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HomeMy WebLinkAboutordinance.council.024-73ORDINANCE k~O.~.~ ~ Series 1973 AN ORDINANCE AUTHORIZING TIIE ISSUANCE OF SALES TAX I~VENUE BONDS, SERIES JULY 1, 1973, OF THE CITY OF ASPEN, COLOPu\DO, IN THE AGGREGATE PRIN- CIPAL AMOUNT OF $1,750,000, FOR THE PURPOSE OF ACQUIRING CERTAIN REAL PROPERTY, TO BE USED FOR PARKING AND OTHER MUNICIPAL PURPOSES, LOCATED IN TBE CITY OF ASPEN; PRESCRIBING THE FORM OF SAID BONDS ~ND INTEREST COUPONS; PRO- VIDING FOR THE PAYmeNT OF THE PRINCIPAL OF AND INTEt~ST ON SAID BONDS FROM THE REVENUES OF THE ONE PER CENT MUNICIPAL SALES TAX ESTABLISHED, AUTBORIZED AND IMPOSED PURSUANT TO ORDINANCE NO. 15A, SERIES OF 1972, AND APPROVED AT A SPECIAL MUNICIPAL ELECTION HELD ON NOVEMBER 7, 1972, AND FROM CERTAIN OTHER LIMITED SALES TAX REVENUES; PRESCRIBING OTHER DETAILS IN CONNECTION THERE- WITH, PROVIDING FOR THE USE, DISPOSITION AND HANDLING OF THE PROCEEDS OF SAID BONDS AND SAID SALES TAX REVENUES, INCLUDING THE CREATION OF CERTAIN FUNDS AND ACCOUNTS; AND DECLARING AN EMERGENCY. WHEREAS, by Ordinance No. 15A, Series of 1972, adopted and approved on the~ day of ~~__, 1972, approved at a Special municipal election held on the 7th day of November, 1972, and made effective on the 1st day of July, 1973, the City Council has imposed a one percent (1%) municipal sales tax (hereinafter sometimes referred to as the "1972 Sales Tax"), the proceeds of which are to be used, among other purposes, for the acquisition of land and payment of indebtedness incurred for such purpose; and WHEREAS, Section 10.5 of the Charter of the City of Aspen provides in part that the City may issue revenue bonds, with- out the requirement of an election, payable in whole or in part from the available proceeds of a municipal sales or use tax; and WHEREAS, the City Council has heretofore determined that it is necessary and in the best interests of the City and its inhabitants to acquire certain lands, to be used for parking and other municipal purposes, located in the City of Aspen; and WHEREAS, the City Council has determined to issue its sales tax revenue bonds in the principal amount of $1,750,000 for the purpose of providing the funds with which to acquire said lands, both the principal of and interest on said bonds to be payable from the proceeds of the said 1972 sales tax, and if necessary, from the City share of the Pitkin County-wide sales tax (subject to the prior claim of certain outstanding bonds upon said County-wide sales tax); and WHEREAS, the City Council has heretofore accepted the proposal for the purchase of %he $1,750,000 of said sales tax revenue bonds by~3~_ WHEREAS, the City Council has determined that it is necessary to authorize the issuance of said bonds, and to provide details in connection therewith, at the earliest possible date in order to meet the requirements of the contract for purchase of said property to be acquired; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section 1. Bond Details. That for the purpose of provid- ing funds with which to acquire certain lands, to be used for parking and other municipal purposes, located within the City of Aspen, as more particularly authorized by Section 10.5 of the Charter of said City, as amended, there are hereby authorized a total of $1,750,000 of bonds of the City of Aspen, each to be designated as "Sales Tax Revenue Bond, Series July 1, 1973". Both the principal of and the interest on all of said Bonds shall be payable solely and only out of the proceeds of the municipal 1972 Sales Tax of one percent (1%), and, if necessary, from the City's share of the Pitkin County-wide sales tax subject to the claim of certain earlier issued bonds, as more particularly set forth in this ordinance. All of said Bonds shall be dated July 1, 1973, shall be in the denomination of $5,000 each, and shall be payable to bearer. - 12 (Amended) - If the City shall redeem any part or all of said Series July l, 1973 Bonds prior to maturity, notice thereof shall be given by publication one time in a newspaper having general circulation in the City of Aspen, not less than thirty (30) days prior to the date of redemption. A copy of the notice shall be mailed to the.original purchaser of the bonds at the time of publication. All of said Bonds and the interest thereon shall be payable at the Bank of Aspen, in Aspen, Colorado. Section 2. Additional Bond Details. Series July 1, 1973 Bonds shall be issued for such property acquisition pur- poses in the principal amount of $1,750,0001shall be numbered 1 to 350, inclusive, shall bear interest from date to maturity at the rates set forth below, as evidenced by interest coupons thereto attached and appertaining,said interest to be payable April 1, 1974, and semi-annually thereafter on April 1st and October 1st each year, and said Bonds shall mature serially on April 1st each year, as follows: Amount