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Home My WebLink About1965-07-26 (Special) Meeting MinutesI I I I 623 21 • 150. 225 . -• so . . 2 • c:XJt.Lo:raao. s hereto.fore so1d. issued delivered to the ...-~-.-ti for water pcn:poses. ang other t issues there r x n aat:stand:inq the indicated: ~..._... te Des 1gn.ation of .1.ssae ter Bends Dec teer 1. 1951 Series 1gs1 Water Eirt::ens.,i, l. 1956 l' Bonds 1955 BOD!Cl:S 1956 77 - 78 lli.nutes of Jul.y 26. 1965 $ 11: .ooo 895.000 235.000 Type. Date and Designation of Issue Water Extension Bonds June 1. 1957 9Eneral Obliqation Wiater Extension Bonds Ra.rch 1. 1960 General Obliqation Water Extension Bends ovember 1. 1965 General Obliqation water Extension Bands valber 1. 1965 Series 1962 Hereinafter Scaetiwes Referred to As Bonds 1957 Bonds 1960 • Bonds 1961 Bonds 1962 WM•BAS. the City Council of the City of Eng1elll00d has detenai.ned and hereby deter.hies that it is in the best interests of said City. and the residents and tax- p.yers thereof that the City undertake to refund the above indicated issued of Bends 1948. 1950. 1951. 1953, 1954. 1955. 1956. 1957. 1960. 1961 and 1962. (hereinafter scmetimes collectively referred to as the •outstandiDCJ Water Bonds•) and to issue Genera1 Ob1iqation Refundinq Water Bonds. designated Series 1965. for such purpose: and EEREAS. the City Ota.rter of said City requires said Refundinq Bonds to be sold to the highest and best bidders for cash. and to the best advantaqe of the City: ... mEREFOR.B, BE rr RESOLVED BY THE crTY com-=n. OF THE CITY OF ERGLEIK>CX>. COLORADO: 1. That General Ob1iqation Ref\mdinq Water Bonds. to be desiqnated Series 1965. of said City. in the cmount of $4.845.ooo. be offered for sale and be publicly sold and awarded to the highest and best bidder. subject to the right of the City to reject any or al.l. bids. in accordance with the teras and conditions of the Rotice of Sale hereinafter set forth: 2. That said Rotice shall be in substantially the followinq foDll: llOTICE OF SALE GBllERAL OBLIGATICB REFURDDG WATER BmmS SERIES 1965 • $4. 845. 000 CITY OF BllGLEtlOOD, ARAPAHOE COUllTY. COLORADO The City Council of the City of Enqlewood. Arapahoe County. COlorado, will receive sealed bids at the office of the City anaqer, Enql~ City Hall, 3345 South Bannock Street. up to 2:00 o'clock P.11. Mountain Day1iqht Savinqs Tiae (equivalent to 1:00 o'clock P.11. llountain Stancferd Tille), on Monday. the 23rd day of August, 1965, for the parchase of $4,845.000 General Obliqation Refundinq Water Bonds. Series 1965, dated SeptE!llber l, 1965. Said bonds shall be in the denc:mination of $5,000 each, nUllbered 1 to 969, inclusive. Interest shall be payable on December 1, 1965. and sari-annually thereafter on the 1st day of June and the 1st day of December each year, and bonds shall mature on December l, as follows: AmoUnt Maturity $ 90,000 1965 115,000 1966 120,000 1967 230;000 1968 235,000 1969 245,000 1970 250,000 1971 260.000 1972 270,000 1973 280,000 1974 285,000 1975 295,000 1976 305,000 1977 305,000 1978 305,000 1979 305,000 1980 310.000 1981 315,000 1982 325,000 1983 I I I I I I I I Minutes of July 26, 1965 Bonds maturinq on or before December 1, 1975, shall be rede~able at the option of the City six months prior to their respective maturity dates upon payment of par aid accrued interest plus a premium of six months' interest at the rate specified in the bond or bonds beinq #~alled for redemption. Bonds maturing December 1, 1976, and thereafter shall be redeemable at the option of the City, in inverse numerical order, on December l, 1975, and on interest payment dates thereafter upon payment of par and accrued interest only. Principal of and interest on said bonds shall be payable at either of two optional paying agents, at the option of the holders thereof. One of said optional paying • agents shall be the First National Bank of Englewood, Englewood, Colorado. The second of said optional paying agents shall be a national bank or trust canpany located in either New York City, New York, or in Chicago, Illinois, to be designated by the successful bidder, subject to the approval of the City as to such designation, includ- inq rates and fees to be charged for such services. Designation of such optional pay- inq agent must be received by the City Manager on or before Monday, August 23, 1965, at 4:00 P.M. (MDT). It is anticipated that the bonds will be delivered on or about October 15, 1965, or earlier if possible, at the First National Bank of Englewood, Englewood, Colorado, without option for delivery eleswhere. The successful bidder shall be required to make final payment for the bonds in