HomeMy WebLinkAbout2024 Ordinance No. 0114890-6227-3454.1
BY AUTHORITY
ORDINANCE NO. 11 COUNCIL BILL NO. 11
SERIES OF 2024 INTRODUCED BY COUNCIL
MEMBER RUSSELL
AN EMERGENCY ORDINANCE OF THE CITY OF ENGLEWOOD,
COLORADO, ACTING BY AND THROUGH ITS WATER UTILITY
ENTERPRISE, AUTHORIZING LOANS FROM THE COLORADO
WATER RESOURCES AND POWER DEVELOPMENT AUTHORITY
FOR THE PURPOSE OF FINANCING WATER CAPITAL
IMPROVEMENTS AS PART OF THE CITY’S ONE WATER
MODERNIZATION PROGRAM – WATER UTILITY SYSTEM
PROJECT; APPROVING LOAN AGREEMENTS AND THE
ISSUANCE OF BONDS TO EVIDENCE THE LOANS; PROVIDING
FOR THE PAYMENT OF THE BONDS FROM THE OPERATION OF
THE WATER UTILITY SYSTEM; AND PROVIDING OTHER
DETAILS AND APPROVING RELATED MATTERS IN
CONNECTION WITH THE LOANS.
WHEREAS, the City of Englewood, Colorado is a municipal corporation duly
organized and operating as a home rule city under Article XX of the Constitution of the State
of Colorado and the Charter of the City (unless otherwise indicated, capitalized terms used in
this preamble shall have the meanings set forth in Section 1 of this Ordinance); and
WHEREAS, as provided in Article XIII of the Charter the City is the owner and
operator of a public water system, including water and water rights and the acquisition thereof,
which system has historically been operated on a self-supporting basis by the City, is
considered a government-owned business and is generally known as the “Water Utility
Enterprise” of the City; and
WHEREAS, the City's Water Utility Enterprise has historically operated
independently, sustaining itself financially and accounting for its activities separately as
mandated by Section 99 of the City's Charter; and
WHEREAS, in accordance with Section 105 of the City’s Charter and relevant State
statutes, including Title 31, Article 35, Part 4, C.R.S. and Title 37, Article 45.1, C.R.S, the City
is empowered to issue revenue bonds, including those for the Water Utility Enterprise, to
finance essential modernization projects; and
WHEREAS, to finance the costs of modernizing the Water Utility System, the City
has requested financial assistance from the Colorado Water Resources and Power
Development Authority, a body corporate and political subdivision of the State; and
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WHEREAS the CWRPDA has established and administers a Drinking Water
Revolving Fund (DWRF) to enable the State to comply with the provisions of the federal Safe
Drinking Water Act of 1996, as amended; and
WHEREAS, on March 8, 2024, the governing body of the CWRPDA approved the
City for DWRF loans comprised of the following:
(i) a DWRF leveraged loan in the approximate total amount of $22,448,980 plus
allocable cost of issuance, for a term of up to 30 years and bearing interest at 85% of
the rate obtained on the CWRPDA’s State Revolving Fund Revenue Bonds 2024 Series
B; and
(ii) a DWRF direct loan in the approximate principal amount of $7,551,020 for a term
of up to 30 years and bearing interest at a fixed interest rate of 3.50%; plus up to an
additional $10,000,000 of up-front Bipartisan Infrastructure Law (BIL) Lead Service
Line (LSL) loan principal forgiveness; and
WHEREAS, the terms of the CWRPDA loans are set forth in Loan Agreements and
the City’s repayment obligation under the Loan Agreements will be evidenced by
governmental agency bonds to be issued by the City, acting by and through its Water Utility
Enterprise, to the CWRPDA, and which shall constitute a special revenue obligation of the
City to be paid from the income and revenue derived from the operation and use of the Water
Utility System less reasonable and necessary current expenses of the City of operating,
maintaining and repairing the Water Utility System; and,
WHEREAS, after consideration, the City Council has determined that the execution
of the Loan Agreements and the issuance of the Bonds to the CWRPDA is to the best advantage
of the City; and
WHEREAS, as an obligation of the Water Utility Enterprise, voter approval in
advance is not required under Article X, Section 20 of the Colorado Constitution for the
execution of the Loan Agreements or the issuance of the Bonds; and
WHEREAS, as of the date of its delivery of the Loan Agreements and issuance of the
Bonds, the WIFIA Bond and the Bonds will represent the only outstanding multi-year
obligations payable from and secured by a pledge of Net Revenues; and
WHEREAS, the form of the Loan Agreements and the Bonds has been reviewed by
City staff and its advisors, and staff seeks City Council approval to approve the Loan
Agreements, Bonds, and Bond issuances.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ENGLEWOOD, COLORADO, AS FOLLOWS:
Section 1. Definitions. The following terms shall have the following meanings as
used in this Ordinance:
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“Additional Parity Lien Obligations” means Parity Lien Obligations, other than the
WIFIA Bond and the Bonds, which are issued by the City after the date of adoption of this
Ordinance
“Bonds” or “Bond” means the governmental agency bonds, collectively or respectively
as the context indicates, to be issued by the City to the CWRPDA pursuant to the Loan
Agreements, the forms of which are set forth in Exhibit D to the respective Loan Agreements.
