HomeMy WebLinkAbout1985 Ordinance No. 079ORDINAN CE N0 . .2.3_
SERIE S OF 198 5
llY AUTHORITY
COUNCI L BI LL NO. 9 2
INTRODUCE D BY COUNCIL
MEMBER BRADSH AW
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF
THE CIT'i OF ENGLEWOOD, COLORADO, VARIABLE RATE
DEMAND MULTIFAMIL'i ROUSING REVENUE BONDS (THE MARKS
APA RT MENTS) 1985 SER IES B, IN THE AGGREGATE
PR IN CI PAL AMOUNT OF $18,100,000 TO FINAN CE
RESIDENTIAL FACILITIES FOR LOW-AND MIDDLE-INCOM E
FAM TLIES AN O PERSONS; RATIFYING CERTAIN AC TION
HE RE10FORE TAKEN; AUTHORIZING THE EXECUTI ON AND
DEL I VER¥ B'i THE CIT Y OF A LOAN AGR EEMENT, INDENTUR E
OF TRUS T, LAND USE RESTRICT I ON AGREE~ENT, BON D
PURCHASE AGR EEMENT, SUCH BONDS AND CLOSING
DOCUMENTS IN CO NNECTION THEREWITH; l'AKING
DE TER MINATIONS AS TO "LOW -AND MIDDLE ··l Ni..:l~":
FAMILIES AND PERSONS," AS TO THE SUFFIC I ENC Y OF
REVENUES AND AS TO OTH ER MATTERS RELATED TO THE
RES I DENTIAL FACILITIES; AND REPEA LING AC TION
HERETOFORE TAKEN IN CONFLICT HEREWITH.
WHEREAS, the City o f Eng l ewood , Colorado (t he "City")
is authorized by th e County and Mun i c ipali ty Deve l o pmen t Revenue
Bond Act, cons t · 1ng Sections 29-3-101 through 29-3-123,
inclusive, Colo J Uu Rev i sed Statutes (the "A ct "), t o finance one
or mo re p r oj ects, inc lud i ng a ny land , bu ild ing o r other
improve ment, and a ll rea l and persona l pr o perties , whe t her or not
in ex i s t en ce, which ~h all be suitab l e for resi dential facilities
for l ow-an d mi ddle-income f am ilies o r persons and in t ended for
use a s the sol e place o f residence by t he owne rs or intended
occu pants to the end t hat mo re adequ ate resident i al hou sing
f a cilities f o r l ow-and mi dd l e-i nc ome fam i lies an d per s ons may be
pro v ided , wh ich pr omo te t he pub l ic hea l th, we lf are , s a fet y ,
conven i e nce an d pr os perity; a nd
WH EREA S , the Ac t aut ho r i zes th e Ci t y (i ) to i ssue it s
re ve nue bon d s f o r t he pur po se o f defraying the c ost o f f i nancing
a ny pro j e ct a nd a ll i nc i de nt a l expen ses inc u rred i n c o nnection
wit h tn e i ssua nc e of su es bon ds, (i i) to e nt er in to financ ing
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agreements with others for the purpose or providing revenues to
pay the bonds authorized to be issued under the Act and upon such
terms and conditions as the City Council or the City may deem
advisable, and (iii) to secure the payment or the principal or,
premium, if any, and interest on such bonds aa provided in the
Act: and
WHEREAS, the City has determined that it is advisable
and in the best interests of the Cit y to i ssue, sell and deliver
its Variable Rate Demand Multifamily Hous i ng Revenue Bonds (The
Harks Apartments) 1985 Series B, i n the aggregate principal
amoun t of $18,100,000 (the "Bonds"), to Citicorp Investment Bank,
Ci tibank, N.A. and Hanifen, Imho ff In<.. (the "Underwrit,•rs") in
order to provide financ ing to HG Venture I I, a Texas limi ted
partnership (the "Devel o per"), f o r the acqu isi tion, construction
and installation of the second phase o f a mult ifamily renta~
housing project (the "Project") wh ich i s to be located within the
City, occupied by person s o f low and middle income , as deter ined
by the City, and occup i e d partially by individuals of low or
moderate incom e within the meaning of and for th e per iod requ i red
by Se ction 103(b)(l2) of the Internal Revenue Code of 1 954, as
amen ded ( the "C o de"), all for the public purpose of prov iding
more adeq u ate res identi al ho using facilit i es for low-and
middle-income fami lies and person s: and
WHEREAS, in ord er to provide suci1 f in ancing, the City
will make a loan from the proceeds o f the Bonds to the Developer
pursuant t o a Lo an Agreement da ted as of Decemb er 1, 1985 ( the
''Loan Agreement"), between the City and the Developer, and the
Developer wi ll acq ui re, o perate and ma int a in the Projec t in
