HomeMy WebLinkAbout1986 Ordinance No. 045I!\' At •r!:e>RJT \'
C'O Ul,C I L 6 I 1,L NO, 52
11,nwDu: n , BY cour,c IL
M EMB CR BRAOSIIAW -------
;,r; OR PINl•.:;:r: AUT l!OR I'll l•:G TE[ )5fl1.<.NCE o r USC
1 .'-.X R !'\'!::,L'i: R f;f'Ul,D11,G i\l:D l''.P RO\'[l·'.E !,T BO!:l)S o r
Tli[ CIT\' Of [''.G L[t·:ooo, COLo :-;.Do , IN T HE TOT.;L
r ;u·:~11';,L ;,•:Oll!lT or S2,425,000, FOR THE
P ~~i JS E Of REF UN DI N~ VALID AND OUTSTANDING USE
T .'•.:•: R ffl'l '.!.l!l,G Rl:V ::r-:uc BOSD3 OF THE CITY At :o
r oi< Tl!I: PU P.PO S~ OF P.:..Y;NG THE COSTS or
1,CO L'IRING Al ,D CO NS TRU CT !l,G CERTA!ll CAPITAL
l!·'.PRO \'i:Ml:1-:TS FOR THE CITY; PRE SC RIBING THE
f OR M Of 51\ I D BONDS ; PROV ! DltlG FOR THE PA YM E!-.'T
OF' THE PRil,Cl PA L Of AND Irs,EREST ON S/\ID BONDS
f RC'I·\ THf: R EVC NUE S OF THE I·'. ur; IC I PAL USE T/\X;
PRO\'! DING FOR THE EST/,SLISE:•\Cl,T Of AN ESCROl·I
,!,CCOL";T FOR THE PAYMEN T o r THC B0:>:05 TO BE
R[F ~::D!:D ; ~.1rn PROV)D!llG O,P.CR COVENA NTS AND
Di:Ti·.I LS I N co::rlECTIOII TP.E,H:,:ITH.
,:r.!:RE~S, the Cit1• Council has, by Ordinance No . 31,
Series 19 8 3 , finally passed an d adopted on July 5, 1983,
authorized the issuance of Use Tax R~funding Revenue Bonds, Series
1 953, dated Au g ust l, 1983, in the principal amount of $2,325,000,
fo r the purpose of refunding v alid and outstanding use tax revenue
bcnjs of th e City; and
1-:HERC.~S, there are presently outstanding bonds of such
i,,c ,;e in th e total amount of $2,205,000 (the "Outstandiru;i Bonds");
and
WHERE!IS, the Outstanding Bonds bear interest from date
to maturity, payable semi-annually on May l and November 1 each
year, and mature serially on Nove;nber l each year, as follows:
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fi.~-r 0 '}2 !.._ ~.!~i.lY lnt <'r(_.•st Ra te
S1 0 0 ,000 I 98b IO, ',O t
I '.,O, 00 0 1 907 I 0, 50
2 00 , J OO l 988 8. r)o
225 ,UOO 198 9 8 .50
27 5 ,000 I 990 8. 7 S
350 ,0JO 1991 8,7 5
40 0 ,000 1 992 9,00
505 ,000 1993 9,25
The net e ffective interest rate of the Oulstanding Bo nds
i •, 9 ,0 3531-per a n num; and
l;ftE RE.~S, the Oulstanding Bo nds maturing on or before
f\.,\'C.-mbe r 1, 19 86, are not redeemable prior to the ir re s p ec tive
,n,,tud ty dates , Outstanding Bonds maturing' on November 1, 1 987,
and thereafter, ar e r edeema ble at the option of the City , as a
whole or in integral multipl e s of $5,000, in inverse orde r ot
the ir mc\turit,:, on November 1, 1986, and on any interest p ayment
d a le the r e afcer, upo, payment of par, accrued in terest, and a
premium of 1.00\ of the principal amount thereof; and
HHERE .~S , the Outstanding Bonds were issued in accordance
with the constitution and lawt of the State of Colorado,
p ,1rticularl y the provisions of Title 29, Article 2, Part 1,
C ,R,S,, and Title 11, Article 5:,, C.R .S., and the City Charter,
and pursuant to an ordinance duly adopted and approved prior to
the iss uance thereof; and
WHEREAS, the OJtstanding Bonds are payable from a
municip ~• use tax i mposed and collected by the City in accordance
with the City Charter; and
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\·,'/i l :r't ,\S , th e-C i ty Cou nci 1 hil s p r <.·vin u s l y d e t e r mine d t h a t
th• i :-;!"",Ui 11 1ct· c ! r e f und i ng b o n ds f 0 r t he p u r p nf'c• o f rr 'undiny U,c
n u t i·,t ,11 1d inn Hu r::s ca n po st p o n e t he ma tu r ity o f a po r ti on o f th e
0 111 ..-... t.,ndi 11~ B, r1 !"-:. t o a l a t e r d a t e and r ed u c e t t.e inter es t p a),a !))L·
0 11 : t,., Ou t s t c:11 -:::i n g l3 ond s ; a nd
Nil l .. rn.:\S , t h e pr i n c ipal ,i n d int ere st o n the
Ou t : 1.1 111..:i n~J B o nds arc p a ya l1 l e a t th e pr in c i p a l o ffi ce of Th e First
r-:,1t 10 n,il IJ.111k of En (J l c wn o rl , i n E nglewo od , Co l or a do ; and
l·:'i l.~E.;s , Sect i o n 10 5 o f th e City Charter pr o vid es that
t h L· Ci ty 111 ;1y 1£s u e r eve nu t! bo n ds as pr ov i ded by s t a te st a tut e; and
1;11 u i ,:;,,s , S t:c t i o n 106 of the City Ch a rt e r provid es th a t
1 '"' C ity Co un c i l may a u t h orize t h e issua nce of r e funding bonds by
1,t dir.2.ncc , ,,d tho u t a n e l e cti on , f or th e p ur pose of p aying
,,11,~t a nJ inq b o nds o f th e C i t y; and
h'H EH.r:.:~s , th e· Ci t y Co uncil h ct s , by re s olution pas s ed and
ad 0 ;1tc d o n .l u ne 1 6 , 19 8 &, p rovid e d f o r the Publication of a notic e
o f sa l e o f b o n d s t o b e is su e d by th e Ci t y ; and
\.'II ERE!-.S , pu r s u a nt t o snid noti ce of sale , bids were
r e c e i v ed o n Ju ly 7, 198 6 f or the Bond s , and the C i ty Coun ci l has
pr e vio u s l y d et e r mi nr:c t o award the contract for the purchase of
s a i d bo ~d s t o Ha n ife n , Imhoff Inc,, Me rrill Lynch Capital Markets,
o1n d Ge o rg e K . Ba um & Cv'llp a ny, a s joint ma n a gers, the best bidders
I h e re f or; a nd
WH EREAS , the Bonds shal 1 be payable from the proceeds
f ro~ th e imposition a nd co llection of th e municipal use tax of the
C ity a ~d s hall have a first and prior lien on such pledged
r eve nu e ; and
WHERE AS, the Counci I has determined and hereby
d e t e r min es that it is in the best in t er es ts of the City, and the
In ha bitan ts t h er e of, that the Outstanding Bonds in the total
um o un t of $2,2 05 ,000 be refunded, and that refunding bonds in the
p ri n c i pa l amo unt of S2,165,000 (the "Refunding Bonds") be issued
[o r s uch purpos e ; and
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\•:1 11.Hli,S, tht' City h11 !'.; in it R fund s nnd c t·o unt~, and
1,·,:r:ll y ~v c1il,1h l c f rJ 1 s ud , purpor,c , a n .-11n c1 unt 1,,.J t l•xcecding
i s d t-l e nni ncd
,,11d ht-rell\' det c r :n l rH.·S t o n l loc t1 te, with the pr o l ·e d !:. ot the
J.:•·tund1n ;i Bond s , t o s uppl t:mtn t the same , (or the pur ; J!:.C ot puying
, lw ~:-in cipil l of , prr·mi u m i[ any, a nd i ntercst on t !
11 .):H;C .J S t)wy be come Ouc and p a yabl e , and tor t !.
Out s tan<ii n •J
purpose o f
,,,-y::1c ro ll co~ts and e>:pe nses of the r t'fundin g pro c ,lu re, all ~£
i :, l.••11•1n;it t1 •1 mo r f' specif.ically se t forth; &Jnd
\\lil:l<!:,'\S , the proceeds derived [r u :n the ·,ri le of the
t-1 ·fJnd i w1 Ho 11d s , togeth,~r with the Escrow Supp !m~nt, aft e r
p .1ymcn t o f th e cost s and expe nses o[ the L-e(un d1 ,q procedure,
~-1 .11 l ~t• pl.1ced in a c,1ec ial fund a11d tru s l a c q unt, to be
, .. , ,:lll ish r-J as herein autho rized, for th e purp ose r :l y of paying
1 h,• p r inc i;)a l o f, premium if any, and int eres t o n ll , Outstanding
lk•1· .. :.:. .-,s they !)cc < r.e due and paya b le, all ;s is mon 1Ja rticularly
t 1e 1 ....-i r . .1 ~ter s et f orth; a nd
WHE RCAS, the Counc il ha s determined tha it is als<J
n e --:L"~sa ry tu acquire and constru c t certain capital improvements
f or th e City (the "Project"); and
WIIEREAS, ther e aL·e insufficient moneys 10 the City
t r1 ·a~ury to pay the cost of the Project; and
the Council has determined that it is in the
the City, and the inhabitants hereof, that
in the principal amount of 7.60,000 (the
WIIEREAS,
ht•st interests ot
i mprovement bonds
"Improveme nt Bonds") be issued tor the purpose of pa ing the costs
o f the Project, and for the purpo~e of paying J I costs and
er.pe nses ot issuance of the Improvement Donds; and
WHEREAS, it is necessary to provide for th · form of said
Uv nds and the payment therefor, and to provide for th e payment of
the bond s to be r e funded:
DE IT ORDAINED B¥ THE CIT¥ COUNCIL OF THE CITY
u,,;I,E'•:OOD , COLORADO:
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D-: f i r, i t i o n g • As lJ '."L•d h L·r e in, unl e ss the
r,-o uir es n lht•r\.·i :-~t•, th0 c ap ita1i zcd l1.•r::s lie l o w !-:~1 ;1}1 h u•Jc-
n.1 n k: n.,n~: o f l:ngle· .. ,o u d, in
1:n q \,•,.:-..,{u~, C0 l o r,1 d o o r its ~ucccsso r, a L·o·n mcr cial bank duly
,u ,:. ·:.·,·d and e~:istinJ u r..'":cr th e l aws o f the United St.1 l(•s of
bei n :, a mv:n !Jer o f the Fede r a l [)o po s i t I n~ur ance
Crn i ' 1 .-=:t i o n, a nd h a•linq f u l l and c omp l e t e lrust po....,·e=rs , with which
F:: ,.,_. r n ;..· Ac c oun L i s t · s t n!1 l i sh ed an rt r.H1 i n ta i ned.