“Capital Improvements” means the acquisition of water and water rights, land,
easements, facilities and equipment (other than ordinary repairs and replacements), and the
construction or reconstruction of improvements, betterments and extensions, for use by or in
connection with the Water Utility System which, under GAAP, are properly chargeable as
capital items.
“Charter” means the Home Rule Charter for the City.
“City” means the City of Englewood, Colorado, acting by and through its Water Utility
Enterprise.
“City Council” means the City Council of the City, acting as the governing body of the
Water Utility Enterprise.
“C.R.S.” means the Colorado Revised Statutes, as amended and supplemented.
“CWRPDA” means the Colorado Water Resources and Power Development Authority,
a body corporate and political subdivision of the State.
“CWRPDA Bond Accounts” means special accounts of the City designated as the
“CWRPDA BIL LSL Direct Loan Bond Account” and the “CWRPDA Leveraged Loan Bond
Account,” established by this Ordinance for the purpose of paying the principal of and interest
on the Bonds, respectively, each of which shall include a CWRPDA Interest Subaccount and
a CWRPDA Principal Subaccount.
“CWRPDA Interest Subaccounts” means subaccounts of the respective CWRPDA
Bond Accounts established by the provisions hereof for the purpose of paying the interest on
the respective CWRPDA Bonds.
“CWRPDA Principal Subaccounts” means subaccounts of the respective CWRPDA
Bond Accounts established by the provisions hereof for the purpose of paying the principal of
the respective CWRPDA Bonds.
“Debt Service Accounts” means the accounts and subaccounts within the Water Fund
established for the payment of the debt service on Parity Lien Obligations and Subordinate
Lien Obligations, including without limitation the CWRPDA Bond Accounts.
“DWRF BIL LSL Direct Loan Agreement” means the Loan Agreement, anticipated to
be dated the date of its closing, by and between the CWRPDA and the City, providing for a
direct loan in the approximate principal amount of $7,551,020 following up-front principal
forgiveness.
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“DWRF Leveraged Loan Agreement” means the Loan Agreement, anticipated to be
dated the date of its closing, by and between the CWRPDA and the City, providing for a loan
in the approximate total amount of $22,448,980 which is to be funded from proceeds of the
CWRPDA’s State Revolving Fund Revenue Bonds 2024 Series B.
“Enabling Law” means the State Constitution, the Charter, the Water Activity Law, the
Supplemental Public Securities Act, and all other laws of the State establishing the power of
the City to complete the financings contemplated by this Ordinance.
“Financing Documents” means the Loan Agreements, the Bonds and this Ordinance.
“GAAP” means generally accepted accounting principles for U.S. state and local
governments, as established by the Government Accounting Standards Board (or any successor
entity with responsibility for establishing accounting rules for governmental entities), in effect
from time to time in the United States of America.
“Gross Revenues” means all income and revenues derived directly or indirectly from
the operation and use of, and otherwise pertaining to, the Water Utility System or any part
thereof, whether resulting from repairs, enlargements, extensions, betterments or other
improvements to the Water Utility System, or otherwise, including all fees, rates and other
charges for the use of the Water Utility System, or for any service rendered in connection with
the Water Utility System in its operations, directly or indirectly, the availability of any such
service, or the sale or other disposal of any commodities derived therefrom, and all income or
gain from the investment of such income and revenues, but excluding (a) any refund of fees,
rates and other charges for the use of the Water Utility System, (b) any moneys received as
grants, appropriations or gifts from the federal government, the State or other sources, the use
of which is limited or restricted by the grantor or donor to the acquisition or construction of
Capital Improvements or for other purposes resulting in the general unavailability thereof,
except to the extent any such moneys shall be received as payments for the use of the Water
Utility System, services rendered thereby, the availability of any such service, or the disposal
of any commodities therefrom, (c) any moneys deposited by third parties which are held in any
escrow for extensions, modifications, or upgrading of the Water Utility System and the use of
which is limited or restricted to the construction of Capital Improvements, (d) any moneys
borrowed for, or special assessments imposed in connection with, the acquisition and
construction of Capital Improvements, and (e) any moneys and securities, and interest and
other gain from investment of such money and from such securities in any refunding fund or
escrow account or similar account pledged to the payment of any bonds or other obligations
therein specified.
