HomeMy WebLinkAbout1994 Ordinance No. 015ORDINANCE :-10 . 6
SERIES OF 1994
BY AUTHORITY
COIDICIL BILL :-10 . U
INTRODUCED BY COL-:-I CIL
MDIBER HATHAWAY
.'.S OR:i l. A .. '<CE OF THE CITY OF E. "GL E WOOD, COLOF-->.DO, AUTH OR!ZIXG THE
SSL" ,..'ICE OF TH;;; CITYS GE:-."ER..-U. OSLIGATI OX REF1.-:-IDIXG BOi\'DS, SEP.ES 199 -IA. IN
TEE AGGREGATS PR!XCl?.U. A..\IOL"X:' OF S3,340,000, A..'<D ITS TA.XABLE GE :-I ER..-U.
O ELIGATIO :--r WA:'ER REFl"'.'i"Dl'.'IG B O~iDS, SERI ES 1994B, I'.'/ THE AGGR;c GATE
l'?J XC IP .-U. .-\...\I OL-XT O F SU75,v~1 : PRO•; DIXG FOR THE DEPOSIT OF c:::R':"A •.. BOND
?:.OC EED S ,-\...'<D , T O TH ;;; EX7D"T XE C ESS.-\...~Y . OTHER ~1 O1'Ei'S OF n::=: CITY T O A
S?SC UL ES C RO W .-\...,D T :tl"S7 AC COL" ::-F OR THE PAi:.IEXT OF THE s o:-.·D ~ SEl:'.'IG
:':EFL"XD ED: PRO•:::>IXG FOR T HE P.n:.1::::-,:-OF THE BOXDS FRO:,!_,._,-, LEG.-U.LY
.•::.•.IL\BLE ~1O:-.·E YS OF T!-iE CITY . r:-.·ctl"Dl:-,CG THE PR OCESDS OF A:J VAL ORE:,I
T.,x:::s , AC'iD :,l.'.KIXli CERTAIX c ov :=::-iA:-.:1'5 IX COX:-IECTIO:-,C T!-i:=:REWITH ;
?ROVID IXG FOR TH:=: FOR..\!. P.\\,IEXT, _,_,D OTHER DETAI LS 1:-,--CO:"i-XE:::TIOX WITH
7 :-:E EO:-IDS .. -\...,D ?.;c?~•.L!Xf., IXCO XS,S:'E:","T ORDl:-,C.-\...'<CES .-\...,D ACTIOX.:.
\\"HE:RE.l.S , the Cit:,-ot E:ig!t\•·ooi.i , .-'-::ipahce Coi..:r:cy, Co ic r:ido (t:'le "Cit:: .. ), is l ~c::-:1! :-.. de cit-/
:.::C polit.:c :i l st:.CC;•,':.:io n cf t:i::! ::t:ite of CJ o:-a Co, C· .. dy >rg::i.niz ed ::t.nd operating ::.::Ce:-it..s City
:·.:?r:e r (the "Ch.:i r:e:-·j , a:;,d t:le constit:.::::0:1 r.C a•,.,·s of t.~e St J.t e; a.;-:d
WHEREAS, purs~:i.s: :o P,n III, Sec::on 10-: oi :~e C .. ,r.er: (i) t oe Ci,y Coun d ,.:..':, "Council")
h~s the power to is .:n.:.e ge:.eral oblig-:ition bor.Cs of t'.-:e Cit:,, for any pu bli c c:tp it:i l ;:1,;:;:::os e, upon
=.~jo l"":::,.· vote of t.1.e ret,sce:ed eiec:ors of t..~e Cl::: vi:i t:ng t~ereon .:it a spec:.Jl ele c:!or:. ,~\'1 C:eC that
w J.:er e:,:tens io n a::C w.ite : i r:,,;irove □e:"lt b c:ids ::-:ay be isst.:ed withou t ar: e!e.::or. upon
A::eterm ination to t:":3.~ ef:ec: by d1e Coun c:i: anC dD t.~e to t.1.I o t.:t!it.J.nCir.g ger.e :-:i l ob ii g:itfon
9-'":C:ebtedness of the Cic:,-, ot.i er t.'1:i., for water bonCs , sh:iH not at any time e:,:ceed thre~ ~er.:e r.t (3~)
cf :.i:e assessed valt.,:.ar.fon or the ta."t.1b le prc;:er:;; wit.iin t.~e Cit:,-as shown by the i:t3t preceding
C!.!ussm ent fo r tax pi.;...-;:oses; and
WHEREAS , at a spec:al e!ecdon or the Qt.:3 ifi ed electors of the Ctt-J, duly c:i l ed a.i d he ld on
:-:.1esC.:i y, i\fay 17, 19S 3 (t he "1983 Elec:ion"). in accordance with law l.nd pursuant tc Cue notice, a
=.:tJo r.ty of th ose qualified to vott and voting at t.ie t9S3 E !ec:ion voted in fa vor of t:ie issi.::ince of
ge::er.1 J obli ga.tio n inciei::ne~iess in the aggrepte pri nc:pal !l:ncunt of S4 ,680 ,0 00 , for t:':e pur;:ose of
;:ro\iding ce rt,ljn im;::roveme!"tts, t.ie quest:o n re la t ing thereto bei:ig as follows:
.. Sr .:i ! t:"le Cit;: cf Engle•.vooC:. Arl;:nh oe Cou nty, Co lo r:iCo, be
n1.1t:~crize~ to iss ue ge ne r:1 1 ol:::ip::o n bon Cs in the pl":nc !pal.am ount
not to e:c:ce !d S4,6C0,000, co bea::-ir:ceres: o.t :l m:l.."t.ir:,,um net effe ctive
inceres: r:i t e not r.o e:o.ceed 11 2% per an num. to rr.ntu re ser~a lly
wich:r. 20 ye:irs of the ir d:ite, for t he pu:-;i ose of ncqi.:iri ng Inr:.C: and
cons::-t.:c::ng anC: equ ipp ing a co;:::nu n icy center l.nd re lated
nppi.:.:-~e:,a:1ce s, fo r the Cit;:?'·
\\"H ER~ . .\S . the retur:i s of the 19S3 Elec::o n we:-e du ly c:inv:i ss ed and the resu lt ~::.e re ct du ly
C,ed::1 reC; a nC
IVHER.E...\S, aubsequent ta the 1983 Election, the City duly authorized, sold, iuued, and delivered
to the pun:hosers thers of its G.tner:il Obliiotion Bonds, Series 1983, dated October 1 1983
originnlly issued in the ng:,-eg.ite princi pal amount or 34,600,000, and now outstandinr' in th~
ag::,-eg,te pnncipol omount ofS3,210,000 (the "Series 1983 Bonds,: and
WH ERE.-'..S , the Series 1983 Bonds maturing on and after December l, 1994, are subject ta
r edemp tion prior to m::iturity, at the optio n of the Cit:,·, as a whole or in integral multiples of SS,000,
in in ve rse order of their matur!ty, on De cember l, 1993, and on any interest payment date
th'!r e:ifter, u .:on payment of par, accrued interest, plus n premium of 1.00% of the prinC:pal amount
so redeemec: and
111lEREAS , the prince po l oi, premium if any, and interest on the Series 1983 Bon ds ore payable
.o.: .l,.fii ib:~C Firs t :,.;~t10n :1I Bank of Engle wood, in E;i glewood, Colorado, as paying agent; and
WHERE.l.5, pursu:int to the Cha~er, the City has he re tofore duly autho ri zed, sold. issued, and
Ce liv ereC to the pcrchasers thereof its Gener::il Oblig:ition Water Refunding Bonds, Stries 1985,
Cated July l, 19S 5, originally issued in the awegate principal amount of 55,325,000, and now
outs t~n di ng in the aggreg:,,te princ:p:1 1 amount ofSl,790,000 (the "Series 1985 Bonds''}; and
WHERE . .1..S, th e S e rie s 1985 BonC:3 m:itu rin g on and after Aug-..1st 1, 199~, are subject to
re der:i ptio n prior to m::lturit;:, at t.~e option of the Cit;,, as a who le or in integral mul::;,l es of $5,000,
in i:1 ·,·e rse order of their maturity, on .-\t:.g'.lSt 1, 1993, and on any inte rest payment d!lte theresfter,
upon paym ent of par, accrued intere st . plus a p re mium of 1.00% of the princi;:al amount so
r eC:eemed; and
WHERE.->..S , the princ:pol of, premium ii any, an d interest on L'ie Series 1985 Bonds are payable
at T~e First :-lational Bonk of Englewood, in Englewood, Colorado, as paying agent: and
A WHE REAS, collectively, the Series 1983 Bon ds and the Seri es 1985 Bonds are reierred ta herein
-as the "Outstanding Bonds~; and
WHERE.->..S, none of the Outstandinir Bonds have heretofore been refunded, nor h n,•e a r y of the
s.ime been redec~ed or otherwise paid, cancelted, or retired by the Ci ty; and
\VHERE.~. pursu~nt to Part III, Section 107 or the Charter, the Cou nc il may authorize, by
ordinance, without an election, issuance of re funding bonds fo r the purpose of paying outstanding
bonC.; of th e Ci ty: and
WHEREAS , afier extended discussions and consu tatio n, it h:,s l•en determined by ~e Council
that by entering into and completing a refunding program at this time, the Council can : (i) reduce
t!.e ne t er.'ec:ive interest rate of the obligations represented by the Outstanding BJnds: (ii) reduce
the tot31 in terest payable over the life of the ob li got:ons represented by the Out,tondin g Bonds by
is3U !:i g bond s a t a. lower net interest cos t, or having a lower net effective int•~rest rate; and (iii}
red uc2 the tot:1 1 princip.:?l and interest payable on the ob li gations represented by the Outstanding
BonCs or the p rincipal and in terest payable thereon in nnr particular year or .Years, or effect other
econo mies; an d
\l'HERE.-'..S. L'ie Council hns determined and hereby determ in es that it is in the bes t interests of
the C ity, and the residents and taxpayers ther,:o f, that the Outstanding Bonds shall be refunded and
ta 3 : io r such pur;,ose there sholl be issued: (ii Generol Ob ligation Refun ding Bonds, Series 1994A,
in the :i ggreg :i t e princi p:11 amoun t of S3 ,34 0 ,000 (th e "Series 199~A Bonds"), an d (ii} T:ixable
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C•neral Ob lig:irion Water Refunding Bonds, Series 1994B, in the ae::r•f!lte principal amo unt of
Sl,475,000 (the ·series 1994B Bonds") (coll ectively, the Series 1994A Bonds 1U1d the Series 1994B
Bon ds are referred tD herein as the '"Bonds"): and
WHEREAS . Lie Bonds are for the pur;,ose of refinancing City bonded debt at a lower interest
rate, and thus are permitted by Article X. Section 20 of the Colorado Constitution : and
WHERE.-15, upon their issuance, the Series 1994A Bonds will be Lie on ly gen eral oblig-atio n
ir.debtedness of t :':e Cir-J which is not w::iter bond ind ebtedness; and
WHERE.-\S, th e a55essed val uation of the ta.,nble property wi thin the City as shown by the last
preceding assess;nent for t.'.lx purposes was S236,008 ,5 90, and the princi pa l aml)unt of the Series
1994A BonC:s is not r,e:iter t :'lan 3% of such valuation: a n d
\VHER EA.S, t :le pr oceeds derived from the sale of th e Bon d s, after p::.i~men: of the cos ts of
is3;,;.:inc e proptr iy a l oc:i ble thereto, along with such ocher leg a lly availal.: l p moneys of the C ity as
m:iy be necessary, s:131) be placed in the special fund .ind trust account herein authori:ed, !"o r the
purpose on iy of p:1:~n g the principal of, premi um if any, and interest on the Outst.1.:<1 ~J \'l 3' bonds as
d·.ey become due and ;,ayabie, :i ll as is more pardcularly hereinafter set forth; anc:.