B,.)n <!!:. 0 r ~cril•~ 1986 8 :J n ds : the Ci ty's Use Tax Revenue
H,·fl:·1·~in•1 n n d I mpr o v cmt.:nl B:i n ds , Se ries 1986, dated August 1,
1 GH6 , i s:;uc~d in the nqg r egate principal amo unt of $2,425,000, as
.1 111 l. .... :·i Zl'd l>\' thi i~ Or ciinc1ncP..
n,.., n.! ,\r:: c0un t : the 1'Ci ty o f En ~J l ewood Use Tax Revenue
lh-l ur .... :ino a nd I mprovc:n 0 nt Rond Acco unt, Se ries 1986", created
h 1..•1e:;1 , f o , lhe purp;)s e of p.3.yinCJ the prirlciµal of, premium if
""\', and inte r esL on Lh e Se ri es 1986 Bonds and any additiona l
h o n.J c ilUthorize:l a nd i ss u ed by the City which are payable from the
Pl e ~~ed Re v e nue , d nd whi c h h a ve a lien o n s ~ch rev e nue on a parity
wit h the li u n o f the Series 1986 Bond s.
Bo nd Rcn istra r: The First National Ba nk of Englewood,
En ole....,·oo d, Co l orado , o r it s successor, which shall perfonn the
r 0gi s trat i o n and transfer fun c ti o ns as set forth in this Ordinance
,ind in the Paying Agent and Registrar Agre em ent.
i:;~: the Colorado Revised Statutes, as ame nded and
supp l eme nted as of the date hereof.
Certified Public Accountant: a c ·tified public
accou n tant within the meaning of Sl2-2-l!S, C.R.S,, licensed to
rr act i ce in the State of Colorado.
Charter: the hom e rule charter of the City in effect as
o f t h e dat e h ~re of .
~: the City of Englewood, Colorado.
Codu th e Code o f Ordinances of the City in effect as
of th e dat e h e re of .
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~~·: t_i c_n __ fl_c_c_n_u_n_l: th e "City ot Engle wo o d
<'l'1.: tJ"J l'l i on /·. cr,.,nL , 190 6 " es t ,1h li s hr•d l 1'-·1 cin (o r th e pu rp ose o f
p,1 '/iny lt 1l' l 't ojt.·l t Cos ts.
~·nu_r~: lhL" Ci ty Co uncil of the C ity.
~: Ar apa h oe County, Colo1-ado.
[~e r '">-...· Acc o unt : a spec ial fun d n nd separate trust
,,C"<"Ju 111 cr 11 <.1ted Uy Sect i o n 2 1 at thi s Orrlin 3 n cc , Oes ignated as th e
"t'i tr o f fn J l C\o.'O u rl Bo nd Refunding Esc row Account, 1986", to b e
c·s ' .1 ld h ,lit.·cl and ma intaincd a t t he Bank.
the agree me nt bet we e n the City and
llie 8 d 11k rint·e d .J !."> of Auuu s t 1, 1986, co n ce rning Lhe estahlishment
.tnd mrt in tc n i!nce of th e Escrow Acc ount.
E sc r rp ... • Sunp l em 0 nt: an a mou nt n n t to exceed S,225,000,
t ... 1ny l e g a lly avd il a bl e m~ncys of lh e City, which shall be
d1·•p :)s i t ed t o th e f s crow Acco unt a nd us ed to s upplement the
pr r•1_·eeds of the Ref unding Bonds.
Event of LJet ault: one or more of the events set forth
in Sec tion 28 o f this Ordinance.
feder a l Securities: non-callable direct obligations of,
or ob ligations the payment of principal and interest of which are
un c 0 nditionally guaranteed by, the United States of America.
lmp rove~e nt Bonds: the portion of the Bonds issued for
th e pur pose of paying the Project Costs, and for the purpose of
p ay ing all costs and expenses of issuance of the Improvement
Bo nds , being the principal amount of $260,000.
Ordinance: this Ordinance, which authorizes the
i ss l1ance of the Bonds.
Outstanding Bonds: the City's $2,32j,OOO Use Tax
Refunding Revenue Bonds, Series 1983, dated August 1, 1983,
c urrently outstanding in the princir ,1 amount of $2,205,000, I
Owner: the registered owner of any Bond, as shown by
th e registration books maintained by the Bond Registrar.
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1'0 1-iJ)' Lien Ik,nds: bo nd s , no tes, ce rtificate s ,
c,,n tr ;.~t~, o r u thcr sim il ar ob lion li o n s i s5 ur-t1 in acC"o rciance with
S l'C-li ,:Jn lH h <.•r e-o f, paya b l e in ,.,,h o le or in pa rt fr om the Pled':}cd
R1..•vt •nuc· .ind ha·J i n ~1 a li e n thereo n o n a parity with the lien of
t he S,•,-i,•s 1 986 Bo nds.
Paying A".!e nt: The F'i r st Nationa l Bank o f f.n g l e ,,1ood,
Enq l t• ... -.,u d , Col o rad o , or its s uccessor , whi c h s ha.l l perfo rm the
f1i nc t i011 of paying agen t as set f o rth in thi s Ordi n a nc e,
Payinq Aae nt and Reaistrar /..'J r eci:-ie nt: the a gre ement
c1,,1ed as o[ Augus t 1, 1985, betwe e n the City ~"d the Paying
1\:1 e nt/B~nc Regis tr a r cuncerning payment and r eg i'Jtration o f the
n u n c1s ,
P l edoed Re venue : the proceeds of the City'b u se tax,
c,11, •n tly im posed by ordinance at the rate of 3% and codified at
Ti tl e 4, Ch a pter 4 of th e Code, and any increases t o such rate of
t ax , a!i such tax is applied t o the use, consUmption, or stora,:1e of
motor vehicl es , tra;lers or semi-trailers, building materials and
s uppli es , a nd construction equipment, which prot'eeds shall be
depos it ed in the City's capital improvement account.
~: includes acquisition and construction of
cer tain capit~l improvements for the City, together with necessary
inc identdls,
Project Costs : all costs reasonably or necessarily
in cl!rn,d in conne ction with the Project, including without
limitation all engineering, inspection, fiscal, and legal expenses
in conn e ction with the Project: all costs of financial,
professional, and other adv i ce in connection with the Project:
c ont i ~~ enc ie s: and all other expenses as may be necessary or
incident to the financing and completion of the Project.
Pu ,~: Hanifen, Imhoff, Inc., Merrill Lynch Capital
Mar ket s , and George K, Baum & Company, of Denver, Colorado, i,s
joint maragers, the original purchasers of the Bonds,
Record Date: the fifteenth (15th) day c,f the calendar
month next preceding each interest payment date,
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U1e po rt ior. of th £-Ho nd!:. issucrl (or
ll1t.· ;u 1pos t.· o ( p o ying I.h f' p ri :Kip;i l of, pr cm iu r·, If ariy, and
i ntf'!v !.,l on t he Ou tst.n nci ing Do nd s , and f o r the pui por,c of paying
,d l c cr.t s an C e x pe nst..•s of s uch r ef u nui ng pr ocedure , be ing U1e
p1 in c1 pa l amount o ( S2 , }(,S ,000.
Re se rv e Acc ,,unl: th e ac cou nt c ~Ll b lishe d herei n in tne
,1: L t. 1 o 1 SJll 0 ,000, for the purp os e o f f u rther s ecuring the
J',."/!·•"":1t o f l1 1f' principa l of, pr err,iurn it a ny, o nd inter es t o n Lh c
b ond ~, 11 0Les , certifi1:ates,
c.-un tr dLts , or o th e r s imilar ob li g ati o ns , i ss u e<1 in acc o rdance with
:;L•ct i o n 18 h e re o f, payabl e in whol e or in part fro:,, the Pledged
H,•\'enue a nd h av i!'l Q ..1 1 ien ther e on which i s subo rdina te t o the li e n
u 1 t t-.:J Bond s a nd any Pdri ty Li e n Donds.
S ect i o n 2. Authoriz;;tion. In acco rd ance ,..ith th e
Char ~c 1, the con s titu~i o n and laws o f t11(! State of Colorad o,
pa rticularly th e provisions o f Title 29, Articl e 2, Part l.