“Interest Payment Date” means, in relation to the CWRPDA Bonds, each February 1
and August 1, commencing on the date provided in the Loan Agreements.
“Loan Agreements” means the DWRF BIL LSL Direct Loan Agreement and the
DWRF Leveraged Loan Agreement.
“Net Revenues” Gross Revenues remaining after the payment of Operation and
Maintenance Expenses.
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“O&M Reserve Requirement” means an amount equal to the lesser of (a) three (3)
months of Operation and Maintenance Expenses as set forth in the Water Fund annual budget
for the City’s current fiscal year or (b) $1,250,000.
“Obligations” means the Parity Lien Obligations and any Subordinate Lien
Obligations.
“Operation and Maintenance Expenses” means all reasonable and necessary current
expenses of the City, paid or accrued, for operating, maintaining, and repairing the Water
Utility System, including without limitation legal and overhead expenses of the City directly
related to the administration of the Water Utility System; provided however, that there shall be
excluded from Operation and Maintenance Expenses (a) any allowance or transfers for
depreciation, (b) any costs of improvement, extension or betterment that qualify as Capital
Improvements or are incurred in connection therewith, and (c) payments due in connection
with any bonds, notes, loans or other multiple fiscal year obligations issued or incurred to
provide Capital Improvements or to refund Obligations. For purposes of the above definition
expenses shall, to the extent possible, be determined in accordance with GAAP.
“Ordinance” means this Ordinance which authorizes the execution of the Loan
Agreements and the issuance of the Bonds, including any amendments properly made hereto.
“Parity Lien Obligations” means the WIFIA Bond, the Bonds and one or more series
of additional bonds, notes, interim securities or other obligations, if any, issued by the City
having a lien on the Net Revenues which is on a parity with the lien of the WIFIA Bond and
the Bonds.
“Payment Date” means each Interest Payment Date and each Principal Payment Date.
“Pledged Property” means the Net Revenues, including all amounts on deposit in or
credited to the Debt Service Accounts, and all amounts in respect of Net Revenues that are on
deposit in or credited to any other account or subaccount of the Water Fund.
"Prime Rate" means the prevailing commercial interest rate established pursuant to the
terms of the respective Loan Agreements.
“Principal Payment Date” means, in relation to the CWRPDA Bonds, each August 1,
commencing on the date set forth in the respective Loan Agreements.
“Project” means the Englewood One Water Modernization Program – Water Utility
System Project, which consists of a combination of sub-projects for the modernization of
drinking water treatment and conveyance systems, the replacement of outdated electrical and
control systems, the replacement of lead pipe, the modernization of metering processes, and
the initiation of a water reuse program, located in or nearby Englewood, Colorado, as more
specifically described in the Loan Agreements as the same may be amended or supplemented.
“Project Costs” means the City’s costs properly attributable to the Project, or any parts
thereof, and permitted by the provisions of the Enabling Law.
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“Pro Rata Portion” means when used with respect to a required credit to or deposit in
the applicable Debt Service Accounts, the dollar amount derived by dividing the amount of
principal or interest to come due on the next scheduled principal or interest Payment Date, as
applicable, by the number of months prior to such Payment Date.
“State” means the State of Colorado.
“Subordinate Lien Obligations” means one or more series of bonds, notes, interim
securities or other obligations issued by the City in compliance with the Loan Agreements and
having a lien on the Net Revenues which is subordinate or junior (in priority of payment and
security interest) to the Parity Lien Obligations.
“Supplemental Public Securities Act” means Part 2 of Article 57 of Title 11, C.R.S.
“Water Activity Law” means Title 37, Article 45.1, C.R.S.