FEDERAL FUNDS (Funds available to the City on the same day in Denver, Colorado, for immediate reinvestment). Bids may be conditioned upon receipt of the approving legal opinion of the bond attorneys named below, but must in any and all other respects be unconditional. Bid- ders are to designate the rate or rates of interest, not exceeding 5% per annum, to be evidenced by one set of coupons only, on which their bids are based. Interest rates must be stated in multiples of twentieths or eights of one percent and no more than one interest rate shall be bid for the bonds maturing in a single year. The maximum allowable difference between the highest and !owes~ interest rate specified in any bid shall be 1-1/2%. The Net Effective Interest Rate, taking into account the premimn, if any, bid, shall not exceed 3.250%, and the Net Interest Cost (computed .as gross interest cost less .premium bid) shall not exceed $1,659,301.04. Said bonds shall not be sold at less than par and accrued interest to the date of delivery thereof, subject to the right of the City Council to reject any and all bids, or to waive any irregularity. Subject to such conditions, the bonds will be awarded to the bidder naming the lowest Net Interest Cost to the City, as hereinafter defined. For information purposes only, the bidders are requested to state in their bids (a) the tdal net interest cost in dollar and cents which is defined as the total amount of interest to accrue fran date of issue to date of maturity, without regard to prior redemption provisions, less the amount of premium bid, if any, and (b) the net effec- tive interest rate in a stated percentum. Printed bonds, a certified transcript of legal proceedings and the approving opinion of Tallmad9e and Tallmadge, Attorneys, of Denver, Colorado, will be furnished at the City's expense. A certified copy of said approving opinion will be printed on each bond. A cashier's check or Certified Check drawn on a bank or trust company, payable to the City of Englewood, Colorado, in the amount of $10,000.00 must accompany each bid. The check of the successful bidder will be retained by the City as liquidated damages in the event the bonds are not taken up and paid for within four (4) days after the bonds are made ready and tendered by the City for delivery. Checks of unsuccessful bidders will be returned inanediately. The City of Englewood specifically reserves the right to reject any and all bid&i and further, the right to waive any defect or irregularity in any bid. If an acceptable bid is received, the bonds will be awarded by the City Council at a meeting thereof, in the City Hall at or about 8:00 P.M., Monday, August 23, 1965. Additional information concerning the City and this issue can be obtained from Mr. Stanley ff. Dial, City Manager, Englewood City Hall, 3345 South Bannock Street, Enqlewood, Colorado, or fran Coughlin and Canpany, First National Bank Building, Denver, Colorado 80202. BY ORDER OF THE CITY COUNCIL This 26th day of July, 1965. /s/ Stanley H. Dial City Manager 3. That the City Manager is hereby authorized and directed to execute said Notice of Sale, and to publish and distribute or cause to be distributed the same in such a manner as may be deemed necessary to inform the largest possible group of potential bidders of said Bonds. 80 Minutes of July 26, 1965 RESOLUTION ADOPTED AND APPROVED this 26th day of July, 1965. Mayor ATTEST: COUNCILMAN RICE MOVED, COUNCILMAN FULLERTON SECONDED, THAT THE RESOLUTION BE ADOPTED AND APPROVED. Upon the call of the roll, the vote resulted as follows: Ayes: Councilmen Allen, Braun, Fullerton, Hanson, Kreiling, Rice, Love. Nays: None. Absent: None • . The Mayor declared the motion carried. COUNCILMAN KREILING MOVED, COUNCII.HAN HANSON SECONDED, THAT THE MEETING BE ADJOURNED. Upon the call of the roll, the vote resulted as follows: Ayes: Councilmen Allen, Braun, Fullerton, Hanson, Kreiling, Rice, Love. Nays: None. Absent: None. The Mayor declared the meeting adjourned at 8:15 P.M. Informal meeting was continued for the purpose of discussing the Charter Conven- tion Conanittee. The following persons agreed to serve on the committee: Mr. Hale Hardin Dr. James F. Mezen Truman David Dr. Warren Bush Howard Carlson Ken Carlson Ray Horner Mr. Hale Hardin is to serve as Acting Chairman of the group, and it was agreed that their next meeting would be held at 8:00 P.M. on Monday, August 2, 1965. /s/ Ray Chase, City Clerk-Treasurer Clerk of the Council The minutes of the meeting of the City Council of the City of Englewood, Colorado, held on the 26th day of July, 1965 A.D., stand approved as corrected this 2nd day of August, 1965 A.D. • I I