acco rdance with th e requ iremen ts o f th e Act and
Section 10 3(b)(4)(A) o f the Cod e: and
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WHEREAS, the Bonds w' 11 be secured by ( i) a pledge of
the Loan Agreement, (ii) a pledge of the revenues and receipts
derived by th e City pursuant tot.he Loan Agreement, (iii) a First
Deed of Trust, Assignment of Rents, Security Agreement and
Fix t ure Filing dated as of December 1, 1985 (the "Deed of
Trus t "), from the Developer to the Public Trustee of the County
of Arapahoe, Colorado, and (iv) a Letter of Credit to be issued
by Citibank, N.A. (the "Bank"), to Mellon Bank, N.A., as Trustee
( the "Trustee"), pursuant to a Reimbursement Agre~ment dated as
of December 1, 1985, among the Deve l o per, t he Bank and Citicorp
Real Estate, Inc., as agent for the Bank (the "Ser vi~er"): and
WHEREAS, on J ul y 1, 1985, the City Co uncil of the Cit y
ado p t ed a re s o lution whereby t he City agreed to authorize the
issuance and s ale of the Bond s, it being underst ood that no costs
of issua nce and sale were t o be bo rne by the City a nd that th e
nec ~r sary financing document s were subject to f o r mal appr ov a l by
ord , 11 a nce o f the Ci ty Council; an d
WHEREAS, there have bee n presented t o t he Ci ty Counc i l
( i ) th e p ro posed f o rm of Lo an Agreement, (ii) the p r opos e d form
of Indenture of Tr ust dated as o f Decem ber 1, 1985 (t ne
"Indenture"), betwee n the City and th e Tr ust ee, (iii) th e
pr o posed form of Land Use Restr i,·: ion Agr eement dated a s o f
December 1, 1985 (the "Land Use Re striction Agree men t") am o ng the
City, the Trustee, th~ Devel ope r an d t he Servicer , ( iv) t h•~
propo sed fo rm of Bond Purcha se Ag r eement da ted Dec e mber _l!L ,
1985 (the "Bond Pu rchase Ag reement"), between the Ci t y an d th e
Underwrit ers, and (v ) the pr o pos ed fo r m of Pre li minary Offic i a l
St a t ement (the "Pre liminary Of ficia l Stateme n t"), t o be
di str i b ut e d by t he Und e rwriters to pr o s pecti ve purc hasers of th e
Bonds .
NOW, TH EREF ORE , BE IT ORDAIN ED BY TH E CITY COUN CI L OF
THE CITY OF ENGL EWOOD , COLOR ADO :
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Section l, All action (not inconsi~tent with
provisi ons of this ordinance) heretofore taken by the
Council and the office r s of che City rlirected toward
the
Cit y
the
fi nanc i ng of the Project and the i9n uance and sale ct the Bonds
therefor be, and the same i s here~y, rat ified, approved and
c on firmed.
Section 2. The City shall finance the Project su bject
to the t erms of the Loan Agreemen t , the Indentu1 e a nd th e La nd
Use Re s tr i ction Agreeme n t , by t he is su e, sal e a nd delivery of the
Bond s.
Section 3. To defray the cost of such fi na nc i ng, there
is here by aut horized and created an issu e o f reven ue bonds
designa ted befor e c o nvers ion o f the interest ra t e borne by the
Bonds to th e Fixed Ra t e (as d ef ined in the Inde ntu re), as t he
"City of Englewood, Colo rad o , Va riable Ra te Demand Multifamily
Housing Re venue Bond s (The Marks Apar tm ents) 19 85 Serie s B," and
a fte r such c ocv ers ion of the interest rate borne by t he Bo nd s to
t he Fixed Rate (as def ined i n th e I ndentu re), a s the "City of
Engl ew ood, Colo rado , Multif a mi ly Housin g Re ve nue Bonds (The M1 ·ks
Apart ments) 19 8 5 Ser i es 8," in the aggregate princi pal amount of
S18,10 0,000, issuable as fully r eg ister ed bo nds i n the
de nomination , bef or e c ~nvers ion of the in tere s t rate borne by t he
Bon d s to the Fi xed Rate , of S 10 0,000 principal amount or any
in t e gral multiple there of , and af te r such c o nversio n o f the
interes t r ate borne by the Bon ds to the Fixed Rate, of S5 ,000
pr i ncipa l a mount or a ny int e gra l mu lt i p l e there o f, da ted as
pr ovided in the Ind e nture and matur i ng on Dec ember 1 5, 1 997.
