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Home My WebLink About1993 Ordinance No. 047• ORDINANCE NO . .!Ll SERIE.5 OF 1993 BY AUTHORITY COUNCIL BILL NO. 50 INTRODUCED BY COUNCIL MEMBER HABENICHT AN ORDINANCE AUTHORIZING CERTAIN AMENDMENTS TO THE FINANCING DOCUMENTS EXECUTED IN CONNECTION WITH THE CITY OF ENGLEWOOD, COLCltADO VARIABLE RATE MULTIFAMILY HOUSING REVENUE BONDS (THE MARKS APARTMENTS) SERIES 1985 B; RATIFYING CERTAIN ACTION HERETOFORE TAKEN; AUTHORIZING THE EXECUTION AND DELIVERY BY THE CITY OF A CERTAIN FIRST SUPPLEMENTAL INDENTURE OF TRUST AND FIRST AMENDil'.ENT TO LOAN AGREEMENT AND BOND AMENDMENTS AND CLOSING DOCUMENTS IN CONNECTION THEREWITH; APPROVING THE SALE AND TRANSFER OF OWNERSHIP OF THE PROJECT FINANCED WITH THE BONDS; AND REPEALING ACTION HERETOFORE TAKEN IN CONFLICT HEREWITH. WHEREAS, th• City of Englewood, Colorado is authorized by the County and Municipality Development Revenue Bond Act, constituting Section, 29-3-101 through 29-3 -123, inclusive, Colorado Revised Statutes (the • Acti , to finance and refinance one or more projects, including any land, building or other improvement, and all real and peraonal properties, whether or not in existence, which shall be IUitable for ruidential facilities for low and middle income families or penon1 and intended for me u the aole place of residence by the owners or intended occupants to the end that more adequate residential housing facilities for low and middle income familiea and penom may be provided, which promote the public health, welfare, safety, convenience and prosperity; and WHEREAS, the Act authorized the City of'Englewood (i) to issue its revenue bonds for the purpose of defraying the cost of financing or refinancing any project and all incidental expenses incurred in connection with the iuuance of such bonds, (ii) to enter into financing agreements with others for the pu,poae of providing revenue a to pay the bonds authomed to be issued under the Act and upon such terms and conditions u the City Council of the City of Englewood may deem advisable, and (iii) to aecure the payment of' the princip'II of. pr .mium , if any, and interest on such bonda u provided in the Act; and WHEREAS, the City previously iaaued and aold its Variable Rate Demand Multifamily Housi ng Revenue Bonds (The Marb Apartments) Series 1985 B, in the aggregate principal amount of$18,100,000 (the "Bondsi, in order to provide financing to HG Venture II, a Texas limited part.nenhip (the "Developer"), for the acquisition, construction and installation of a multifamily rental housing project (the "Projecti located within the City of Englewood , to be occup ied partially by individuals of low or moderate income within the meaning of and for the period requi_red by Section 103 (b) (12) of the Internal Revenue Code of 1954, as amended (the "1954 Code 1, all for the public purpose of'providing more adequate residential housing facilities for low and middle income familiea and peraona; and WHEREAS , the Developer and Wellsford Reaideocial Properties Trust, the proposed purchaser ofthr Project, have requested the c;ty of'Ene)ewood add to and amend the Indenture of Trust dated as ofDeeember 1, 1985 (the "lndenture"),t,etween the City of Englewood and Mellon Bank, N. S. as Trustee (the "Trusteei and the Loan Agreement dated as of December 1, 1985 (the "Loan Agreemenli between the City afEni:l ewood and th e Developer; both agreements being executed in connection with ll-.e .,iginal issuance of the Bonds; and -I - WHEREAS, the City hu determined, lubject lo the con-t al'the Developer, the Tru1tee, the Credit Bank (aa deftned in the Indenture) 1111d 111ch other putiu whole con■ent 11 requirl:d under the lndaabue 1111d the Loan Apeement, that it i1 adviuble and in the be at inter11t of the Cit;y lo canaent lo the propoeed am.,dment■; 1111d · WHEREAS, the City de1ire1 lo approve the ■ale and tran ■er of the Project. lo Well.Cord Re sidential Properti11 Tn&lt, or it■ parent or one oC it■ afflliale■; 1111d WHEREAS, there have boen preNntad lo the Enalewood City Council (i) the propo ■ed form of First Amendment lo Loan Acreement, dated u of October 1, 1993, between the City of En11lewood and the Developer (the "Amended Loan Ajp'eement") and (ii) the propo■ed fonn ofFir■t Supplemental Indenture alTruat with rupoct lo the Bond■, dated u of October 1, 1993 (the "Amended Indenturei betwNn the City ol'En&lewood and the Tru■t.ee; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, THAT : &wsm..l. All action (not inconli11A!nl with the provi■ion1 of thia ordinance) heretofore tak en by the Englewood Ci ty C<uncil and the officers of the City directed toward the an1endment of the Indenture and the Loan A&n,ement therefor be , •nd the same is hereby, ratifi ed, approved and eon fin7J ed . ~ The forms , tum• and provi1i on■ of the Amended Loan Agreement and the Amended Indenture are hereby approved and the