HomeMy WebLinkAbout1978 Resolution No. 041' ,.
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RESOLUTION NO. il
SERIES OF 1~78
A RESOLUTION RATIFYING CERTAIN ACTION HERETOFORE
TAKEN; AUTHORIZING THE EXECUTION AND DELIVERY BY
THE CITY OF A BOND PURCHASE AGREEMENT; AND REPEALING
ACTION HERETOFORE TAKEN IN CONFLICT HEREWITH.
WHEREAS, the City of Englewood, in the County of
Arapahoe and State of Colorado (the "City"), is a legally and
re9ularly created, established, or9anized and existing
municipal corporation under the provisions of Article XX of
the Constitution of the State of Colorado and the Charter of
the City; and
WHEREAS, the County and Municipality Development
Revenue Bond Act, Article 3, Title 29 of Colorado Revised
Statutes 1973, as air.ended (the "Act") authorizes municipalities
to finance, refinance, acquire, own, lease, improve, and dis-
pose of properties to the end that more adequate hospital
care may be provided, which promotes the public health, welfare,
safety, convenience, and prosperity; and
WHEREAS, the Act fur·ther authorizes municipalities
to refinance any obligations previously incurred to finance
or aid in financing of hospital, health-care, or nursing home
facilities which would constitute a project within the meaning
of the Act had such facilities been originally undertaken and
financed by a county or municipality pursuant to the Act; and
WHEREAS, the Act further authorizes municipalities
to issue revenue bonds for the purpose of defraying the cost
of refinancing any project constituting hospital, health-care
or nursing home facilities and all incidental expenses incurred
in issuing such bonds and to secure the payment of such bonds
as provided in ~he Act; and
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WHEREAS, The Swedish Medical Center (the "Corpora-
' tion•) presently owns and operates a hospital facility lpcated
in the City of Enqlewood, Colorado (the "City") and has pre-
viously incurred certain obligations (collectively, the
•outstandinq Obliqations") to finance or aid in financing of
hospital facilities of the Corporation which would have been
•projects• under the Act had they been originally undertaken
and financed by a municipality pursuant to the Act; and
WHEREAS, pursuant to and in accordance with the Act,
the Corporation desires to refinance the Outstanding Obligations;
and
WHEREAS, pursuant to and in accordance with the
Act, the City proposes to refinance the Outstanding Obligations
by the issuance of revenue bonds of the City; and
WHEREAS, revenue bonds in the aggregate principal
• amount of $7,600,000 will be· issued, sold and delivered by
the City to The Aetna Casualty and Surety Company (the
•purchaser•), to de.fray the cost of refinancing the Outstanding
Obliqations; and
WHEREAS, on April 17, 1978, the City Council of the
City adopted a resolution whereby the City agreed to take
all necessary or advisable steps to effect the issuance of
revenue bonds pursuant to the Act to refinance the Outstanding
Obligc.1tio11s, i t b eing und e rstood that no costs of issuance
and sale were to be borne by the City and that the necessary
financing documents were subject to formal approval by the
City Council pursuant to the Act; and
WHEREAS, there have been presented to the City
Council the proposed form of Bond Purchase Agreement dated
May 15, 1978 among the City, the Corporation and the Purchaser
(the "Bond Purchase Agreement") evidencing the sale of the
• reven~e bonds by the City to the Purchaser.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF ENGLEWOOD, COLORADO:
Section 1. All action (not inconsistent with the
provisions of this resolution) heretofore taken by the City
Council of the City and the officers of the City directed
toward the ref inancinq of the Outstandinq Obliqations and the
issuance and sale of the revenue bonds therefor be, and the
same is hereby, ratified, approved and confirmed.
Section 2. The form, terms and provisions of the
Bond Purchase Aqreement be and they hereby are approved and
the City shall enter into the Bond Purchase Agreement in the
form of such docwnent presented to the City Council of the
City at the meetinq at which this resolution is adopted,
with such changes therein as are not inconsistent herewith;
and the Mayor is hereby authorized and directed to execute
and deliver the Bond Purchas~ Agreement and the City Clerk
is hereby authorized and directed to affix the City seal to
and to attest the Bond Purchase Agreement.
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.
This repealer shall not be construed as reviving any bylaw,
orde r , rcgulati o 11s, resolution or ordinance, or part thereof.
READ, PASSED, AND ADOPTED this 15th day of May,
1978.
~~~/ May#-~ k-9--v-__
(SEAL)
Attest:
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