“Water Fund” means the proprietary fund of the City established for the purpose of
accounting for the financial activity of the Water Utility Enterprise in accordance with Section
99 of the Charter, including all accounts and subaccounts established thereunder.
“Water Utility Enterprise” means the “enterprise” of the City, within the meaning of
Article X, Section 20 of the State Constitution, established for the purpose of operating the
Water Utility System.
“Water Utility System” means all of the City’s water facilities and properties now
owned or hereafter acquired, whether situated within or without the geographical boundaries
of the City, including all present or future improvements, extensions, enlargements,
betterments, replacements or additions thereof or thereto, including but not limited to the
Project.
“WIFIA Bond” means the revenue bond evidencing the loan (WIFIA ID – 20113CO)
for a maximum principal amount of $38,416,490 (excluding authorized capitalized interest not
to exceed $11,583,510) from the United States Environmental Protection Agency to the City
pursuant to the WIFIA Loan Agreement dated May 26, 2022.
Section 2. Approval of Loan Agreements and Authorization of Bonds. Pursuant
to and in accordance with the Enabling Law, the Bonds shall be issued by the City acting by
and through its Water Utility Enterprise. The form of the Loan Agreements attached hereto
setting forth the terms, conditions and details of the Bonds and the procedures relating thereto,
are incorporated herein by reference and are hereby approved; all City officials and employees
are hereby directed to take such actions as are necessary and appropriate to fulfill the
obligations of the City under the Financing Documents. The City shall enter into the Loan
Agreements and deliver the Bonds in substantially the forms presented to the City at or prior
to this meeting of the City Council with only such changes as are not inconsistent herewith;
provided that such documents may be completed, corrected, or revised as deemed necessary
by the parties thereto in order to carry out the purposes of this Ordinance. The accomplishment
of the Project and the payment of Project Costs are hereby authorized, approved, and ordered.
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It is hereby determined that the date of final maturity of the Bonds does not exceed the
estimated life of the Project.
Section 3. Details for the Bonds.
(a) Form of Bonds. The Bonds shall be in substantially the forms set forth
in Exhibit D to the respective Loan Agreements with such changes thereto, not
inconsistent herewith, as may be necessary or desirable and approved by the officials
of the City executing the same (whose manual or facsimile signatures thereon shall
constitute conclusive evidence of such approval).
(b) DWRF BIL LSL Direct Loan Agreement Bond. The Bond to be issued
and delivered in connection with the DWRF BIL LSL Direct Loan Agreement shall be
comprised of a Bond in a principal amount not to exceed $7,600,000, which shall bear
interest at a net effective rate not to exceed three and one-half percent (3.50%) per
annum, which Bond shall be payable semi-annually and mature not more than thirty
years from the date of their issuance as more particularly set forth in the DWRF BIL
LSL Direct Loan Agreement.
(c) DWRF Leveraged Loan Agreement Bond. The Bond to be issued and
delivered in connection with the DWRF Leveraged Loan Agreement shall be
comprised of a Bond in a principal amount not to exceed $23,000,000, which shall bear
interest at a net effective rate not to exceed five and one-half percent (5.50%) per
annum, which Bond shall be payable semi-annually and mature not more than thirty
years from the date of its issuance as more particularly set forth in the DWRF
Leveraged Loan Agreement.
(d) Late Charges. The Bonds may provide for a late charge (penalty
interest rate) in an amount equal to the greater of twelve percent (12%) per annum or
the Prime Rate plus one half of one percent per annum on late payments; provided
however, such late charge rate shall not exceed the maximum rate permitted by law.
(e) Delegation. For a period not to exceed six months from the effective
date of this Ordinance, the City Council hereby delegates to the Mayor, or in the
absence of the Mayor the Mayor Pro Tem, the right to determine, within the parameters
established in this Section, the final principal of, interest rates and loan terms for the
Bonds.
Section 4. Pledge for Payment of the Bonds.
(a) Pledge of Net Revenues. The Pledged Property is hereby pledged, assigned and
granted for the payment of the amounts due under the Financing Documents. The Loan
Agreements (and corresponding Bonds) shall constitute a first lien upon the Net Revenues and all
other Pledged Property, on a parity with all other Parity Lien Obligations and senior to all other
Obligations. Pursuant to and in accordance with Section 11-57-208, C.R.S., Net Revenues, as
received by the City or otherwise credited to the Water Fund, shall immediately be subject to the
lien of the pledge stated above without any physical delivery, filing, or further act. The lien of
each such pledge, and the obligation to perform the contractual provisions made in this Ordinance
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and the other Financing Documents, shall have priority over any or all other obligations and
liabilities of the City except for the Parity Lien Obligations. The lien of the above pledge shall be
valid, binding, and enforceable as against all persons having claims of any kind in tort, contract,
or otherwise against the City irrespective of whether such persons have notice of such liens.