Maturity Interest Rate 110,000 120,000 130,000 140,000 150,000 1977 1979 1980 1981 1982 1983 1984 1985 9s7 160,000 170,000 180,000 190,000 200,000 200,000 - 13 (Amended) - Bonds of this issue maturing on or before April 1, 1980, shall not be redeemable prior to their respective maturities. Such Bonds maturing on or after April 1, 1981, shall be redeemable prior to maturity at the option of the City on April 1, 1980, and on any interest payment date thereafter, in inverse numerical order, upon payment of par and accrued interest, plus a premium of 3% of principal. Section 3. Form and Execution of Bonds and Interest Coupons. All of said bonds shall be signed with the facsimile signature of the Mayor of the City, attested by the manual signature of the City Clerk, countersigned with the facsimile signature of the Director of Finance, sealed with a manual impression of the official seal of the City, and the interest coupons to be signed with the facsimile signature of the Director of Finance. When issued as aforesaid as part of said bonds, such interest coupons shall be the binding obligations of the City according to their import. Each of said Bonds shall recite that the same is issued under the authority of the Charter of the City of Aspen, as amended. Should any officer whose manual or facsimile signature appears on said bonds or the coupons attached thereto cease to be such officer before delivery of the bonds to the purchaser, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. Said Bonds and the interest coupons attached or appertaining thereto shall be in substantially the following form: STATE OF COLORADO (Form of Bond) UNITED STATES OF AMERICA CITY OF ASPEN SALES TAX REVENUE BOND SERIES July 1, 1973 COUNTY OF PITKIN No. $5,000 The City of Aspen, in the County of Pitkin and State of Colorado, for value received, hereby promises to pay to the bearer hereof, out of the special fund hereinafter designated, but not otherwise, the sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, on the 1st day of April, 19 , with interest thereon from date to maturity at the rate of per centum ( %) per annum, said interest being payable on April 1, 1974, and semi-annually thereafter on the 1st day of April and the 1st day of October each year, both principal and interest being payable at the Bank of Aspen, in Aspen, Colorado, upon presentation and surrender of said interest coupons and this Bond as they severally become due. Bonds of this issue and series maturing on or before April 1, 1980, shall not be redeemable prior to their respective maturity dates. Bonds maturing on or after April 1,1981, shall be redeemable prior to maturity at the option of the City on April 1, 1980, and on any interest payment date thereafter, in inverse numerical order, upon payment of par and accrued interest, plus a premium of 3% of principal. - 15 - This Bond is issued by the City of Aspen, Colorado, for the purpose of providing funds with which to acquire certain lands, to be used for parking and other municipal purposes, located within the City of Aspen, under the authority of and in full conformity with the home rule City Charter of said City, as amended, and the Constitution and Laws of the State of Colorado, and pursuant to an ordinance of the City duly'passed and adopted prior to the issuanc.e of this Bond. The principal of and the interest on bonds of the issue which this is one are payable solely out of and constitute a first and prior lien (but not necessarily an exclusive first lien) on the "Sales Tax Revenue Bond and Interest Fund, 1973", created by and designated in the Ordinance referred to above, authorizing the issuance of this Bond. This Bond does not constitute a debt of the City of Aspen within the meaning of any constitutional, statutory or charter limitation or provision. It is hereby certified, recited and warranted that for the payment of this Bond, the City of Aspen has created and will maintain said special fund referred to above, and will deposit therein, out of the revenues of the one per cent municipal sales tax, as authorized by Ordinance No. 15A, Series 1972, of the City and approved at a special municipal election held on November 7, 1972, and, if necessary, from the City share of the Pitkin County- wide sales tax after and subject to the prior claim on said County- wide sales tax revenues for the Refunding and Acquisition Sales Tax Revenue Bonds, Series A and B, dated December 1, 1972, the amounts and revenue specified in said Ordinance authorizing this Bond, and out of said Fund, and as an irrevocable charge thereon, will pay this Bond and the interest thereon, in the manner provided by said Ordinance. It is further recited and certified that all require- ments of law and all conditions precedent have been fully complied 16 - with by the proper officers of Bond. caused the City in the issuance of this IN TESTIMONY WHEREOF, the City of Aspen, Colorado, has this Bond to be signed with the facsimile signature of its Mayor, sealed with a manual impression of the seal of the City, attested by the manual signature of the City Clerk, and counter- signed with the facsimile signature of the Director of Finance, and the interest coupons attached hereto to be facsimile signature of the Director of Finance, day of July, 1973. signed with the as of the 1st (SEAL) By ATTEST: (Manual Signature) .