WHERE.-15. ti:e Ser.es 1994A Bonds shall be sold to Smith Barney She,•,o,,, and ,:i e S,,r:os 1994B
Ec nds shall be so ci to George K. Baum & Company (co llectively, th o ·n11 g1~,i P urchasers"),
pu rsu:int to the OfflC:aJ :--:otices of Bond Sale previously published by t.'.11: Cir-1 .r .. ! th e Officia.J Bid
For:-ns submitteC by sc.c!, Original Purchasers, and it is hereby determ,ned t..;a t scch sale is to the
hig:,est and best bidCe:-s for c:ish, and to the best advant.a.ge of the City: and
\VHEREA.S , none of the members of the Council have any potential conflictin g interests in
connection \\ith the authoriz:icion , issuance, or sale of the Bonds. or the u se of the proceeds thereof,
nor are any of the :cnernbers of the Council interested, directly or indirectly, in :he profits of any
contract or job for wc rk or services to be performed for the City in con nec tion with the Bonds; and
WHERE.-15, ther< has been presented to this meeting of the C ouncil : (i) the Preli minary Official
S tatement; and (H) t he forms of the Payi ng Agent and Regb,H ,r r\p-eement and the Escrow
Agreement : and
WHERE..\S , the Counc:I desires to authorize the issuance and ,ale of the Bonds and the execution
of the forego ing doc-..:.:nent.s;
THEREFORE, BE rr ORDAINED BY THE cm COUNCIL OF THE CITY OF ENGLEWOOD,
COLORADO:
~ Defi nitions . A.s used herein, the following capitalize, -.trms shall have the
r es pective me:in in gs set forth below , unless the context indicates othenvise.
~: Bank One , Den 1:er, N.A., in Den\•er, Colorado, or its successor, a national
banking a ssociation duly organized and e.,:is ting under the lnws of the L""nited St.1 tes of America,
be ing a member of L;,e Federal Deposit Insuran ce Corp or:ic ion , and having full and complete trust
powe rs. where the Escrow Account is established a~ ma intained.
Bnnr -:: collectiv ely, the Serie:i 1994A Bonds and th e Series 1994B Bonc.i :>.
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e
Bon r' :!,c·p.,nt: the "City or Engle wood General Ob , rntion lufunding Bond A Accoun~ Series 1994A :ind 1994B ", established by the provi sio ns h ereof for the purpose of paying the W prin cipal of .ind interest on the Bonds. ,
Boc.-l R110'"•f'"Jt: Ba nk One, Den ver, N.A., in Denve r, Color ado, or its successor,
which sh.:ill per:"onn the function of re gistr:u with re spect to the Bon ds.
r "'~ .. :.--."" P •1blic .1, ... 211or~or: 11 certified publ ic account.lnt within the me3.ning of
§l:?-2-115, C.R.5 ., and any amendment thereto, licensed to practice in th e S~te ofColor:ido.
hereof.
Ci!::;· t..1-e City of Englewood . Arapahoe County, Colorado.
C!l!::.!.· t:'le Intern3! Reven u e CoCe of 1986, ns amended.
r -11" .. ,.:·: t.'1e City Council of t.he City.
c..p_:_: th.e Colorado Re vi sed Statutes , as amended nnd supplemented as of t:':e dote
i=' ~,.. .... ~ l .... ..,,.or: a specia l fu."'l.d and separ:ite t rust 11ceount created by t!'le provisions
h ereo f, desipated n.! t.~e "Cicy of Englewood Refund ing Escrow Ac count, 199.r·, to be estab lish ed
and ma inuined a t tf;e Bank for the purpose of payi ng the pri ncipal oi, prem ium j f any, and
interes: on the Ou:s::i.."1C::ig Bon ds.
=-=r'.'"-,u,: .i o-opmpot : the ar.eement between th e City and the Bank da te d as of
.J..pri l .:..1, 199.:., conc erning the est.3.b ii shment and maintenance oi the E3crow Account.
any one or more of the events set fo r th in the S ec :io n hereof
f 0 rl 0 --al ;:0 ... urjfjoc;: direct obli gations of (including oblig3tions issueC or held in
took entry ior.n on the oa ks of), or obligations th e princ i pal of and interest on whic h are
guar:inteedby, the L"n ited States of Am erica.
Ot=t:al f=Cil "'"T 11 Qr : tht: fina l version of the Preliminary Official S tatement.
Oq-nepn;□" Bon d•: coll ectivtly, the Series 1983 Bon ds and the Series 1985 Bonds.
il:£.o.:.:.: the r egistered own.!r of an y Bond, as show., by the r egi strat io n book s
mai nt:uned by t.',e Bond Registl'n r.
~~: Bank One, Denve r , N .A, in Denver, Colorado, or its s ucce ssor,
which shall perform t.he fu nction of paying agent \.Vlth res pec t to the Bonds.
p -,,.;p a l oo p t nod ftogi c:r;ar ;\grP0meot: the ag,-eement dated as of April 15, 1994,
be tween the City a n d the Paying Agen~'B ond Registrar, conc:.-ning the registration , transfer,
exchan ge, and paymen t of the Bonds.
p oy :t •o ~ Jov11c;rro Q,n rc::: shall rr.ea n any in\'es t:ne n t the City is perm itted to make
pu rs uant to ap;,lic :!b le bv,·.
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Pr11Hminnrv Official Ft oremenr· the Preliminary Official St..uement dated Marc:h
22, 1994, co ncerning the Bonds and the City.
P•·s rd Pote : the fitieenth (1 5t.'1 ) day of the calendar month nut preceding each
in terest payment date.
Q.r.d..:.n.an.c : this Ordi nance wh ich authorizes the issuance of the Bonds. as it now
e:1:ists or may later be amended and supplemented in accordance with the terms hereof.
c:_.6.,.c J9.i:l:J Bond<: the City's General Obligation Bonds, Series 1983 , dated
Oc :ober 1. 19S3 , origi nally issued in the aggreg!lte principal amoun t of S-l-,6 00,000 , and now
outs ::mdi ng in the a.ggre:;p.te pri ncip al amount of 53,2 10,f JO.
i:: .. ~.,.~ 1°~•.o.!!!: the C ity's Gene ra OC,,r,.tion \\iater Refunding Bonds. Series
l 9S5 . dated July 1, 19 ~j , n:" ~.,u ,ily issued in the aggreg!nf: ptu;clpal amoW1t of .SS /!25 ,000 , and now
outst.lnding in the aggreg.!:'! p1incip:i l ar.1 0unt of .S l. i90,000.
f.af""u 10.J.t ;\ Bond<: the GenerJ.I Obligation Refun di ng Bonds, Series 1994.-\., dated
as of Apri l 5, 9 9.;, in tl-:.e t'-'?gregJte pT':nc :pa I amoun t of S3,340,000 , as autho rized by this
Ord i nance.
C:a-iu 1 00.1 9 tJ.!l.tl.d!: th e Taxable ,..~neral Oblig:ition \Vater Re funding Bonds,
.Series 19 ~4A, •fa ted as of April 1:5, 19S4 . in fri e ag~eg:ue principal amoun t of Sl,475,000, as
a uthori=ed b,.. t,-:i ! Ordinance.
fp,.rfr•J R"'tPrd p:a.t,~.: th e record da te for determining Bond ownershi p for purposes
of paying deiaulteci i nterest, a!) ~u , n d:1te may be determined pursuant to this Ordinance.
()rla-,M:,l P111"'t-1i~orc: with respect t o t..:.lie Series 1994A Bonds, Smith Barney
Sheanon, and with respect to the Seri es 1994B Bonds , G,,orge K. Baum & Compo.n y, the original
pu.c::lasers of the Bonds.
~ Authorization. In accordance •.;d, the Constitution of the State ofColorodo; the City
Cho.rter; Title !I, Article 56 , C.RS.; and all oth er laws of the State of Colorado thereunto enabling,
there shall be issued the Bonds for the purpose oi: (i) paying the costs of refunding the Ou tstanding
Bonds; and (ii) payin g other costs in co nnection with the Bonds and the refundi ng of the
Outst.1nding Bonds . The Bonds shall constitute general obligation s of the City, and the full faith
and credit oft.he City is hereby pledged for their payment.
~-Bond D et:iils. 'fhe Bonds sh all be is;ued only as fully registered Bonds without
< ,pons in the denom inatio n of $5 ,000 each or any integral multiple thereof. Unless the City shall
or.:i.erNise direct, the registeieO Bon ds shalt be numbered within each series separately from l
c p•.,.·a rd, with the number of each Bond preceded by .. R ....
The Series 1994A Bonds shall be dated as oi April 15, 1994, and shall bea r interes t at
Llie rates set fo r.h b~;ow, calculated on the basis oi a 360-day year of twelve 30 -day months, pay able
semiannu:1lly on each June 1 and December 1, com mencing on De cember l, 1994, and shall
mature on De cember 1 e:1ch year, as follows:
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e
lliw.:!:!
IS9<I
1.995
L"96
1.997
1.998
1.999
2000
2001
2002
ffRTES J Hr\ BQNP5
SUD.COO
335.000
350.000
360,000
375 .000
395.000
4 15,000
.i:l0,000
.;.:o.ooo
2.9 00';7,
3.300
3.7 50
4.000
4.200
4.400
4.500
4.650
4.800
The Se:-:es 1994B Bonds shall be dnted o.s of April 15 , 1994, M d shall bear interest at
die rates set fo rth be lo w, calc :,fated on die basis of a 360-doy year of twelve 30-day mon ths, payable
se r..iannu.:illy on eac!l J une 1 and December 1, commencing on December 1, 1994 , and s h all
ma= on June I each year, as follows: "fBIB" 19945 BONDC:
~l ••·•r',-.-
1595
1996
1.997
$470,000
505.000
5~ .coo
4.900';7,
5.500
6.000
The m.arim um net effi!c:ive interest rate authol":::ed for either se ri es of Bonds is
6 .5 00% per annum, a."l CI the a ctual net effect:ve interest rate of either series of the Bond!: does not
txceed such. maximum n te. The interest r::i te of the Se ries 199 4A Bon ds is less than the interest
rare of the Series 1983 Bonds, and the interest rate of the Series 1994 B Bond s is les3 than the in terest
rate r f the S eries 1985 Bonds.
Stuillll..4. Payment of Bonds; Payinir Agent a.-,d Bond Re ;ris tr:ir. The pri nci pal of cie Bonds
i s payab le 1n lawfu money of the t;nited S tates of America t o the Own er of ellch Bond u pon
maturity and presentation 9.t the princi pal office of the Paying Agent. The inter es t on a ny Bo nd is
payable to the person in whose name s uch Bond is registered, at h is add ress as it 3p pears on the
registrotio;, >J oc ks mainuined by or on behalf of the Ci ty by the Bond Re gistrar, a t the dose of
business on the Record Dat e, irrespective of any transfer or e:cc h a nge of such Bon d subsequent to
such Re cord Da te a."'td prior to such in terest payment date ; pro vided that any such inter est not so
timel y paid or duly p n:,vid ed for shall cease to be payable to the person wh o is the Owner thereof at
ti-e cbe. ofbu siMss on the Record Da te and shall be payab le to the person wh o is the Owner thereof
at the d rise ci :.)u.siness on a Special Reco rd Date fo r the payment of an y s uch defaulted interest.
Such Special Recor d Date sha ll be fixed by t h e Bond Registrar whenever moneys become available
fo r payme11t of the defaulted in terest, and notice of the S pec ial Re co rd Dat e shall be gi ven to th e
Own ers of the Bones not les s than ten (1 0) days pr ior to the Special Record Da te by first -class moil
to ea ch such Owner as sho wn on the registr:i t:o n books kept by the Bond Re gistrar on o. date selected
by the Bond Regi stra.r. S uch notice shall state the date of the Sp ecial Reco rd Date and the date fixed ·
fo r the pay ment of sue!, defJulted in te rest.
Intere!t pa yments shall be p::i.id by check or dr:ifl. of the Po.:ing . .\gent m:ii le d on or
befo re the interes:. po.y men t do.te to the Q, ... -ners. T he Paying A.gent muy m:ike paym enu of interest
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on ony Bond by such a lum. ve me:ins u may be mutulllly qreed to betwoen th• Owner or 1Uch
Bond and the Poying .~ent : , "ded thot the City shnll not be required to mnkt funds ovniln ble to
the Po yi ng Agen t prio r to the da tes on which s uch interest would otherwise be payable hereunder,
no r to in cur any er;,ensu in connection with such alternative means of paymenL
The prin ciplll or and interes t on the Bonds shall be paid in accordance with the terms or the
Poyi ng Agent one! ~gistrnr J\ireement. ·
~-Prior Redemption. The Bo nds shall not be subject to optional redemption prio r to
m a turi ty.