(b) Establishment of Accounts. There is hereby reaffirmed the Water Fund which
shall continue to be maintained by the City to carry out the terms and provisions of this Ordinance
and the Loan Agreements. There shall be established and maintained by the City such accounts
or subaccounts within the Water Fund as are necessary or convenient to carry out the terms and
provisions of this Ordinance and the Loan Agreements, including without limitation the
CWRPDA Bond Accounts, within which are the CWRPDA Interest Subaccounts and the
CWRPDA Principal Subaccounts, each established for the purpose of paying the debt service on
the Bonds in accordance with the Financing Documents. No payments shall be made from Debt
Service Accounts established for the payment of principal of and interest on any Subordinate Lien
Obligations, if any, unless and until the amounts due in connection with all Parity Lien Obligations
are made on any Payment Date.
(c) Flow of Funds. The City shall credit to the Water Fund all Gross Revenues
immediately upon receipt. The City shall pay from the Water Fund all Operation and
Maintenance Expenses as they become due and payable. After such payment or the allocation of
Gross Revenues to such payment, the City shall apply Net Revenues in the following order of
priority:
FIRST, in respect of all Parity Lien Obligations, to the credit of or deposit in the
applicable Debt Service Accounts, including without limitation the CWRPDA Interest
Subaccounts, an amount equal to the sum of 1/6th of the interest payments due on the next
succeeding Interest Payment Date, provided that, if the period prior to the initial Interest
Payment Date for any Additional Parity Lien Obligations is less than six months, the
amount credited or deposited in respect of such Additional Parity Lien Obligations during
such period shall be an amount equal to the Pro Rata Portion of the interest payment due
in connection with such initial Interest Payment Date;
SECOND, in respect of all Parity Lien Obligations, to the credit of or deposit in
the applicable Debt Service Accounts, including without limitation the CWRPDA
Principal Subaccounts, an amount equal to the sum of 1/12th of the principal payments
due on the next succeeding Principal Payment Date, provided that, if the period prior to
the initial Principal Payment Date for any Additional Parity Lien Obligations is less than
twelve months, the amount credited or deposited in respect of such Additional Parity Lien
Obligations during such period shall be an amount equal to the Pro Rata Portion of the
principal payment due in connection with such initial Principal Payment Date;
THIRD, in respect of all Subordinate Lien Obligations, to the credit of or deposit
in the applicable Debt Service Accounts an amount equal to the sum of the Pro Rata
Portion of the principal and interest due on the next succeeding Interest Payment Date and
Principal Payment Date for the Subordinate Lien Obligations in the same manner as
specified in clauses FIRST and SECOND above for the Parity Lien Obligations;
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FOURTH, to the credit of or deposit in any reserve accounts established for the
payment of the Bonds and any Parity Lien Obligations the amounts required in the
ordinances or related documents authorizing and controlling the establishment of such
reserve accounts; and
FIFTH, subject to any limitations otherwise established in connection with Parity
Lien Obligations, to the credit of any other fund or account as may be designated by the
City, to be used for any lawful purpose, any moneys remaining in the Water Fund after
the payments and accumulations set forth in FIRST through FOURTH hereof.
(d) The Bonds Do Not Constitute a Debt. The CWRPDA may not look to any
general or other fund of the City for the payment of the principal of or interest on the Bonds,
except the funds and accounts pledged thereto pursuant to authority of this Ordinance, and the
Bonds shall not constitute a debt or an indebtedness of the City within the meaning of any
constitutional or statutory provision or limitation; nor shall they be considered or held to be a
general obligation of the City.
Section 5. Various Findings, Determinations, Declarations and Covenants. The
City Council, having been fully informed of and having considered all the pertinent facts and
circumstances, hereby affirms the representations and covenants set forth in Article II of the
respective Loan Agreements, and further finds, determines, declares and covenants that:
(a) Additional Obligations. No bonds, notes, interim securities or other obligations
shall be issued payable from the Net Revenues and having a lien thereon which is superior to,
on a parity with, or subordinate to the lien of the Bonds unless there has been met the
requirements set forth in EXHIBIT F of the Loan Agreements, under captions titled
“Additional Bonds” in the DWRF BIL LSL Direct Loan Agreement and “Additional Senior,
Parity and Subordinate Lien Bonds” in the DWRF Leveraged Loan Agreement.