(Do not Sign) City Clerk CITY OF ASPEN, COLORADO (Facsimile Signature) (Do not Sign) Mayor (Facsimile Signature) (Do not Sign) Director of Finance -17 (Form of Interest Coupon) No. $ April, On the 1st day of October, 19__, unless the bond to which this coupon is attached, if redeemable, has been called for prior redemption, the City of Aspen, in the County of Pitkin and State of Colorado, will pay to bearer hereof the amount shown hereon, in lawful money of the United States of America, at the Bank of Aspen, in Aspen, Colorado, out of the special fund referred to in the Bond to which this coupon appertains, but not otherwise, being interest then due on its Sales Tax Series July 1, 1973, dated July 1, 1973, bearing Revenue Bond, No. (Facsimile Signature) (Do not Sign) Director of Finance -18 - Section 4. Allocation, Use and Disposition of Bond Proceeds. Ali. of the proceeds of the Bonds herein authorized shall be used and expended solely for the purposes herein specified; PROVIDED, HOWEVER, that all or any appropriate portion of the bond proceeds may be temporarily invested, pending such authorized use, in securities or obligations which are lawful investments for municipalities in the State of Colorado. It is hereby covenanted and agreed by the City that the temporary investment of the said bond proceeds, or any portion thereof, shall be of such nature and extent, and for such period, that the bonds of the City shall not be or become arbitrage bonds within the meaning of Section 103(d) of the Internal Revenue Code, and pertinent regulations, and such proceeds, if so invested, and restrictions of said or may later be amended, shall be subject to the limitations Section 103(d), as the same now exists and shall further be Subject to any applicable regulations of the Internal Revenue Service. Neither the purchaser of said bonds nor the subsequent holder of any of them shall be responsible for the application or disposal by the City or any of its officers of the funds derived from the sale thereof. The issuance of said bonds by the City shall constitute a warranty by and on behalf of the City for the benefit of each and every holder of said bonds, that said bonds have been issued for a valuable consideration in full conformity with law.' Section 5. One Percent Municipal Sales Tax. The City Council of the City of Aspen has, by Ordinance No. 15A, Series 1972, finally passed and adopted on the~ day of ~ 1972, approved by the qualified electors of the City at a special municipal election held on November 7, 1972, and made effective July 1, 1973, authorized the imposition of an additional one per cent (1%) sales tax on the sale of tangible personal property at retail upon every retailer and the furnishing of services in the City of Aspen, Colorado (said additional tax being hereinafter ' 19 - sometimes referred to as the "1972 Sales Tax"). Such 1972 Sales Tax applies to all retail sales and the furnishing of services made on or after July 1, 1973. The rate of said 1972 Sales Tax is one per cent (1%) of. the gross receipts, as set forth in said Ordinance No. 15A, Series 1972. Said one percent 1972 Sales Tax is imposed separate and apart from any State sales tax, or any sales tax imposed by Pitkin County, and is in addition to the municipal 1% sales tax imposed by the City pursuant to Ordinance No. 16, Series 1970, as amended (hereinafter sometimes referred to as the "1970 Sales Tax"). Said Ordinance No. 15A, Series 1972, further provides for an annual food tax credit in the amount of $21.00 for certain residents of the City, to be paid from the revenue of the sales tax. Said Ordinance No. 1SA, Series 1972, provides that all revenue from such one percent retail 1972 Sales Tax shall be expended by the City Council for payment of food tax refunds, capital improvements and capital expenditures, acquisition of land, payment of indebtedness incurred for such capital improvements, capital expenditures or land acquisition, general operating purposes, and for such expenditures as may be necessary to protect the real property acquired or the capital improvements constructed or purchased from any and all threatened or actual damages, loss, destruction or impairment from any cause or occurrences. The revenue from said one percent 1972 Sales Tax shall be pledged for the annual payment of the principal of and interest on the Series July 1, 1973 Bonds herein authorized, as more particularly set forth in this