~ F orm ar t Execution of Bo nds. The Bonds sholl be sign ed with the facsi mile or
ma.nu.:il sign.:itu r ,)( the ~,!Jvor of U'le City, se:iled with a fac simile or man al impressio n of the
se:il qf the Cit_:, aJ ,,~ at~r-,ted by ~'1.a fac!imile or mnnWll signatur e of the City Clerk.. Should any
offi ce r who se f:? .. ,irnil e or ma.nus.I 1i~.1.:.u re appears on the Bonds cco.se to be such offi ce r before
delivery .. ; ,,. E ,-,~s ~c, p1;rc!'u1ser, such facsimi le or manunl 1ignature sha H never-:.'ie l ess be
valid :ir .... 'l,1:J':c 'u :i ~ ~.r a.11 purposes.
r·,.. 1'r.d~ may contJ.i n a re p roduction of the opin ion of nationa.l y recogn iz ed
mun ici pal bond counsel as to the Bonds and a certific:ition 11f such opinion by the City Cler~.
The Bonds sholl recitE t.'lat Ibey are issued under the authority orTitle 11, .->.:--::cle So, -
C .R S . Such re c:ul shall conclusively impnr.: fu ll complian ce with nil provisions ar.d lim it a tion s
of said Article 56. and all Bonds is sued conta ining such r ecito.l shall be in co n tes ta.b l e for any
c:1use whatsoever 31:er their delivery for vn.lue.
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The Bonds shnll be in substnntially the following fonns :
(Fonn or Series 199-IA Bond]
.·o . R-__ _
(Front of Series 1994A Bond]
UNITED SfATES OF AMERICA
STATE OF COLORADO
COUNTY OF ARAPAHOE
CITY OF ENGLEWOOD
GE:Si':RAL OBLIGATION REFUNDING BOND, SERIES 1994A
ORIGINAL
!S$lJ: PoU:
APRIL 15, 1994
P.EGISTE RED OWXER:
s _____ _
J:.L:SlE
PRDIC IPAL A.\[CL");T :DOLLARS
The City of Englewood, ir. the Co unty of .-\rn.pa.1oe an d St.'.lte of Colorado , a horr:e rule city and A pol itical subdivisio n duly organized ar1d op erating under its City Charter and the constitution and
-b.ws of the St.J.te oi Colorado, for value received. hereby acknowledges itself indebud and promises
to pay to the registered owner named above , or r egiste red assigns, on the maturic:.· dlte specified
above, the principal amount specified .1.bo ve. In like manner the City promises to pay interest on
such principal amount (computed on the bnsis or a 360-day ye nr or twel ve 30-day mon th s) &om the
interest paymen date next preceding the date of registr:ition and authenticatio:: of this Series
1994A Bond , unless tius Series 1994A Bond is registered a n d authenticated prior to Decembe r 1,
1994, in which .-·ent tius Series 1994A Bond shall benr interest from April 15, 199-1, at the interest
r:ite per ann um specified above, payable semia n nually on June 1 and Decem ber 1 each year,
commencing on December 1, 1994, until the prindpal amount is paid at maturit-J. The princi pal of
th is Series 1994A Bond is payable in lawful money or the Uni ted States or Americn to the registered
owner hereof upon maturit-1 and present:ltion at the prfr:ci po.l office of Bank One, Den\'e r , ·.A., in
De nve r, Col orado, or its suc::essor, as P:i:,,i n g Agent.
Payment of each installment of interest shall be made to the registered own er he reof whost:
na:ne shall appe:ir on t."1e registratio n books of the City maintained by or on behali of the City by
Bank One, Den ve r, :,.l.A .. , in Denver, Colorado, or its successo r , a s Bond Registrar, at the close of
busin ess on the fift eenth ( 15th) day of the calendar m onth next prec eding each interest paym ent
dnte (the "R•co rd Da te "), and shall be paid by check or draft or the Paying Agent mail ed on or
before th e in te re s t payment date to suc h registered owner at his add ress as it op penrs on such
regi s tration boo ks. The Pay ing Agent may m ake paymen ts of inte rest on any Ser.es 199 4A Bond
by such alternative means as may be mu tually .igreed t o betwe en the registered own er of such
S eries 199 4A Bond and the Paying Ag ent a s prov ided in t!i e ordin.ince a uthorizin~ t:le iss u:ince of
~hi 3 Suies 199 ➔A Bond (the "Bor.d Ord in:rnce "). Any such interes t not so timely p:1id or duly
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provi ded for shall cease to be payoble to the person who io the rel(istered owner hereof at the close of
busines; ,n the Record Date w,d shall be payahle to the penon who is the rel(iatered owner hereof at
the clos e or business on a Special Record Date (the "Special R ecord Date") established for th•
payment oi any defaulted interest. Notice of the Spada] Record Date and the da te fixed for tile
payment of defaulted interest shall be l(iven by first-class mail to the registered owr:er hereof as
shown on the registr:ition books on a date selected by the Bon d Registrar.
If the date for malo,,g any payment or performing any a cti on shall be a le gal holUay or a day
on whi ch the principal or.ke of the Paymf Agent or Bond Registrar is authorized or r equired by
aw to remain cl osed. such p~,yment may be made or act performed on the next suc ceedin g day
which is not a legal holid:iy or a do!/ c:i.t which the princip al office of the Payin g Agent or Bon d
Registro.r is aut.'i.orized or required by law to remain closed.
REFERD'CE IS HEREBY MADE TO F1.iRTHER PROVISIONS OF THJS ,;r:R IJ::S 199-IA BOND
SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER. P ROVISIONS SHAI.L FOR
ALL PURPOSES HA VE THE SAME EFFECT AS IF FULLY SET FORTH IN 1E'S PI.ACE.
This Sf.ries 1994.A Bond shalI not be valid or become oblig:itor/ fo r any pur;,o!l e or be entitled to
any secu.-;ty or benefit under the authorizi ng Bond Ordi nan ce until trt\ certifica.te of
authentica.c10n he reon shall have be en signed by the 3ond Re gi stra r.
!); TESTDIONY WHEREOF, the City Cowicil oi the City of Engl•wooa has ,au.sed this Series
199 4A Bond ta be signed by the fa csimile signature of the ~faye r of the Ci~. sea le d with a facsimile
of the seal of the City, and attested by the facsi mile signature of the Cit-; Cl 1·1c thereof, all as of the
15th day of .\pril, 1994.
(SEAL) CITY OF ENGLEWOOD, COLORADO
By,~-----,,----
Sheri Gulley, Mayor
ATTESTED :
By:-----------,---:,,..--:--
Lo ucrishia A. Ellis, Deputy City Clerk
[Form of Bond Registrars Certificate or Auth entication fo r Series 1994A Bonds]
;:ERTIFICATE OF Al.JTHE.""TICATION
This Series 1994. ~ Bond is one of the Series 1994
men ti oned Bend Ordinance.
Date of Registration
and Authentication :
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Bo nds of the issue described in the within
BAN K ONE, DE NVER, N.A.
Den ver, Colorado,
as Bon i/ Regis trar
Authorized Si 1,,natory
(Back of Suits 1994A Bond]
APPITWNAI PROYJSIQNS
This Series 1994A Bond is one of a two Mrits •nna-ntin11 Three 11illlon Th rte Hundred Forty
Thous.lnd Do113rs (S3,340,000) par value, all of like da t1 , tanor, and effect ucept as to number,
principal amount, interest rate, and date of maturity, iuued by the City Council of the City of
Engl ewo od, in the County of Arllpahoe and St.au of Colorado, for the purpose of refunding valid and
ou:st~ndinir bonded indebtedness of the City, by virtue of and in full conformity with the
Constitution of the St.ate of Colorado; the City Charter; T itle ll, Article 56, C .R.$.; and all other
13 ws of the Suue of Colorado thereunto enabling, and punuant to the du ly adopted Bond Ordlnance.
Pursuant to !U-5o-107(6 ), C.R.S .. such recit4l shall conc lusively impart full complio.nce with all
oi the provis ions of said Article 56, and this Series 1994A Bond issued conto.in!ng such recital is
i:,contest.:ible fo r any c:iuse who.tsoever after its delivery fo r value .
It is he reby recite~. cer:i F.ed. and war.-ant~d that all of the requ irem ents of law have been fully
comp lie d wit:'l by the ;,roper officers in issuing this S~ries 19 94A Bond. It is hereby further recited,
cert.Hied. and warr:mud that uie tot.:il indebtednes3 of the City, inclucling that of this S eries 1994.A
Bond. does not exceed any limit prescribed by the constitution or lnws of the Suce of Colorado; that
at the ele-::i on lnwfu l y held wit:lin the City on ),-fay 17, 19 83, the indebtedness repre se nted by this
Series 199-'A Bond was duly authorized by 11 majority of the electors of the City qualified to vot e and
voting at said elec:ion: and that provision has been made ~Jr the le vy and co llection of an ad
v.:ilorem t.:i .'< on all ofc.":e tll.'<able p rope rt:, W'lthin c.."-le Cic-;, to pay the principal of and interest on this
Seri es 1994.A. Bond i:u c."le s.:ime respec:ively become due, subject to such limit:itions, if any, as may
exist under the pro,;s:ons of Articie X, Section 20 of the Colorado Constitution.
Th .:-full faith and c:-edit of the City are here by pledged for the punc:unl payment of the principal
of and interest on this Series 1994A Bond.
-Reference is hereby made to the Bond Ordinance re , an additiona l description of the nature and
extent of the security for th e Series 1994.A Bonds, the accounts and re venues pledged to the payment
thereof, the rights and remedie s of the registered O\l.'Tl ers of the Series 1994A Bonds, th e manner in
which the Bon d Ordlnance may be amended, and the other terms and co nditions upon which the
S eries 1994.-\ Bonds are issued, copies of which are on file for publi c inspection at the office of the
City Clerk.
The Stries 1994A Bonds of th is iss ue are not su bject to optio nal redem ptio n prior ta m.o.turity .
The City and Bond Registr::ir shall not be re quired to issue or tr::in sfer ""Y Series 19 94A Bonds
duf.ng a period beginning at the clo se if Ousin ess on the Record Date and ending at the opening of
business on the first business day following the ensuing inter es t paym ent date.
The City, the P:iying Agent, and the Bond Regis trar m:l·· ieem and tre at the registered owne r of
this Series 1994.-\ Bond as the a bs olute owner hereof fo r all purposes (w h ether or not th is Series
1994A Bond shall be ove rdue ), and any notice to the contr,ry shall not be biading upon the City , the
P:1ying Agent, or the Bond Registr::ir.
This Series 199-tA. Bond m.o.y be exchanged at the principal offi ce of th e Bond Rek;strar for a like
aggregate princi pal :imount of S eries 1994A Bond s of the same maturity of other authorized
denomin:1tions . Th lS Series 1994.\ Bond is transferable by the regi stered owner hereo f in person
or by h is ::it:orney du y :1 i1t horized in writing, at the prin C:pal offic e of th e Bond Re gistr:ir, but only
in the m:inner subJiec: t.J the lim it.:itions, and upon payment of th e ch .:irges provided in the Bond
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Ordinance and upon summder and cancellation of thil Strios 1994A !!ond. This Series 1994A
Bond may be transferred upon the n,cistration boob upon delivery to the Bo,,d Registrar of this
Series 1994A Bond, accompanied by a written instrument or instruments of tran.1ftr in form end
with gw,n,nty of si,nature saUmctary to the Bond Re,istr:ir, duly exKU t.ed by ths owner of this
Series 1994A Bond or his attorney-in-fact or lepl representative, containinr Mittan instructions
u to the details of the transfer of the Series 1994A Bond, alone with the social security number or
federal employer identification number of such tranlferee. In the event of the transfer of this
Se ries 1994A Bond, tho Bond Registrar shall enter the transfer of ownersh ip in the r<gistration
books and shall authenticate and deliver in the name of the transferee or transferees a new full y
registered Series 1994A Bond or Series 1994A Bon ds of authorized denominations of the same
maturity and interest rate for the agrregate principal amount which the registered owner is
entitled to receive at the earlies t practicable time. The l'ond Registrar shall charre the owner of
th is Series 1994A Bond for every such transfer or exchange an amount sufficient to reimburse it for
its reasonable fees and for any t.u or other governmental charge required to be paid with respect to
such transfer or exchange.
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{Forni ofTrnnsfer for Series 1994A Bonds!
ASSIGNMENT
FOR VALUE RECEIVED , the undersigned sells, assi:rns, and transfers un to
SOCIAL SECURITY OR FEDERAL n!PLOYER
IDENTIFICATION :inrnBER OF ASS IG:-.C:E
----------------------------
(:,O:ame an C .l.CCress oi .l..!signee)
----------------------------------------
::i e with i n Series 1994A Bon d and does hereby i rrevocably constitute ar.d appoint
----------------,---:----:--:--:-::' a tto rney , to transfer sa id Series
1.99 4A Bond on t.he books ke pt for registra.tion t.:..,ereof '-"ith. full power of substitution in the premises.
