HomeMy WebLinkAbout1984 Resolution No. 033RES OLU:ION NO.~~
SERIES OF 1984
A RES OLU TION AUTH OR IZING THE SALE OF T HE
CITY'S INDUSTRIAL DEVELOPMENT REV ENUE BONDS (KING
SOOPER S PLAZA PR OJECT) SERIES 1984; P RESCRI BING
CERTAIN DETAILS CONC ERNi t-:G SAI D BONDS; RATIFYING
THE FORM OF THE INDENTURE OF TRUST , THE FINANCING
AGR EEMENT, TH E INDUCE l-iENT LETTER, THE FINAL
OFFICIAL ST AT EM E NT AND T HE BON D PURCHASE AGREEMENT
TO BE EXECUTE D IN CONNECTION T HEREWITP. AND OTHE R
MATT E RS ; AND P ROVIDING THE EFFECT IV E D.0.T E OF THIS
RE SOLUTION.
WH EREAS, t he C1 ty o f Engle~ood, Color ado (the ''City
1
')
h a s p1e \'i ou sly aut~,o riL !d by ordi nance the issuanc e of i ts
Industrial Development Revenue Bond s (King Sooper s Plaza
P:-oject) Ser ies 19 8~ ( t he "B onds ·') p ur suant to the County
and Munic1yal ity Re v enue Bond Act, consti t uting Ar t icl e 3,
Ti tle 29 , Color ado Revised Statu~es; and
Wi:iEREAS, the C i t y now d esi res t o sell its Bond s t o
Bo~ttche~ & Com pa ny , Inc . (the ''Underwriter ''); and
~HE REA S, certain de ~a1ls o! t he Sends are requi red t o
be set he reby.
NOW, Ti:i ER':::ORE , BE IT r,:::s c :.v:::D B"i _i:i E c1:·:: COU!·l'.:I L OF
Tri::: C: TY OF EN GLE\·1OOD, co:..o;;.;..DO,
Sect1c~ 1. Th? Bonds are he=eby scld ~o the
Unde rwrite=, a t a price of 98.5 2&: of the principal a mount
t her eo! p~us accrued 1nteres t t~ t~e ca te of del:ve r y, all
pursuant to the Ecnd Purchase hg~eement, dated Augus t 29 ,
:984 (the ''B ond Fur chase Agreeme~t''}.
I
I
I
Section 2. The Bonds sh1ll be dated as prov ided in the
Indenture of Trust dated as of September 1 5, 1984 (the
"Indenture'') between the Ci t y_ilnd De nver National Bank,
De n ver, Co l orado, as trustee ( the "Trustee"), and shall be
issued in the principal am o unt o f $9,500 ,000 . The Bo nds
shall b ear i nterest f rom the ir respec tive d .,tes until their
r espective maturities, payable on oc ~o ber land April 1 of
each year, commencing on ,t.pri.l l , 1985 . The Bonds s hall
ma ture on October 1 , 1989 a n d shall bear i nte rest at the rate
o f 10 . 00% per annum.
The Bonds shall be payab le , shall be subject t o redemp-
t.1on and shall be issued in a ccord ance w1 th the terms and
co nditi o n s set forth in the Ind enture. The max i mum ne t
effecti v e in te rest rate on the Bonds is 10.00,; per annum.-
Se ct ion 3 . The am ou nt requ i red to pay debt service on
t h e Bonds is set f o rth in Exhibit A attached he r eto, a n d
Cnslewood Redev e l opers , Ltd. ( the "P ar t ne rsh ip "), a Colorado
l1m1ted partnership , 1s obliga ted t o pa y such am ou nt to the
C1t.y und er the terms of a Fina ncing Ag reement. dated as of
September 15, 1 984 (the ''Agreement.11
).
Section 4. Th e forms, term s a nd pr o·1isions of t h e
Inducemen t Letter a mong the City, the Pa rtnershi p and the
Underwriter, dat ed a s of August 29, 1S84 (the "Inducement
Le tte r"), the ~.g reement. the I nden t ure, the Bonds, the final
0 !f ic1al S t at.e m:n t (the '1 0 :'f 1c1al Stateme nt") and the Bond
-2 -
Purchase Agreem ent be , a nd they hereby a r e, approved, and
the Issuer shall e nter into the Inducement ~ette r , t he
Financi ng Agre em ent, the Indenture and t h e Bo nd Purchase
Ag reement, and s h a l l execute the final Official St atement,
substantially in t h e forms of eac h of such documents p re -
sented at this meet ing bu t with such mino r changes therein
as are consiste nt herewith and as the officers of the Issuer
ex e cuti ng such d o c um ents shall approve , t h e i r exec ution
t hereo! being deeme d conclusjve of the ir approval of any
such c hanges ; and the Mayor cf the Issuer is h ereby author -
ized a~d di rected to execute and delive r such docume nts and
the Ex O!ficio City Clerk/Tr ea!3urer is hereby a uthori zed a nd
direc t ~d to af f ix t h~ s e al of the Issuer to, and to attest,
such documents 1 n substantially t he forms of each of such
d o cume nts p re sented at this me eting. Th e City rat ifies the
Underwriter 's use of t he Preliminary Official S t at e ment, a nd
au t horiz e s the Under~riter to use the final Off icia l State -
me~t 1~ connect1on with t he sale of the Bonds; provide d,
ho~e~e~, nei t her the City nor any o !f1cer o r employee there -
o f has o r ass~~es any responsibility fo r the accuracy o r
co~?le te ness o ! the inform a ti on contai~ed in t he ?rel:ni nary
Of!:c1al Jtatement or t he final Official State~ent .
Sect !cn S. Ii any section, paragraph , clause or pro -
~1 sio~ o ~ this r esolution shall fo r any reason be held to be
1~,·al ~d o ~ u11enfo~ceable, the inv2lidi t y o r u~e~force ability
-3 -
I
of such section, paragraph, clause ot provisiun shall not
affect any of the remaining provisions of this resolution.
Section 6. This ~esolution shall take effect imrnec-
,ately upon its introduction and passage.
APPROVED AND ADOPTED this 29th day of August 1984.
CITY OF ENGLEWOOD, COLORADO
\SEAL}
Attest: ..Sy ~y...,q "l[/(2!~ ~~ ---J--,~ Mayo?
By c71 /1. ' ,:.../~f-{~
EOffi ctCity C1e Kr
Treasurer
STATE OF COLORADO
COUNTY OF ARAPAHOE ss.
CI TY OF ENGLEW OO D
I, Gary R. Higbee, Ex Office City Clerk/Treasurer of
the City of Englewood, in the Coun~y of Arapahoe and State
of Co lorado, do hereby certify that the above and foregoing
re so lution is a true and correct copy of the res olution
introduc ed and read in f ull at the City Co u ncil meeting held
on the 29th day of August 1964, and f inal l y passed, without
amendm ent.
!SEAL]
CJ.TY OF ENGL EW OOD, COLORADO
( '\ /7 / ( (. /tu-;//.;,-~-~
Ex Officio City Clerk/,/'
Trea sureif
-5 -
EXHIBIT A
DEBT SERVICE SCHEDULE
Yea r Ending Total (October 1) Pri ncieal Interes_1 Debt Service
1 984 $ -$ ---$ -1985 950,000 950 ,000 1986 950,000 950,000 1987 950 ,000 950,000 1 988 950,000 950,000 1989 $9,500,000 950,000 $10 ,450,000
-6 -