Ordinance 2003-1420 - Laserfiche WebLink

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the Mayor. The Mayor and City Clerk are hereby authorized and directed to execute the Financing Documents in substantially the forms approved by this Ordinance, and to authenticate and affix the seal of the City thereto. The Mayor, City Clerk and City Manager are further hereby authorized and directed to execute and authenticate such other documents, instruments, or certificates as are deemed necessary or desirable in connection with the City's performance of its obligations under the Financing Documents. The execution of any documents, instruments, or certificates by said officials shall be conclusive evidence of the approval by the City of such documents, instruments, or certificates in accordance with the terms thereof and this Ordinance. Section 2. Election to Apply Portions of the Supplemental Act. Section 11-57-204 of the Supplemental Public Securities Act, constituting Title 11, Article 57, Part 2, C.R.S. (the "Supplemental Act") provides that a public entity, including the City, may elect in an act of issuance to apply all or any of the provisions of the Supplemental Act. The City hereby elects to apply all of the Supplemental Act to the Financing Documents. Section 3. Delegation. (a) Pursuant to Section 11-57-205 of the Supplemental Act, the City hereby delegates to the Mayor the authority to make the following determinations relating to and contained in the Financing DOcuments, subject to the restrictions contained in paragraph (b) of this Section 3: (i) The interest rate on the Loan; (ii) The principal amount of the Loan; (iii) The amount of principal of the Loan maturing in any given year and the final maturity of the Loan; (iv) The amount of principal, if any, to be applied to refinancing of the CWCB Loan; (v) The dates on which the principal of and interest on the Loan are paid; and (vi) The existence and amount of reserve funds for the Loan, if any. (b) The delegation in paragraph (a) of this Section 3 shall be subject to the following parameters and restrictions: (i) the interest rate on the Loan shall not exceed five and one-quarter percent (5.25%); (ii) the principal amount of the Loan shall not exceed $14,200,000; and (iii) the final maturity of the Loan shall not be later than December 1, 2024. Section 4. Conclusive Recital. Pursuant to Section 11-57-210 of the Supplemental Act, the Bond and the Loan Agreement shall contain a recital that the Bond is issued pursuant to certain provisions of the Supplemental Act. Such recital shall be conclusive evidence of the validity and the regularity of the issuance of the Bond after its delivery for value. Section 5. Ratification and Approval of Prior Actions. All actions heretofore taken by the Mayor, any member of the City Council, officers and employees of the City, not inconsistent with the provisions of this Ordinance, relating to the Financing Documents, or actions to be taken in respect thereof, are hereby ratified, approved, and confirmed.