Dated: _____________ _
Signature of Regi stered Owner :
NOTICE : The signature to .n:s assignment mus t
corre spond with the name o( th r.: registered owner as
it appean upon ~ie face ot L .. : within Series 1994...\
Bond in every particular, without alteration or
en larger.tent or any change whatever.
Signatu :e guaranteed:
(Bank, Trust Company , or Firm)
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:S o. R-__ _
[Form or Series 1994B Bond}
[Front or Series 1994B Bon d}
UNITED STATES OF A.MERICA
STATE OF COLORADO
com.TY OF ARAPAHOE
CITY OF ENGLEWOOD
GE:'-iER.AL OBLIGATION REFL':',1J!:',iG BO1'<1J . SERIES 199-IB
\[>Tj'RITY D>T O-
REGI STERED Q\VXER:
OR!GDiAL
I~fEE Pal'.IE
APRIL 15, 1994
s _____ _
!.:!.:fill:
PRl:;CIPAl. A .. \IOL":S"T :DOLLARS
'!'he City of Eng!ewooci, in the County of Arapahoe and St.lte of Colorldo, a home T1.1 le city nnd
poli:ic.:il subdi-.-i!ic:n duly organized an d operat ing unCe r its City Chaner and the constitution and
laws or the S t.:n.e of Colo rado, for value received , hereby ackno wledges itself indebted nnd ;:,romises
to pay to the reef.stared owner named a bove, or re gistered assigns, on the rnat".1rity d.ate specified
above, the princ:paJ amount specified above . In Hke manner the City promises w pay interest on
such principal amount (computed on the bas is or a 360-day year of twelve 3~-dny months) &om the
in t erest payment_ date next prececiing the date of rtgistra.tion cu1d authentication of th is Series
1994 B Bond, unless this Series 19e4B Bond is registere-i and authentic ,ted prior to Dec ember 1,
1994 , in wh ich "'·ent this Series 1994B Bond shall bear interest &om April 15, 1994 , at th e interest
rate per an nan; specified above, payable semiann ually on June 1 and Decemb..!r 1 each year,
commenc ing on De,:ember 1, 1994, un til the principal amount is paid at maturity. The principal of
·,:s Series 199..S Bond is payo.ble in l,wful mo ney or the United Sta es or Americn to the re gistered
owne r he reof upon mat urity and presen t.'l tion at th e principal office of Bank One, Denver, N.A., in
Denver, Co lo r:1C o, or it s suc::essor, as Payi ng Agent.
Payment of e:ich inst.lllment of interest shall be made to the regi stered owner hereof whose
na me shall 3p ;:e r on the registration books of the City main tnined by or on behalr of the City ay
Ba nk One. Den..-e r , ~.A., in Den ve r, Colo rado , or it3 successo r, as Bond Registrar, at the cl ose of
business on the fi~eenth (1 5 th) day of the c:ilendar month ne:c:t prec eding ea c:t interest payment
d:1te (the '"Re corC. Date}, and shall be paid by ch eck or dr :ift of the Paying Agent ma iled on or
before th e in:er!st. paymen t date to such regi stered owner at his address as it appears on such
registration beak:. T h e Paying Agent may m:1ke payments of interest on any Series 199-tB Bond
by su ch a ltern1?.::v e me ans as may be mutual ly agreed t o between t he registered owner of such
S eries 199-iB Bond nnd the Paying Agent as provided in the ordinance authorizing t he issuance of
this Series 199../oS Bond (the "Bond Ordin.:i.nce .. ). An y s uch in te rest not so ti me!y p :iid or duly
provided fo r sh3I cease to be payabl e to the person wh o is t he regi stered owner hereo f at the clo se of
business on th .. Rtcorci D:1te and shall be payable to t he person who is the registered cwner hereof at
t:ie .:l ose of bu3 ir.ess on a Speci al Record Date (the "Speci:11 Re co rd Date .. ) e st.3~tished fo r the
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payment or any defaulted interest. Notice or the Special lucord Date and the date fixed for the
payme.nt of defo.ulted interest shall be riven by first-class maH to the registerdd owner hereor'" as
shown on the ngistr::ttio n books on a dnte selec:.ed by the Bond Registrar. --.\
(( the date (or malcing any payment or pen"ormini: any action shall be a ltpl ho liday or a day
on which the principal offi ce or the Payini: A&'ent or Bo nd Juf:istr:i r is authorized or required by
law to remaiu closed, such payment may be made or act performed on the next succeedinr day
which 1s not a lei:n] holiday or a dl,y on which the princi pal office of the Payini Agent or Bond
Registr;2 is authorized or required by law to remain closed.
R.EFERE::'1CE IS HEREBY MADE TO FURTHER PROVlSIONS OF THIS SERIES 199413 BOND
SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER.PROVISIONS SHALL FOR
ALL Pl"R.POSES K.\ VE TEE S.UIE EFFECT AS IF FULLY SET FORTH IN Tlil5 PIACE.
This Series 199 ;B Bond shall not be vali d or beco me oblig!ltOr/ for any pur,ose or be entitled to
:Jny security or benef.t und er the authorizing Bon d Or dinance un til th e ce rt ifl c:ite r.,f
o.uthentiution he reon shall h:ive been s igned by the Bond Registrar.
r.,; TESTL\!O:-.-Y WHEREO F, t he City Council of the Cir; of Englewoo d has caused this Series
19 948 Bo nd to be ;ig,,ed by the facsim il e signature of the l!ayo r oithe City, sealed wi:h a facsi mile
of the seal of t:,e City . a.,,..:.C 3t:es ted by the facs imile signo.ture of the Cicy Cle rk t..':le reof, all :is of the
15th day of Apri ". 994 .
(SEAL) CITY OF :-IGLEWOOD. COLORADO
By,-------------Sheri Gulley , Mayor
ATTESTED :
By, _______ --:-----=----:c~
Loucrish ia A. Ellis, Dep uty City Cle rk
[Fo rm of Bond Reg,str:u 's Cedfi c:ite of Authentication fo r Series 19948 Bonds ]
CERTIFICATE OF All fHE:,/TICATION
This Series 19948 Bond is one of the Series 1994 8 Bonds of the iss u e de scribed in the within
mentioned Bond Jrciinance.
Date of Re gistro.tio n
an d Authenticatio n:
8.-\ ... 'liK OKE, DEXVE.R, :-l'.A.
Den ver, Colo ra do,
aJ Bond Regi st r.1r
By:---------------
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(Back of Seri" 19948 Band]
:\PPITTQ!SAX PBQYWQNS
This Series 1994B Band is one of a two series :,ggreentinir One :Million Four Hundred Seventy.
Five Thousanci Dollars (Sl,475,000) par value, all ot'like date, tenor, and effect except as to number,
principal amount, interest rate, and date of maturity, issued by the City Council of the City of
Englewood, in the County of Arapahoe and State of Colorado, for the purpose of refunding valid and
outst:mding bonded indebt?.dness of the City, by virtue or and in full conform i ty with the
Cons:itution of the State of Co lorado: the City Charter; Title ll, Article 56, C.R.S.: and all other
law s of the State of Colorado thereunto enabling, and pursuant to the du ly adopted Bond Ordinance.
P~rsuant to !ll-~6 -107(6), C .R.S .. such recital shall conclusively impart full comp li ance with all
of the pr ovi sio n s of s.:lid Article 56. and this Series 1994B Bond issued containing such recital is
incomes u bl e fo r any caus e wh ats oeve r after its d eli very for va lue.
It is hereby rec:t ed, certified. and warranted that all of the r equirem ents of law have been ful ly
com pli ed wit~ by th e pro per officers in issuing this Series 1994B Bo nd. It is hereby fu r..h er r ecited.
ce r:ified, and wn r.1nted :.hat th e t ou t indebtedness of the City, includin i that of th is S eries 1994B
Bond, does no t e:rceed any Umit prescribed by th e constitution or laws of the Suite or Colorado; and
:.1 .l t pro\ision h llS be !m made for the levy and collection of an ad valorem ta."( on all of the taxable
property wit:l in the City, to pay th e principal of and interest on this Seri es 1994B Bond as the same
:e!;,ec:i\'ely become d u e, subjec : to sue:! limitations, if any, as may u ist under the p rovisi ons of
A.r::c !e X. S:ec::on 20 of th e Colo r:iC.o Constitution .
Th e fu ll fa it.½ an d credi t of th.e C ity are hereby pledged fo r th e punctu a l payment of the pT:ncipa l
of :in d interest on thi s Serie! 1994-B Bon d.
Reference is hereby made to t.'i.e Bond Ordin ance fo r an additi onal descri ptio n of th e n n.t ure !l.ll d
extent of the sec-.J.rit:1 for the Se ri es 1994 B BonC.S , t..~e ac co un ts and revenues p ledged to th e payment
thereof. the righ u and remedies of the regi s tered owners of the Series 199-4 B Bonds, the manner in
wh ich the ond Orc.i nance may be amended, and the other terms and conditions u po n which the
Series 19948 Bonds are issued, c~pies of wh ich are on file for public inspection at the offi ce of the
C ity Clerk.
Seri es 1994B Bonds of this issu e are not subject to optio nal redemption prio r to maturity.
The Cit'/ and Bond Registrar sh"1 I not be req•ti red to issue or transfer any Series 1994 B Bo nds
du rin g a period beginning at the clo se of business on the Record Date and ending at the opening of
busi ne ss on the fi rst b usi n ess day fo llowi ng the ensuing interest payment d:1te.
The Ci ty, th e Payi ng Agent, and the Bond Registrar may deem and tr eat the registered owner of
this Se ri es 199 48 Bond as the a bi olu te owner hereof for all purposes (whether or not this Series
199 4B Bond shall be ov erdue), and a ny no ti ce to th e contrary shall not be bin ding u pon the City, the
PJyi ng Agent, or the Bon d Regis trar.
Th is Series 1994B Bond m,y be ex changed at th e princi pol offi ce of th e Bond Regi strar for a lik e
a ggregate p ri n cip a l a mount of Series 1994B Bonds of the some ma turi ty of other au t~orized
c!enom in.:itions . Thi ;i Series 19948 Bond is transferabl e by the regi ster ed owner hereof in pe rs on
or by h is a tto rney duly a uthorized in writing , at the prin ci pal office of the Bond Re gistrar , b ut only
in the m:mner, s u b;ect to the lirnit-l tio ns, a nd upon paym en t of the ch arges provided in the Bond
O:-d1r:Jnce :in d upon surre:ide r and cJnce llo.t ion of this Series 19 9-l B Bon d. Thi s Se ries 199 4B
Bond may be t ransferred u pon t he r e::istr::i tion books upJn de li ve ry to the Bond Registr:i.r or this
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-
Series 1994B Bond, accompanied by • written instrument or instruments of transfer in fonn and
with i'.1&nnty of sicnature satisfactory to the Bond Raristrv, duly Hecuted by the owner of this
Series 1994B Bond or his attomey•in.faet or Jep.l representative, containinc written inscructions
a.s to the de14.ils of the t:-ansfer of the Series 19948 Bond, alonr with the social security number or
federal employer identification number of such transferee. In the event of the transfer of this
Series 1994B Bond, the Bond Re(istr.ir shall enter t.he transfer of ownership in t.he reeistration
books and shall authenticte and deliver in t.he name of the transferee or transferees a new fully
reirstered Series 1994B Bor.d or Series 1994B Bonds of authorized denominations of the same
maturity and interest rate for the aggregate principal amount which the registered owner is
en titl ed to receive at the earliest practicable time . The Bond Registrar shall charge the owner of
th is Ser.es 1994B Bond for ever/ such tril.nsfer or exchange an amount sufficient to re.imbune it for
iu reasonnble fees and for any t3..~ or other govern ment.:il charge required to be paid with respec: to
s uc h t ransfer or exc hange.
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[Form of Transfe r for Series 1994B Bond s]
ASSIGNMENT
FOR V ALL'E RECEIVED , the undersicned sells, assigns, and transfers unto
SOCIAL SECURirl OR FEtERAL E~LOYER
IDE:-<"TIFICATION l'<"'UMBER OF ASSIGNEE
r.,lame and Ad dr ess o( .~signee)
the within Se r.es 1994B Bond and does hereby irrev oca bly cons tit:.ite and appoint
______________________ , attorney, to tr:insfer sa id S eries
1994 B Bon d on t.l-ie books kept for registration thereof '4i6 full pow er of mbstitution in the pr emi ses.
Dated : ____________ _
S ignature of Registered Owner:
KOTICE: The signature to this assignment must
correspond with the narr ,: ,,f the registered owner as
it appears upon the face of the within Series 1994B
Bond in every parti cular, witho ut alteration or
e nlargement or any change whatever.
