HomeMy WebLinkAbout1986-12-08 (Special) Meeting MinutesI
SPECIAL MEETING :
ENGLEWOOD CITY COUNCIL
Co un ci l Chambers
December 8, 19 86
lhe City Council of the City of Englew ood , Arapaho e Count y, Colorado, met in
speci al sessio n on December 8, 19tl !, Mayor Oti s , presiding, called the
mee ting lo orde r at 5 :30 p.m .. Th e in vo cat ion wa s g iv en by Council Member
ll igday . The pledge of allegi ance was led by Mayor Otis.
Roll was call ed; t~e fol lowing we re prese nt :
Co un c il Mem bP.r s llig day, Van Dyk e, Vobcjda, Ko za cek, Bilo , Otis
Absent: Cou nc il Mem~~r Brad shaw
lhe Ma yor declared a qu orum pr ese nt.
Al so pre se nt: City Manager McCo wn
City Al torney 01 se n
Ass i s t an t City Manag er Varg as
Ass i s tant City Mana ger Powers
Ac ting City Clerk Gr egory
* ••••
M.iyo r Oti s announc ed th e pu r po se of the mee ting was to con s ider a bill for an
ordinance authori zi ng the is s uan ce and sa l e of $5,600,000 aggrega t e principal
industr i al development revenue bond s for the Buyer's Club Project.
Mr. Steve Bell , E. F. 11u1ton, summ ari zed th e e vents which have occurred to
necess i t ate thi s meeti ng . Th e indu s trial development bonds are proposed to be
i ss ued for the Buyer 's Club projec t. Th e bonds are being secured by a triple
A rated bank letter of credit. Th e bank i s Pitts burgh National Bank, and ha s
conf irm ed they wi ll issue the l e tter of cr edit. Moody 's investor service
.idvised us that the rating would be available in 3 to 5 weeks. The state
.illocation for the issuance of th e bond s exp ired on Decem ber I and wa s
ex tended to De ce mb e r I 2. Moody's ha s s i nee s taled a firm dale for receipt of
the rating as Decemb er 17. Beca use of th ese delay s the new agreement i s
s truct ured so that E. F. Hutton will purchase t he bonds on 'a subject to
ba s i s'. The bonds will be pur cha se d but will be he l d at a fixed rate of 8%
unti l th e co nfirm ed rating i s re ce i ved. Upon conf irmatio n of th e rating, t he
fixe d ra le wi 11 be converted to a mar ket rate appro x i ma l e l y 7% whi ch wi 11 be
the rate for th e duration of th e bond issu e of ten years. Mr . Bell expres sed
apprec iation for th e coopera li on of th e Counci l an d City Manager in meetin g to
d i sc uss th e bi 11.
BY AUTHOR !TY
COUNC I L BILL NO . 64.1
INTRODU CED BY COUN CIL MEMBER VAN DYK E
ORDI NA NCE NO.
SER I ES OF 1986--
A BI LL FO R
AN ORDINANCE AU THORIZ IN G THE IS SUAN CE AND SAL E OF $5,600,000 AGGREGATE
PR I NC I PAL AMOUNT OF C ITV OF ENGLEWOOD , COLORAD O, INDUSTRIAL DEVELOPMEN T
P"VENUE BONDS (BU YER'S CL UB PROJECT) SER IE S 198 6, TO FINANCE THE ACQUISITION,
LO NSTRUCTIO N MID EQU I PP IN G OF PROPERTY SUITABLE FOR USE FOR COMMERCIAL OR
BUSIN ESS ENTERPRI SES ; AU TIIORI ZING TIIE EXECUTION AND DELIVERY BY THE CITY OF
lllE BOND S, LOAN AGRE EM ENT, INDEN TURE OF TR UST, CO NV ERS I ON AGREEMENT AN D
CLO SIN G DOC UMENTS IN CONNECTI ON THEREWITI I ; RAT I FYI NG CERTAI N ACTIONS
llrRl:TO FORE TAKEN; AND REPEALIN G ACT I ON HERET OF ORE TAKEN IN CONFLICT HER EWIT H,
AND D[~LAR I NG AN EMERGFNC Y.
COU NCI L MEMBER VAN DKYE MOVED, SECO NDED BY COUNCIL MEMBER KOZACEK, TO APPRO VE
ON FIR ST READ I NG COUN CIL BIL L NO . 64 .1, SERI ES OF 1986. The vote resulted as
fo ll ows:
Aye s : Coun ci l Memb ers Hi gda y, Van Dyke, Vob ejda, Koza cek , Bilo,
Otis
Nays : No ne
Ab sent: Council Memb er Brad shaw
The Mayor declared the motion carri ed.
CO UNC IL MEMBER IHGDAY MOVED TO ADJOURN. The meeting wa s adjourne d at 5 :3B
p .m .
'-~~ hi tltHV},li-----1
l c t,nV"t yCl~-;J"
I