Ordinance. Section 6. County-Wide Sales Tax - Pitkin County. The Board of County Commissioners of Pitkin County has, on the 7th day of October, 1968, adopted a resolution providing for a two percent (2%) sales tax on the purchase price paid or charged upon all sales and purchases of tangible personal property at retail and for furnishing of services in Pitkin County. The City of Aspen and Pitkin County have entered into various arrangements for the - 20 - collection of said Pitkin County-wide sales tax by the State of Colorado and the distribution by the State of the proceeds of said two percent (2%) sales tax 53% to the City of Aspen and 47% to the County of Pitkin. Pursuant to Ordinance No. 2]., Series 1972, pursuant to which the City issued its Refunding and Acquisition Sales Tax Revenue Bonds, Series A and Series B, dated December 1, 1972, a first and prior claim and lien (but not necessarily an exclusive such lien) was created in favor of said Series A and Series B Bonds, upon the proceeds of the two per cent (2%) County-wide Sales Tax received by the City. Provision was made in said Ordinance No. 21, Series 1972, that should the amounts available from the City's one per cent (1%) 1970 Sales Tax be insufficient to meet the principal, interest and reserve fund requirements of the Series A and Series B Bonds, the City shall transfer, use and apply, from the proceeds of the County-wide sales tax received by the City, whatever amounts may be necessary to meet such principal, interest and reserve fund requirements for said Series A and Series B Bonds. It is hereby covenanted and agreed by the City that should the amounts available from the City's one percent (1%) 1972 Sales Tax be insufficient to meet the principal, interest and reserve fund requirements, hereinafter set forth, for the Series July 1, 1973 Bonds herein authorized, the City shall~subject and subordinate to the requirements, claims and lien of the City's Refunding and Acquisition Sales Tax Revenue Bonds, Series A and Series B, as said requirements, claims and lien are set forth in Ordinance No. 21, Series 1972, transfer, use and apply, from the available proceeds of the two percent (2%) County-wide sales tax received by the City, whatever amount or amounts may be necessary ~ to meet such principal, interest and reserve fund requirements for the Series July 1, 1973 Bonds. Said transfer, use and application shall be made at the time or times, and in the manner hereinafter more particularly set forth in Section 7 of this Ordinance. - 21 - Section 7. Sales Tax Revenue Bond aud Interest Fund, 1973. There is hereby established a separate fund to be designated as "Sales Tax Revenue Bond and Interest Fund, 1973" (hereafter referred to as the "1973 Bond Fund") into which Fund the City shall deposit the following amounts: (a) Ail of the revenues and receipts derived by the City from J~ts one percent (1%) 1972 Sales Tax, after provision only for the food tax credit, shall be transferred to and deposited into said 1973 Bond Fund, as soon as the sales tax revenues are received by the City, and such transfers shall continue during each fiscal period, as herein defined, until the amount on deposit in the Bond Fund is sufficient to pay the installments of principal of and interest on the Series July 1, 1973 Bonds becoming due during said fiscal period, and the payments to the Reserve Fund required by Section 9 of this ordinance to be made during said fiscal period. When the amount on deposit in the 1973 Bond Fund is sufficient to pay such principal and interest and make the payments to the Reserve Fund, no further deposits need be made from the said 1972 Sales Tax revenues during that fiscal period. The term "FISCAL PERIOD", as used in this Ordinance, shall be defined as a period beginning on the 2nd day of April in one year and ending on the 1st day of April in the next succeeding year. (b) In the event that on the 1st day of March in any year there are not sufficient moneys on deposit in said 1973 Bond Fund to pay in full when due the installments of principal of and interest on the Series July 1, 1973 Bonds becoming due on the 1st day of April in said year and to make in full when required the payment to the 1973 Reserve Fund due on March 31st in said year; or in the event that on the 1st day of September in any year there are not sufficient moneys on deposit in said 1973 Bond Fund to pay in full when due the installment of interest on said Bonds becoming due on the 1st day of October in said year, then the City shall immediately take any and all actions necessary to transfer to and de- posit in said 1973 Bond Fund, from the proceeds of the County-wide sales tax received by the City, whatever amount or amounts are necessary so that on the appro- priate date there shall be sufficient funds on deposit in said 1973 Bond Fund to make, when due and in full, the said principal, interest and