.n t erest acc rued on th e Bond s du r ing each Int ere st
Period (a s de~i ne d in the Ind enture ) sha ll be pa i d on each
Interes t Payment Dac e (a s d efi ned i n the Ind e ntu re) and (ex cep t
a s o the r -,is e c>rov i ded i n th e In den tu r e follow i ng c o nvers ion of
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th e interest rate bo rne by the Bonds to the Fixed Rate) computed
on th e basis of 365 or 366 days, as appropriate , for the actua l
number of days elapsed,
From the date of initial is s uance and delivery of the
Bonds to and including January 6, 198 6 , the Bonds shall bear
in t eres t at the ra t e per annum de t ermi ne d by Cit ibank, N,A,, as
Rem arke ti ng Agen t (a s defined in t he I nden tu re), to be the
in t e rest ra t e wh ich, if born e by th e Bonds, would, in i ts
j udg me nt ha v ing du e regar d f o r p reva i ling f i na n c ia l market
conditions , be t he int e r est ra te ne ce ssary , b u t which wou l d no t
exceed t he in t erest rate neces sary , to produ c e as nearly a s
p r a c t i cable a par b i d (di sr e gard i ng a ccrued interest, if any) if
all t he Bo nds we r e sol d o n the Int er es t Computatio n Da t e (as
de f ined i n th e Indentur e) p r eceding th e da te o f i ssua nc e and
delive ry of th e Bon d s; pr ovide d , howev e r , tha t the i n t e r es t r a t e
so det e rmin e d s ha ll not be l e ss than 80\ nor mo re than 1 20\ of
th e Int e rest I nd ex (a s de f i ned i n t he Ind ent ur e) as o f su c h
I n:erest Computati o n Dat e pr eced ing t he da t e o f is su a nc e a nd
del i very o f th e Bonds; and provi ded fu r ther that such int ere st
rat e s hall not ex c eed 1 4\ per a nnum un le s s an d to the e xt e nt th a t
a Letter o f Cr e dit satisfyi ng the r equirements of the Loan
Agreeme nt is de live re d t o th e Tr u s tee in a n a mount e qual to the
a ggre gate p ri nc i pa l amount of th e Bon ds p l · .nterest there on fo r
a pe riod of 95 days at suc h h i gh er r ate . Ther ea fte r, unle s s th e
i n ter e st r at e on the Bo nds s ha ll ha ve bee n esta b lished at the
Fixed Ra t e a s pr ovi ded in the Indenture, th e int e rest r ate born e
by t he Bonds s ha il be a va r iab l e rate determined a s f ol l ows: for
each I n t e rest Acc rual Pe riod (as defined i n the Indenture), t he
interest rate bo rne by the Bonds shall be th at ra t e deter min ed b y
the Remarketing Age nt on the Inte r e s t Comp u tation Date f o r such
Inte r est Accr ual Per iod t o be the rate of int er e st which , i f
bo rne by t he Bonds, would , in its ju dgment ha vi ng due r egar d fer
pre vai!i ng ma rket cond iti ons , be the interest rate necessar y , but
wh ich would not ex c e ed the inte re s t rate necessary, t o pr oduce a s
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nearly as practicable a par bid ( disregarding accrued interest)
if all the Bonds were sold on such Interest Computati:,n Date;
provided, however, that the interest rate so determined shall not
be less than 80\ nor more than 120\ of the Interest Index for
su c h Interest Accrual Period; and provided further that such
interest rate shall not exceed 14\ per annum unless and to the
extent that a Letter of Credit satisfying the requirements of the
Loan Agreement is del iver ed to the Trustee in an amount equal to
th e aggregate pr inci pa l amount of the Bonds then outstanding plus
interest thereon for a period of 95 calendar days a t such higher
rate. Up on the satis faction of certain requ i rements, the
i nterest rate borne by the Bon ds may be converted from a var ia ble
rate to a fix ed rate per annum, as more particularly described in
t he Indent ur e. In no eve n t sh al l t he in t eres t rate borne by the
Bo nds e xceed 20\ per an num .