S ign ature guaran teed :
(Ban k , Trust Company, or Fi rm ;
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l:::l:ilm.I-Authentication. No Bond sha ll be va lid or obli11atory fo r any purpo1e or be entitled
co any sac-.iricy or benefi t under th is Ordinnnce unless and until a ce rtific:1.te of authentication on
sue!'\ Bond subsunci:illy in :he fonn hereina.bove set for-th ~ha.ti h:ive bttn duly executed by the
Bond Regi stnr, and such executed cer:ificote or the Bond Registrar u pon any such Bond shall be
conclusive evicience t hat suc!i Bond h:u been outhentic:ited and d elivered under this Ord,;nance.
Th e Bond R~giscrnr'.s cer::fic::it e of au::lentication on e.n .Y Bond sha ll be deemed to have been
e~ec,.:.ted by it if si~ed by a n author.zed offi cer or .sir,uuory of the Bond Registrar, but it shall not
be necessary t h at t:':e sa me officer or signator; sign the certific:i.te of au:.!"lent i C!lt ion on a ll of the
Bonds is.sue!! hereu.,der.
<:.>...;pg it Delivery of Bonds. l"p on the ad optio n of this Ordin ance. t.~• City shall execute the
Bon cis anC delh·er :.¾e~ to t.~e Bond Reg":sc,ar, and the Bond Regi strar shall authentic.:1te the Bonds
ar:.C Ce li ve :-t'.--.e ::: t o :.:le pL:.:-:::i.ase :s ~!,erecf, as d:rec:.ed by the City, a nd in accordance w:th the Bond
P:.::-:h:ise Agree:ne:,:.
~on° Re:isO"':l rion. Exe._11.a.nge. and Tr:insfer of Bonds: Persons Treated a.s Owners. The
S \l nd Reg:n:--:ir iii:::l maintain the be :>:.Cs of the C ity fo r the r egistl'il don cf owners hi p of each Bond
a.s pro,.i ded in :hu O rd inance. BonC:s may be ex changed a t the pr'ncipal offic e oi t he Bond
Reef,.it:-:ir fo r a li~e agg-:-eg:i:e pl"":r:c :;:ia ! amount of Bon ds of the same rna:urity and series oi oth er
a u:horfaeC rienomin:i:!o ns. Bonds may be t,:1.nsferred upon the registr at:on books u;on de liv ery of
t h e Bond s to t.":e Bond Re gist:-::ir, a ccot':'!pa.'1ied by a written instrument or in str11mer:.ts of :ra nsfer
in for.:1 ar.d wk.i. g-ia,ancy of s ign:ic1,;,e satisiac:or; to the Bond Registrar, duly e:tecuted by the
0 •,1,,-ne r of the Bo nds to be tr.insferreC or his att orney-in-fa ct or le gal r epresent;J.tii.-e, contain in g
wr:-::e n insttuc:ions as t o the det.:i.i ls of the transfer of such Bonds , alon g with the soci al security
numl,..•r or federal Pmploye r id entification number o( such transferee. ~o tr:insfe r of any Bond
sl1all be effecti ve u.nci1 enter ed on the r egistratio n books.
A In a 1 cases of r.~e ::ransfer of a Bo nd. th e Bond Registr:ir shall en ter the transfer of ow ne r ship in W the re g"is::-:i tion books and shall a u::1e n ticate and del ive r in the name of the t ransfe ree or
t:-ansferees a new fully regis tered Bond or Bonds oi authorized deno mira tfons of the same
maturity, series, and. interest rate for the aggregate pri nci pal amount wh ich the regi stered owner
is entitled to receive at the earliest pr::i.cticabte ti me . The Bond Registrar ~haJI charge the Ownl?r cf
a Bond for eve r/ such transfer or exchange an amount suffi cient to reimburse it for its reasonable
fees a nd for an y t:u. or other governmental charge required to be paid with respect to such t ransfer
o r exc:13nge.
T he Cic y arid Bond Reg':strar s h a ll not be requi r e-:! to issue or transfer any Bon d oi any series
Curing a ;,eriod beginn ing at the close of busines s on the Record fJate and ending at the opening of
busine!s on the first business day fo llowi ng the ensuing in t erest payment date.
Xew Bond s de !i·.·e:-eC u pon any transie r or exch.1nge sh a ll be valid obli gations or the City,
evidencm g the s.1m~ obiigation as the Bonds surrende red, sha ll be secure d by t his Ordinance, and
sr°;.1 ll be entitled to a } or t he securiti' and benefits hereof to t he s ame e.:..tent as the Bonds
su rr endered .
T he City. the Paying -~l!nt, and the Bond Registr:ir may dee m and treat the registe red Owner of
any Bond as the absolui:.e o,,._'Tier thereof fo r all pur,:>oses {whether or not such Bond shall be overdue),
and any not ice to :he contrar::' shall not be b indi ng upon the City, the P aying Agent, or the Bond
P.egistr:lr
-:a -
~-Cw,cellation of Bonds. Whe never any Bond shall be deli vered to the Bond
~:;:istr:lr for c::ince llnti on pur1ulll'1t to this Ordin a n ce and upon payment of thit prin cipa l amow,t
and interest repr esented thereby , or wh enever a.,y Bond shalt be deliv ered to the Bond Regi strar
fo r tro.nsfer or exchange pursuant to the provisi ons hereof, such Bond shall Le cancelled by the
Bond Registr :ir nnd cou nter;,arts of a certifi cate of c::incellatio n evidenC:ng such ca nce ll ation
shall be fu rnish ed by the Bond Reg;sc-ar to the Ci c-;.
~ Lose Bonds. A.ny Bond that is los t, stole n, des troyed , or mutilated may be replaced
by the Bond Registrilr in accordance with end subject to the li mitations of applic::ible law. The
o.pplic :u,c fo r any suc:l re?locement Bo nd shall pas: such security, pay such costs, and presen t such
proo f of o•...,ne r ship and loss as rn:1 y be r equired by applic:ab le law, or in t he absence of specific
r equirement:. a s may be r equir ed by t h e Bond Registrar.
~-ion 1 'l Dis positio n and lo ves tmc n t of Proceeds: Tax Coven:ints. The Bond s shall be
is.;ued and .;oid fo r the purpose cf d i paying the cos._s of refunding the Outst:inding Bon ds; an d (ii)
pnying other cosu in connecdcn ~"lt:1 the Bonds and the refunding of the Out.Handing Bonds.
>-"e ith er the Origin.:1! P urchasers nor .1n y subs.eGue nt Owners of the Bonds sh a lt i:>e r es po nsible for
the npplic:n:dn or disposal by th e City or a ny of its officers of the funds derived fro m the sale
ti":ereof.
All n any par• !'171 of t he Bond proceeds may be temporarily in,.·ested or rein vested. pending such
u se. in sec;.:.i~t:es or oblig'!ltio n s ~·hie:'! are both lav.ful investments and wh ic:l are P ermitted
l :westm ents. \Vith r espect to the S1?:"':es 199-lA Bonds on ly , it is hereby covenanted and agreed by
the Ci t:,1 th:u it will not make, or permit to be ma.de, a ny use of t he original proceeds of the Serie!
1994.A B.,'ilU-. ;;r of any money s c-ested as proceeds ll ithe S eri1 s 1994A Bon ds wiL1 in the meaning of
t h e Cc~e .1 •• 1 , ~rili cahle t egulations. ruli ngs, and decis ions, or take, permit to be taken, or fail to
tak e a ,t y .. _,;:,01., wh ich would aC..-erstly affec: the !:tclusion frr,m gross income of t he interest on
t h e Seti~:i.-:~9 4A Bonds under Secicn 103 of th e Code and applic3ble regulatio ns, rulings, and
d~dsion s.
The City fur ther covenants to pay fro m time to time all amounts requi red to be rebated to the
l'nited S tate~ pursu ant to Section 148 (ii of the Code and any temporary, pro posed . or final Treasu.-1
Re!jU lntions a; may be applied to the Series 1994A Bon ds and the Outstanding Bonds from time to
t ime. T he payment of such re bate amounts as r equired by this paragraph supersedes all other
provisions of this O rdinan ce co ncer.i ing the deposit an'l transfer of interest earnings to or from
:i.ny other f..:.nd or account. Moneys set aside to pay such rebate amounts pursu.:i nt to t...1,is paragraph
are no: subject to any lien creat ed hereunder fo r the benefit of t he Owner s. T his covenant shall
surviv1? t h e payment in full or the defea sance of the Series 1954..-\ Bon ds.
The City hereby desi gnates the S eries 1994A Bonds as "qualified tzix-exempt obligat io ns" for
purposes of Se ctio n 265 (bX3 ) of the Code.
~-Creation of Account. Th ere is hereby c:eated and established the Bond Account,
wh ich m::iy be establ is hed as a line i t e:n a ccount of the City's general fund and m:i in t::ii n ed by t he
City in a cco rC:ance wi t h t h e provisions of t his Ordinance. T he City may maint.:i in as many sub-
accounts of t he Bond Acc ount as it may deem necessary or prope r i11 orde r to properly account for
t:ie moneys pled ged and credited to the Bond Ac count.
' Th e re is also h e r eby es t.:ib li sheC. the E scrow Account, to be m.l intained by the Bank in
acco rC.:rnce \\.1 ~'.--: t'.-te pro ·.-i::iqns h e:-eof 2:,d of tb e Escrow Agreement.
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~ Initi:i.l Cred it:l to AccoU.Dts, Immediately upon issunnce of the BonJ, and fro m the
proceeds thereof. and o.ner payment of the Oriiin.il Pu.rc:h asers' di sco unt and the other costs or
inumg-the Bonds, the Cit:, shall make the followini c:-edits:
(a ) to the Eacrow Acco unt: (i) proce eds of t.'ie Series 1994A Bonds sufficient. when com bined with
suc!-t other le::i..lly av:iilable mon eys of the Cit:., as ma.y be n ecessary, to fund the Esc:-ow Account
for p:iyme n~ of the S erie s 1983 Bond3; u1d (ii) pro~eds of the Series 1994B Bonds sufficient. when
combined with s u ch other leg:>.Hy available moneys of the City a s may be necessar1, to fun d the
E3crow Acco u nt for p.o.yment of the S~ries 1985 Bond.s . in accordance with the report ;fa Certified
Public Ac coum:int as required by the provis ions hereof;
o) to t.he Bond Ac:ou.,t, c..1e J.cc:-..1.ed inte rest en the BonCs frr in the d.'.lted dntc t.lie!"eof to the date of
1s3 •:ince, if any: nr:.C
C po n issui.,c e of L'.:e Bon d s, the City shail credit to the E;Jcrow Acc ount sue~ oth er legl.lly
J;\':J.il:1bie mor.e::s of t:le Cit;: :i s m:iy be necessil r/ to fully fun d the EscTow Acco u.,t as set fo r-..h in
r.:1is Sc:c:ion .
"--'pc 15 P l edi• of Ad V:i.lo r e m T ,,:es: Bocd Accou.nt. Th ere sh,11 be depo•ited to ;he Bond
.l.c :ount moneys wh ic:1, when c:,m bined wit.li other r:ioneys ther ein, will be suffic:e .. t to pay t he
;:-:~c:;n1 l of and inte :-e:: or. t!:e Bonds when C?Je . )loneys credited to the Bond Acc ount shall be
u se d :;ol ely to ?D Y Lie pr:nc ip :i l of :rnd interest or. the BonCi .
If necessar::, t.ie interest to be!::>me due on t:1e Bonds on the first interest payment date ·hall be
advanced fror:i any revenues or ftmds of the C it;: lawfully available fo r such pur;ose. Fo r the
purpose of reimbursing sa id ad\"3nce and paybg the principal of and interest on t.ie Bon ds as the
s:1me become d u e a nd payable resp ective ly , the:-e shall be le vi ed by t he Board o( Co unty A Commissioners of the County of Ar,pa.hoe, Co lorado, on a I of the taxable pr op er.y in the City, in W addition to nil other t:i.:ces , dir~c: annual taxes in e.::u:h of the years 1994 to 2001. inclusive , to make
s ue!'\ re imbu r sement and pay the princi pa l of and interest on the Bonds a !i he same become d ue
and pay 3b le, r espectively, subject to such ,imita tions, if any, as may exist under the pro\.'lsion s of
Article X. Section 20 of the Co lorado Cons titution.