reserve fund pay- ments. Any and all claims and lien upon the City:s receipts of County-wide Sales Tax proceeds in favor of said July 1, 1973 Bonds stated in this subsection (b) of Section 7 are hereby made and expressly declared to be junior, subordinate and subject to the prior claims and lien created by Ordinance No. 21, Series 1972 in favor of the City's Refunding And Acquisition Sales Tax Revenue Bonds, Series A and Series B, dated December 1, 1973. -22 - (c) Should the City hereafter issue additional bonds payable from and having a lien upon the 1973 Bond Fund on a parity with the lien of the Series July 1, 1973 Bonds, the amounts deposited in the 1973 Bond Fund from said 1972 Sales Tax and from the City's share of the County- wide sales tax shall be appropriately and sufficiently increased so that the security for the Series July 1, 1973 Bonds herein authorized shall at no time be restricted or impaired. The owners and holders of the Series July 1, 1973 Bonds authorized herein shall have a first and prior lien (although not necessarily an exclusive first lien) on said 1973 Bond Fund. The obligations evidenced by said Series July 1, 1973 Bonds shall not constitute a lien on the real property or the improvements, or any other property of the City of Aspen, but shall constitute a lien only on the amounts on deposit or to be deposited in said 1973 Bond Fund as provided in this Ordinance. Section 8. Administration of 1973 Bond Fund. Said 1973 Bond Fund shall be maintained as a separate account and is hereby irrevocable pledged for the following purposes and shall be disbursed only in the following order: (a) For the prompt payment of the annual principal of and the interest on the Series July 1, 1973 Bonds herein authorized, and the principal of and interest on any additional bonds, subsequently issued, having a lien on the 1973 Bond Fund on a parity with the lien of said bonds herein authorized, when and as the same shall become due and payable, respectively. (b) After provision has been made for payment of the principal of and interest on the Series July 1, 1973 Bonds herein authorized during a fiscal period, there shall be deposited annually, except as hereinafter provided, an amount of not less than $50,000 into the "Sales Tax Revenue Bond Reserve Fund, 1973," created by and described in the following Section. (c) After all of the payments and accumulations required during each fiscal period by sub- sections (a) and (b) above, any amounts re- maining in said 1973 Bond Fund at the end of such fiscal period may be transferred from the 1973 Bond Fund, and thereafter used by the City for any of the purposes set forth in Section 7 of Ordinance No. 15A, Series 1972. Section 9. 1973 Bond Reserve Fund. There is hereby created a separate special fund to be known as the "Sales Tax Revenue Bond Reserve Fund, 1973", (herein called the "1973 Reserve Fund"). The City shall transfer to'and deposit in said 1973 Reserve Fund annually an amount of not less than $50,000, said deposits to be made at such time or times as the City Council may determine, but shall be made on or before the 31st day of March in each year commencing in the year 1974. Deposits to the 1973 Reserve Fund shall be continued each year until there is on deposit therein a total amount of not less than $200,000. Monies deposited and held in said 1973 Reserve Fund may be used and applied for the purpose of making up any deficiency in the 1973 Bond Fund to meet the payments of principal and interest required by Section 8(a) of this Ordinance, PROVIDED, HOWEVER, that monies in said 1973 Reserve Fund shall be used and applied for such purposes ONLY in the event that no other funds or revenues are available to meet the required payments. In the event that monies are withdrawn from the 1973 Reserve Fund, the amounts so withdrawn shall be promptly restored to and deposited in the 1973 Reserve Fund from the first available monies, and the annual payments hereinabove specified shall be continued, or resumed and continued, until the amount on deposit in said Fund equals or exceeds $200,000. The Reserve Fund shall be maintained in the total amount of $200,000 until such time as the amount therein will be sufficient to pay all of the Series July 1, 1973 Bonds authorized herein which are then outstanding, and the interest thereon, at which time such monies may be applied to redeem and pay the said outstanding Series July 1, 1973 Bonds or to pay the same at their normal maturity dates. -24- ~onies held in the 1973 Reserve Fund may bc~ invested or deposited as may be directed by the City Council and in accordance with the Charter of the City and the laws of the State of Colorado relating to the deposit or investment of such fund and monies. The amount of the earnings from such investment or deposits shall be placed into the 1973 Bond Fund. Section 10. Sale of Real Property. It is hereby