C.R.S .: Title 30, Articl e 20, Part 3' C. R.S.; Title l 1'
Art i c l e 56, C.R.S.; and the provisic.,ns of this Ordinance, the City
ht:t·eby authorizes the issuorce of ir.s use tax r-evenue refunding
a nd improv(!ment bonds, each to be de~ignated ''Use Tax Revenue
Hef un di ng and Improvement Bond, Series 1986", in the total
principal amount of $2,425,000, for the purpose of refunding valid
n nd outstanding use tax refunding revenue bonds of the City, for
paying the Project Costs, and for paying all costs and expenses of
issuance of the Bonds.
Sect ion 3. Special Obliaatlons. Al 1 of the Bonds,
together with the interest thereun and any premium due in
conn ec tion therewith, shall be payable solely "·d only out of the
Pledged Revenue which is to be deposited in the special funds and
accounts described in this Ordinance, or if necessary, from the
Reserve Account.
valorem property
The
taxes
Owner or Owners may not
levied or collected by
look to any ad
the City for the
payment of the principal of, premium if any, and interest on the
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I
I
Ho n,I!,, and the Bo nd s shal 1 not con s litut e a ,1 eb t o r an
ind L'!,tc•.lne ~s of th e Cit\1 wilhin the meani n1 of ;u1:,• con~titutional,
\r1,1r t••r·, o r s t atutory pr·o vi s i o n or limit a ti o n; n o r sh all lhC\' be
t·o:)~,,i c!i•red oc held to be gen e r a l ob ligation s of the City.
Thp is s uan cP 0 f the !\:-,nds b ;· the City shall c o n s titute a
...,.,,r r.inty by ,1 n~! on ;Jeha lf of thC" C ity f o r tne be n efit of each and
cvi:.-1·y o ... •ncr o f an y of the> 8::,nds that the Bo ncts hav e been issue d
for "•illla!,!e cons id e rati o n in f ull co nf o rmity s•ith law.
S~ct ion 4. Bond ::>.,tails . The Bond s sha ll be issue d
only as fully r eniste red Bc,nd s witho ut coupons in the denominatior
o l $5,000 P ,,c h 0r any int<>gr a l multiple th e reof. Unless the City
c,li al I o the rwise direct, the registered Bo nd s s hall be numbered
sc p a r,1tely fro m l upward, wi th the number of each B~nd preceded by
"II -".
Th e Bonds s hall be dated as of August I, 1986, and shall
hea r inter es t pa yab le sem iannually on each 1 May and November 1,
c o·n:nc ndn g on May 1, 1987, and shall matu re on No,•ember I, each
ye ar , as follows:
M,1 turity
l 987
1988
I 989
1990
1991
19 92
I 993
1994
I 9 95
$155,000
215,000
235,000
255,000
270,000
290,000
310,000
335,000
360,000
Interest Rate
7.875\
7.875
6.750
6.000
6.200
6 .400
6.600
6. 800
7.000
If the date for making any payment shall be a legal
holiday or a day on which banking institutions in Englewood,
Co lorado, are authorized or required by law to remain closed, such
payment mey be made on the next succeedin.g day which is not a
legal ho! iday or a day on which such banking institutions are
authorized or required by law to remain closed.
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Tiu~ :r.a \'. imu,:-i nc-t e ff e c ti ve inl~rc:st rale authori zed f or
t!11• B •n rb i !'; f .OO\. p e r ,1nnum and the ac lual r.C"t effective i n t e r est
r ,1 :.\• n f th (' !"\:,!,d5 i ~. 6 . 69 1 0438t per annu,1.
S,.-,;,;t i o n ~. P.-,y rn ~nt a! fl o nd s ; Pavinq Aoent and Bonc1
~-:..~•:•tra r . The principa l of and premium, i( any, on the Bonds are
p.1y.1bl e> in 1.=ndul monC'y o f l hc United States of America to the
,,-.,,:1 .•r o f e u.::h n..11 1d upon pres e ntation at the principal office of
t lw l'.1y i n q ,\i1e11t . Nolwi thslanding r\n ything contained in this
111 ,! 1 rh\n cc t0 th,· c o ntr a r y , inte re s t o n any Bo nd i s pay ab l e to the
11 ... ·11 1.!r o ( S lh ·h Uo nd .:i l his addte b s as it appears on the
1t•q 1 c;lt .1t i o n l 'L'•>ks maintained by or on beha lf of the Ci ty by the
h u nd H.1..•lJ i st r .1r , at th~ clo s e o f business on the Record Da te,
irr l's pe 1..·t ive o f any tran s f e r or rx c hnnge o f such IY.>nd subsequent
t,, ~,u :--h H, .... c0 r d D.'l t e and pri o r to s uc h interest payme nt ciate. Suc h
1'·•\':n,•:il s h a ll lw p:, i d by ch e ck or draft. of th e Pa yi ng A,ent.
T ~c t1r i n c ij1al o f, premium , if any, and interest on the
t~-:,1,,I,; s lta l l b ~ p a id in a c cordance with the t e rms of the Bond
l'a •1'lrHJ r\gent an d Re gistrar Agreement .
Sect ion 6. Pr i or Re dcmnt.ion . Bo nds maturing o n and
aft e r No ve;nbe r 1, 1991, are su~ject to
in 11 turity, at the option of the City, as a
rec.empt ion prior to
whole or in integr~l
mu\ t.i p l e s of $5,000 in in verse order of maturity, on No ·,ember 1,
19 •0 , and 0:1 a ny interest payment date thereafter , upon payme nt of
p,1 r , accrued inl~res t, and a premium of 1.00\ of the principal
<l1n o ur1t so red e eme d.
If less than all of the Bond s within a maturity are to
be r ed e em ed on any prior redemption date, the Bonds to be redeemed
sha ll b e s e l ec ted by lot not less than forty-five (45) days prior
t o the date fixed for redemption, in such manner as the Bon<:l
H,:,g istrar sha ll determine. The Bonds shall be redeemed only in
inteyral multiples of $5,0(;0, In tho event a Bernd is of a
d l1 nom i nation larger than $5,000, a portion of such Bond may be
redeemed, but only in th e principal amount of $5,000 or any
-29 -
I
int, 1rnl rnu l tipl e tLC!r c:n f, s-.,ch no nd s hnll be-t.r c·,1t1:r1 for the
d i\':,:::)·: t )1p prin c i pa l amount o f s uc h 0ond by $5,000.
In Ll1 c L•vent any of the hond s or portions thereof (which
~h.111 t,,. in amounts equal t o $5,000 or any integral multiple
Ll1 l·1 •· •'.) r.rc• cal l c .1 for rede::n;J tion as aforesaid, no tice thereof
i dc-n t 11 y i :..: thf' Ponds or po rtion s thereof to be r edeemed wi 11 be
~ii ·10n !·,y th e B::,nC RE:-gistrar by mailing a copy o f the redemption
no ti c(• h·/ fir s t c lass mail (post a9e pre paid ), not le ss than thirty
(3 0) ,!,y , pr ior to th e dal e fixed for redemption, to the Owner of
c-,.,c h ~:,nrl to be r edeemed in whole or in part at the address sho...,·n
,>11 Lh e registra ti o n books maintained by or on behalf of the Cit)•
t,y t h,:, B:>n,d Reg i slrar, Failure to give such notice by mailing to
""\' o,,n c r , or any defect therein, shall not affect the valid it)' of
c,ny r,:·occed in ;i for the redemption of other Bends. All Bo nds so
ca ll ed f o r r e demption will cease to b ea f interest after the
s pe cified c e dc:nptio n date, provided funds for their redemption are
on deposit at the place of payment at that time.
Section 7. Fann and Execution of Bonds. The Bonds
sha ll be signed with the facsimile or manual signature of the
Mayor of the City, sealed with a facsimile or manual impression of
Lile seal o[ the City, counter s igned by the facsimile or manual
,; i yna ture o f the Director of Finance, and attested by the
f,,csimile or manual signature of the City Clerk. Should any
officer wh ose facsimile or manual signature appears on the Bonds
cease to be sue h officer before delivery of the Bonds to the
purchaser, such facsimile or manual signature shall nevertheless
be valid and sufficient for all purposes.
Th e Bonds shall be in substantially the following form:
-30 -
\form of u~ndl
\Front o f Bond}
U!llTCD STATES Df AMERICA
STATE Of COLORADO
COUNTY Of AR!\PAHOC
C !TY OF CNGLt:IWOD
11;-·.:: T;,\ R~-:v:.::Jl 1E REFIJtlDltJG Af.lD lf ',PitOV l-.Y,ENT UO:\O, Sf.H IES }Q96
MATURITY DATE
t~ovemher 1,
l<l <'.l S Tf.RED 01,;NC R :
ORIG! NA I.
ISSUE D!\TE
August 1, 1986
The City of Englewood , in the County of Arapahoe and
St:i t e of Co l orado , a municipal corporation duly organized and
opc r a tin1 un d er the City Charter and the constitution and laws of
th e State of Colorado, for value received, hereby promises to pay
from the Pledged Rever,ue to be deposited in the special funds and
a ccou~ts hereafter designated, or if necessary from the Reserve
Account, t)ut not otherwise, to the regiRtered owner named above,
or regist e red assigns, rin the maturity dat.e specified above, the
principal amount specified above, and in like manner to pay
interest on such principal amount (computed on the basis of a
360-day year of twel~e 30-day months) from the interest payment
date next preceding the date of reg:stration and authentication of
this Bond, unless this Bond is registered and authenticated prior
to May 1, 198 '/, in which event this Bond shall bear interest from
Au g ust l, 1986, at the interest rate per annum specified above,
payable semiannually on May l and November l eb ·h year, commencing
on May 1, 1987, until such principal amount is paid, unless this
Do nel shall have been previously called for redemption and payment
shall have been duly pt·ovided for or made; provided however, that
-31 -
i: the dat.:-f o r ma);ing a ny pay~cnt s hall be a legc1l ho lid ay or cl
d ~,y o n which han k inrJ i ns tit uL i o n s in tnglcwood, Co l o r ad o, ar e
aut h i rizc•rl o r r 1.·q u ired by law to r e:nain closed, suc h pa,.nent mc.1y
I n: 1·,:1-!c on th e next s ut.:ceerl ing day \..'h ich i s not a lega l h '?lid ay or
a 0.1y o n whi ch s u c h bard :in g in s titutions are au tho rized or
r er;11 1 1 f•d b ~, l a w to remain c l osed . Th e pr incipal of thi s B~nd and
pr ..... ::.11 1•n , i f any, are pay a hle in l a wf ul mo ney o f the Unit ~d States
o f k :v::>ri ca to the registere :l o wner upoi! pr ese nt at ion at The F'irst
t\a ti,1 n al Ba nk o f Englewood, in Cn g l e wood , Colorado, or its
succ • ~.;s•.,r , as Pa ying lvJen t.