(b) Maintenance of Rates and Coverage. The City hereby covenants that it will
establish, maintain, enforce and collect rates, fees and charges for services furnished by or the
use of the Water Utility System as required in provisions under the caption titled “Rate
Covenant” set forth in (i) EXHIBIT A of the DWRF BIL LSL Direct Loan Agreement and (ii)
EXHIBIT F of the DWRF Leveraged Loan Agreement. In the event that Gross Revenues at
any time are not sufficient to make the payments required by said provision, the City covenants
to promptly increase such rates, fees and charges to an extent which will ensure compliance
with said covenants.
(c) Continuing Disclosure. The City hereby covenants that it will provide
continuing disclosure as provided in Section 2.03 of the DWRF Leveraged Loan Agreement
for the benefit of the holders of the revenue bonds to be issued by CWRPDA.
(c) Enterprise Status. The City has established, and covenants to continue to
maintain, the Water Utility System as an “enterprise” within the meaning of Article X, Section
20 of the Colorado Constitution; provided, however, after calendar year 2024 the City may
disqualify the Water Utility System as an “enterprise” in any year in which said disqualification
does not materially, adversely affect the enforceability of the covenants made pursuant to this
Ordinance. In the event that the Water Utility System is disqualified as an enterprise and the
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enforceability of the covenants made pursuant to this Ordinance are materially, adversely
affected, the City covenants to immediately take all actions necessary to (i) qualify the Water
Utility System as an enterprise within the meaning of Article X, Section 20 of the Colorado
Constitution and (ii) permit the enforcement of the covenants made herein.
(d) Obligations Currently Secured by Net Revenues. Other than the outstanding
WIFIA Bond, as of the date of this Ordinance the City has no outstanding debt, bonds, notes,
loans or other multiple fiscal year obligation secured by a pledged of Net Revenues.
(e) Findings of the City Council. The City Council having been fully informed of
and having considered all the pertinent facts and circumstances, hereby finds, determines,
declares and covenants with the CWRPDA that:
(i) the Water Utility Enterprise has been duly established and is operating
during the current calendar year as an “enterprise” within the meaning of Article X,
Section 20 of the Colorado Constitution;
(ii) the City Council elects to apply all of the provisions of the Supplemental
Public Securities Act to the execution of the Loan Agreements and to the issuance and
delivery of the Bonds;
(iii) the execution of the Loan Agreements and the issuance and delivery of
the Bonds, and all procedures undertaken incident thereto, are in full compliance and
conformity with all applicable requirements, provisions, and limitations prescribed by
the Enabling Law, and all conditions and limitations of the Enabling Laws, and other
applicable law relating to the execution of the Loan Agreements and the issuance and
delivery of the Bonds have been satisfied; and
(iv) it is in the best interests of the City and its residents that the Bonds be
authorized, issued, and delivered at the time, in the manner and for the purposes
provided in this Ordinance.
(f) Operations and Maintenance Reserve. The City hereby covenants to establish
and maintain a reserve equal to the O&M Reserve Requirement, and, in the event of shortfalls,
reestablish such amount as required by the Loan Agreements. Such reserve may be in the form
of an unassigned fund balance in the Water Fund or other unobligated cash or securities (i.e.,
capital reserves) or may be in a separate segregated account and shall be maintained as a
continuing reserve for payment of any lawful purpose relating to the Water Utility System.
Section 6. Amendment of Ordinance. This Ordinance may be amended only with
the prior written consent of the CWRPDA.
Section 7. Limitation of Actions. Pursuant Section 11-57-212, C.R.S., no action or
proceeding concerning the issuance of the Bonds shall be maintained against the City unless
commenced within thirty days after the date of passage of this Ordinance.
Section 8. Ratification of Prior Actions. All actions heretofore taken (not
inconsistent with the provisions of this Ordinance) by the City Council or by the officers and
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employees of the City directed toward the issuance of the Bonds for the purposes herein set
forth are hereby ratified, approved and confirmed.
Section 9. Headings. The headings to the various sections and paragraphs to this
Ordinance have been inserted solely for the convenience of the reader, are not a part of this
Ordinance, and shall not be used in any manner to interpret this Ordinance.
