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HomeMy WebLinkAboutS5-84 ORDINANCE NO. S5-84 ORDINANCE authorizing the issuance of $1 , 000 , 000 aggregate principal amount of Industrial Development Revenue Bonds Series 1984A (Gabriel Realty Project ) (the "Series 1984A Bonds" ) and $800 , 000 aggregate principal amount of Industrial Development Revenue Bonds Series 1984B (Gabriel Realty Project) (the "Series 1984B Bonds" ) (the Ser- ies 1984A Bonds and Series 1984B Bonds collectively "Series 1984 Bonds" ) to finance the cost of the acquisition, construction and equipping, by Gabriel Realty, of land, a building, new equipment and related facilities constituting a manufacturing and research facility for Capsonic Group, Incorporated (the "Project" ) located in the City of Elgin, Illinois; and confirming the sale of the Series 1984 Bonds to the purchasers thereof , and certain other related matters . WHEREAS, the Issuer is authorized by the Enabling Ordinance ( as hereinafter defined) to, among other things , finance in whole or in part the cost of the acquisition, pur- chase, construction, reconstruction, improvement , equipping, betterment or extension of economic development projects in order to encourage economic development within or near the City of Elgin, and to lease, sell or finance the same to or for any person; and WHEREAS , the Issuer is further authorized by the Enabling Ordinance to issue revenue bonds secured by a mortgage on the land and/or facilities financed through the issuance of such revenue bonds which are to be payable from the revenues and receipts derived by the Issuer from a loan agreement entered into with respect to the project; and WHEREAS, the Issuer entered into negotiations with Capsonic Group, Incorporated, an Illinois corporation with of- fices in Elgin, Illinois ( "Capsonic" ) and on November 12 , 1984 adopted a resolution authorizing the execution and delivery of a Memorandum of Intent between the City of Elgin and Capsonic and American Antenna Corporation, to induce the acquisition, construction and equipping of the Project , located in the City of Elgin, Illinois , in order to promote the purposes of the Enabling Ordinance; and WHEREAS, the issuance by the Issuer of its Series 1984 Bonds (as hereinafter defined) will in all respects con- form to the provisions and requirements of the Enabling Ordinance; and WHEREAS, it has now been determined that the esti- mated amount necessary to finance the cost of acquiring, con- structing and equipping the Project , including necessary expenses incidental thereto, requires that the Series 1984 Bonds of the Issuer be authorized as hereinafter provided; and WHEREAS, the Issuer has made the necessary arrange- ments for the issuance and sale of the Series 1984 Bonds ; and WHEREAS, the officers of the Issuer have caused to be prepared and presented to this meeting proposed forms of the following instruments (hereinafter collectively called the " In- struments" ) : ( a) a form of Loan Agreement ; and (b) a form of Indenture; WHEREAS, it appears that each of the Instruments which are now before this meeting, • is in appropriate form and is an appropriate instrument to be executed and delivered or accepted, as the case may be, by the Mayor and the City Clerk of the Issuer for the purposes intended; and WHEREAS, pursuant to and in accordance with the prov- isions of the Enabling Ordinance, the Issuer is now prepared to sell its Series 1984 Bonds and the Issuer is willing to loan the proceeds thereof to Gabriel Realty, a limited partnership duly organized and validly existing under the laws of the State of Illinois (the "Borrower" ) , to enable the Borrower to acquire, construct and equip the Project, pursuant to the terms and provisions of the Loan Agreement and to lease the real pro- perty, building, equipment and any related facilities constitu- ting the Project to Capsonic, pursuant to a certain Lease Agreement , dated as of December 1 , 1984 (the "Capsonic Lease" ) , which lease will produce revenues and receipts sufficient for the prompt payment of the principal of , premium, if any, and interest on the Series 1984 Bonds , together with related expenses , all as set forth in the Loan Agreement . NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Elgin: Section 1 : Definitions : For the purpose of this ordinance, unless the context otherwise requires , the following words and phrases shall have the following meanings : "Bond Purchaser" means The Elgin National Bank the original purchaser of the Series 1984A Bonds and the Series 1984B Bonds . "Borrower" means Gabriel Realty, Elgin, Illinois, a limited partnership, duly organized and validly existing under the laws of the State of Illinois . "Enabling Ordinance" means Ordinance No . S2-80 , of the Issuer, adopted by the City Council on February 13 , 1980 , as amended by Ordinance No . S4-84 , of the Issuer , adopted by the City Council on November 26 , 1984 , pursuant to the home rule powers granted