P~yment of e ach in s tallm ent of interest shall be made to
th e r euis t ered owner hereof who se name shall appear on the
r,,ois tration boof:s of the City maintained by or on behalf of the
1·11 y h , Th e First National Ba nk of En gl e wood, in Englew0od,
l"ul o r ;d o , or its successor , as Bond R,~g istrar, at the close of
bu s i:ic•ss on th e fifteenth (15th) clay of tlfe calendar mo nth no,xt
p rec~1 ing e ach inter est payment date (the "Record Date"), and
s h a l l he paid by check or draft of the Paying Agent mailed to such
r eg i sle red owner at his address as it appears on such registration
b oo::s,
REfERENCE IS HEREBY MADE TO FURTHER PROVISIONS Of THIS
UOND SE T PORTH ON THE REVERSE HEREOF', WHICH f'URTHER PROVISIONS
1;11 .r,LL fOR ALL PURPOSES HAVE THE SAME E:f'f'ECT AS If' f'ULLY SET f'ORTH
IN Tl!I S PLACE.
This Bond shall not be val id or become obligatory for
any purpose or be entitled to any security or benefit under the
auth o rizing Bond Ordinance until the certificate of authentication
hereon shall have been signed by the Bond Registrar.
IN TESTIMONY WHEREOF', the City Council of the City of
En;ilcwood has caused this Bond to be signed by the facsimile
~ignature of the Mayor of the City, sealed with a facsimile of the
sea l of the City, countersigned by the facsimile signature of the
-3 2 -
;"'1r t•r l o r o f Finc1 :1ce, ond attested by the facsimjle signature• of
t h<• City Cl ~rk, all as o f th e 1s t day o! flu gus t, 1986.
I I' /,C S IM I I. E
S f: A L )
( f acs imile Sia nature)
Dir ecto r of finance
:,-r risn:o,
CITY Of EN GLE\-1OOO, ARAPAHOC COUNTY,
COLORADO
II y : ___ l_f_a_c~s __ i_s-,_i_l_e_S_i_o_n_a_t_u_r_e~) __ _
City Clerk
(Fa nn of Bond Registrar's Certificate of Authentication]
CERTIFICATE Of AUTHENTICATION
This Bond is one of the Bonds of the issue described in
th e within mentioned Bond Ordinance.
Date of Registration
and Authentication:
The First National Bank of
Englewood, Englewood, Colorado,
as Bond Registrar
By '----=---,-,---r-----,-:-~--,--Au tho r ~zed Signatory
-33 -
(Back of Bondi
AO DJT IOKtd~ PJH"l \'1 S IO~f;
T~d b B')nd is one of .'.I se r i C's ng9reg.3 ting Ti,,•o Mi 11 ion
F,)ur Hundred 1\,·c nty-fiv c Tho u s unn 1>:>llnrs ($2,42 5 ,000) par value,
a ll ol lik e dote , tc•n o r, and effe c t e xct?pt as t o number, principal
a:-:v1 11 11, in tc r c·s t rat c-, and date of rn at.urily, issue d by the City
C'Junc ,l of the City of En g l e ,:ood, in the Co unty of hr a pahoe and
St_~tc of Co l o rado , ~or Lhe purpose of r ef unding valid and
n ut stan1i n~.J u s~ tax . f:I unding revenue bonds of the City and o(
p .1yi n;1 the c ost s of lhc acqu i s ition and c o n s truction of certain
c ,1ri tal improvcm~nts for the City, under the authority of and in
f11l l c o nfonn i ty with the City's home rule charter, the
,·,rnsti t uti o n a nd law s o f the State of Colorado, particularly
Title 29 , Article 2, Pa rt l, C.R,S ,; Title 30, Article 20, Part 3,
C.R.S .; and Titl e 11, Artic le 56, C.R.S.; ancl pursuant to the duly
ado;>ted Ordinance authorizing the issua nce of this Bond.
The principal of, rremium if any, and interest on this
Bond are payable only from the proceeds of the City's use tax,
c urr ent ly impo sed by ordinance at the rate of 3\, and any
incr ea ses to such rate of tax, as applied to the use, consumption,
o,· storage of motor vehicles, trailers or semi-trailers, building
materials and sup?lies, and construction equip:-nent, which proceeds
s hall be deposited in the City's capital improvement accoun ' (the
"Pledged Revenue"), which Pledged Revenue is to be deposited to
the Bond Account created by the Ordinance authorizing the issuance
of this Bond, all as more particularly set forth in such Bond
Ordinance, adopted and approved by the City Council prior to the
issuance and del ive ,·y of this Bond, or if necessary, from the
Reserve Account c:reat e:l by such Bond Ordinance, This Bond
constitutes a first and prior lien on the Pledged Revenue and the
special funds and accounts referred to above, although not
necessarily an exclusive si:ch lien. Obligations in addition to
the Bonds of this issue, o~ which this Bond is one, may be issued
-34 -
;in,1 1:1.:d c.-r ay:1! !e fr o:n the Plcd i;:c-.:1 Revenue and the special funds
,-,n\ ,,,_·<..·r ,un t s r0[t.•rre rt t o a~ove, having a 1 ien thereon subo1·dinat e
,i nd j ..1 r1i 1)r lo th~ 1 i e n of the B::>nds of thi s is s ue, or, subject to
1.__•,.;pr·L·s s0d conrlit i u ns , h av ing a li en on the Pl e dged Revenue and the
~..,l•l'r ia l fund s and a cc ou nt s referred to abo\'t.? o n a parity with the
1 i,1 11 v [ the B::in ds o f this issue, in a cco rdance with the prov isions
!t i s hPr eby r ec it erl , certified, and wa rrant e d that for
t.he p i½'/:;.,_-n t of t~1i s 8 ')nd, the City h a s created and will main tain
th ~ ~,v c ial fun ds and accounts r t ferred to above, and will deposit
tt,c n .?i n th e Pledged Revenue , anj out of said special funds and
~c c ount s , as an irr e vocable cha rge thereon, will pay the principal
o f, prcm i u-n if an)', ant1 interest on this Bond in the manner
p1 P\" i.Jc,\ by said Ord innn c e . Fo r a description of such funds and
ac·1·punts, the Pl ~dged Re ve nu e , the manner i.n which the authorizing
f\o nd 0rd inancc, may be a1\e nded, and. the nat''ure and extent of the
sec urit y afforded th e reby for the pa\'!Tlent of this Bon d , reference
i s ma de to the Bond Ordinance.
T~i s Bon d is payable solely from such Pledged Revenue
and th e special funds and accounts referred to above, do a s not
co nstitute a debt of the City within the meaning of any
con s tit ut ional, home rule charter, or statutory limitation, and
~ha! l not be considered or held to be a general obligation of the
Ci Ly.
It is further hereby recited, certified, a~d warranted
that all the requirements of law have been complied with fully by
the proper officers of the City in issuing this Bond.
For the payment of this Bond and the interest thereon,
the City pledges the exercise of all its lawful powers.
Bonds o[ this issue, of which this Bond is one, maturing
on and after No\'ember ), 1991, are SUbJ a ct to redemption prior to
mnturity, at the opt ion of the City, as a whole or in integral
multi pies of $5,000, in inver ::ie order of maturity, and if less
than an entire maturity is to be redeemed, then by lot within such
-3 5 -
I
I
::.,d u! 1ty, on r;.:,,·v··,!1l"'r 1, 1990, and on any interest p<1~•:ncnl rlatc
1 h<.':·;•.:ft c-r, u p :1 ra~,:~,c•11l of par, accrued intf"1·est, and a premium
L'f 1. 0 0'r o t thr ;-H·in c ipal amount so red eemed.
Th e u )nt!s wi I I be r<>deem,'d only in integral multiples o[
S 1,, 0 l1 0 , In t h•.: c-ve 11 t a Bo nd is o f a denomination larger than
S S ,O l1 (1, d po r t i u n of s u c h Bond may b e re·Jce ~ed, but only in the
fHith'ljM l a:~nun~. o f S 5 ,000 or any integ ral multiple thereof. Such
lhn~i 1,.,i 11 b e t:·e.:i.t e d f o r t he purposes of rede:nption as that nu.rnber
r>f r~'"'n•:s wh i c h r e s ult from dividi~g the principal amount of such
B:inJ Uf $5 ,000 .
N0 t1.:e o [ r,rior redemption shall be given by mailing a
e ,,p y o f the r ec e:nption notice, not less than thirty (30) days
p 1 i0:· t o the dilte fixed for rede:nption, to the registered owner of
t h i~ R0 nrl at the address shown on the registration books
ia .ii:1t;i i ncd by the R:>nd Re gistrar, in the manner set forth in the
auLr,0 riz ing R'ln~ Ordinance. All Bonds call~d for redemption will
c e a se to h <,a r inter e st after the spe cified redemption date,
prov i ded fun ds for th e ir redempti o n are on depo~it at the place of
papent at tha t ti.me.
