The URL can be used to link to this page

Home My WebLink About1994 Resolution No. 036RESOLUTION NO . ..¾ SER!E.S OF 1994 A RESOLUTION AUTHORIZING A PUBLIC SALE IN CONNECTION WITH THE PROPOSED ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS OF THE CITY OF ENGLEWOOD, COLORADO. WHEREAS, the City of En11lewood, Colorado has heret.ofore duly authorized, issued, and delivered t.o the purchaaen thereof its: (i) General Obligation Bonds, Series 1983 , dated October 1, 1983, originally issued in the aggTegate principal amount of $4,600,000, and now outstanding in the aggregate principal amount of $3,210,00; and (ii) General Obligation Water Refunding Bonda, Series 1985 , dated July 2 1, 1985 , ori ginally issued in the aggregate principal amount of $5,325,000 , and now outstanding in the agwegate principal amount ofSl,790,000 (collectively, the "Outstand ing Bon ds"); and WHEREAS , the City has been advi sed that by entering int.o and completing a refunding transaction with respect t.o the Outstanding Bonds, the City can: (ii r educe the net effective interest ,ate of the obligations represented by the Ou tstanding Bonds; (ii ) r educe the t.otal interest payable over the life of t he obligati on • re pre sented by the Outstanding Bonda by issuing bonds at a lower net intereat cost. or having a lower n~t effective interest nte; and (iii) reduce the t.otal principal and intere st payable on the obligations represented by the Outstanding Bonds or the principal and interest pay able thereon in any particular year or yea.rs, or effect other economies; and WHEREAS, the City Counc il has determined that it is in the best interests of the City t.o issue its refunding bonds in one or mor e series , for the purpose of refunding the Outstanding Bonds; and WHEREAS, pursuant t.o Section 110 of the En gl ewood Home Rule Charter, such refunding bonds are to be sold to the highest and best bidders for cash , and to the best advantage of the City; and WHEREAS , it is the intent of the City Council to authorize the holding of a public sale of the aforem entioned refunding bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD , COLORADO , THAT : Swignj,, ~-The Englewood C ,ty Co uncil hereby authorizes and directs the appropriate offi ce rs of the City to conduct a public sale of certain general obligation Tefunding bonds in amounts suffici,mt to r efund the Outstandin g Bonda ; provided however, that no bonds shall be issued or sold un ti l aft.er adoption of an authorizing bond ordinanc e of the Ci ty . ~-Other Ad;ions . Th e Englewood City Council and employees of the City are authorized t.o do any and all thi ngs necessary in connection with such public sale , in acco rdan ce with the provi si on s he reof. Setl.ilm..3,. SeYerabillix, If any one or more sections or parts of this Resolution aha II be adjudged un rnforc eable or invalid, such judgment shall not affect, impai r or invali date the remaini ng provisi ons of this Resolution, it being the intention that th e various provisions thereo f are severab1e . ~-~ All reaolution ■, or part■ thereof, in conflict with thl■ Re■oluUon ore -ereby repealed lo the extent only of ■l!.<h inconai ■t.ency or connicl I, Loucrishia A. Ellis, Deputy City Clerk for °",City of Englewood, Colorado, hereby certify the above is a true copy of Re soluti on No .j0, Se~-.. d r ~)k/-¼,-~,'it,_. Loucri■hia A. Elli ■ COUNOL COMMUNICATION Date March 21, 1994 Agmda Item 12 a Subject Resolution Refunding Bonds Series 1994 A & B INillATED BY Department of Financial Services STAFF SOURCE Frank Gryglewicz, Acting Director of Financial Services COUNOL GOAL This does not address a specific Council goal . Is.SUE/ ACTION PROPOSED Staff seeks Council support for a resolution describing the following in relation to the proposed sale of City of Englewood