The Bonds shall be payable, shall be subjec t to
redemp tion pr io r to maturity and sh all be in s ubstantially the
forms as prov ided in th e Indenture . Pursuant to the Bond
Pu r cha se Agreement , the Bonds shall be s ol d to the Underwr iten
a t a pr ivate sale a t a purchase p r i ce equa l t o 100\ of the
agg r egate pri nc i pal a mount of t~e Bonds . The nee effective maximum
interest rat e on the Bonds is / ___lQ_\, which ra te i s hereby
d eter mi ned to be t he maxi:num ne t1°8lf t"e"c't'f've int er est rate o n th e
Bo nds .
Se cti o n 4. Pu rsu an t to Section 29-3-l0 J (l0)(d) of the
Act, t he City Cou nc il of the Ci ty hereby f inds and determines
th at fo r purposes of multifamily rental housing p r oj e cts sue~ as
the Proj ec t , "l ow-and middle -in come per sons and fam i l.:.es " mea r:s
and i nclude s an y pe rs o n whose Ad justed Gr oss Inco:ne a s d efined in
th e Loan P.gr eemen t), t ogethe r wit h the Adju sted Gross In c ome o f
all person s who in t en d to res1d P with such person :a o ne d we lling
unit , di d no t , for the taxable year immediately prP.ce cing the i r
initi al occupancy o f such dw e lling unit , exceed an am c,unt eq ua l
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to 175\ of the Median Gros s Inc ome for the Area (as defined in
the Loan Agreemen t ), adjusted fo r the number of per sons who
intend to reside in such dwelling unit in a manner consistent
with making adjustme nt s for family size for purposes of
determining "lower i ncome families" under Section 8(f)(3) of the
United States Housing Act of 1937, as amended, or such other
amount as may be established from time to time by the City
Counc il of the City, in accordanc e with the Act, as the ma x imum
income f o r "low-and middle-income persons and famil i es" withi~.
the meaning of the Act, and that such persons and families lac~
t he financial ability to pay rentals su f ficient to induce priva t e
enterprise in t he Cit y to bui l d a sufficient supply of adequate,
safe and sanitary dwe llings wi thout the spe ci al ass i stance
a f forded by the Act.
Section 5. Th e fo ll owing deter mi nat ions and f indi ngs
a r e he r eb y made in a ccordance with Sections 29-3-113, 29-3-114
a nd 29-3-120 of th e Act.
(a) The ma ximum am o unt necessary in each ye ar to
pa y the pr inc ipal o f and the int ere st o n the Bon ds i~ as fo llows:
Annu al Peri od
to and
Including
December 15
19 8 6
19 8 7
1988
1989
19 90
1991
1992
1993
1994
1 9 9 5
1996
1997
19 98
19 99
20 00
2001
Interest
f o r s uch
Pe r iod
S3 ,620 ,000.00
3,620,000.00
3 ,620,000 .00
3,62 0 ,000.00
3,62 0 ,000.00
3 ,620 ,00 0.00
3,620,000 .00
3 ,62 0 ,000.00
3,62 0,000.00
3,620,000 .00
3,620,00 0 .00
3,620,000.00
3,6 20,000.00
3,620,000.00
3,620 ,00 0.00
3,620 ,000.00
Princ ipal
Retir ed in
Period
s -0-
-0-
-0-
-0-
-0-
-o --o-
-0-
-o-
-o-
-0-
-o-
-0 -
-0-
-o-
-0 -
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Annual
to be Deb t
such Ser vice
Reguiremenc
$3,620,000.00
3,620,000.00
3,620,000 .00
3,620,0 00.00
3,620 ,000 .00
3,620 ,000.00
3,620 ,000.00
3,620 ,0 00.00
3 ,620,000.00
3,6 20,000.00
3 ,620 ,00 0.00
3,62 0,000.00
3,620,0 00.00
3,620,000 .00
3 ,6 20 ,0 00.00
3 ,6 20 ,000.00
2002 3,620 ,000.00 -o-3,620,000.00
2003 3,620,000,00 -o-3,620,0CO,OO
2004 3,620,000.00 -0-3,620,000 .0 0
2005 3,620,000.00 -o-3,620,000.00
20 06 3,620,000.00 -o-3,620,000.00
2007 3,620,000.00 18,100.00 21,720,000, 00
(bl No reserve fund has been established nor is
proposed to be established for the retirement of the Bonds or the
maintenance of the Project and accordingly it will not be
necessa ry to pay am o unts into any such reserve fun d .