determined and declared by the City Council of the City of Aspen, that no sale or other disposition of the lands to be acquired with the proceeds of the Series July 1, 1973 Bonds, or any portion thereof is presently contemplated, nor could any such partial or total sale or other disposition of said lands be reasonably anticipated at this time or within the foreseeable future. However, in the event of that such a sale or other disposition of said lands should occur, any and all monies received as proceeds of or from such sale or other disposition of said lands shall be deposited into the 1973 Reserve Fund as established by Section 9 of this Ordinance. In the event that by the deposit therein of the monies received as proceeds of such sale or other disposition, the amount in the 1973 Reserve Fund would then exceed $200,000, the amount in excess of $200,000, may be transferred from said 1973 Reserve Fund, and, if so transferred, shall be used and applied for any of the lawful purposes set forth in Ordinance No. 15A, Series 1972, subject only to the provisions and limitations set forth in Section 4 of this ordinance. Section 11. Covenants of the City. The City hereby irrevocably covenants and agrees with each and every holder of the Series July 1, 1973 Bonds issued under the provisions of this Ordinance, that so long as any of said Bonds remain outstanding: (a) It will not repeal Ordinance No. 15A, Series of 1972~referred to above, and that it will not amend such Ordinance by decreasing the additional 1972 Sales Tax rate of one per cent of gross receipts. - 25- (b) It will administer, enforce and collect, or cause to be administered, enforced and collected, the 1972 Sales Tax authorized by said Ordinance No. 15A, Series 1972, and shall use, apply and deposit all of the revenue received from the imposition, collection and enforcement of the 1972 Sales Tax only in the manner specified and set forth in this Ordinance. (c) It will keep such books and records showing the proceeds of the one percent municipal 1972 Sales Tax and the share received by the City from the County-wide sales tax, in which complete entries shall be made in accordance with standard principles of accounting, and any owner and holder of any of the Series July 1, 1973 Bonds shall have the right at any reasonable times to inspect the records and accounts relating to the collection and receipts of such 1972 Sales Tax and the County-wide sales tax. (d) It will, at least once each year, cause an audit of the records relating to the collection and receipts of the 1973 Sales Tax proceeds, and upon request, make available the report of the auditor or accountant to any holder of such bonds, and shall mail a copy of the report to the original purchaser of the bonds. Such audit may be made a part of and included within the general audit of the City, and made at the same time as the general audit. (e) In the event that the City's 1% 1972 Sales Tax or the County-wide 2% sales tax,' or both such taxes, are replaced and s~perceded by a State collected-locally shared sales tax or taxes, or are replaced and superceded in some other manner from some other source or sources, the revenues derived by the City from such replacement source or sources are hereby pledged and as received by the City shall be placed in the 1973 Bond Fund in amounts at least sufficient to meet all principal, interest and reserve fund requirements relating to the Series July 1, 1973 Bonds herein authorized and any then outstanding parity bonds. The City Council shall, promptly as required hereby, take any and all actions which may be necessary to accomplish such deposits. From and after the -26- date of said replacement, the bonds herein authorized, and any then outstanding parity lien bonds, shall have a first and prior lien (but not necessarily an exclusive such lien) upon such re- placement revenues to the extent herein specified. Section 12. Additional Bonds. No additional bonds shall be issued payable from the one percent municipal 1972 Sales Tax, or the share received by the City from the County-wide sales tax, and having a lien upon such funds or amounts which is superior to the lien of the Series July 1, 1973 Bonds authorized herein. However, nothing in this Ordinance shall be construed in such manner as to prevent the issuance by the City of additional bonds payable from any or all of the funds referred to above and constituting a lien upon said fund or funds equal to or on a parity with the lien of the Series July 1, 1973 Bonds authorized herein, provided that the City is current in all payments to the 1973 Bond Fund for principal and interest herein required and in the accumulation of the 1973 Reserve Fund herein provided, and that the revenue from only the one percent municipal 1972 Sales Tax authorized by Ordinance No. 15A, Series of 1972, after payments for food tax credit, in the twelve (12) calendar months