Th e City ancl the Bond Re gistrar shall not be required to
issue or transfer any Bonds: (1) during a period beginning on the
R~cor d Date and ending at the close of business on the ensuing
in teres t payme nt date, or (2) during the period beginning on any
date of selection of Bonds to be redeemed and ending on the day on
w~ich the applicable notice of redemption is given. The Bond
!leg istrar shall not be required to transfer any Bonds selected or
ca 11 ed for red e mpt ion, in whole or in part. The City, the Paying
Ag ent, and the Bond Reg istrdr may deem and treat the registered
owner of any Bo,.d as the absolute omer thereof for all purposes
(whether or not such Bond shall be overdue) and any notice to the
c o ntr&ry shall not be binding upon the City , the Paying Agent, or
the Bond Registrar.
-36 -
T11 is R-1 nd is lr.:1nsferable br the r1..•;iistered o....,ner h e:-1·eof
in r•-·1 !'=O n or b~' his attorney duly aulhorizen in -.,i1rilirig, at th e
pri ncij>~1l office o f lhe B~nd R0g istrar, but only in the manner,
r.uh Ji::ct to th e> limitations, and upon payment of the ch&l rrJes
pr e•\' i rl c-d in th e authoriz} ng Bond Ordinance and upon surrender and
1·.11K("l l .=i.t ion of this Rand. '!'his Bond may be transferred upon the
1,·qistration boo ~~s upon delivery to the 8.)nd R"gistrar of this
;1ird , accom~ar:ied b~• a written instrur.ient or instruml-ntu of
tr, :1~f 2 r in f o rm and with guaranty of sign at ure satisfactory lo
Ll,c ll c1 11 d Registrar, duly executed by the o,mer of this Aond or his
a tt o rney-in-fact or legal representative, containing written
in sLr uc tions as to the details of the transfer of the Bond, along
,·ith the social security number or federal employer identification
n11 :nlw r o f such transf e re ,e , In the event of the transfer of this
lb n .l, the B:,nd Reg ist.rar shall enter the transfer of ownership in
th e r c,:i sL rat ion bool;s and shall authentic.:rte and deliver in the
n t,11,e of the transferee or transferees a new fully registered Bond
or Bonds of authorized denominations of the same maturity and
in t c re st rate far the aggregate principal amount which the
r eg istered owner is entitled to receive at the earliest
prac ticable time, The Bond R,egistrar shall charge the owner of
thi s B~nd for every such transfer an amount sufficient to
r eLe1b urse it for its reasonable fees, and fa.
governmental charge required to be paid with
transfer.
-3 7 -
any tax or other
respect to such
(fom of Trans{er)
/ISSIG!,M E!,T
fOR VALUE RE CE IVED, the undersi g ne d s ells, assigns, and
t ra n :--:t,•1·s unto
S~X: 1\1. S ~CUIUTY OR fEDEP.\L EM PLOYER
l ll c :,TlflCATION NU:·\BER Of ASSIGNEE
---------------------
----------------------
---------------------------------
(Name and Address of Assignee)
th e within Bernd and does h0reby irrevocably constitute and appoint
-~~-~~~--~~--' at to rne)', to transfer sa 1d Bond on ti .. • books kept for registration thereof
with full power of substitution in the premises.
Dated: _________________ _
Sig nature of Registered o-ner:
NO'J'lCE: The signature to this
a s signment must correspond with the
name of the registered owner as it
appears upon the face of the within
Bond in every particular, without
alteration or enlargement or any
change whatever.
Signature guaranteed:
(Bank, Trust Company, or firm)
-38 -
/\'J t h-:· nt icat inn . ~o B~:,nd shul l be vu) id or
cd,li::.-•t1,ry f o r .:ny p111 p 1 !°'-... or be L'ntitlc-0 to any sc•c urit.~, or
!it ·n ,.:! ·.t u nde r· L hi5 Ordin.:incc unless and until a certificate o(
{!uthcntication o n such He>nc! sub s tanti a lly in the fonn h e r e ina bov c
s .. ,1 f 0 rth shall have b ee n duly «xecuted t,y the Bond Registrar, and
i·,\1.·h <•x,~::ut e d ~crt i (icate of thf? 8Jnd Reg istrar u po n any such B:>nd
:.11.d 1 b0 c o nclusive evidence that such Bo nd h ,,s be en authenticated
,111,l dL'l i\'ere :-! L.:nd er t~i ~ Ordinance. Th e Bo nd R~gistrar's
cc: Lifi1.:.1 t ~ of ~ut:hc ntic ~ti.::>n on uriy i\.:>nd s hall be dccmE!d to hav ~
l.11..-,__.n i ·•xec uted by i l if signed by an authorize d offic\?r or
s i ~1n.,t u 1y o f the IJ ~nd Reg istrar, hut
th a t the same o(ficer or signatory
it shall not he n ecessa ry
sign the certificate of
auth1Jnt i cr1tio n on a ll o f th e Bo nd s i ssued her e under .
SPC t i o n 9. l►-l iverv o( Bo nds . Up on the adopt ion of
llii s 0 r<:inance , l he City shall execute the B:inds and deliver the:n
to Ule 3 J n d Re:gist r a r, an J the Bond Re gist ~ar shall authenticate
the Bo n-js a n :: deliver the:n to the purchasers thereof, as directed
by th e Ci ty.
Section 10. R"?oistrdtion and Transfer of Bonds; Persons
!.!:_<:-.itecl ,,s O,.-ners. The Bond Registrar shall maintain the books of
the City f ,,r the regist ration of ownership of each Bond as
provici ed in this Ordinance. Bonds may be trans fer red upon the
rc·c1 i s tr at ion b oo ,: s upon delivery of the Bonds to the Bond
H,•cJ i s tra r , accompanied by a written instrument or instruments of
transfer in form and with guaranty of signature satisfactory to
the Bond Registrar, duly executed by the Owner of the Bonds to be
transferred or his attorney-in-fact or legal representative,
containing written instructions as to the details of the transfer
of such Bonds, along witi, the social security number or federal
e m~loyer identification nunber of such transferee. No trans(er of
any Bond shall be effective until entr.red on the registration
bo o ks.
-39 -
In all cas e s of the transfer of a bond, the 11ond
R(•11 i S l r ,1 r S h i, 11 l h e tr.11,sfer o f OY:nership in lhe
r'--•,J i s tr.1t ion boo i .~ ~nd sh a ll authenticate anci deliver in tt.c nit'nc
of lhv tran s fcrct.· v r trnn s ferct~s a new fully registered B.Jnd cJt·
Bo n•.~i--. o ( auth.:>ri ze d dcno~inations of the same matur ily and
int ,·11 •s l rate f o r th e a gg regate principal amount which the Owner
is t·nl i tl c d t o re c eive at the earl iesl practicable time in
ac co1·d ~nc c ~ith th e pr o vision s of t ~is Ordinance. The Bo ri c
ReJ i s trar sh 111 charge-the o .. m e r of such Oond for t::very su::h
tr a n s f t-!r of ii Bo nd an amount sufficient to reim ~)urse it for it s
re as:J nahle f e e s and for any tax or other gov ern-nental chargt-
r cq uired to be paid with respect to such tran s fer.
The City and the Bond Re gistrar shall not be required to
i,;s ue or transfer any B::,nds : (1) during a perio:l beginning on the
Rc•c o r d !Ja te and en:linq at the close of busines~ on the ensuing
int e r e st payment date, or (2) during the period begi.,ning on any
d ,H e of selection of Bonds to be redeemed and eml\ng Jn the day on
which the applicable notice of redemptie>n is given. The Donel
Re gistrar shall not be required to transfer any Bonds selected or
called for redemption, in whole or in part.
New Bonds delivered upon any transfer shall be val id
special obligations of the City, evidencing the same obligation as
lhe Bonds surrendered, shall be secured by this Ordinance, anj
shall be entitled to all of the security and benefits hereof to
the same extent as the Bonds surrendered,
The City, the Paying Agent, and the Bond Registrar may
dee~ and treat the Owner of any Bond as the absolute Owner thereof
for all purposes (whether or not such Bond shall be ovecdue), and
any notic~ to the contrary shall not be binding upon the City, the
r'aying Agent, or the Bond Registrar,
Section 11. Destruction of Bonds,
standing Bond shall be delivered to the
Whenever any out-
Bond Registrar for
cancellation pursuant to this Ordinance and upon payment of the
prin=ipal amount and interest represented thereby, or whenever ilny
-40 -
:"~1t~.t ·:n ,•li n_1 O,.:Jn d !',!,a ll b <· de-livered to the Do nd Rc-gistrar for
tr .1 ·1•fc 1· p 11r s unnt l o the p1t,·Ji~i o 11 s h t·re0 f, ~ .. uc h f\.)nd shall be
t·<1nc 1•l l c-ci an :1 dcs t r t,yc d by the Bond R•.·CJ islrar and c oun terparts of
a c ,:,1·t ,fi c at e o f d c.-s tructi o n evid e nc ing such de s truc t ion shall b e
fur :1 i ~hc rl by tile 8 :>nd R09i s lrar to the City.