( c) The terms under which the Pr oject is to be
finance:i provide that the De veloper shall maintain the Project
and carry all proper i ns ur ance with respect thereto.
(d) The reve nu es payable under the financing
docu ments with respe ct to the Bonds and the Project are
sufficient to pay, i n addit i on to all o ther requirement s of such
financing d oc um e n ts an d th is o rdina nce, all sums referred to in
par ag raphs (a) and (c) o f this Sect ion .
(e) The re ve n~e s payab l e under t he f i nancing
doc umen ts with respect to t he Bonds a nd t he Pr oj ect are
s uffici ent to pay, in add ition to a ll ot he r requirements of s uch
fin anc i ng do cu ments and th i s o r d inan ce , a ll taxes payable
p ursuant t o Secti o n 29 -3-120 of th e Act.
Sec ti o n 6. The form , t er ms and pr ovisi on s o f the Loan
Agreeme nt, th e Indenture, th e Land Use Restriction Agreeme nt and
the Bo nd Pu rchase Agreeme nt be and they here by are app r ov ed and
t he City sha ll enter into the Lo an Agreement, the Ind ent u re, t he
La nd Use Restr i cti o n Agree ment a nd the Bond Pu r ch as e Agreeme nt
substanti al ly i n the fo r ms o f such doc ume nts presen ted to the
City Cou nc il at this mee ti ng; and t he May or o f t he Cit y is hereb y
autho r i zed and d irec t ed to execute and del iv er .he Loan
Agreement , th e In dent ur e, the Lan d Use Restr i ct ion Agreeme nt a nd
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the Bond Purchase Agreeme nt and the City Clerk is hereby
authorized and directed to affix the City s eal t o and to attest
the Loan Agreement, the Indenture , the La nd Use Restriction
Agreement and the Bond Purchase Agreement.
Section 7. The Ci ty acknowledges the us e by the
Un derwriters o( the Preliminary Official Statement in connect.ion
with the offering of the Bonds to the pub li c. The Cit y
acknowl edges the use by the Underwr iters in connection with t he
sale of the Bonds of a final official statement (the "Official
Sta teme nt") t o be prepared by the Underw rite rs and to be
s ubst antially in the form of the Preliminary Official Statement
but c o nta i n ing s uch amendments as may be deemed appropriate b y
the Und erwriters . The City mak e s no r ,p re s en t ation or warranty
as to , and has no responsibility for , th e accuracy o r
c om p letene ss of the informa tion contained in the Preliminary
Official Statement or the Official Statement .
Section 8 . The forms , term~ and provisions of the
Bo nd s , subs taetial;y i n the fo rm c o ntained in the Indenture, be
a nd they he r e by a re app roved; and the Mayor of the Ci ty is hereb y
aut ho r ized and di re cted to e xe cute the Bonds an d the Ci ty Clerk
is hereby authorized an d directed to af fix the seal of the Ci~y
to the Bonds a nd to attest th e Bonds. The signa t ures o f the
Mayor a Jd the City Clerk on the Bonds and the sea l o f the City on
the Bonds shall be manual l y affixed o r by facsimile.
Se ct ion 9. The Mayor is he r eby authorized and di re cted
o e xecute and deliver to the Trus t ee t he wr itten o rder o f th e
Ci t y for the authen ti ca ti on a nd delivery of the Bonds b y th e
Trustee, in accorda nce wit h Secti o n 3.01 o f the I nde nture.
Secti o n 10. Me ll on Bank , N.A., Pittsburg h ,
Pennsy l va nia, is hereby ap point ed as Tru stee, paying agent, a nd
bond re g is trar. Mellon Se cu rit i e s Trust Company , New Yo rk, New
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York, is hereby appo i nted as Tender Agent ( as defined ir, the
Indenture), bond regi s trar and co-authenticating agent under the
IndP.nture. Citibank , N,A., New York, New York, is hereby
appo i n ted as Remarketing Agent (as defined in the Indenture) and
Index ing Agent (as defined in the Indenture) under the Indenture.
