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Home My WebLink About1997 Resolution No. 083• •• • RESOLUTION NO . il_ SRIUES OF IB97 A RESOLUTION OP THE CITY OF ENGLEWOOD , COLORADO, ACTING BY AND THROUG H ITS WATllll UTIIJTY ENTERPRISE, AUTHORIZING THE PUBLIC SALE OF WATER REVENUE OBLIGATIONS OF THE CITY PAYABLE FROM REVENUES OF THE WATER UTILITY ENTERPRISE AND PROVIDING CERTAIN DETAILS CONCERNING THJ!PIIOPOSED SA:LE AND THE WATER REVENUE OBLIGATION . WHEREAS, the CXtJ;'af Englewood, in the State of Colorado, is a municipal corporation duly organiud all<! esilting u a home rule city pursuant !o Article XX of the State Constitution (the •c.....,,.;on") and the home rule charter of the City (the 'Charter'); and WHEREAS, Sectim llll nflhe Charter preoently provide8 that bonds of the City shall be sold to th• higbellt and~ bidden for cub, and to the best advantage of the City; and WHEREAS, the City !has historically operawd its water utility as a government owned enterprise lrilhin U,. meaning aC Section 20 of Article X of the Constitution (the 'Enw rprise'); and WHEREAS, the Ent,,,rpriae consists of the business represented by all of the City's wate r facilities and properties, :now owned or h ereafter acquired, whether situated within or wi thout the City boulMlmies. including all pre8ent or future improvements, extensions, enlarge ments, betterm.emts, replacements, or additions thereof or t hereto (tJte "System"); and WHEREAS, the City <Conncil of the City (the 'City Council") intends to improve the System through, a.moag other things , the improvement of the City's water treatment facil ities and water d:istribution syst•m (the "Project '); a nd WHEREAS, to finBI:oe the estimated costs of the Proj ect, the City "ouncil intends to is s ue a bo nd or bonds in a priDcipal amount n ot to exceed $15,500,000 (th,, 'Bond "); and WHEREAS, t he Boo, shall be pa yable sole ly from and secured by a pl edge of and an irrevocable and nonext:i':1SiY e li en on the net income and revenue of the System; and WHEREAS. the Cit;r • obligations under the Bond shall i,ot constitute a debt or indebtedness of the Crr,y within the meaning of any constitutional or statutory provision or limitation. nor shall tt ~ considered or held to be a ge neral obligation of the City: and WHEREAS. in compliance v.;th Section 110 of the Charter, the City desires t o establis h the basis fo r ob t aining :nds for he bond s; NOW . THEREF0RE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENG LE WOOD, CO lORADO , THAT : ~-Order fo e Sale of Bonds . Sealed bids fo r the sale of the Bonds shall be rece iv ed and opened publidy or. September 12, 1997 , a t the hour and pln,e to be set by the Interim City ~lannger (the "Ma:nqo,,r ') and the City Financia l Services Director (the "Finance Direc tor"'. Sale of the Bonds "-,.ill be awarded b} the City Co uncil at its regu la r meetin g t o be held on Se ptem ber : 5. 199~- 5.etlio.c...2.. Publit1rr Z> of '.'otice of Sale. The Finance Director is herr:by authorized a nd di rected to provi de for :iocice to be published in · .. :1e Englewood Herald at s uch time as h e deems adequate to give reasonable notice of the proposed sale, but no 1-dlan anee after the date hereof and ot least four (4) days prior to the public sale date. Such puiblic DOtice shall state that an "Official Notice of Bond Sale" ha■ been prepared by Iha Cq,, wt aid notice contains Ute terma, conditions, and provi1ions re,ardlnc the public ..i.; -d that copies · are avalliible from tho City upon writtn request. ~. Official Notico of Bopd $•I•• The Official Notice of &od We (the "Official Notice") shall be prepared by the Manager, Finance Director and the City Atlorney in such a form and con toining such terms as said persona shall deem to be in the belt interest nod to the best advantage of the City; provided however, the Official Notice._. ..tate that the City reserves the privilege of waiving any irregularity or informality ia an:, bid; of rejecting any and r.11 bids for the Bonds; and of reoffering the Bonda for Sll'.le in any manner permitted by law. Copies of the Official Notice of Bond Sale ■ball be dotivered to all investment banking firms which submitted bids at the lut bond nle-aC<lhe City and to such other persona or firms as the Finance Director deems appropriate. ~-Seyerghjljty. If any section, para,raph, clause or provmoa a this Resolution shall for any reason be held to be invalid or unenforceable, the inviwdily a- unenforceability of such section, paragraph, clause or provision shall not affect any of the remaininc provisions of this Resolution. Si:diwlJi. Effective Date . This Resolution shall take effect immediately ,upon its introduction and passage. ADOPI'ED AND APPROVED this 2nd day of September, 1997 . . 1lL, Thomas . ~J.[J,_ Loucri shi• A. Ellie, City Clerk I, Loucrishia A. Ellis, City Clerk fo,i:_!h e City of Englewood, 5?lorado, lu!r-eby c-ertify the abo ve i J a true co py of Resoluti.m Nati, Series of 1997 . (p ~df/4 · Loucrisbia A. Elli: • • • • • COUNCIL COMMUN . rlON Date Agenda Item Subject September 2. 1997 Resc,lution authonzing the public sale ol Waler Utility ti .. Enterpnse "'~,,~,w f' .-... 'igations C, II payable Ire"' ,we. : . .-s Jf !'le Water Utilotv }~,:nr,,~ Initiated By Staff Scum, Citv of Enafewoo<I . Utiliti es Stu Fonda . Director COUNCIL OOAL AND PREVIOUS COUNCIL ACTION The Cou ncil as made the overall quality of life of tra citizens they serve a pnonty, which includes water quality and safety. This action is necessary to secure a low cost funds from the Colorado Water Resources and Power Development Authonty 10 improve the Allen Water TreabTlent Plant. Tne City Council intends to improve the Syslem through , among other things , the 'mprovement of the City's water n atment facilities and water dlsb~bution sy~tem . To finance the estimated costs of the Project th e City Council intends lo issue a bone ;~? pnncipal amount not lo exceed S15,500 ,000. Th e Bo nd st-all be payable so lely from and secured by a pledge of and an irrevocable and non excl usive lie n on the net income and rev enue of the System . The City's obligations um1 er the Bo nd shall not consti tute a debt or indebtedness of the City with,n the meaning of any constitutional or siarutory p=•is ion or li mitation , nor sh all it be cons idered or he id 10 be a general obligati on of the City . Seal ed bids <:Jr th e sale of the Bonds shall be received and opened publicly on September 12 , 1997. RECOMMEN.DEO ACTION Staff reco mnends City Counci l approve th e attac/1 ed resolu tio n . FINANCIAL NI PACT Th is bill for an ord inance does not direc:ly impact th e City 's financ ial condit ion . LIST OF ATTACHMENTS Prcposed res:ilution