\~-nen collec ted the ta.,os levied for the pur,,ose oi p ayiqg th e pri ncipal of and interest on the
Bonds (leu any amounts necessary to repay s aid adv!lnce) shall be de posited in the Bond Account
and appl ied so lely fo r the ~Qyment oi the princ:pal of and interest on the Bonds, resp ectively, until
the Bonds, as to both princ:pal and in terest, shall be fu lly pa id, sa tisfied , and disch arged; provided
however, that nothin g herein contained shall be so construed a. to prevent the City from applying
any other funds or revenues that may be in the treasu:-:.-of the Cit"/ and availab le fo r that puf'i)ose, to
t.1e pnyment of the principal of and interest on t he Bonds. a nd upo n the app1ication of any other such
ft.:.nc!s or reve n ,Jes as aforesaid , the mill levy or le,.ies herein provided may thereupon to that extent
be dimi;iisheC:.
T h e fo regoin g pr~vi sions of t~is Ordin:mce are hereby c!eclnred to be the ce!"tific ate of the
Co nc il to r.he Bo.i rd of County Com missione rs of Ar:i ;,ahoe County, C olor:ido , showing t he
aggreg:ite amoun t of t:i xe s t o be le vied for the purposes aforesaid by s3 id Board of Co unty
Comm issio ners fro m time to time , as requi red by l.1w, for the purpose of rei mbunin g said ad van ce
and paying th e principal of and the interest on the Bonds when due.
The :i :r.ou n ts n ec e3!.tfj,' to p:iy nil costs and expen:;es inddent.::il to the is:;u~rnce of the Bonds :rnd
co p:iy t he prin ci p.i l of a n d interest on th~ Bond:; whe n due are hereby appro priated for said
\
)
purposell . and su ch amounts a~ a.ppr,;µriate tb r tach year shall also be incl uded in the annual
~~dget a nd the approprfat1cn b:lls to be mlopt<d and passed by t h e Cou nc il in each year,
re s;,ectively, until &.e Bonds h ove be:£:n fully po.id , satisfi ed , an d d ischarged.
It shll!J be tiie C 'lty of the Council, ann ua1ly, at the time and in the man ner r rovided by la w for
levying ot:ier <:icy taxes. if su ch action shall be necessa ry to effect uate the pr ovisi ons of thi s
Ordin:i.nce , .·.o rat ;f, a n d carry out the pr ovi s ions h ereo f with re fe rence to the levyi ng and
collectio n 1Jc' ta.Xes : and t he CouncH shall levy, certify, and co ll ect said taxes in the manner
p,ovided by la • fo r 1..,e p1.:rpose of funding the Bond Acco un t fo r th e payment of th e pri ncipal of and
inte rest on th .... Bon '"1 s . an:d said ta..i:es , when collected, sh a ll be k ept fo r and ap plied. on ly to the
payment oftht p ~n.,;._,ul of and interest on the Bond s as h erei n specified .
~ron eys c:-eCi ter" ~o t:-.e Bond Ac:ount ~··u,y :.ie in \·ested or depos ited in Permitud In vestmen ts
on ly and in ac:1."ld:ince ·"'·i th the la ws of the S t:t t e ot Colorado. The investment of mo neys c:-e dited
to the Bond Ac :-, .... .rnt .sh :i ll. h owe\•er, be subjec: to the covennnts and pro vi s ion s of the Sectio n hereo f
en titled ~Disp os;::on a.,C In ves t:;i ent of Proceeds: Ta.,: Covennn t s'". Except w the exten t otherwise
:-e quired by SL:ch S ei:::or:, a ll in te:-e s t inr.ome fr om the in vestm ent or rein ves t ment of 1.1 oneys
credited :o the Bor.C Ac::riu nt :;ha.II rem c..in in a.."1d be co me part of the i3on d Ac::o unt.
~ Additioc al Tax Levi e s iD the Evec t ofDelicque c cy Said ~xes shall be levi•d,
.osse ssed. co ll ec:~. and e:iiorceC :it the time and in th e fo rm and manner and with li ke interest
and penalti es a.s ot.~l!r gl?n~:-::i! taus in the State of Color-ado , a nd when co11ec :ed said tnxes ihall be
pa id to the City as p:·,vided by }a14•. In th e event any of said levies or the ch arg~s that mny be made
by the City sh.a.I fail u, p ro duce an amount sufficient to pay the principal of and interes t on t he
Bonds becoming dt.!e in 1,,e n e:c:t succeedfog y ear , ~he deficit shall be made up in th e ne:tt levy, and
t;ues sh a lt con tinue to be leviHi pursuant to the provisio ns of this Ordinance until the Bonds and
the interest thereon shall be paid in fuII , subjec: to such lim ita.tion s , if a ny, as may ex ist under the
provisions of Article X. S ection 20 of the Colorodo Constituti on . The Cou nc:I shall take all
necessary and proper ste ps tD enfor ce prom ptly the payme nt of taxes levi ed pursua.nt to this
Ordinance .
&:s:!:ilm.17. Appli c:ition of Net Revecue to Series 199413 Bocds. Not,,.ithsto.ndir.e the fo re::,,ing
provision'i fo r t:J.;l: bvles. t he City co ven ants a nd a grees to es tablish, maintain, and enforce a
schedule of rates, fe-es, tolls, and charges for the avail ability of, connection to, and us e of the wa ter
facilitie s of th e Cit:,, which together with said tax levi es ani l all oth er legally avail a ble revenues
a nd fo nds of the City, shall be suffi cie n t to pay the co sts of opernti ng ,nd ma intaining s aid
facilities, and t o pay the princi pal of and inte r est on the Series 1994B Bond s a s th e same
re:pectively m::1tt.r e and a cc rue. Howeve r, the Ser ies 1994 B Bo nd s do not co nstitute n lie n or
encumbra nce on such revenues an d this Section sh a ll not be con s tru ed as 11 lim it:iti on up on the
City's abili ty to p le--.:!~e or otherwise encumber said reve n ues .
~ D efea sance. V.."'nen a ll p rinc i pal and interest in connectio n with a ny Bond h as
be e n duly paid, ~,e pledge and lien and all obligatio n; of the City hereu nder shall thereby be
d ischarged and sue::, Bond shall no lon.;er be deemed to be outst anding within the me::1n in g of th is
Ord in:rnc:e.: There sh.:i.11 be de 1ir,ed to be such due paym ent whe n the City has placed in escr ow and
in t rus t wi th a comme rci a l ba nk loc:i ted wit h in or without th e State of Col orado, a nd -exe r ci sing
trus· powers. a n amo unt sufficienL (i ncluding the 1<nown mini m um yield from Federal Securities
i n which such a rr.aun t may be initially invested ) to meet all requi rements of pri nci pal and
inte rest as the Silr:te become due to their fina l maturi tie s or upon design ated prior r edem ption
d:ite:;. T h-e Feder:il Securities shali bec ome Cu e nt or prior to the re;:;pect ive times on whic:h the
proceeC:s ther eof shal l be needed, in accordance wi·h a ichedule establi jhed und agreed u pon
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between the City :ind such bank at t he time or the creation or the escrow, or the Federnl Securities
-
shall be subject to redemption at the option of the holders thereor to assure such avai lnbiHty u so
needed to meet such sdiedllle. The suffi cie ncy of the escrow shall be determined by a Certified
P ublic Account:mt.
~ Escrow Accollllt. The Escrow Account sh all be funded as set forth in the Section
hereof en citied "In itial Credic., to Acc ounts'", and shall be es tablished and ma.into.med at the Bank
in accordance with the £5c:-ow Agr-eement . Except as may be otherwise provided in the Es crow
Agreement, the City sha ll have no right or title to the moneys credited to or held in the E.scrow
Ac:ount, and such title shall be and is hereby transferred to the Bank in trust for the payment of the
principal of, prtmium if any, and in terest on the Outst.'.lncling Bonds .
T he Bank is hereby 11c.t..i ori:ed :inc!. directed to use the moneys credited to the Escrow Account to
prov ide for the pa~·ment of:.he acquired oblig:,.tions to be h eld in the E.scrow Account and to fund the
E.;c:-ow Account wit!i t!ie necessary beginning-c:ish. ir any, as req ui red in ac::ordance with the
es cr av.· sufficiency cornput.J.tions verified by a Certified Pu blic Accountant.
The reupo n. the balance. if an y, of the proceeds of the Bonds held by the Bank, the City , or any
other person . shall bP. deposited in the Bone!. Ac:o unt to be held for the payment of the principal of or
i ntere.s t on the Bonds. The fo regtJing p-ovis io n shall apply only to e:,:cess fun ds in the Escrc,w
Acco unt on hand at the time of delivery of the Bonds. and no funher distribution of funds on hand
in the Esc:-O\\.' Acco unt sha!J be made to t~e City except at the time of termination of the Escrow
-~.,,.eement or as provi ded therein.
~ Payment ofOutstandint Bonds. The Escrow Acc ount, when invested by the Bank .
shall at all times be at least suffident to p:iy the principal of, premi um if any, and in teres t on the
01;tst:1ndine-Bond ~ accordance with the foilowing schedule:
A {a l The S, _. .~83 Bend; sha ll be ca lled fo r redemp tio n prior to their respective maturities and W shall be paid on th e date and at the pri ce set forth be low:
Prior Redemptio n
Pot 11 and Pri ce
June 1, 1994, at
a price of pa r, accrued
interest, and a r edemption premium
of l.OO'ii of the principal amount so rede emed
{b l The Series 1985 Bonds shall be called fo r red emptio n prior to their respective maturities and
shall be paid on the date a nd at the price set fo rth bel ow :
P ri or Redemption
Por11 end Price ,
August 1, 1994, at
a price of par, accrued
interest, and a r edemption premi um
of 1.00% of the principa l a mount so redeemed
{cl Inte rest becoming due on the Ou tstanding Bonds shall be paid from the Es crow Acc ount each
ye::i r on th e prope r inte re s :. ;::-ily ment d:1te s a ccord ing to th eir original terms, until the Outstinding
Bonds com e due in ac::orcfa:1c e v.ith the .:ib ove sc hedule.
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~-Investment of Escrow Account. In accordance with the EJ<:row Agreement, the
Bank shall invest the funds or deposit in the Escrow Acc ount in non-c:1Ilable Federa.l Securities
only, and shall fully secure an y c:1sh balance in the Escrow Account in the manner r equired by
lnw fo r other tru.st funds. The Bnnk mny substitute obliga ti ons in the Escrow Accoun t pursuant to
the E,;crow Agreement.
~ Add itional Deposits. If, for any reason, at any time, the funds on hand in the
E,;crow Accoun t shall b e insufficient to meet payments of the princi pal ~r, premium if any, and
interest on the Outst:inding Bonds, as the same sh all be about to become due and payable, the City
snail forthwith de:,osit in the Escrow Account such additional lega lly ava ilable funds as may be
requi red ful1y to meet. the arnour.t about :o become due and payable.
~ Obliga tion s o{ E s crow ,l!ank. The Bank sh all from time to time redeem at maturity
:1 11 o r a portion of t.1e n cn -c:illable Fede ral Securit:es in the Escrow Account, in sufficient amounts
so t!i:it the proceeds :herefrom and the interest thereon as the same accrues, wm be suffiC:ent to pay
the principa.J of, pre:nium if any, and interest on the Outst.1 nding Bonds as the same bec ome due in
:icc::>rd:ince •Nit.li the schedule herein n.bove set forth.
~ Noti ce of Refundini, C all , an d Redemptio n. The City may give notice of the
r efunding of th e Ou:sundfog Bonds, on or a bout the time of such refundinr. by m.!liling-such
i:olice to the pa;.ing agent and ol":gin3I pur.chaser of t.ie Outstanding Bonds. Prior to the d3te of any
pr:or re de mption of the Out.3t.a.nding Bonds as set forth herein , notic e of c::ill and redemption of the
Oi:tstanding Bonds shall be given in the time and m::i.nner requ ired by the documents aut:'lorizing
t.ie issU!lil ce of the Outstanding Bonds.
~ Events of Default. The occurrence or existence of any one or more of the follo\\-ing
even ts sh:ill be an E..-ent of Default h ereunder.
(a ) payment oft.he principal of any Bond is not made by the City when due;
(b) payment of any interest on any Bond is not made by the Ci ty when due;
(c) t he City defaults in the performance of any other of its coven a n ts in this Ordinance, and such
default continues for sixty (60) days after written notice specifying such default and requiring the
same to be remedied is given to the City by the Owners o{ twenty.five percent (25%) in aggregate
pr:ncip:il amount of the Bonds t..'-len outst:J.ndi ng: or
(d ) the City fi les a petition under the federal bankruptcy laws or other applicable bankruptcy
laws seeking to adjust the debt represented by th e Bond s.