An1• Bonj that is lost, stolen,
\\v r;'.:.r r ycd , or •1,ut i 1 a t ed may be replac e d or paid by the B::ind
i\•'!~::s tr a r in ,icco r da nc c 1,;ith anj subj e~t. to th e 1 i r:li tat i o ns o(
..1 t·r1 i C ttt"i } e l .:1\..' . Th e a pp1 ic ant f:>r any s ue h r e ;,1 ac c ~.e nt Bc.nd shal 1
p :,s L ~uc h sc cur i ty, pa ~, s uch co st s, and prese nt such proof of
o w:1 e rship and l o ss as may be rcq,drcd by a pplicable law, or in the
;1 bsc r.ce o f specifi c r c quiremc n L., as may b e required by the Bond
i•!:•rJ i s t rar.
Section 13, Di s po sition of B::>nd Pr 0ce eCs. The B:-nCs,
wh e n ex ec uted ,nd re~istered a s ;,r o vided by law, shall be
dcliv c.-r e d to tt1 Purchas e r, and pt·o c ce d s d~rived ther ~[rom shall.
be used exclusively for the purp:,s es of: (i) dep::,siting in the
B0 nd Ac co unt the ar.1ount of the accrued interest paid as part of
the purchase price of the Bonds, (ii) pa,ying the costs of issuanc e
of the Bonds, (iii) depositing in the Construction Account an
ar:,o~nt sufficient to pay the Project Costs, and (iv) funding,
tO \H~ther with thP. Escrow Supplement, the Escrow Account herein
a u t horized, Neither the Purchaser nor any su!:iseguent O,mers of
the B"nds shall b e responsible for the application or disposal by
the City or any of its officers of the funds derived from the sale
thereof.
All or any portion of the Bond proceeds may be
temporarily invested or reinvested, pending such use, in
securities or obligations which are lawful investments. It is
he:·eby covenanted and agreed by the Cit1• that the temporary
investment or reinvestment of the original proceeds of the Bonds,
or c,f any moneys treated as proceeds of the Bonds within the
meaning of Section 103(c) of the Internal Revenue Code of 1954, as
amended, and pertinent regulations, rulings, and decisions, shall
-41 -
t,l' n l ~li.,:h n ature and r•xten l, for suc h p eriod , a~d at s u ch yi e ld,
1 !1 ,tt t~1(' l'\:tn cl !:. ~hall n o t b (' o r bcco1:1e arbitr alJC b.:,n dr. ,dthin the
:·1 t.'t'1nin~1 o f S{'c Li o n l0J(c) o f the Interned R~v en ue Corle o f 19 54 , as
.,:-.,-:1dcd , .:,nj ['L'r ti nent re g ul a ti ons, rulin')s, and decisions.
s~ctio n 14. Thr ee P~r ce nt Mu nicipa l llse Ta,:. Titl e 4,
C!1 ap tt"'r 4, o f the Code prov id es for a use t ax upo n the privi l eg e
of :·.t 1•rin1J , usin,:J , or c onsliming within the boundaries o f the City
qf !'nri l cw:·,nrl , an ~' articles o f tan\1 i b l e personal pr o;)e rty purchascG
al r 1..•t .1i1 (r o~, so urc es o ut side the c o rpor ate li mits of the City,
as ,,01 ,· pc1rtic ul a l"ly s et fo1·l11 a nd limite d in the Cod e . Chapter 4
provides th at the use t a x portion of the municipal sal es and use
tnx sh a ll be d e;x,s ite d to a separate cap ital lmprovenent accoun t
,1 n rl used [or ca;,i tal i mproveme nt purposes. The use taxe s
,·.,ll ec t ed and depos ited to the cap it a l improves,ent account ·shall
h " plccc,.l i:i a Si,;b-accoun t within the capital improvement account,
,,.,u ,:t•pl se ;,aral~ a nd apar t from o ther funds•o f the City and shall
be iden tifi ab l e at a ll times ,
Section 15. Payment of Principal and Interest. The
P l edgeJ R,?ve nue shall be used only in the following manner and
orde!·:
A, Bond Acc ou nt . There Is hereby established the Bond
Account, Th e City covenants to deposit, from the Pledged Revenue,
nn or before the fifth day preceding each interest payment date on
Lh e IJ::,nds, Pledged Re ve nue to the Bond Account In amounts
~ufficient to pay the principal of, premium, If any, and interest
on the llond s promptly as the same become Jue and payable,
If additional bonds are authorized and issued at a later
date, which are payable from the Pledged Revenue, and which have a
li en on such revenue and the Bond Account on a parity with the
li e n o f the Series 1986 Bonds, then payments may be made to the
l\·1nd Account for such additional Parity Lien Bonds concurrently
.ith the payments for the B:lnds authorized by this Ordinance.
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ll, Bond Heserve 11£~..!· The Citl' shall de p o s it, fr om
t!·.c r c r.c rv c fund f o r the Outstanding Ro nds, the amount r e quir £-U t o
h t• de p o s i te d t o th o Rese rve Accoun t , ,,s more particularly
<.!•'!=.-.:ril i c d in the followin() section. If a dditional parity li <:n
b ~HHis arc a utho riz e d and issued, then depos its may be made to a
1 •.'!-L'l"\'C ti cco unt as additional security for such bonds: however,
t h e Rc.,ser v e Ac c ount created h e rein is security for the Series 1986
i h""'lnrJs on ly .
C . Oth e r Pur rx)ses . After making the payment s r e qui red
by s tt~ra r a \J i·aphs (A) and (Bl abov e , any remaining Pledged Reve n ue
fr o·n the municipal use tax shall b e used f o r the payment of th e
p rinc i p ;1l o f and interest on any additiona l use tax revenue bonds
h a •:i ng a 1 ien which is subordinate to the lien of the Series 1986
11 ,n1s , a nd f o r a r es e rv e a cco unt as additional s e curity fo r the
p .:~y ::i.C'n l of suc h sub ordinate lien bond s , or for the payment of a ny
c,:;,i t r1 l i mp ro v ements of the City, as the 'City Council inay fron
ti ~e t o time determine.
In the event that any other funds of the City may be
l a -·(ully a v ailable for the payment of principal and interest, the
Ci L y !'.lay ap;:,ly such funds for said purpo se.
Section 16, Reserve Account. There is hereby created
lh•, Reser v e !\ccount for the purpose of paying the principal of and
i nte r es t on the Series 1986 Bonds, if necessary.
The Reserve Account shall be established in the total
a mount of $300,000, by the transfer of the reserve fund for the
Outstanding Bonds to the Reserve Account. The Reserve Account
s hall be maintained in such total amount until such time as the
amount will be sufficient to pay all of the Series 1986 Bonds
which are then outstanding, and the interest thereon, at which
time such moneys may be applied to redeem and pay such outs t anding
Bo nds or to pay the same at their nonnal maturity date. If moneys
in the Reserve Account are used to prevent a default in the
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pay;n ent of th~ principu l of or interest on the Series 1986 Bond s ,
then s uch a.,.io unts s l:a l l bl· restored to th e Reserve /\cco unt as so o n
t h c r l'<.1ft:t:.•1· a s pos s ibl e .
Mo neys h e ld in the Reserv e Account may be invested or
de p os it e d as ~ay be directed by tbe Council and in accordance with
tlH' ,·1i ~rler and the laws of the State of Colorado relating to lhe
d C P-'',i 1· or i nves tr.i e nt of such fund and money s . The investment o f
the l\l•i·,{•rv c Ac count amount shall, however, be su...,ject to the
cover1.~:Its an :! pr ov isions hereof. The amount of the earnings from
s uc h inv esl:n4=nt o r Oepos its shall be d e po sited to the Bond
Acco unt. •
f o r purposes of this Section, Rl:!serve Account
in vestments shall be valued on the basis of their original cost
,111 ,i no l o n the basis of their curr e nt ma rJ.-.e t value.
Sec tion 17. Covenants of the City. The City t.~reby
irr c\'ocab ly cove nants and agrees with each and every Owner of. the
ll'1 nd s , that so long as any of said Bonds remain outstanding:
(a) It will not amend or repeal Title 4, Chapter 4, of
the Municipal Code relating to the municipal sales and use tax by
de creas ing th e current use tax rate of 3\, or in any way that
would adversely affect the amount of use tax revenues which would
ot h e rwise be collected. However, nothing shall prevent the City
fro:!\ a.,endin;i or repe aling Title 4, Chapter 4, in order to make
c e rtain chang es in the administration, collection, or enforcement
of such use taxes, provided that such changes are advantageous to
the City and would not adversely affect the Owners of the Rands.
(b) It will a1minister, enforce, and collect, Gr cause
to be administered. .rnforced, and collected, the use tax
authorized by Title 4 of the Municipal Code, and shall take such
n eces sary action to collect delinc,c.ent payments as shall be
authorized by Title 4, and in accordrnce with law,
( c) It wi 11 keep such b,Joks and records showing the
proceeds of the municipal use tax, in which complete entries shall
be made in accordance with standard principles of accounting, and
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.Jny 0-...·;1 •.:r o r h o ldt·r uf any o t the Bvnct s c hall have the right at
,,11 t i<:sonc1b l e.-timo:-s t o in!·,pe c t. lhe rc r.:o rdn ,,11d acc.:o unts rel.~tiny
l ,, tL·· col!c:>cti o 11 a n d r c-ce ipt s of su.:h u se t.Jx.
lt will, at le as t o nce each y e ar, co,use an o udit of the
1 1~1 ·o r ds r e l a ting t o the c o llection and recPi j')ts of the use tax
11 '\'Pnuos , an .1 upon r eq ues t, make availa b l e.• lhe repu rt of the
.11 1,:it .r o r accot:ntant, to any O,m e r of the Bo n ds , n nd shall mail a
S uch au ~it ~a y be made part
1.d :1 :d i1 ..:l u1 c.-C within t ~e t;cnc ral auj i t ::>f th e, City, c?n •j made at
t 114 , sr.·:i~ l i1 :1i:-as th e gen eral audit .
