auer: (4 1 a pcoposed fo r m or f1 nancin.g A9reenent to be dated
48 of Noveribe r l, 198 5 {the •r1nancl ng Agreer.ient •i, between t he
I&sue, and th e Partne 1 i;hi1> and lbl a pr opo&c d Co r ri oC I ndent ure of
Tru st t o be dtat e d e a o r Novcm bu 1, 198 5 lthe •Inde nture•), betveen
-3 -
the 111uer and a bank to ~ namt>d by reaolullon of the Jnue1, oa
truatee (th e •r,ua tee•).
NOi, THEREFORE, BE IT OR DAIHED BY TUE ClTY <XXHClL Q' TH E
CJTY or ElGLDWOD , Ctt.ORADO 'nti\T I
~-All action (not inconal ■tent vlth the p1ovi-
aion• of t.hh OrdlNnot) heretofoce Uken by the City Coooc:U and the
effortl of the Issuer directed toward financing the Project, the
teauance a nd eoh of the Bonds tht-r efor, and loaning the proceeds
t her eof to the Pattneuhlp therefor be, and the aa•e hereby ue,
,:1t.Hied, a pproved and confir,ied .
~-The 111uer ehall finance th e Project, includ-
t.ng the paying of t.ncidentnl hauance npen9t& and, if neces&ary, •
portion of the int erUl l o acc rue on the Bonds , by depo&iting the
proceeds or the Bonds vith the Trustee, the procee d& of vhlch vlll be
d iebur&ed by t he Trustee for auch purposes in a ccor dance vlth the
prov isions and conditions of the Indent ure.
s_e_cL.i_Qn_J . To defray the oost or financing the Project,
the pay ing of incidcntial isouance e,:pense&, and , H necessa r y , •
portio n o f th e i nt1.:r e s t t o a ccr ue on th e Bonds , t.h e 1e le hereby
a uth o riied and ::t e a ted an h ,s ue of ,e venue bonds de s iqr.,ted ao the
•city of Engle\olood, Colotado, "ulti-rami !:; Rous ing "ort gage ~e venue
Bo nds !Trolley "e ,'.pa1 t11e nt 6 Pi ojectl l9 SS Se 1 ie s A,• i n the
a ggregate ptinci pa,1 om oun t of rot u c eeding sso,000 ,000, t o be dated
a & of Novembt-1 l , 1985. 'fhe Bond s 11hall beu i nt eiut rr01n theic
date p e ya b le semiannuall ~ co1N11enci ng on "ay l, 1986 and on e ech
Nov emb e r l and Ma)' l thc1 1.-af ter untU u turity or p li or redS!lpti on at
_,_
I
lhe uua, end lhe Bond , 1ha.ll Nture on t.he datu and in lhe a110unu
Hl forth i n the Supplertenul Reool utiun l o be ,w!c-t~ed by the JHutr
on the dlte of lhe ■eh of t.h e Bonda It.he •suppl 11DCnUl R.ee olutton•),
provided, ho..ever , that the inithl net effective inter Ht rates on
the Bond & llh f ll not eaceed t .001 per a nn u11 .
The Bondi 1hall be 1ubject to redem ption a1 aet for th in
the Indenture, and ■hall be iuuabh solely a a fully re9i1tered
bond& 1 all in acco,dance with th e pr ov hiona of the Inde nture.
1'he Bonde ah all be In 1ub&tanthlly the fora prcw1ded for
in the Inde ntur e . ,,,. Bonds &h al l be eold to the Original Purchasers
for a purchase price &et forth in the Supplemental Re&olJtion, all in
accordance with a Bo nd Pl1rchaae Agreem e nt to be appr oved by the
Suppl emen tlll Ree ol ution .
~. The f ollowing deter11inat ions and tirdings are
h ereby 11ade in a c cordance with the i\ct :
(a) The euer i& 1uthor h e d fl y t he i\ct t o er,•_er
i nt o th e Finar:cing i\gre emen t f or the publi c purpose&
eapre&&e d in the Act, and to a&&i gn 1t6 intc!e&t ther ei n to
th e Tru &t e c pu rouant t o the Indent u r e;
l b ) The J&e ue :-ha s mad e the ncce s oary arran9e 111 ent6
with the Partn e r ship for the e6t a b l i6tvnenl within the
bou11daries of the J&&uer of the Project, consi sting of cer-
t ai n pro per t y mo r e f ully des c ribed in the Financing
i\9reeinenl, whlch will be or a cha ra cter described i n, and
will accomp lioh c e rtain publi c purpo&e 6 co ntemplated 'l y ,
the /\ct;
-5-
lcl The Bond e sh all be lhnlud obllga tJ ons ol th e
Iuuer . The pcincJpal of, pr Hl iur,, if any , aid inter Ht.