~ Remed ies For E vents of Default. Upon the occurrence and continuance of an Event
oi Defau lt. the Owner of any Bond may proceed to pro tect and enforce the rights of any Owner
unde r thi::; Ordin:ince by mandamus or such other suit, action, or special proceedings in equity or
at law , in a rry court of competent jurisdiction. All such proceedings shall be instituted, had, and
mai ntained fo r the equal benefit of all Own ers of the Bon ds then outstanding.
~-Permitted Amen dments to Bond Ordi nance. The C ity may, without the consent of
or notice to the Owners, adopt amendments or supplements to this Or dinance, which amendments
or .;uppler.,e nu sh:il: t:'lerelfie r form J part h e reof, for a ny one or more of the following pu rposes:
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fa) to cure any ambigujty, to cure, corrttt. or supplement an y· formal defect or omission or
inco nsistent provision cont:Un ed in thjs Ordi nance, to make any provision necessary or desirable
due to a ch ange in law, to make an) provisi ons with res pect to ma tters arising un Uer this
Ordinnnce. or to mo.ke any provisions for any other purpose, if such provisions are necessary or
ci e,i r:ible o.nd do not materially adversely 11ffec: die intere st. of the Owners of the Bonds:
(b) to subjec : to this Ordinance or pl edg! to the payme nt of the Bonds additional revenues,
properties. or collateral : and
(c) tog-rant or coni'er upon the Owners any aC:dicionol rights, remed,ies , powers , or authority that
rr::i:-· be l:i..-.-fu !J y gra.nted to or co nfe rred upon t.~e Owners.
~0" "Q_ Amendments R e qu i ring Consent of Owners. Except for amenda to ry or
5.!?pleme:::~l ordini:1 ces a dopted pi.:rsu arit to :.'l e Se ction h ere of entitled "Perm itted Amendme n ts
:o Bond. O:-::.:nnnce ", the Owners of not less t.~3:, two-th irds (2/3) in agg-reg::ite principal amount of
t:i e Bonds t.~en 01.::~t ~nC.:ng .shn il hnve the ri g:::. fr om time to time. to consen t to and aµp r ove the
adoption by t'.i e Cit:• of such orC:i n :1 n ces nme::Cator:1 or supple men t.l l hereto as sh all be deemed
n ec!s.iary or Cesi rable by the C ity for the pur;ose of modif)i ng, al te ri ng, am ending, adding co , or
re.s c:nC::ng , in any p ::i :-:ic:i lar, any of t he :.e :-:ns or provisions contained i n th is Ordinance:
pr ovi ci ed ho wever, t h ::it "",cho ut the con s ent oi't..~e Owners of all the Bonds affe cted thereby , nothing
he:-e in cont.'l ined .sh all per.ni t. or be co nstrue~ 3..5 permitti ng:
(aJ a ch .:inge in the terms of the m::iturity of a::y Bond, in the principal amount of any Bon d or th e
r::i:e of interest th ereo n, Qr in the terms of prior r~.emption of any Bond:
CJ ) nn i mpninnent of t..1e righ t oi' the Owne:s to institute suit for the enforcemen1t of any paym ent
cf t..lie prin c:pal of or inter est on the Bonds wh e:, ·ue:
-(cl a pr.,-i lege or priori ty of any Bond or a::y interest payment ov er any other Bond or interest
payment : or
(d ) n reduction in the percent.age in principal amow,t of the Bonds the con sent of whose Owners
i s re q uired for any such a.mendatory or supplemenui ordinance.
If at any time the C ity shall desire to adopt an amend3to ry or supplemental ordinance fo r any of
t~e purposes of thi s Sec:ion, the City shall couse n otice of the proposed adoption of such amendatory
or supplemental ordinance to be gi ven by ma iiing such no~ice by certified or r egistered first-class
Ll-a il to tht! Original Purch a sers and to each Owner of :1 Bond to the address shown on the
registration books of the Bond Registrar, a t le:ts t thi rty C:lO ) days prior to the proposed date of
adoption of 3ny such amendatory or supple men u l ordinanc~. Such notice shall brie ny set forth
the na tur e of:.ie proposed nmendntory or supp le:nen t.:1I ordinance an d shall state that copies thereof
are on file at the offices of th e City or some other suitable location for inspection by all Owners. If,
wi t h i n sixt;--(60 ) days or such longer period as shall be pr escri bed by the City following the giving
of such not ice . the Ow n ers of not less than the required ~erce ntnge in aggregate pri ncipal amount
of the BonC:s th en out.;t.'.mding a t the t ime or the execut io n d any such ame nd atory or supplemental
or d inance shall h ave consented to and approved the ex e .:utio n thereof as herein pro vide d, no
Owner of any Bond shall have any right to obj ect tiJ any l'f th e terms a nd provisions contained
the re in, or t h e operation thereof, or in an y mn nne · to qu estion the propriety of the adoptio n and
effecti veness t h ereof, or to enjoi n or restrain t he C ity fr om ado pting the same or fr om t ak i ng an\,
a•::io n pu rs 1.:.:in t to t he i;rovisio n s th ereof.
~-E.tfect of Amendment. Upon the e:cecutio n of any amenda.cory or supplemental
ordinance pursua nt to this O,dinance, this Oroinnnce shall be deemed to be ,modified and
amended in ac::o rdance there~-ith, an d the re spective rights, duties, and obligations under this
Ordinnnce of the Ci ty, the Bond Regi otra,, the Paying Agent, and all Owners of Bonds then
out.st:l.nd ing shall thereafter be determinP.d , e:cereised, and enforced hereunder, subject in all
r especu to such modifications and ame ndments.
~ Removal or Resi irnation of Bond Registrar or Payini • .\gent; Successors. The
Paying Agent and Bond Regis:r1r may resign, or may be remo ved by the C ity a t an y time, with or
without c:i.use . In the event of the removal or re signation of the Bond Regi strar or Paying-Agent.,
the Ci ty sha ll appoint a successor as soon thereafter a.s may be practicab le. and in such event. shall
give written noti ce ther eof to e1ch Owner by mai li ng to the adC:res ses shown on the registrn.tion
books for the Bonds. Any s ucce sso r Paying Agent shn.11 :
l a be a trust company or ba::k in good sunding loc:i ted in or in cor;::ior:ited under t:'l e laws of the
S to:e ofColor,do:
fb) be du ly authorized to e.te?'Cse tru.St powers:
fc be s ubjec: to e:<:im in:1t io n by a fe Cer:il or state authc,rity: and
(C) mainuin a reported ~i)i:.al anC 3ur,.,iu !: oi not less tnan ten m illi on doila rs (S10.000,000).
~-Authoriz.:,tion to Execute Documents. The :Vlayo, and Cit;, Cl erk sh~II. and they
are he r eby au:horized and directed to take all actio ns nec essar/ or appropriate to effectuate the
pro\;sions of this Ordinance, includi ng, but not lim ited to, the execution of the Paying Agent and
Registrn.r Agreement and the Escrow Agreement in substanti ... lly the form s presented to this
meeting of the Counci l, and such cer:ificn.tes and affidavits as may be reasonably required by the
Original PurchaseTS . The e<ecution by the :\layor of the City of any •locument authori zed herein
shall be conclusive proof of the approval by the City of the te rms thereof.
~ Declaration and Findini:s. Having been fully informed of and having considered
all the pertinent facts and circumst.o r,c es, the Council does hereby fi nd, determine, and declare:
(a i The taxable propeny upon wh ich ta.<es will be levied fo r the paym, ~t of the Bon ds is identic:,I
t o the tru:abl, property upon which tax levi es a r e be ing made for the pa)ment of the Outstandini
Bonds. and the Bonds sha ll be payab le £Tom the same funds to be derived 'Tom the some souTCe as
would ha.ve been u sed to p3y the Outs~nding Bonds if no refunding thereof vere to occur;
(bl The funds 3J'ld inves tments to be placed in the Escrow Account. toget ,er with interest to be
d eriv ed from such investments, are ir. an am ount which at all times sh3ll be sufficient to pay the
prmci ps.l of, premi um if any, a nd interest on the Outstn.nd ing Bonds a s they beco m e due in
acc ord:i.nce wi th the sch edule set forth h erein, and the com putations made in de termining such
sufficiency have been ve ri fied by a Certified P ublic Ac cou ntnnt;
(cl The tot.al a gg,-egote amoun t of bonded indebtedness of the City does not now, nor shall it upon
the issuance of th e Bonds . exceed any a pplica.ble limit prescribed by the cons titution or laws of the
State of Color3do;
(d T!i e is3u::mc e of th t: Bo;;C:s. the refur.C:ir.g of the Outstanding BonC:.s , and all proced ures
undc-rt:iken incidc?nt thereto , .ire in full com;:,l1a.1ce and confo r mity with a I 2.ppl ic:ib le r equi re-
-2 5 -
men ts, provi s ions, and limi u tions prescribed by the con stitution and laws of the St.ice of Colorado
thereunto en~blinir, partie,..br ly Title 11. Artiele 56 . C.R.S.; and
(e) Entering into J.nd co mpleting the refunding progrnm herein nuthorized at this t.ime will
enable the Council to : (i) reduce the net effective interest rnte of the ob lig:icio ns represented by the
Outstanding Bonds: (ii) re~uce the tot.l l interest payable over the Hie of th.e obligatio ns represented
b;.-the Outstanc.ing BonC.s by issuing bonds at a lower net interest cost. or having a lo wer net
effective in ttrest rate ; anC (iii) reduce the total principal and inte rest payable on the obli g!ltions
represented by the Ouu:anding Bonda or the princi pal and in terest payable thereon in any
particula r year or yea.rs, or e!Tect other economies.
~-Cos t s an d Erpenses. A.II costs and e:1:penses inc urr ed in connec::on with the
i!;;.:;;:lnce a nd p~yme~: o:· t..'ie Bo nC:s. in cl uding wi th ou t li mit.itio n a l e:t penses r elated t o the
rl:!:"u~Cing ;,r :,c~C ure. sl-:a ii =, p:tiC e it!ier fr om t!ie proceed s of the Bon d! or from ieg:?lly available
montys o;" the Cit:,·, o:-frc:n a combin.:it io n thereof. and such moneys a re he r eby a pp ropr:aced for
th.:it purpose
~ Official Statem ent. The Prelin:ina r:-· Official St.lti?ment is hereby aut!i or:zed and
:ipproved. The Preti rr:ina.r:.-0-f.kia l .S t.:it ement is he :-ehy dee med by the Cour!c il to b e :i:1.al as of its
d:ut wi t hin the me:ining oi .P.:.d e 15c2-12(b /(l) of the L·.s. Secu rities and E :c:c:i ang~ Corn ;nissio n .
Th t Co uncil hereby a utho:::es the preparation and distr ibution of a fina l Officia l S t .:itement in
conj 1.,;,nc :ion wi d, an offe?' of t :1e Bonds to the pd:i iic. T he Offi cial S tatement shall cor:tain such
cor.ec:ions and aCdit:onal er u;,dated informatio n sc th a t it will n ot contain a ny untrue itatement
ot" a materiJ.l fac: or omit to sute a material fact necessary in order to make t he s tatements made
t~erein, in light of the circ:.::nsunces under whic:1 t:i ey were made , not misltading. The :\·layor of
t:,e City is hereby a1..:.thol"::ed to execute copies of d,e Prelimina r:, Officfol S t.:itement and th e
Offici a l Statement on behalf of th e Cic:,•.
-~-Holidays. I: th e date fo r making any paym ent or pe rfo rmin g en y action
hereunder shall be a lega holid.J y or a day on wh ich the prin ci pal office of tr'! P aying .~ent or
Bond Regi strar is a ut..iot:=e-d or required by law to remni n close d, such payment may be made or
act performed on the next s uc:eeding day which is n ot 3 legal holi day or a day on which the
princi pal offiCe of the Paying -'\.~ent or Bond Registrar is authoriz ed or required by law t o remain
dosed .
~ Ratification and Approval of Prior Ac t io ns. Al l acti ons hereto.fore taken by the
officers of the Citv and the members of the Council. n ot incon sis tent wi t h the pro\·is ions of th is
Ordinance. relati~g to t he a ut."1ori ::1t !o n, sale, is3 ua:ice, and deli very of the Bonds, are hereby
r:it iiied, a pproved, a n~ confirmed.