to the Issuer by the provisions of Article VII , Section 6 of the 1970 Constitution of the State of Illinois . " Indenture" means that certain Trust Indenture dated as of December 1 , 1984 , from the Issuer to the Trustee, pur- suant to which the Series 1984 Bonds will be issued and secured. " Issuer" means the City of Elgin, Illinois, a munici- pal corporation and home rule unit duly organized and validly existing under the Constitution and the laws of the State of Illinois . "Loan Agreement" means that certain Loan Agreement dated as of December 1 , 1984 , from the Borrower to the Issuer . "Mortgage" means that certain mortgage of the Project granted by the Borrower , as mortgagor , to the Trustee, as mort- gagee, as security for the Series 1984 Bonds . "Project" means the real property, building, new equipment and any related facilities , to be located within the corporate limits of the City of Elgin, Illinois , constituting a manufacturing and research facility for Capsonic Group, Incor- porated, the financing of the acquisition, construction and equipping of which will be accomplished through the issuance of the Series 1984 Bonds by the Issuer . "Series 1984A Bonds" means the $1 , 000 , 000 aggregate principal amount of Industrial Development Revenue Bonds Series 1984A (Gabriel Realty Project) of the Issuer . "Series 1984B Bonds" means the $800 , 000 aggregate principal amount of Industrial Development Revenue Bonds , Series 1984B (Gabriel Realty Project) of the Issuer . "Series 1984 Bonds" means collectively the Series 1984A Bonds and the Series 1984B Bonds , issued for the purpose of financing the Project . "Trustee" means the trustee serving as such under the Indenture . Section 2 . Initial Resolution. The initial resolu- tion adopted by the Issuer on November 12 , 1984 , and the Memo- randum of Intent executed by the Issuer , Borrower , Capsonic and American Antenna Corporation pursuant thereto, are hereby found to be in the best interest of the Issuer and are in all respects approved, ratified, confirmed, re-adopted and declared to be and remain in full force and effect ; provided, however , all references therein to financing by the Issuer of an econo- mic development project on behalf of American Antenna Corporation are hereby declared to be null and void and of no effect . Section 3 . Cost of Project; Acquisition and Con- struction of Project . Based upon representations made by the Borrower to the Issuer, the Issuer hereby determines that the aggregate cost of the Project will be not less than $1 , 800 , 000 . The acquisition, construction and equipping of the Project and the financing of the same for the Borrower, as hereinafter pro- vided, will be of benefit to the welfare of the citizens of the City of Elgin, Illinois and will be in furtherance of the pur- poses and provisions of the Enabling Ordinance, to wit : to relieve conditions of unemployment and to encourage economic development within the City of Elgin, thereby reducing the evils attendant upon unemployment and to provide for the in- creased welfare and prosperity of the residents of the City of Elgin and to provide a financing device which will aid in financing the cost of Economic Development Projects ( as defined in the Enabling Ordinance) ; and the same is hereby approved. It is hereby found, determined and declared by this City Council , in accordance with the provisions and requirements of the Enabling Ordinance, that the financing of the acquisition, construction and equipping of the Project will relieve condi- tions of unemployment and encourage economic development within • the City of Elgin, thereby reducing the evils attendant upon unemployment and will provide for the increased welfare and prosperity of the residents of the City of Elgin. Section 4 . Authorization of Series 1984 Bonds . For the purpose of financing the cost of the acquisition, construc- tion and equipping of the Project , including necessary expenses incidental thereto, there are hereby authorized to be issued the revenue bonds of the Issuer in compliance with and under authority of the provisions of the Enabling Ordinance, this ordinance and the Indenture in the principal amount of $1 , 800 , 000 which bonds shall be designated " Industrial Develop- . ment Revenue Bonds , Series 1984A (Gabriel Realty Project) , " in the principal amount of $1 , 000 , 000 and "Industrial Development Revenue Bonds , Series 1984B (Gabriel Realty Project) , " in the principal amount of $800 , 000 , and shall be payable as to prin- cipal , interest and premium, if any, in lawful money of the United States of America as provided in the Indenture. The Series 1984 Bonds shall be issuable only as fully registered Bonds without coupons in the denomination of $5 , 000 and any integral multiple thereof . Series 1984A Bonds shall bear interest from their date payable quarterly on April 1 , July 1 , October 1 and January 1 of each year with the first interest payment to be made on April 1 , 1985 , and except for the initially issued Series 1984A Bonds , shall be dated as of the April 1 , July 1 , October 1 or January 1 next preceding their date of issue, or if issued on a April 1 , July 1 , October 1 or January 1 as of such date; provided that if at the time of authentication of any Series 1984A Bond interest is in default thereon, such Bond shall be dated as of the date of which interest has been paid. The fully registered Series 1984A Bonds to be initially issued shall be dated the date of their issuance and delivery. The Series 1984A Bonds shall bear interest at the Applicable Percentage ( as defined in the Indenture) of the Applicable Rate ( as defined in the Indenture) (computed on the basis of a calendar year consisting of 360 days , and charged on the basis of the actual number of days elapsed) except upon the occurrence of a Determination of Taxability ( as defined in the Loan Agreement) and shall mature on each quarterly interest payment date in the following amounts ( for purposes of the chart below principal payable on a January 1 is shown as if payable l on the preceding December 31 ) . Calendar Year Quarterly Payment 1985 $0 1986 $ 8 , 333 . 25 1987 $ 10 , 000 1988 $ 10 , 000 1989 $ 10 , 000 1990 $ 10 , 000 1991 $ 10 , 000 1992 $ 10 , 000 1993 $ 10 , 000 1994 $ 12 , 500 1995 $ 12 , 500 1996 $ 12 , 500 1997 $ 12 , 500 1998 $ 12 , 500 1999 $ 12 , 500 2000 $ 12 , 500 2001 $ 12 , 500 2002 $ 71 , 666 . 75 Series 1984B Bonds shall bear interest from their date payable monthly on the first day of each month with the first interest payment to be made on January 1 , 1985 , and except for the initially issued Series 1984B Bonds , shall be dated as of the first day of the calendar month next preceding their date of issue, or if issued on the first day of a calen- dar month as of such date; provided that if at the time of authentication of any Series 1984B Bond interest is in default thereon, such Bond shall be dated as of the date of which interest has been paid . The fully registered Series 1984B Bonds to be initially issued shall be dated the date of their issuance and delivery. The Series 1984B Bonds shall bear interest at the Applicable Percentage of the Applicable Rate (computed on the basis of a calendar year consisting of 360 days , and charged on the basis of the actual number of days elapsed) except upon the occurrence of a Determination of Taxability ( as defined in the Loan Agreement) and shall mature on each monthly interest pay- ment date in the following amounts . Calendar Year Monthly Payment 1985 $ 0 1986 $9 , 523 . 81 1987 $9 , 523 . 81 1988 $9 , 523 . 81 1989 $9 , 523 . 81 1990 $9 , 523 . 81 1991 $9 , 523 . 81 1992 $9 , 523 . 81 The Series 1984 Bonds shall be subject to redemption at the times and in the manner prescribed in the Indenture in certain events relating to damage, destruction, condemnation, excessive burdens or liabilities , impossibility of performance, changes in the economic availability of raw materials , operat- ing supplies or facilities , or technological advances or other changes rendering the Project unfeasible or uneconomical , at a redemption price of 100% of the principal amount thereof plus accrued interest to the date of redemption and without premium. The Series 1984 Bonds shall also be subject to redemption prior to maturity, as more fully set forth in the Indenture, on any interest payment in whole or in part at a redemption price of 100% of the principal amount thereof plus accrued interest to the date of redemption and without premium. Upon the occurrence of a Determination of Taxability the Series 1984 Bonds shall bear interest in accordance with the provisions set forth in Section 208 of the Indenture. The Series 1984 Bonds shall be subject to redemption at the times, under the circumstances , in the manner , at the prices and with the effect as more fully prescribed in Article III of the Indenture, which terms are, by this reference, incorporated herein. Section 5 . Form of Series 1984 Bonds . The Series 1984 Bonds and the Trustee ' s endorsement to appear on each of the Series 1984 Bonds shall be in substantially the form set forth in the Indenture, with such appropriate variations , omissions , insertions and provisions as are permitted or re- quired by the Indenture, the omissions to be appropriately com- pleted when the Series 1984 Bonds are prepared, and the execu- tion of the Series 1984 Bonds by the Mayor and the City Clerk shall be conclusive evidence of such approval . Section 6 . City of Elgin, Illinois Not Liable on Series 1984 Bonds . The Series 1984 Bonds shall be limited obligations of the Issuer , and, except to the extent payable from the Series 1984 Bond proceeds or the investment thereof , the principal of and interest on which shall be payable solely from the sources specified in, and be secured as provided by, the Indenture. The Series 1984 Bonds and the interest thereon shall not be deemed to evidence a debt of the Issuer or a loan of credit