HomeMy WebLinkAbout1983 Resolution No. 056RESOLUTION NO,~, SERIES OF 1983 '
( SWED I SU MEDICAL CEN'!'ER)
A RESOLUTION RATIPYI~ CERTAIN ACTION HERETOFORE
TAKEN, AUTHORIZING THE EXEClJTION AND DELIVBRY BY
THE CITY OF A FIRST SUPPLEMENTAL INDENTURE OF
TRUST! AND REPEALING ACTION HERE'roPORB TAKBN IN
CONFLICT HEREWITH,
1L
WHEREAS, the City of Englewood, in the County of Arapahoe
an d State of Colorado (the "City•), is a legally and regularly creat-
ed , establishe d, organized and existing municipal corporation under
th e pro vi :;io 11s oi' a rticle XX of the Constitution of th e State of
"''d the Charter o f the City I and
11C Hli AB, t be City has heretofore issued its City al'
... ~l ~wo od, Culo ,a do Uo s pital Revenue Bonds (The swedl~h Me di cu l
Center Project) series 1978 (the "Bonds") in the aggregate principal
amount of $7,600,000 pursuant to the County and Municipality
Development Revenue Bond Act, Article 3, Title 29 of Colorado Revised
Statutes 1973, as amended which Bonds were issued under an Indenture
of Trust dated as of, May 15, 1978 (the "Indenture") between the City
and the First National Bank of Denver, as trustee, to which First
Interstate Bank of Denver, N,A, (the "Trustee•> is successor trust-
ee I and
WHEREAS, the City deems it necessary and desirable to amend
Section 5,2 of the Indenture to provide that Governmental Obligations
(as defined in the Indenture) held in the Invested Sinking Fund cre-
ated in Section 5,2 of the Indent ur e be traneferfed to SWedieh
Medical Center (the •corporation") in the event the Bonds ace ~ur-
chased, in whole, by the Corporation and surrendered to the Trustee
for cancellation, at any time prior to May 15, 1999 in lieu of
liquidating such Governmental Obligations·and transferring the
proceeds thereof to the Bond Pund created in the Indenture, and in
furtherance thereof, the City desires to execute and deliver a First
Supplemental Indenture of Trust dated as of November 1, 1983 (the
"First Supplemental Indenture of Trust•) between the City and the
Trustee containing such amendment.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ENGLEWOOD, COLORAD01
Section 1, All action (not inconsi ■tent with the provi-
sions of this resolution) heretofore taken by the City Council of the
City and the officers of the City directed toward the execution and
delivery of the First supplemental Indenture of Trust be, and the
Eame is hereby, ratified, approved and confirm~d.
Se cti on 2 . The form, terms and provisions of the First
S.:pp 1,.,,,·1.t,.l Indenture of Trust b.? and they her Pl>y are app ro ved and
, 1 ,,1,,11 enter into the First Supplement,i l lndenture of Tru st
., [ ,w uf s u~h do cu ment presented to the City Council of th ~
.. t y cat tl,0 mee t .,,y a t which this resolution is adopted, with ~u c l1
changes therein as are not inconsistent herewith1 and the Mayor is
hereby authorized and directed to execute and deliver the First
Supplemental Indenture of Trust and the City Clerk is hereby autho-
rized and directed to affix the City seal to and attest the First
Supplemental Indenture of Trust.
Section 3, All bylaws, orders, regulations, resolutions
and ordinances, or parts thereof, of the City inconsistent herewith
and with the document hereby approved, are hereby repealed to the
extent only of such inconsistency . Thie repealer shall not be con-
strued as reviving any bylaw, order, regulations, resolution or ordi-
nance, or part thereof,
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CSEALl
Attest:
REr.D, PASSED, AND ADOPTED this 21st "day of November, 19B3.
I, Gary R. Higbee, ex officio City Clerk-Treasurer of the
city of En g i ewood, Colorado, hereby certify that th::fb&,ve is a
true , accurate, and complete copy of Resolution No. , Se ries
o( 1 983 . -
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Council Communication
The City of Englewood is requested to approve the amend-
ment of the 1978 Indenture of Trust authorizing the issuance of
its revenue bonds designated "City of Englewood, Colorado, Jto s pi t n l
Re venue Bonds (The Swedi s h Med i cal Center Proj e ct I So ri u,; l.~'/U .
These bonds were issued in 1978 by the City to finance a project
for Swedish Medical Ce,nt e r. The payment of th ese bo nd s .ia s and
continues to be the sole obligation of Swedish Medical Center .
Swedish Medical Center now desires to refund all of the
1978 bond issue in advance of the maturity date of the 1978 bonds.
This will be accomplished by purchasing all of the 1978 bonds from
the Aetna Li fe In s uranc e Company, the only bondholder, and surren-
dering these bonds to the Trustee under the Indenture for cancella-
t i on. Upon such cancellation the Trustee will certify that the
Ind entu r e has been discharged and satisfied.
A F'un,l ,,;as c r eated under the Indenture to pay t he bo nds
\;ith l:lic· fJ,-CJC '(•,1 d .i u r c.:e 1·t ain U, S . Governme nt 0bliga t:i u 1u;. /\s i t
,,,_. · t , , ,_,mpla tecl t hat t he 19 70 bonrl s .iould b,, p a i d '""' clis -
1 1. l r 1t: ma nnE!r pro [Jo sed, the lntl on tur c , ,1 ~; ~l Lc c h 11 icaJ
:,o p r.ov i s ion pe r mitting th e 'l'r u tit ce Lo Ll a ·n ove r tl 1t.•~;1 :
.. 1.d i.q i1t i u n ~ t o swell ish Medica l Ce n t e r upo 11 t11 c· pun·l 1o1 .i·
~111 d 1:o111< 1·l l .. 1l .i.u 11 of t h e l ~J7U IJUllll ti . 'l'l n.: :;ul.e pu1 1;1 u :,....
.,l ci ,c; ame ndme nt to the Indenture is to provide the Trustee with
~h e authority to distribute these Government Obligations to Swedish
Medical Ce n ter upon the surrender of the 1978 bonds to the Tri:.stee.
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