City ■hall enlA!r into the An, 'Tided Loan Agreement and the Amn ded Indenture 1ubatantially in the forms of 111ch dUC'~menla presented to the City Col 1J101 at thi1 meetinC, 1111d the Ma.yor althe Cit;y of Englewood is hereby authorized and cllffCted to uecute 1111d deliver tht Amended loan Agreement and the Amended Indenture and the Ei,ilewood Cit;y Clerk ia hereby authorized and directed to affix • the City Seal to and to au.st tl• Amended Loan Apeement and the Amended In .. .onture . la'1il2n.l The forms, terms and provision■ of the Bondi u am<0nded and supplemented by the Amended Indenture, an hereby ~pproYed; and the Ma.yor of the City ofEn11lewood is hereby authorized and directed to ueaite any neceua,y amendment to the Bonda and the Englewood City Clerk is hereby authorized and di rected to affix the Seal of the City to t.:,e amended Bondi and to attest the amended Bondi. The lipature, of the Mayor and th e City Cl erk on the amended Bon ds and the Seal of the City on the amended Bond a shall be affixed manually o:-by facsimile . Sw.iluJ..j. The officers of the City of Englewood ■hall take all action in conformity with th e kt nece saa,y or reasonably req•Jired to eft'ectuslr.e the amendment of the Bonds , as contemplated in the Amended Ir.denture and ■hall take all action in confonnity with the Act necessa,y or desirable for car,yin.~ out, pving eft'ect to and consummating the transactions contemplated by this ordinance and the Amended Aj:reement and the Amended lnd~nt -,, includ ing without limitation , the execution and delive,y of any certificates to be delivered in connection with the amendment of the Bonda. ~-Th e coat offinancin11 the Project will "'ntinue only be paid out of the proceeds of th e Bonds and none oftbe Bonda will be the general obligation of the City nor shall any of the Bond s, including interest thereon, con■titute the debt or inclebtedJIHa of the City within th e meaning of the Constitution or 1tatute1 of the State al'Colorado or of the home rule ch arter of any political 1ubdivi1ion thereof, including the City, r.or ahall anything contained in thi s ordinance or in the Bonda, tho Loan Agreement, the Amended Loan Agreement, the Ind enture, the Amended Indenture, or any other instrument give rise to a pecunia,y liability of th e City or a charge upon the general credit or taxing powers of the City, nor shall the -2 -• • • breach of any agreement contained in 11111 ordinance, tho Bonda, the Loan Ae,-eement., the Amended Loan Ae,-eement., the Indenture, the Amended lndentun impou any pecuniary liability on the City or a charp upon the pneral cndlt or taxing ponn ol the City, the City havinc no power to pay out ofita pneral fund, or otherwiae contribute any part of the costa of financing the Project., nor power to operete the Project u a buaine11 or in any manner, nor shall the City condemn any land or other propertJ for the Project nor contribute any land or other property to the ProjecL Nothinc contained in thi1 ordinance or the Loan Ae,-eemcnt., the Amended Loan Af,reement., the Indenture or the Amended Indenture 1hall give riae to any personal or pecuniary liability of any officer, employee or agent of the City. ~-The City hereby consenta to the transfer of ownenhip of the Project to Wellaford Residenaal Properties Trust or its parent corporaaon or one of ita affiliates. ~ If any secaon, paragraph, clause or provision of this ordinance •hall for any reason be held to be invalid or w,enforceable, the invalidity or unenforceability of such section, paragraph, clause or provi1ion 1hall not efrect any of the remaining provisions of this ordinance . ~ All bylaws, orden, resolution ■ and ordinances , or part.a thereof, inconsistent herewith and with the documen ts hereby approved, are hereby repealed to the extent only of such inconsistency. This repealer shall not be con strued as revivin& any bylaw, order, reso lution or ordinance, or part thereor. ~ This ordinance shall be in full force and efrect 30 days aft.er final publication foll owing final puaage. This ordinance shall be recorded in the City of Englewood Book of Ordi nances kept for that purpose, and shall be authe11ticated by the signatures of the Mayor and Ci ty Clerk, and published in accordance with law . 1993. 1993. Introduced, read in full , and passed on fint reading on the 20th day of September, Published as a Bill for an Ordinance on the 23rd day of September, 1993. Read by atle and passed on final teading on the 4th day of October, 1993. Publi shed by ti tle a s Ordinance No ."!Z, Series of 1993, on the 7th day of October , ~EST : . i~a;l,w,ca , a/_/ fl ,<UAL Patricia H . Crow, City Clerk I, Patricia H. Crow, City Clerk of the City of Englewood, Colorado, hereby certify that th e at ,ve and foregoing is a true copy of the Ordinance psssed on ~ reading and published by title as urdinance No . 'i2., Series of 1993. ~@9&'& Patrici a H. Crow -3 -