extended by it within the meaning of any constitutional or statutory provision. Further, the Series 1984 Bonds and the interest thereon shall not be deemed to constitute a debt or liability of the Issuer or the State of Illinois or of any political subdivision thereof within the meaning of any consti- tutional or statutory provision of the State of Illinois , and their issuance shall not , directly or indirectly or contin- gently, obligate the State of Illinois or any political sub- division thereof to levy any form of taxation therefor or to make any appropriation for their payment . Nothing in the Series 1984 Bonds or in the Indenture or the proceedings of the Issuer authorizing the issuance of the Series 1984 Bonds or in the Enabling Ordinance shall be construed to authorize the Is- suer to create a debt or liability of the State of Illinois or any political subdivision thereof within the meaning of any constitutional or statutory provision of the State of Illinois . The nature of the obligation represented by the Series 1984 Bonds is as more fully set forth in the Indenture. Nothing in this ordinance, the Loan Agreement or the Indenture, shall be construed as an obligation or commitment by the Issuer to expend any of its funds other than ( i ) the pro- ceeds of the sale of the Series 1984 Bonds , ( ii) certain of the revenues and receipts to be received from the Project as pro- vided in the Indenture, ( iii ) any proceeds accruing to the Is- suer of insurance on the Project , ( iv) any moneys accruing to the Issuer on account of any taking or condemnation of title to the whole or any part of the Project , (v) any other moneys derived from or accruing to the Issuer from the Project , and (vi ) any moneys arising out of the investment or reinvestment of said proceeds , revenues or moneys . Section 7 . Execution of the Series 1984 Bonds . Each of the Series 1984 Bonds shall be executed in the name and on behalf of the Issuer by the manual or facsimile official signa- ture of the Mayor and attested by the manual or facsimile offi- cial signature of the City Clerk . The Series 1984 Bonds shall have the corporate seal of the Issuer impressed or reproduced thereon and shall be authenticated by the endorsement of the Trustee under the Indenture . If any of the officers who shall have signed or sealed said Series 1984 Bonds shall cease to be such officers of the Issuer before the Series 1984 Bonds so signed and sealed shall have been actually authenticated by the Trustee or de- livered by the Issuer , the Series 1984 Bonds nevertheless may 1 be authenticated, issued and delivered with the same force and effect as though the person or persons who signed or sealed such Series 1984 Bonds had not ceased to be such officer or officers of the Issuer; and also any such Series 1984 Bonds may be signed and sealed on behalf of the Issuer by those persons who, at the actual date of the execution of such Series 1984 Bonds , shall be the proper officers of the Issuer , although at the nominal date of such Series 1984 Bonds any such person shall not have been such officer of the Issuer . Section 8 . Compliance with the Enabling Ordinance . The Series 1984 Bonds shall be issued in compliance with and under authority of the provisions of the Enabling Ordinance, this ordinance and the Indenture. The Series 1984 Bonds shall contain a recital that they are issued pursuant to the Enabling Ordinance, which recital shall be conclusive evidence of their validity and of the regularity of their issuance. Section 9 . Additional Bonds . While any of the Series 1984 Bonds shall remain outstanding and unpaid, the Issuer hereby covenants and agrees with the holders from time to time of such Series 1984 Bonds that it will not issue any additional bonds or incur any obligations of any sort secured by a lien prior to or on a parity with the lien of the Series 1984 Bonds , except as expressly permitted under the provisions of the Indenture and the Loan Agreement . Section 10 . Maintenance and Repair Costs . The main- tenance and repair costs of the Project , all taxes in connec- tion therewith and other charges , all as specified in the Loan Agreement and the Mortgage, will be assumed and paid by the Borrower under the Loan Agreement , and, accordingly, the Issuer has no obligation with respect thereto and all such costs , ex- penses , taxes , fees and charges shall be paid by the Borrower , as provided in the Loan Agreement and the Mortgage . Section 11 . Findings and Determinations . It is hereby found, determined and declared by the Issuer that the amounts payable by the Borrower as repayment of indebtedness under the Loan Agreement are the amounts necessary in each year to pay the principal of and interest on the Series 1984 Bonds and that such amounts and their monetary obligations undertaken by the Borrower in the Loan Agreement are sufficient to satisfy the monetary obligations required by the Enabling Ordinance to be undertaken by the Borrower as user