immediately preceding the issuance of said additional parity bonds shall have been equal to or greater than 1.4 times the aggregate average annual principal and interest requirements on the Series July 1, 1973 Bonds, herein authorized, all then outstanding parity bonds, and the additional parity bonds proposed to be issued. Nothing herein shall prevent the City from issuing bonds payable from such fund or funds and having a lien which is junior or subordinate to the lien of the Series July 1, 1973 Bonds herein authorized. Section 13. Accrued Interest on Series July 1, 1973 Bonds. The accrued interest, if any, on the Series July 1, 1973 Bonds herein authorized from their date to the date of the issuance and delivery thereof, shall be deposited in the 1973 Bond Fund herein created, and held for the payment of interest on said Bonds as the same becomes due and payable. 27 - Section 13. The City Council having all the pertinent facts and declare that all of Declarations and Findings of the City Council. been fully informed of and having considered and circumstances, does hereby determine the applicable requirements, limitations and provisions of the ]lome rule Charter of the City of Aspen and the Constitution and laws of the State of Colorado have been met and complied with in the issuance of the Series July 1, 1973 Bonds herein authorized, and further that all procedures undertaken incident thereto, are in full compliance and conformity with all applicable requirements, provisions and limitations prescribed by the Charter of the City, and the Constitution and Laws of the State of Colorado thereunto enabling. That the officers and members of the City Council are hereby authorized and directed to take all other actions necessary or appropriate to effectuate the provisions of this Ordinance, including, but not being limited to, the execution of such certificates and affidavits as may reasonably be required by the purchaser of said Bonds. Section 14. Ratification and Approval of Prior Action. That all actions heretofore taken by the officers and members of the City Council, not inconsistent with the provisions of this Ordinance relating to the authorization, sale, issuance and delivery of said Series July 1, 1973 Bonds, be and the same are hereby ratified, approved and confirmed. Section 15. Severability. That if any one or more sections, parts or portions of this Ordinance shall be adjudged unenforceable or invalid, such judgment shall not affect, impair or invalidate the remaining provisions of this Ordinance, it being the intention that the various provisions hereof are severable. Section 16. Repealer. Ail ordinances or parts thereof in conflict with this Ordinance are hereby repealed. Section 17. Ordinance Irrepealable. After said Series July 1, 1973 Bonds irrepealable until been fully paid, are issued, this Ordinance shall be and remain said Bonds and the interest thereon shall have satisfied and discharged. - 28 - Section 18. Emergency Provision. By reason of the fact that the City must complete the procedures for purchase of the lands herein provided, pursuant to the contracts entered into by the City, at the earliest possible date, and that it is necessary to issue the Series July 1, 1973 Bonds herein authorized in order to accomplish such purpose, it is hereby declared that an emergency exists and that this Ordinance is necessary to the immediate preservation of the public property, health, peace and safety, and that it shall be in full force and effect upon final passage, and be published within ten (10) days after final passage, or as soon thereafter as possible. Section 19. Recording and Authentication. This Ordinance, as adopted by the City Council, shall be numbered and recorded in the official records of the City. Its adoption and publication shall be authenticated by the signature of the Mayor, or Mayor Pro-Tem, and the City Clerk, and by the certificate of publication. INTRODUCED AND APPROVED ON FIRST READING This ~ day (SEAL) ~ Mayor ATTEST: City Cler~ - 29 - 1973. FINALLY ADOPTED AND APPROVED Thisbe3 day o ~ (SEAL) ATTEST: City Clerk - 30 STATE OF COLORADO) ) ss CERTIFICATE COUNTY OF PITKIN ) I, Lorraine Graves, City Clerk of Aspen, Colorado, do hereby certify that the above and foregoing ordinance was introduced, read by title, and passed on first reading at a regular meeting of the City Council of the City of Aspen on July 2 , 19~. , and published in the AspenT°day a weekly newspaper of general circulation, published in the City of Aspen, Colorado, in its issue of July 4 and was finally adopted and approved at a regular meeting of the City coUncil on Julv 16 published as Ordinance No. said City, as provided by law. 24 , 1973___, , 1973--, and ordered , Series of 1973, of IN WITNESS WHEREOF, I have hereunto set my hand and the seal of said City of Aspen, Colorado, this 24th day of July , 197 3. ~orraine Graves, City Clerk