■hall be p1y1bh 1ohly out of the revenues Ue11Yed from
the Financin9 Agrenent . The Bond1t arid intere&l thereon
■hill not cona t ltuU 1 9e n,i r•l obligation r · an indebted-
ne ■11 of t.he Iaauer vithin the ■eanin9 of any pr ov hion or
lh1.totion of the Conatltution or atotute11 of the State of
Col or ado, or the Charter of the Ci t y, and ■h all never con-
atitute nor give riae to a pe c uniary lhbUJty of the
I 11uer or o char 9e agolnst its general c redit or tulng
powers . Ne-l t he r the faith a nd credit nor the taxi ng pcwer
of the luuer, the State of C.olorado or any other p:,lit i cal
11ubd iv i sj on thereof , 18 pledged to till' pa~nt of the prin-
ci pa l of ttie Bonds or the interest thereon or othec 006l6
i n c idental theretor
Id) The a111ounl necea sa ry in each y e ar to pay the
p rincip e l of and th+: interest on the Bonds will be &et
for th l n the S uppl e111en tal Rrso 1ution u Exhibit A and
in c o rpo 10Led her e in by 1eference, a n d the Financ ing
Agreement r eq u l r ea suc h payments t o be made by th e
P u tneuhip; and s ince t he rinancJng Agr e ement provi des
that t.he Pa rtnership shall 11alnlain th e Pr oject and ca rry
cer t a in insurance '1 1th respect thereto, no deteminaLion of
th e e s ti sn ue d co Gt of 11aint a lning o r i nGuring the Project.
need be 11ede l and
-6 -
I
I
(e l The 1ev e nue e oC ll1 e Pert nrr ah ip will b f'
auffichnt to, •nd thal the F1N&n c 1n9 A9ree1t1ent pcovide&
that the Pertneuhip ■hill, p.y all La na which say br d ue
and owing with rea pect to the Project.
~-The forsi ■, ter11 ■ and p rov i&ion e of the
rinancinCJ Agree11ent and the Indenture be, and they he reby are,
appt oved , and U'le Iaaue r lhAll enur into t~ FiMncing Agument and
the Indentur e, 1ub1 tantially in the for111 of Heh of 5Uch doC\. :nt e
pre sented at this aeeting but vith ■u c h siinor ch&nges ther ein ae au
con&iatent heuvith and a a th e officer& of the I H uer exe cuting such
doc u11e nta ■hall approve the h execution thereof being d eemied oonclu-
e i ve of their ■ppr ova\ o f any au ch changesi o r vith s uch other
change ■ •• ■hall be approved in the Supplemr.ntol Res olution and the
Mayor of the lseuer 1 & hHeby aut.h or h ed a nd di r ected t o execute and
deliver such docu111e nt& and t he E• OfCicio Ci t y Cl e rk /Treasur e r ia
hereby author 1 zed and di reeled to af f J x th e seal of the l6&uer t o ,
and to att est, documen t s in &ubst.a nl lally lhe f orms of each ot
such d ocun:ient s presented at t hiG "'eetl , 1 ·
~-The for11, te11ns a .,d: pcovi6ion s of lh e Bond s ,
in aub nla nlia ll y t he forin cont ained in t t'le Indentur e , be ancl th ey
h e reby ar e, appro.ied 1 and t he Nayor ts hereby autho 1 ized end CHrected
to cause hi& f acsind le s ignat u re t o be effbed to t he Bonds ; t he Ea
Officio Ci ty Clerk/Treasu rer is hereby au thor ized and direc ted t o
nte&t the Bonds vith hi s h cs im!le signature, e nd e ach is a uthor h.ed
to del h e , the Bond6 in the f onn oo nutned i n the Indenture tiut with
such minor cha nge& th erei n as ar e con sistent \.'i t h the lndentur e and
-7 -
th1 o Oidlnance •nd a & the officei1 of the 1aaut-r e,ecuting U1e BondG
1hall approve, their uecution thtreof ~tng deemed conclusive of
theil a pproval o( •rrt 1uch change11. -rt.. ■eal of the l&euer 1a hereby
euthoriud end dicect e d to be 1ffhed to or i11pclnted on the Bonde .
~l, The Mayor ot the 111uer is hereby authorbed
to • trult COf'lpeny or bank in 9(>0d 1t1rding, as Trustee, bond regie-
trar •nd payln9 agent, the enc ut1on of the tndienturl! by the 1Hu4:r
being concluaive evidence of the 1ppolnt11ent of the T,uatee.
~-The oUlceu of the J a auer shall take all
action which tlley dem neoes6ary or reasoMbly required in confocally
with the Act to f1 nanr•: the con&tructlon and i11proveroe nt of the
Project which h hereby 1uthorhed, including the paying of inciden-
tial iasuance e,penees from the proceeds of the Bond s , and for
carrying out, giving effect to end con&u111••ttng the transactions
contemp lated by thl11 Ordinan ce , the Financing Agreement and the
Indenture, including without limitation the e1ecution and delivery of
any clos i ng doclll'lfnU t o be d el ivered in oonnecU on wi th the aale and
delivery of the Bonds.