of the Project . The Loan Agreement provides that the Borrower shall operate and maintain the Project and carry all proper insurance with respect thereto . Section 12 . Approval of the Sale of the Series 1984 Bonds . The sale of the Series 1984 Bonds to the Bond Purchaser is hereby approved and confirmed. Section 13 . Approval of Indenture . The form, terms and provisions of the proposed Indenture be, and they hereby are, in all respects approved, and the Mayor and the City Clerk be, and they are hereby authorized, empowered and directed to execute, acknowledge and deliver the Indenture in the name and on behalf of the Issuer , and thereupon to cause the Indenture to be executed, acknowledged and delivered to the Trustee therein named, and the Indenture shall constitute an assignment of certain rights of the Issuer for the security of the Series 1984 Bonds issued thereunder . The Indenture, as executed and delivered, shall be in substantially the form now before this meeting and hereby approved, or with such changes therein as shall be approved by the officers of the Issuer executing the same, their execution thereof to constitute conclusive evidence of their approval of any and all changes or revisions therein from the form of the Indenture now before this meeting; and from and after the execution and delivery of the Indenture, the officers , agents and employees of the Issuer are hereby autho- rized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Indenture as executed. Section 14 . Approval of Loan Agreement . The form, terms and provisions of the proposed Loan Agreement be, and they hereby are, in all respects approved, and the Mayor and the City Clerk be, and they are hereby authorized, empowered and directed to execute, acknowledge and deliver the Loan Agreement in the name and on behalf of the Issuer , and there- upon to cause the Loan Agreement to be delivered to the Borrower . The Loan Agreement , as executed and delivered, shall be in substantially the form now before this meeting and hereby approved, or with such changes therein as shall be approved by the officers of the Issuer executing the same, their execution thereof to constitute conclusive evidence of their approval of any and all changes or revisions therein from the form of Loan Agreement now before this meeting; and from and after the exe- cution and delivery of the Loan Agreement, the officers , agents and employees of the Issuer are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Loan Agreement as executed. Section 15 . Authorization to Effect Execution and Delivery of Documents . The Mayor and City Clerk for and on behalf of the Issuer , be and they are hereby authorized and directed to do any and all things necessary to effect the exe- `cution and delivery of the Loan Agreement by the Borrower , the execution and delivery of the Indenture and acceptance thereof by the Trustee, the performance of all obligations of the Issuer under and pursuant to the Loan Agreement and the Inden- ture, the execution and delivery of the Series 1984 Bonds , and the performance of all other acts of whatever nature necessary to effect and carry out the authority conferred by this ordi- nance and by the Loan Agreement and the Indenture. The Mayor and the City Clerk be, and they are hereby further authorized and directed for and on behalf of the Issuer , to execute all papers , documents , certificates and other instruments that may be required for the carrying out of the authority conferred by this ordinance and by the Loan Agreement and the Indenture, or to evidence the said authority and its exercise . The Trustee is hereby authorized to receive and re- ceipt for the proceeds of the Series 1984 Bonds on behalf of the Issuer and to hold, invest and disburse said proceeds in accordance with the provision of the Indenture . All provisions of the Indenture, including those with respect to the acquisi- tion, construction and equipping of the Project , the issuance and delivery of the Series 1984 Bonds and the receipt , custody, investment and application of the proceeds of the Series 1984 Bonds and the repayment of the loan and the application of other revenues to be derived from the Project , are hereby in all respects adopted, ratified and confirmed for and on behalf of the Issuer . Section 16 . Section 103(b) ( 6) (D) Election . The Issuer hereby elects to have the provisions as to the limit in Section 103 (b) ( 6 ) (D) of the Internal Revenue Code of 1954 , as amended, applied to the Series 1984 Bonds ; and the Mayor and the City Clerk of the Issuer be and they are hereby authorized, empowered and directed to take any and all further action which may be required to implement and effectuate such election, in- cluding without limitation the preparation and filing of such statement or statements or other document or documents as may be deemed by them to be necessary or advisable in order to com- ply with the procedure set forth in Section 1 . 