Refundi·,,g Bonds, Series 1994 A & B: • The maximum principal obligation of the bonds • Declaration of official intent • Authorize a public sale of bonds PREVIOUS COUNCil. ACTIO At the February 22, 1994 study session, Council met and agreed to proceed with a refunding of the Community Center General Obligation Bonds of 1983 and Water Obligation Bonds of 1985 . BACKGROUND Section 106 of the City of Englewood 's Home Rule Charter allows Council to authorize by ordinance, without an election, the issuance of refunding bond~ for the pwpose of paying outstanding bonds of the City . These bonds do not require a ·,ote of the citizens per Amendment 1 restrictions (See Colorado Constitution, Article X, Section 20, (4)(b) (TABOR). New debt can l-e issued at a considerably lower interest rate which will result in net interest A savings. The proceeds of these bonds will be used to pay the City's existing general W obligation debt. PROS AND CONS OF omoNS REVIEWED Pros : A net interest savings will be realized . Co111: None . STAFF ANALYSIS In order to meet scheduled funding requirements, staff recommends adopting this resolution . flNANCIAL IMPACT A projected debt service schedule is included to illustrate projected principal and interest payments, and estimated savings schedules are attached to illust :ate projected savings . Debt Scrv;ce ReguircmePts · Serici 19 9,..AgJuia1 Sctii:s 199 4 6 J3gpds .x.w ~ 1994 390,000 1995 330,000 1996 345,000 1997 360,000 1998 370,000 1999 390,000 2000 410,000 20ul 430,000 2002 ~ Total ~ 1 Ai estimated by the Financial Advisor. Source: George K. Baum &:. Compan y lA1W11 S 74,735 132,175 Ul,120 108,355 93 ,955 78,230 60,875 42,015 ..JUQi ~ Series t9°4B Bonds ~ ...llUW1l- S 435,000 460,000 490 ,000 505 ,000 ~ S 18,151 79,693 56,232 29,038 1WoW ~ S 917,886 1,00 ,868 1,012,352 1,002,393 463,955 468,230 470,875 472,015 ~ ~ • 10 • OM" OF ttar c:h 15 , 1994 cm o, lll<U\ll00 AIUAJIQI CIUITl, CQ.CIUOO A IATD, .,.. r&JALI nm KALE LMl IAVIMCI GfN!kAL. DILlc.AflC. HFUIDING IONDI, 1119J Al OF NAACII 1S , 19'4 •·······••••••··········· ,,_od Debt •••••••••···•·••••••••••• c~rent 011:• ,f"lnclpel .. ,. JnttrHr Total Debt Iner ... 12/01/1994 365,000 J .OOO 101,191.22 '466, 191.ZZ 541,ffl .OD ·IZ,076. 71 12/01/lffl 330.000 J .350 1)1,560.DO '61,360.00 5'6.'35 ,00 •11,O75.DO IZ/O1/1996 SSD,000 J ,SSD IZD,JOS,00 470,lllS.OO SSZ,JIS.00 ·IZ,OI0,00 12/01/1997 360,000 J.900 107,UO.OO "1,N0.00 550, 12'.00 •12,245.00 12/01/1991 1'7'0,000 ,.,oo 9J,&40.00 463,&40.DO 550,200.00 •161160.0D 12/01/1999 310,000 ..... 71 ,670.00 "61,6711 .00 HZ,OI0.00 •ll,l10.DO 1210,nooo 410,000 4 .600 ,, .s,o.oa '71,510.00 ISS,U0.00 ·&1,no.00 1l/01/20D1 425 ,000 4 .IIOO ,2,650.00 467,650.00 SM.,0&0 .00 •16,410.00 12/01/2002 .. s,000 S.000 zz.zso.oo 467,250.00 5'1,1'0.00 •11,S00.00 Tot ■l • 3 ,445,000 7"59,663.22 4,204,663.22 4,957,SJO .OO ·7'2,166. 71 LC!U fl.l'ld& of fu~r 0.00 --·-············ Net IUYit'III 752,166 .71 PrH«lt velw (uvinp) 626,ZlJ.04 AYR, rate , •• n &12 lond yr-a. 16994.71 1002 £WGUl 2/17/199' at 9:30:0! (11) f'EB:-17-94 THU 13:23 P. 05 A UTID, TAX.Mi.i SCAl! Ml U.YUf'8 CITT o, hGUUDCIJ AAAl'ANQf CQJlrnf. aw..ouoo GUEU.l OILIGATIDII \MiU tEflliOINQ IACIS, SHIES 1994 AS OF M.IC>I IS , 1~ ···••··•················· ,ropo&9d Debt ••••••••••••••••••••••••• Date •r l nc l pel htt lntera.r Total 8/01/1 994 !/01/1995 4 /0 1/1996 1 /01/1997 •20.000 465 ,000 495,000 ,QS ,ooo l.ti0 , .... 5.050 ,.,co ll,917.Sl 73 ,612 .50 52,222 .50 27,225.00 '51,917.IJ 531,612.50 '47,ZZ2.50 522,22',CC ..... ..... , ... , ,,,.,10 .00 '38,180,00 541,UC .OO 5]C, 180 ,00 1,175,000 186,,n.u 2,1161,m,8] Z,C7l,CIO ,00 s . 2:5021 1643.JJ ••t st¥f t'l9l Prfffflt valw c, • ..,,,.,, 1002 Uit,."35 2/17/1004 at 10:1 1:00 <1 1) lncrNH -1.,n.11 -267 .50 •1 ,207.50 •7,955.00 ·11, 102.17 0.00 11,102 .17 10,409.01