~-Ordinan ce In-epealable. After any of the Bonds have beef\ issued. this Ord:nance
shall constitu te a co ricrac: bet·.r.·ee n the Owners an d the City, and shall be and remo.in irrepealable
until t he Bonds anC t:ie in :e r?st a cc ruing t hereon shall ha vP been fu ll y pa id. satisfied , and
d is ch:1rged, a s h e r e in pro..-iCeC .
~ Repeale r. All orders , byla ws , ord inances, and ·,esolutions of the City, or pa rts
t he reof, inc onsistent o r in conflict v.i th th is Ord inance, are he reby r epealed t o the extent only of
such inconsistency or conf.ict .
C:..-1:jpr, :~. s~ver:ih ility . If ,:my sec t io n, piJ.rJ.:;-:?pii . c!:.iu.;e, or pro\'i.;ion of t ii:s O rC:i nnnce
sh:ill fo r nny rea.son be he lC to be in valid or un en fo rce :Jb le, tiie inv;:i lidity or un enfo rc eability of
-2': -
such section, p~ph. claUH, or provision shall not aff'ect any of the remaininl' provi sions or
this Ortlinance, the intent beinr that the same an sever:ible.
~ Recordinr &lid Authentication. Upon adoption hereof, this Ordinanc e shall be
recorded in a book kept for that purpose and sho.ll be auth enticated by the si gnatures of the :W:ayor and the City Clerk.
~-El!ective· Dat e. Th js Ordfoance shall take effect th irty days after publi cation following final pas sage.
l n<:oduced, read in full, and passed on first readin g on the 4th day of April , 1994.
Mlished as a Bill for an Ordin1J11ce on the 7th day of Apri l, 1994.
Read by ticle and passed on final readfog on the 18th day of April , 1994.
Pub li shed by tit !e as Ordinance -:-io/5"_ Series of 1994, o~e 2 1st day of April , 1994.
L-rtEe.t
Loucnshin A. Ellis, City Clerk
I, Loucrishia A. Ellis, Cic-; Clerk of the Cit-; cf Englewood, Colorado , here by certify that the abeve
and foregoing i,> true copy of the Ordinan ce passed on fino.l reading and publis he d by title as Ordinance No /~ Series o( 1994.
~Judt;__ t1 [&
Loucrishia A. Elli s
-27 -
Date
April -!, 1994
JNIT1A TED BY
STAFF SOURCE
COUNCIL GOAL
COUNCIL COMMUNICATI ON
Agenda Item
11 b
Su bject Ordinance -Refunding
Bonds, Series 1994 A & B
Department of Financial Services
Frank Gryglewicz, Acting Director of Financial Services
IA
ISSUE/ ACTION PROPOSED
Staff seeks Council support for a bill for an ordinance for the City of Englewood, Refunding
Bonds, Series 1994 A & B.
PREVIOUS COUNCIL ACTI ON
February 22, 1994:
Council met in study session and agreed to proceed with a refunding of the Community
Center Bo'nds of 1983 and Wate r Obligation Bonds of 1985.
March 21, 1994:
Council approved Resolution Number 36, Series of 1994, declaring the City's official
intent to refund the 1983 and 1984 bonds and authorize a public sale of bonds .
BACKGROUND
Section 106 of the City of Englewood's Home Rule Charter allo;vs the City to ~uthorize by
ordinance, without an election, issuance of refunding bonds for the purpose of paying
outstanding bonds of the City. Furthermore, these bonds de, n ot require a vote of the
citizens per Amendment 1 restrictions (See Colorado Constitution, Article X, Section 20,
(4)(b) (Tabor). New debt can be issued at a considerably lower interest rate which will
A resul! in net interest savings. The proceeds of these bonds will be used to pay the City's
-existing general obligation der•
'
_)
PROS AND CONS Of omoNS REVIEWED
Proa: Refunding the 1983 and 1985 bonds will save Englewood taxpayers approximately
$80,000 per year over the terms of these obligations . Total savings over the life of the bonds
will be $767 ,137, as shown in the attached debt service schedules.
Cons: None .
ST Aff AN AL YSlS
1n order to meet scheduled call dates, staff recommends passing this ordinance.
FINANOAL IMP ACT
A debt service schedule, preliminary official statement, offi cial notices of sale, and official
bid fo rms are included to illustrate projected principal and bterest payments and other
relevant information.
-.. 40,000
City ol Englewood, Colorado
Genaral Obligation Relundln0 Bonds, Serles I 994A
Malurlty Smlltl Barn•y l•W• d e Wm 81ar & H ■nlf ■n.
(Dae 1) §b.!![.!9D ~k>_ No,was l FBS Inv. lffih~ A B ol A2.
Merrill Kamp•r P,ud•nhl Daln Millaf & Krllpa,k:11
il'!!£b G.K.Baum Secu-lUes W.J!U!IIIU S•c'li\l•s Boswo,th Scl'W'oed• P•lli•
199< 2 .90 3 .◄0 3.00 3.00 3 .15 3 .30 3 .00 3 15 3 20 3 .◄0 3.10 3 .30 3 .40 3.IO
1995. 3 .30 3 75 3 .60 3.60 3 .65 3 .70 3 .50 3.70 3 .70 3.75 3.50 uo 3 .70 4.20
1996 3 ,75 3.00 3 .95 3 .80 ◄.00 ◄.OS 3 .90 4.00 • 00 4 .00 3.90 4 .10 3,110 ◄.◄O
1997 4.00 ◄.10 4.30 ◄.10 ~.25 4 .35 4 .10 4 .2 5 ◄.25 ... 25 ... ,o 4.25 4.10 4 .IO
1090 4 .20 4.30 4.45 4.30 4.50 4.56 ◄,◄O <60 4,◄5 4.50 4.25 4 .45 ◄.◄O 4.10
1000 4.40 4.50 ◄.ftO 4.50 ◄.66 4 ,115 4.5 0 4.60 ◄.e a 4 ,70 4.40 4.60 4.IO 5.00
2000 4 50 ◄.70 4 .7 0 4 .75 4 .00 4.8:> 4.70 ◄.76 ◄.70 4.75 ◄.70 4.50 4.IO uo
2001 465 4 90 4 .110 S.00 4.90 4 .90 4 .80 4 05 4 ,80 0 ,00 4 110 4 .70 5 .00 fi.40
2002 4.00 5.10 4 .9.J 5 .10 ti .OD 5 .00 5 00 6 .00 • 9G 5 .10 5.10 4 .65 6 .00 6 .40
Grou Int 738,302.11 773,242.87 768,847.82 775,557.74 780,959.22 78◄,091.4 ◄ 795,1:Ja .11 777,105.16 76a,6D1.32 788,61113 .58 768.11182.2◄ 759,1 74 .85 n a. 11!12.18 148,458.67
Olscounl 31,494 .9! 14 ,196.0 J 22,64~.60 19,706.00 16,668.60 17,686.40 38,396.70 30,080.00 38,428.6 5 25,0 37.20 50,1 00.00 86,595.20 63,521 .00 61,425.90
TIC 4 .BU1 D4 4 .70926 4 .74415 4 .7 &6 /U ◄.77216 4 .79945 4 .111152 ◄.84333 4 .116796\ ◄.117600 4.IIJOIIO 6 .00069 6 ,03240 5.53071
Maturity Park tnv .
~G.K.Balll1 ~
19'.lS 4.90 4.90
19!16 5.50 S.60
19Y7 6 ,00 6 .00
$l,4h, J
Cly ol Englawood, Colo1ado
Taxable General Oblgal!on Wei.•• Rotunding Ron da , Se1 lo 1 191MB
~
<1.70
5 .50
5 ,00
Lewis de Kemper Hanilon, A.G. Doh Dough1rly Wm Bia~ & Croon & PIUdonllal
Aozaro Seetdies hrnoft' FJB 01 p. Edwatd& Botworth Oawkns fBS!!Y4 Wm Blelr l~ Secu"tip
4 ,115
5,6
6,1
5,00
5.50
6.00
5 .00
5 .65
6 ,20
5 .05
5,70
6.25
5,00
5.40
6,00
4.15
525
5,90
5 ,00
S.70
0 ,20
5.10
5.75
625
5
5.6
63
500
5.85
6.25
5 ,10
5.90
0.30
G1oss hl 178,905.06 179,979.61 174,717.19 181,806,53 179,435.14 184,174.71 :85,758.94 176,360.61 170,679.48 184,711.97 186,581 .24 187,350.39 187, 105,71 188,1154.07
Discount 6 ,490.00 8 ,490.00 t2,285.40 8,268.75 11,453.6 0 7 ,360.25 8,047.50 13,711 20 22,125.00 1~.'71.50 o.oo 12.s,o.oo 13,275.00 18,4'7.50
TIC 5,85447 5.118860 5 .022211 5 .• 3814 60427 00411117 0.05402 8 ,06840 8 .12949 0,18420 11.1111179 ll3Z7fl0 6.34710 &,51!59J
-
I,
~
ffi
A
u, ...
I ...
I
...
s!::
~
I ...
CITTOIIIIGLND ....... C:0.W". mLCUDO
A IATfll, IWII GIJALlfllD SCALI
lML SAYINGS
GlllEUl 1»LI .. TIOII •flNIIIQ -•• 1"4A
.U o, ._., ZI, 19M
•••••·•'-'•••··•·········· Prep,Aed D•t •••••••••••······••·••••·•
O•t•
IZ/01/1994
12/01/19'5
12/01/1996
12/01/1097
12/01 /1991
12/01/1999
12/01/2000
12,01,2001
12/01/ZOOZ
Tota l •
'"'• t'ltl lcn::I yrs .
,rirw I pal
Z4C,OOO
Jl5,000
J50,000
J60,000 m,ooo
39',000
41S,GOO
430,000
440,000
),J40,0Cll
,.,25553
16316.]9
,.. ..
1,,00
J,]00
J,l"l4 ,.ooo
,.11111
'·'°° 4 ,500 ,.,so
,.100
lnc•..-T Totel
71,1U.06 :s,1,1SJ.06 m,soo.oo 466,SOO.<»
IZ0,'45.00 47'0,'45.00
107 ,lZ0.00 41'7,JZO.OO n ,1111.oa .. ,.m.oo
77,110.00 ,n. 110.00
59,790.00 474,790.01
41 , 11,.00 m,11,.oc.
?1,120.00 '61, 120,00
722,SlS.06 4,062,533.06
l"af\l'dl:etfuwr
Net cav fnp
1002 DIG8ll1 3/30/1994 It 1hl21'6 (11)
...,...,, ..... Iner ... •
!141,27,.00 ·Z!7,llt,k
546,4lJ .00 •79,9J5,00
552,'8,00 •lt ,M.00
J50, 115,00 •IZ,IC5 ,00
no,200.00 -12 .2110 .00
J51,0IO,00 ·79,'10,00
SSS,Z20.00 ·IO,U0.00
,,,,060.00 ·IZ,9'5,00
JM,750.00 ·l7,'30.00
4,957,SJO,OO •89',996 .9'
154, 1]7.50 .................
740,lff.44
6 15 ,1176 .49
IIAll-30-94 IED I 5: Ir.
A l.lTID , T-8Ll SW.I
Ml U.Vl .. t
CITT Of (MGLrYX'ID
MUAHDt CCUllfT . CII.OIADO
GDUAL OlllaATlCN .:.·,·n IU\NUN IOIGI, soru 1994
At 0, MY 26, 1"'
-•••· •·········•·?······· ,l"'Opolad Debt··•·•••·· .. ·········•••••• 0Jr!"'Mt
Dete ,rfncipal IHI lnttr"t Total
6/01/1994
6/01/1995
6/01/1996
6/01/1991'
4'10,000 4.900
50S,000 s.soo
500,000 ,.1)1)()
41,JZ4.19
'9,290.00
43,117.50
15,000.~l
41,524.79
Slt,290,00
541,117.30
115 ,000 .00
, ....
,,s.s,o,oo
!131 ,110,00
541,430.00
530,110.00
Tota l , 1 ,47',000 160,1'12 .29 1,6,1..,102.29 2,01."l.DIO .OO
A"'I . r1tt
loncl yr s.
5.655W
3000 .49
LIU fl.lWN of INU.1"
ht uvf,._
Prucrtt va t ua CsltYlngs)
1002 IIICl45.41 3/30/199• at 11 :50:57 (14)
•414,06!.21
410,00 '57.,o
-1,. 110 .00
-ua,111.11
40Z ,000 .00
Z4 ,377.71
11,247.97