103-10(b) (2) (vi ) of the Income Tax Regulations (26 CFR Part 1 ) under Section 103 of the Internal Revenue Code of 1954 , as amended, and all acts heretofore taken by them in this connection are hereby ratified and confirmed. Section 17 . Authorization of Construction of the Project . To accomplish the purposes of the Enabling Ordinance there is hereby authorized the acquisition, construction and equipping of the Project in accordance with the Loan Agreement and the Indenture and the payment of the amounts therefor to be paid in accordance with the Loan Agreement and the Indenture . Section 18 . Preparation of Series 1984 Bonds . The Mayor or any other member of the City Council of the Issuer is hereby authorized and directed to cause to be prepared an issue of $1 , 000 , 000 aggregate principal amount of the Series 1984A Bonds and $800 , 000 aggregate principal amount of the Series 1984B Bonds , in the form, bearing interest at the rate, and having the other terms and provisions specified in the Inden- ture . Section 19 . Trustee . The Issuer hereby recognizes , agrees to and approves the deposit of the proceeds of the Series 1984 Bonds with the Trustee, which amount shall be held and applied by said Trustee in accordance with the provisions of the Indenture . The Mayor and the City Clerk of the Issuer are hereby authorized to direct the Trustee to authenticate and deliver the Series 1984 Bonds . Section 20 . Covenants and Stipulations of the Issuer . All covenants , stipulations , obligations and agreements of the Issuer contained in this ordinance and in the Instruments shall be deemed to be the covenants , stipulations , obligations and agreements of the Issuer to the full extent authorized or per- mitted by law, and all such covenants , stipulations , obliga- tions end agreements shall be binding upon the Issuer and its successors from time to time and upon any board or body to which any powers or duties affecting such covenants , stipula- tions , obligations and agreements shall be transferred by or in accordance with law, and except as otherwise provided in this ordinance or in the Instruments or other instruments con- templated hereby to which the Issuer is or is to be a party, all rights , powers and privileges conferred and duties and liabilities imposed upon the Issuer or the members of the City Council of the Issuer by the provisions of this ordinance or the Instruments shall be exercised or performed by the Issuer or by such members , officers , board or body as may be required by law to exercise such powers and to perform such duties . No covenant , stipulation, obligation or agreement herein contained or contained in the Instruments shall be deemed to be a covenant , stipulation, obligation or agreement of any member of the City Council , officer, agent or employee of the Issuer in his individual capacity and neither the mem- bers of the City Council of the Issuer nor any officer execut- ing the Series 1984 Bonds shall be liable personally on the Series 1984 Bonds or be subject to any personal liability or accountability by reason of the issuance thereof . Section 21 . Execution of Certifications and Other Instruments . The Mayor and City Clerk and any other member of the City Council of the Issuer , as appropriate, are hereby authorized and directed to execute such certifications , financ- ing statements , assignments , documents and other instruments as are in the opinion of counsel to the Issuer and nationally recognized bond counsel necessary to perfect the pledges set forth in the Instruments and any other documents and instru- ments as may be required to effectuate any portion of the financing transaction. Section 22 . Separable Provisions . The provisions of this ordinance are hereby declared to be separable and if any section, phrase or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the sections , phrases and provisions hereof . Section 23 . Resolutions in Conflict Repealed. Ex- cept for the Initial Resolution of the Issuer relating to the Series 1984 Bonds , adopted on November 12 , 1984 , all resolu- tions and ordinances and parts thereof in conflict herewith are hereby repealed to the extent of such conflict . Section 24 . Ordinance Effective Immediately. This ordinance shall take effect immediately upon its adoption. Councilman Waters moved and Councilman Gilliam seconded the motion that said Ordinance No . S5-84 as pre- sented and read be adopted. After full discussion thereof, the Mayor directed that the motion to adopt said ordinance as read be put to a vote on roll call , which resulted as follows : Councilman Andersen Voting Yes Councilman Gilliam Voting Yes Councilman iiansen Voting yes Councilman Schmidt Voting Yes Councilwoman Shales Voting Yes Councilman Waters Voting Yes ,Mayor Verbic Voting Yes Voting The Mayor thereupon declared Ordinance No . S5-84 duly adopted and approved. Adopted and approved this 17th day of December , 1984 . s/ Richard L. Verbic Mayor [SEAL] ATTEST: s/ Marie Yea rma n City Clerk