Ordinance 2017-1735 - Laserfiche WebLink

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Bonds, Series 2017" m the aggregate principal amount approved by the City Manager or Mayor in the Sale Certificate (provided, however, that the aggregate pnncipal amount of the Bonds shall not exceed $28,600,000) The Bonds shall be issued and sold for the purposes of paying the costs of the Project Section 11-57-204 of the Supplemental Act provides that a public entity, including the City, may elect m an act of issuance to apply all or any of the provisions of the Supplemental Act The City Council hereby elects to apply all of the Supplemental Act to the Bonds. The Bonds are issued under the authority of the Supplemental Act and shall so recite as provided in the form of Bond attached hereto as Exhibit A Pursuant Section 11-57-210 C R S , such recital conclusively imparts full compliance with all provisions of said sections, and the Bonds issued contammg such recital shall be incontestable for any cause whatsoever after their delivery for value Pursuant to Section 11-57-205 of the Supplemental Act, the City Council hereby delegates to the City Manager or Mayor the independent authority to sign a contract for the purchase of the Bonds (including the Bond Purchase Agreement) or to accept a binding bid for the Bonds and to execute any agreement or agreements m connection therewith, and the City Council hereby further delegates to each of the City Manager or the Mayor the authority to independently make any determination delegable pursuant to Section 11 -57 -205(1)(a -i) of the Supplemental Act, m relation to the Bonds, and to execute the Sale Certificate settmg forth such determinations, subject to the following parameters and restrictions (a) the aggregate principal amount of the Bonds shall not exceed $28,600,000, (b) the Bonds shall mature no later than December 1, 2042, (c) the purchase price of the Bonds shall not be less than 98% of the par amount of the Bonds; (d) the maximum annual repayment cost of the Bonds shall not exceed $1,820,000, and (e) the maximum total repayment cost of the Bonds shall not exceed $45,400,000. Ordinance No 1735, Senes 2017 Page 7 of 36