~. The cost of financi ng the Pi oject , inc luding
the paying of incidental l&&uonct-e>.aJen&e 5, will be pa id out of the
proceeds of the BondE . The Bonds together w i t.h inter e&t poy able
th e reon are special, U mi ted obligation& o f the IGSue r payable 1olely
os provided in the Indenture. The Donds Ctr intere,;t piiyable thereon
&ht\l never constitute the debt or indebtedneu or the t uuer, the
State of Col o rado or any politlcal subdiv1,1on thet eof vithin the
rieaning of any prov is ion or li11 l tation of the Cons t itution oc
-8-
I
■t ■tutu of the State of Coloredo, or the Chuter of t.he City, nor
11hall anythi n g contained in this Ordinance or in the Bond ■, the
P1nanc1ng Agreement, the Indenture or any othet 1nstrull'l8n~ constltuu
or give rile to a pecuniary lhbil1ty of, or• charge aga1nat the
general credit or tu1ng pover o f, the la&uer, nor ehall the breach
of any agreement contained in this Ordinance, or any of the above-
11entioned document ■ ot in1truaenta i11poae any pecuniary lhbility
upon the Inuer, the lHIMlr having no power to pey out oC ite general
fund, or otherwise contribute ar.y pert or the cost ■ of Cinanclf\9 the
Project, nor ■hall the Iaeutr condemn any additional land or other
prope rty f or the Pro jec t nor contribute any land or other property to
the Project.
Se c ti on ]0, '-fter any of the Bo nde ue iasued, this
Ordinance ■h all be and re111ain icrepeala b le until the Bonde and
intere&t thereon &hall have been fully pa.id, cancelled and
discharged.
~-l! any section, par a 9 r 1.ph 1 clause or
prov i&lons of this Ordinanc e ehall for any t e a• un he held to be
invalid or unenforceab l e , the invalidity or un,r ! ,•,:eobility of suc h
section, piuagraph, clause or p rovil;Jon shall not effect any of t he
remaining provi s ion s of thi s Ordinance.
fil.L.l.g.n_U, All bylaws, orders , resolution £ and
ordinance6 , oc parts thereof, inconsist e nt hei e wi th ,nd wit.h the
doc ument & he r e by a pprov~d I are hereby repeal ed to the er tent only of
auch inconsistenc y . Th i 6 repealer s hell not be construed a s reviv i ng
any bylaw, ordec I reso lution or or d inanc e , or part thereof .
~-lrnned i a t ely upon its final passJge , this
Ord i nance ahal.l be r ecorded i n the City book or ordi nances kept fo r
that p.1 rpo&<?, s ha ll be authent icated by the s ignat11 r es or the M.!l yor
ard the Ex off icio Ci ty Cl erk-Tteasurer , ard shall be p.lblished i n
the Dlgle-..iood Sentinel , a legal newspaper or general c irculat i on i n
the Ci t y.
Section 14 , t nsorar as it is necessar y t o issue the bords
inmed iatel y in order to :
1. take advantage of present l y mristrng 1nterest r ates ;
2 . take a1vantage of the legal authority t o issue this type
of borrl , wh ich authority msr not contim.:e to exist after
Decunber 31 , 1985 ;
3 . SUF,POrt the City ard the Ur ban Re ne-..;caJ Au thor i t y JO
effecting i n a tirrel y ~nner their plannOO fina ncing of
dc»,ntown renew3 l projects;
t he provis i on s o f thi s Ordin,mce are hereby decla red t o be
necessaty !o r the imoodiate prese rvation of l,Albl1c property ,
hea lth , peace o r safety an.1 shall becm-e effective upo n f inal
pa ss3ge in accordance wi t h Ar t i c l e v, Section 41 , o [ the Hane Rul e
Olarter o[ the Ci ty o r En3lewooJ , C.Olorado ,
l ntra:h.>c,;J , read in full , ard passed on [irst reading on the
28th day o f O:to\x!r , 1985 .
~l i shcd as a 1.U l i fo r an Ord inance o n the 30th daJ' of
O:tobcr , 198~.
Rc l'd b)• ti tle ard pa ssed on fi nal reachng as a n anergency
ordinance on the 4t h day of November , 1985.
P'Ub lis hed by title a s Ord1nance No,,(_'~ Series of 1985, o n
the 6th day o[ Novc:nbcr , 1985. ~•
Attes:.:_ j ---,
' "f:y/ / ::.t (.
11 orr1c1 0 City Clerk-'11 en:;Jri!r
-10 -
I
I
I, Qny R. Higbee , ex officio City Clerk-Treasurer or the
Ci ty o f O'Yillewood , Colorado, hl:!reby certify that the above and
fo r ego i ng i s a true a~ ar.:plete copy of the Ordinance passed on
final reading 8},A erergency ordinance and p.iblished by title a s
Drd ioance ""·~•Series or l~ ~-P.. ~
( ~ry~
-11-