Section 10. Ordinance Irrepealable. After the respective Bonds have been issued,
this Ordinance shall constitute a contract between the CWRPDA and the City, and shall be and
remain irrepealable until the respective Bonds and the interest accruing thereon shall have been
fully paid, satisfied, and discharged, as herein provided.
Section 11. General Provisions Applicable to this Ordinance. The following
general provisions and findings are applicable to the interpretation and application of this
Ordinance:
(a) Severability. If any clause, sentence, paragraph, or part of this Ordinance or the
application thereof to any person or circumstances shall for any reason be adjudged by a court
of competent jurisdiction invalid, such judgment shall not affect, impair or invalidate the
remainder of this Ordinance or its application to other persons or circumstances.
(b) Inconsistent Ordinances. All other Ordinances or portions thereof inconsistent
or conflicting with this Ordinance or any portion hereof are hereby repealed to the extent of
such inconsistency or conflict.
(c) Safety Clauses. The City Council hereby finds, determines, and declares that
this Ordinance is promulgated under the general police power of the City of Englewood, that
it is promulgated for the health, safety, and welfare of the public, and that this Ordinance is
necessary for the preservation of health and safety and for the protection of public convenience
and welfare. The City further determines that the Ordinance bears a rational relation to the
proper legislative object sought to be obtained.
(d) Publication. Publication of this Ordinance may be in the City’s official
newspaper, the City’s official website, or both. Publication shall be effective upon the first
publication by either authorized method.
(e) Actions Authorized to Effectuate this Ordinance. The Mayor is hereby
authorized and directed to execute all documents necessary to effectuate the approval
authorized by this Ordinance, and the City Clerk is hereby authorized and directed to attest to
such execution by the Mayor where necessary. In the absence of the Mayor, the Mayor Pro
Tem is hereby authorized to execute the above-referenced documents. The execution of any
documents by said officials shall be conclusive evidence of the approval by the City of such
documents in accordance with the terms thereof and this Ordinance. City staff is further
authorized to take additional actions as may be necessary to implement the provisions of this
Ordinance. Additionally, authorized officers and representatives as identified in Exhibit B to
the Loan Agreements shall be Tim Hoos, Deputy Director – Engineering and Asset
Management, Brittany Payton, Business Support Specialist, Kevin Engels, Director of Finance
and Christine Hart, Accounting Supervisor.
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4890-6227-3454.1
Section 12. Emergency Declaration and Effective Date. The City Council has been
advised that to ensure that the City is included in the competitive DWRF bond sale scheduled
by CWRPDA for approximately May 2024, authorization for the City to enter into the Loan
Agreements and issue Bonds is needed by April 30, 2024. CWRPDA issues DWRF bonds
every six months, and pools borrowers in order to maximize interest from bond investors. The
pool of borrowers expected to be included in the bond sale this spring are the City of
Englewood, the City of Greeley, South Adams Water and Sanitation District, the Town of
Lochbuie, and the Upper Thompson Sanitation District. CWRPDA expects to post the
Preliminary Official Statement for potential bond investors to review on April 30, 2024, and
commence with the competitive sale of the bonds on May 8, 2024. Loan closing would then
be scheduled on May 23 following final approval by the CWRPDA board. This timeline was
communicated to Utilities staff following CWRPDA board approval of the Englewood DWRF
Loan Application on March 8, 2024. Accordingly, in order to position the City to be included
in a favorable bond pool, the emergency ordinance is needed to secure the funding and to
achieve cost and interest rate certainty as the construction project will start in summer
2024. Therefore, for said reason, the City Council declares that this ordinance is necessary for
the immediate preservation of public property, health, peace, or safety and an emergency
exists. This Ordinance shall be effective immediately upon final passage and be published
within seven days after publication following final passage.
Introduced and passed on first reading on the 15th day of April, 2024; and on second reading,
in identical form to the first reading, on the 22nd day of April, 2024.
Othoniel Sierra, Mayor
ATTEST:
_________________________________
Stephanie Carlile, City Clerk
I, Stephanie Carlile, City Clerk of the City of Englewood, Colorado, hereby certify that the
above and foregoing is a true copy of an Ordinance, introduced and passed in identical form
on first and second reading on the dates indicated above; and published two days after each
passage on the City’s official website for at least thirty (30) days thereafter. The Ordinance
shall become effective thirty (30) days after first publication on the City’s official website.
Stephanie Carlile
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