(d) That in the event the us e tax es of the City are
rcp l a c ~J a nd supc r ce<led b y a State-col l ec led, local 11 -shared use
l.D: o r l a x es , o r are re p lac e d and s uperced e d in s ome other manner
lr ,·n s :Y ;i(• n th e r so urc e o r sources, the r e v e nues derived by the
l'l L y f ro:n Si. i d repl ace:n e n t sour c e o r s o ur c es, as r ece iv ed by the
C i:\' s h a ll b e ap p r o priated in th e s a;,1e rnanrrer as if the City had
l e-.1 i ed a n d impose d a municipal use tax, and in accordance with
Title C of the Code, from and after the date of said replacement,
th ,, 5o n d s herein authorized, and any then-outstanding Parity Lien
B~nd s , sha ll have a first and prior lien, but not necessarily an
e x c lusive such 1 ien, upon such replacement revenues to the extent
th e r e in specified.
Section 18, Additional B:,n~s. No additional bonds
,;hall be issued payable from the Pledged Revenue and having a lien
upon such revenue which is prior or suoerior to the lien of the
Bo nds authorized herein,
However, riot hi ng in this Ordinance sha 11 be ~onstrued in
such manner as to prevent the issuance by the City of additional
bond s payable from the P ledg ed Revenue and constituting a lien
up::rn so id revenue equal
Do n ds authorized h e rein,
to or on a ~ with the lien of the
provided the City is current in the
p ayme nt of principal and interest for the Series 1986 Bonds, and
the Pl edged Revenue col! ec tcd or received by the City in the last
preceding fiscal year is sufficient to cover 1.25 times the
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,1v ,,ra ;0 c'l n nu,11 p ri n cipal and in ter e,,s t r c qui 1-emc nt s o n the
eo ul h l a n ci ing Ser i es I9e 6 B::>nds , anct the prOj)osed Pa r .t.y Lien Bonds;
i~--a-irliJ:J~, t he es ti ma ted Pl edged Re v e n ue t o he colle c t ed or
rl•ce i\·e>d in t he fi sca l year in wh i c h th e p r o r osed Pa rity Li e n
ll :>!d s ,..;11 be i s sued , s h a ll be at l ea st eq u a l to 1.25 t i.m e s th e
averil:1" annua l pri nc i pa l and i n terest r e q uir ements of t he Se r i es
1 986 !l :,:i,l s a nd t h e p ro pose d Pa ri ty Lien Bo nds . Th e projec ted
;>l 0 :~9 e 1 R,:-venue s hall be d e tenn ined by an in ,1ependent Cer t ified
Pu~l ic .-\cco unta~t , as d es i gna t e d b }' the Cit y. In the event tha t
th-? perCL'ntaqe,, of t he mun ic ipal use t ax h as bee n in crea s e d d u r i ng
t h~ precerl in~ o r cu rren t fi s cal y e a r , then th e Ple dge d Reve nu e can
t.,e d<>tcnn in e d by a p p lying the new pe r centage t o the amount o f us e
t :"''" act uall y c oll e cted during s u ch pri o r fi s cal year, fo r t h e
p111 J)"'Se of dete rmining c o np l ian ce with the pr i or yea r coverag e
n?quireille nt.
No t h ing herein shall pr ev ent the C'i t y fr o m issuing b ond s
p a y ab l e f rom th e Pledged Revenue and having a lien thereon which
i s j uni o r a n d s ub ordin a te to the lie n of the Bo nds authori zed
here in .
Secti o n 19, Co nstruction Account. The r e shall be
d epos it ed into the Construction Account the prnceeds from the sal•:
o f th e Bo nd s re~aining after the deposit s to the Bond Account hav e
bee n ma de as s e t forth in Se ction 13 herein, and a f ter payment of
th e e xpe n se s of issuance of the Bonds, including the underwr i ting
d is=ount. All moneys deposited in the Construction Account shall
b e applied solely to the payment of Pr oject Costs. All sums
derived from the investment of moneys in the Construction Account
shall remain ir, and become part of the Construction Account, When
all Pro j ect Costs have been paid, any balance remaining in the
Co nstr uction Account shall be credited to the Bond Account.
Section 20. De feasance. When all principal, interest
an d prior red emption premillns, if any, in connection with the
Bonds hereby authorized have been duly pa id, the pledge ,and 1 ien
and all obligations hereunder shall thereby be discharged and the
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n .,:1 ,!:·, ~ha ll n o l on.Jer be d eemed to be o ut.sL.1ndin'J within the
Th ere s l,a ll be dc 0m ed to be s uch due
J•.i'/:: r•ri t. ¥>'hen the City har. placed in escrow und in trust with a
t·q·:-,·n,·r c i a l bank loca t ed within o r \d thout lhc S tat e of Co lorado,
.ind exerc i si ng trust p ::i wers, an i\JTloun t suffi c ient { including the
~.11r)v,·n r,in i mu1\ yield fr om f e deral Secu riti es in whi c h s uch amount
1:1.1y init i ally be in vested ) t o meet all requir <:'me nt 'i of principal,
intere s t., and pr i o r red e mption prcmi u:n , if any, as th e sar.111 beco:ne
du,_. to t h ('ir final matur iti e s or ur>::>n rl es iynated prior r eden ption
d,L 1.-Tl1c r c-deru l Sec uriti Hs shal l bec ome due at or prior to th e
r c ~·;•(•c t i vL• Lirr1es on whi ch the proceeds t hereof shall he needed, in
,i ccorrla n c c with a sc hedule established and agreed-upon betwe e n the
City anJ such hank at the tim e of thd creati o n o f the escrow, or
lh•· FL"dl.!t·a l Scc ur-iti c:..; sha ll be subject to red e mption at the
op t 1 0 n o f the holders thereof to assure s uch availability as so
11 e1..•.J ed tu mee t s uch s che ~l ul e.
Sect ion 21. Escrow Ac count: Use of Proce e ds. There ls
h cret,,• es tablished the Escrow Account. The proceeds of the
R0 funOi rvJ Bo nds , l ess ce rtain costs and expenses of issuance
payable ther efrom , which expenses are hereby authorized to be paid
fro:n th e proceeds of the Refun ci ing Bonds, shall be deposited by
t he Cit)' in the Escrow Ac count to be established and maintained at
th r• Ba n•:. In addition, the Escrow Sup p lement, or so much thereof
as r:i ay be necessary, sha ll be de posited by the City in the Escrow
Ac count for the purpose ,f supplementing the proceeds o( the
Re funding Bonds, and such use thereof is hereby authorized.
The Bank is hereby authorized ar,d cH~ected to use such
moneys to provide for the payment of the acquired obligations to
be held in the Escrow Account and to fund the Escrow Account with
lhe n ec essary b egi nning cash, if any, as requ i red in accordance
wit h the escrow sufficiency computations verified by a Certified
Public Accountant.
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I
Thcrcup<J n, l he ba l a nce, if any, of Re fundin g flv nd
p r o ct·ed ~ held by l he Hn nk, l h,; City , o r ar1y ot he r per s nn, s hall be
.~ Ci"':> 5 it '?d in the Bond Ac coun t. The [ore<Joing provision e li.,11
11pply r,nly to exct'!'S S funds in lh e E!3crow Account on hand at lhe
lime nf del iv ery oft.he Re funding Bonds, and no further
d i s t r i:1ut i o n of funds on h and in the Escrow Acco unt s h a ll be mad e
t o tth• City exce pt at the time of t et-min a tion of the Escro w
A;rc·e:-h.•nl or ,,s pr o vided th erein.
SC>clio n 22 , The tsc ro,•
Ac c o unt , 1nclujing therein the pr oceeds o f the R1?funding Bo nds an d
th,• Es .:r u w Su ppl e ment, when inves ted by t he tlank, shall at all
l i mes b i, 3t least sufficient t o pay the: principal of, premium if
1nterr-,st o n the Outstanding Bonds, un der and in
,ll·~o rdan cc with the f ollowing sc hedu le:
(A) The Outs ta nding Bonds maturing on No vember 1,
1 986 , s h a ll be paid and retired at the i r maturity date according
l o the ir original terms.
(1:3) The 0Jtstanding Bonds maturing on No v emoer 1,
19 87 a nd thereafter, shall be called for redemption in advance o f
th e i r maturity dates on November
ac cr ued interest, and a premium
r edeemed .
1, 1986, upon payment of par,
of 1,00\ of the amount so
(C) Inter es t on the Outstanding Bonds which cones
due in the year 1986 shall b e paid on the proper interest payment
elate according to the original terms of the Outstanding Bonds,
Section 23, Investment of Escrow Account, In accord-
ance with the L~crow Agreement, the Bank shall invest the funds on
deposit in the Escrow Account in Federal Securities only, and
'· s hall fully secure any cash balance in the Escrow Account in the
manner required by law for other tn·-t funds: provided however,
that the Bank may suostitute obligatlons in the Escrow Account
pursuant to the Escrow Agreement,
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S"c tion 24. Mditional DepC>sits. If for any rea s on the
<1-:1o u nt o n hand in the E.s crow Ac count shall be at any time
in !"'u(fici c nt
int c r (:s t o n
:11hi p3yab l e
r 1 1 y shall
tc-ml'e l p o :,1 ments o f 1~r in c ipal of, premium if any, and
the Out s landing ll o nd s , as the s;ame shall become due
in a c c o rdance with the s c h e dule set forth herein, the
fl c thwith deposit in the Es crow Account from Pledged
additional funds as may ~• required to pay the encire
.1 :n0 u n t ab ou t t o b C"co·nc> d ue and payable.