Section 11. The officers of the City shall take all
ac tion in conformity with the Act necessary or reasona ~l y
r e quired to effectuate the issuance of the Bonds and shall take
a ll action in conformity with t he Act ne c essary or desirable to
financ e the cost o f the Pr ojec t and for ca r rying out, giving
effect to a nd consumra ting the transactions contemplated by t h i s
o r di nanc e and t he Lo an Agreement , the Indenture, the Land Use
Re str i ction Agreeme nt and the Bond Pur chase Agreement, including
without limitati o n, the ex e cution and deliver y of any closing
doc uments to be de livered in connection with the sale and
delivery of the Bonds.
Section 12 . The cost of financ i ng th e Projec t,
including incidental issu i ng expenses , will only be paid out o f
the pr o ceed s o f the Bon ds a nd no ne o f t he Bonds wil · be the
ge neral obli gat i on of the City nor sha ll any o f t he Bonds,
i ncluding int er est thereon, con s t i tut e t he de b~ or indebtedne ss
of the City wi thin the meaning o f the Co nstit ut ion or s t atu tes o f
the State of Colorado o r of t he home ru l e chart e r of any
politi cal subdivision ther e of. in cluding the City , nor s hall
an ything co nta i ned in th i s o r dina nce o r i n t he Bonds , the ;,c an
Agreement, th e Indenture, the La nd Use Restricti o n Ag r eement or
the Bond Purchase Agree ment , o r any other i nstr ume ~: g ive ri se
a pe cun i ar y li ab ility of t he City o r a ch arge upon the ge ne r~l
credit o r t a xing powers of t he City , no r s hal l the brea ch o f an
ag r eem ent co ntained in th i s o rdi nance , t he Bonds, o r t he Loan
Agreem ent , the Indenture , the La nd Use Res trictio n Ag r eement o r
the Bon d Pu rc hase Agr e e men t impo se a ny pec u n i ar y lia bil i t y o n t he
City o r a cha rge upon t he ge neral cred it o r t ax in g powe rs o f the
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City, the City having no i ,ower to pay out of its general fund, or
o therw i se contribute any part o f the costs of f i nancing the
Proj e . , nor powe r to operate the Project as a business or in any
manner, nor sha ll the City condemn any land or other property for
th'! Pr oj ect nor contribute any land or other property to the
Pro j ect . Nothing conta in ed in th i s ordinance or the Loan
Agreement, the Indenture, the Land Use Restriction Agreement or
the Bo nd Pur chase Ag re ement shall give rise t o any personal or
pecuniary liability of any officer , employee or agent of t he
Cit y.
Sec ti o n 13. After any o f the Bond s are i ssu ed , this
o rdina nce sha l l be and rem ain irrepealable unt i l the Bonds and
the i nteres t th ereon shall have be en fully paid, canceled and
discharged.
Section 14. IE any section, paragraph, clause or
provi s ion of this o rdina nce shall f or an y r eason be hel d t o be
i n valid or une n forc eab l e , the i nvalidity o r unenforceabi lity of
such sec tion , paragraph , c l a u s e or pr o v i s ion sha ll not affect any
of the remai n ing pr ovis ions o f th i s ordinance.
Sec t ion l 5 . All byl aw s ,
o r dinances, or parts the re o f, rnconsi s te n t h erew i t h a nd with the
d ocuments hereby app roved, a re hereby r epeal e d to t h e extent only
of such inconsistency, Thi s. repe aler shall no t be c o nstrued as
rev i ving any byl a w, order, reso lution or o rdinance, or pa rt
there o f .
or de rs, re sol uti o ns and
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f,e ctio n 16. This ordinance shall be in full force and
effec t thirty days afte r publ i cation following final pas sage .
Introd uc ed, r e ad in full, and passe d on fir st r e ading the
4th d .,y of Novemb e r, 198 5 .
.'J b l ishe d as a Ri ll for .,n Ordinance o n the (,t h day o f
NOV b.ll>e r, ~ 98 5 .
Re ad by titl e a nd passed on fi nal reading the/./'~ day o f
~,), 198 5 . --
P ubli shed a s Or d i na nc e No . ?'f , ~e ries o f 1985, on th e
~ day of /Vn-~e,v , I9"85.'
Att e,st :
I , Ga r y R. Hi g bee , e x of fic io Ci t y Clerk -Treasure r o f t he C t1
of E1glewood, Co l orado , he r e by c e r ti f y the above and f o r ego i ng s
a true an d complete copy of t he Ordinanc e pa ssed on f inal r eadi g
a nd published by t it le a s Ord inance No . Z:J-.-• Series of 1985.
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