Ob li ·Ja tions of Ban~. The Bank sha 11 from
l i :n1J t o t 1mo req ecm at m-3,turity all or a p o rtion of the Federal
S0 c uriti Ps in the Esc Lo w Acc ount in f;ufficient amounts so that the
pr oc e e d s t h..-refrom and the interest thereon as the same accrues
wi 11 t>e s ufficient to pay the prin,:ipal of, pre:niu:n if any, and
i n h .·rcst o n t he Ou t st a nding Bonds CH, the s ame become due or are
c .1\ l ed p .-io r to ma turity in accordance with the schedule set forth
h t.>r t.• in.
Se ction 26. Notice of R-a funding, Call, and Rede:nption.
Th e Dir e ctor of finance of the City is hereby authorized and
directed, and ~e shall give notice of refunding of the Outstanding
Bo nds at or a .J ut the time of such refunding. Unless additional
and more extensive no tice ls required by law, notice of. such
r e [unding shall be sent by certified mail to the following, at the
l~s t known address thereof:
( l) Kirchner Moore & Company
2700 Petro Lewis Tower
717 17th Street
Denver, CO 80202
(as orlginnl purchaser of the Outstanding
Bonds)
(2) The First National Bank of Englewood
Corporate Trust Department
333 W. Hampden Avenue
Englewood, CO 80110
(as paying agent for the Outstanding Bonds)
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I
( 3) Consol iclated Bond Ca 11
United Rank of OQnVe r
On e Unitecl Bank Ce nter
I 700 Broadway
D&nver, CO 80274-0120
In addition, not mor e than 30 days and not less than 15
day5 prior to November l, 1986, the Bank, as the bond registrar
for th e Outstanding Bonds , shall give noti<:e of call and
red,:,mpl ion for the Outst a nding Bonds by ma'l ing a copy o f the
redemptio n no tice b y fi rst class mail (po stage prepaid) to the
o ~n er of each Oulstanding Bond to be redeemed at the address shown
011 the registration books maintained by such bond registrar.
Section 27, llmendm e nt. Within the limits of applicable
l.1w, any limitation in this Ordinance may be waived or modified by
th ,· wri tlcn consent of the Owners of Bond s representing seventy-
I ive percent (75%) of the then-outstanding principal amou1t of the
B 1nds ; pr o vi ded ho...,·ever, that the written co~sent of the Owners of
all Bond s is required to:
(a) Extend the maturit 1 of any Bond;
(bl Reduce the principal amount or interest rate of any
Bond;
(cl Create a 1 ien upon the Pledged Revenue ranking
prior t o the lien created by the Ordinance;
(d) Reduce the principal amount of the Bonds required
l o r consent to any waiver or modifications; or
(e) Establish priorities among jnds.
Section 28. Events of Default. It is an Event of
tx!fault if:
(al
City when due
( bl
City when due.
( c)
~ayment of principal of any Bond is not made by the
at maturity or upon prior redemption.·
Payment of i ntcrest on any Bond is not made by the
The City is not capable of fulfilling its
obligations hereunder.
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(d) The City dcfaul ts in the punctual pcrfonnance of
i t ~• <..~u\'e n a :1ts h er eunder f o r 60 days after written no tic e shnll
h 11\'C bt.:·e n giv e n by the O..,,nurs of n o t 1 e sn than 25t o[ the
o ut~tandin() B::)nds.
Sec tion 29. Re medies. Upon th e happening of any Event
0 f De fault, the o,,.n e r or O.-ncrs of not les s than 25\ in r,rincipal
,,mnu nt o f the o ut s tanding Boniis, or a trustee ther e for, may
pr o t ec t and enforc e the rights of any Owner by proper leg al or
equ it ab l e remed y d ~emed most effectual including mandamus,
!'",jJ .__•c ific p e rfoanance of any covenants, the appoinbnent of a
r ccc iv c r ( the c o n s ent of su c h appointment being hereby •Jranled),
injunctive relief, or rcquir ·.ng the Council to act as if it were
t h1..~ tru s t.cc of an express trust, or any co~bination of such
f l':10 die s . All proc eedings shall be maintained for the equa!
i><'11 c fit o f all Owners. The failure of any Owner to proceed docs
no t. rel i e vc the City or any person of any I i-ebil ity for failure to
p,,rfo tT.l an ·• duty hereunder. The foregoing rights are in a d dition
to any other right available to owners of Bonds and the ex e rcise
of any right by any Owner shall not be deemed a waiver of any
n th,,r right.
Se ction 30. Authorization to Execute Collateral
Do cum e nts. The Mayor, City C'erk, other officers of the City, and
the memb e r s of the Council are hereby authorized and directed to
Lake any and all actions necessary or appropriate to effectuate
the provisions of this Ordinance, including but not limited to:
(I) the execution of a proper Escrow Agreement with the Bank
co,,cerning the deposits in, investments of, and disbursements from
the Escrow Account; (ii) the execution of the Paying Agent and
Re gistrar Agreement; and (iii) the execution of such certificates
and affidavits as may reasonably be required by the Purchaser.
Section 31. Declaration and Findings. The Council,
h,w ing been fully informed of and having considered all the
pertinent facts and circumstances, does hereby find, determine,
and declare:
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(A) The funds and investments to be placed in the
Es c row Ac count, together with interest to be derive d
frorn suc h inv e stmen ts, arc in an amount which at all
ti mes shall be sufficient to pay the Outstanding Bonds
as they become due at th eir respective maturities, or as
thPy ar•, c :,lled for prior r e dem pt i o n, as to principal,
prl•tn ium if any, and int eres t, and the computations made
in c.!e tr>rff'i nin(J such sufficiency have been v e rified by a
Ccflifi ed Public Accountant; and
(ll) The issuance of the Bonds, the refunding of the
U11tstand ing Bonds, and all pro cedures und e rtaken
in c ident ther e to, are in full compliance and conformity
with all applicable requirements, provisions, and limi-
t ations prescribed by the constitution and laws of the
St ate of Colorado thereunto enabling, and by Sections
105 ;,nu 106 of the Charter; and
(C) Entering into and completing the refunding
program herein authorized at this time will enable the
City to postpone: the matur.ty of a portion of the
Outstanding Bonds to a later date and can reduce the
interest payable on the Outstanding Bonds.
Section 32. Costs and Expenses of Issuance. All costs
;,·,cl e xpenses incurred in connection with the issuance and payment
,, the Bonds, and all expenses related to the refundin~ procedure,
shall be paid either from the proceeds of the Bonds, or from
legally available moneys of the City, or from a combination
thereof, in an aggregate amount not to exceed $65,000, and such
moneys are her e by appropriated for that purpose.
Section 33. Ratification and Approval of Prior Actions.
All actions heretofore taken by the officers of the City and
members of the Council, consistent with the provisions of this
Ordinance, ri!lating to the authorization, sale, issuance, and
delivery of the Bonds, are hereby ratified, approved, and
confirmed.
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s ~ction 34. Approval of Official Stat-,ment. The
r r 11 nc il h e r chy approves the Preliminary Official Statement dated
.Jun e 25, 19B6, in the form pr ese nted at this meeting, and
il utho ri ,es the prepa r ation of a final Official Statement
l'<l nta i ning any upd a ted inf o rmation regarding items described in
the Pre liminary Official Statement which become known to the City
p r iOL t o the date of de! ivery of the Bo nd s, Copies of the
Preliminary Olficial Statement an1 final Official Statement are
her e~y auth•.·r ized to be distributed by the Purchas e r to all
int e re s ted pe rs~ns in con11cction with tl1 e s a l e of the Bonds.
Sectio n 35, Ordinance In·epeal ab l e . Aft e r the Bo nds
arc issue d , thi s Ordinance shall be and remain irrepealable until
th e Bonds anti the intere s t accrued the reon shall have been fully
p r'l id, satist i ed , and discharg ed .
Section 36. R0 pealer. All ordinances, or part s
the reof, in conflict with this Ordinance ar11 hereby repealed, but
only to the rxtent of such conflict,
Se ction 37. Severability. If one or more sections or
part s of this Ordinance shall be adjudged unenforceable or
invalid, such judgment shall not affect, impair, or invalidate th e
remaining provisions of this Ordinance, it being the intention
that th e various provisions hereof are severable,
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I
Hl c n ,cli n'l n nd t\111hc-ntication. I ium<· d i at c, I y
c,i , 11 i p .1i .s,1-,:v thi s lJ1t!i nn nc "" s llull b•· 1·l·c nrckd in a b o o)·. kept for
tL ,.t J1lJ1J 1r,~<·, nut li cril lt',1 t1•d by the si~~naturc,~. o( tt1c Mc1}'o r anO
C:it\' Cl ·r~., ,11 h1 !hal l be· 1 •1 t>ll ~hed in u cco1·di1n cc with lbw. Thi s
0 1ll;•""cc· sl·,a JI bcco,aP t fl ec tive thirty (30) days after
put,l 1 ,._:11 1 0 11 f o ll l"l \•:in ;i { ~ nal passage.
fnt·roduccci, read in fulJ, and p.:i titie d on f i r s t reading o n
I li e 7th rlay of July, 1986 .
Published a s a Bill f o r an Ordinance o n the 9th day of
,July, 1986.
Re ad by title and passed on fi nal reading on the 28th day
of July, 1986 .
Published by title as Ordinance No.J./,5', Seri es of 1986,
on the 30th day of July, 1986 .
/\Lt c~t:
f;J'ijene L. Otis, Mayor
Patricia H. Crow, City Clerk
I, Patricia H. Crow, City Clerk of the City of Englewood,
Colorado, hereby certify that the above and foregoing is a
true copy of the Ordinance f1~sed on final reading and pub:ished
by title as Ordinance No . ~. Series of 1986.
~--.f✓ClJ
Patr1c1a H. Crow
54