HomeMy WebLinkAbout1993 Resolution No. 110•
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RESOLUTION NO . 1/tJ
SERIES OF 1993
A RESOLUTION STATING THE INTENT OF THE ENGLEWOOD CITY COUNCIL TO
ISSUE REVENUE BONDS FOR, THE ACQUISITION AND CONSTRUCTION OF
IMPROVEMENTS TO , THE ENGLEWOOD GOLF COURSE AND ESTABLISHING
BASIC GUIDELINES THEREFORE.
WHEREAS, the City Council of the City of Englewood, Colorado, has determin ed e nd
hereby determines and declare, that the interest of the City end the public interest and
necessity require that certain impro ve ments be acquired and cons tructed for the City and
its inhabitants; and
WHEREAS, the Englewood City Council has determined thot it is necessary to mak e
capital ex penditures to acquire and construct such improvements prior to the time that
long-term bonds are issued : , finance the improvements; and
WHEREAS, it is the Engl ewoo d City Council's r easonable expectation that wh en such
long-term bonds are issued, the capital expenditures will be reimbursed with the proceeds
of th,• long-term bonds; and
WHEREAS, in order to comply with the provis ions of the lntemol Revenue Cod e of 1986 ,
as amended , it is the Englewood City Council"s desire that this resolution shall constitute
Urn "official intent" of the City of Englewood to reimburse such capital expenditur es within
the meaning of Treasury Regulation §1.150-2 ; and
WHEREAS, it is also the Englewood City Council"s intent to authorize the City officers,
staff, and employees to take such action as may be neces sary to conduct a public sale of the
long-term bonds, in the manner required by the Englewood City Chuter, subject to the
adoption of an ordin a nce;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO , AS FOLLOWS :
&.c.1.imJ . Proirct Description : Maximum Principal Amount of Obligations . The
Englewo od City Council intend s to make capital expe nditures to acquire an d construct
improvements to the City of Englewood Golf Course (the .. Proj ec t .. ). Th e maximum
princi pal amount of obligations ex pected to be issued by the City of Englewood for the
Project will be $4 ,500,000 (the .. Obligati ons .. ).
Stt1im..2 . Reasonableness of Official Intent· Rei mbur sem ent Period . The Eng1ewood
City Co un ci l r easonably expects that such capital expenditures will be reimbursed with the
proceed s of the Obligations. Th e reimbursement allor.at ion with r espect to such capital
expenditures will be made within the time period allowed by Treasury Regulation §1.150-2
Cd ).
5.eili?.!l.], Antj -a buse rules The City of Engl ewood shall not use re imbursed mon ey s for
purposes prohibited by Treasury Regulation §1.150-2 (h ).
~ Pecleretioo of Official Intent. This Re so lution is intended to be o declaration
or "officio I intent" to reimburse ex penditu res within the mea ning of Treasury Regulation
§1.150-2 .
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~-~-The City offi ce rs, staff, and employees are hereby authorized and
dire cted lo take s uch action as may be nece1sary lo cond uc t a public aale of the Obliption1,
in the manner r equired by the Englewood City Charter, subject lo the adoption of an
ordinance authorizing lhe issuan ce th ereof .
.5.ewlm.Jl. ~-All acts , onlers, resolution,, or parts thereof, of th e City that are
incon sislenl or in co nnict with this Resolution a re hereby repealed lo the extent only of such
inco nsistency or con fl ict .
&ili.o.n.1, Effective Dat:e . Th e provisions of th is Resolution shall take effect
immediately upon its adoption an d ap pr oval.
ATTEST :
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Patricia H. Crow, City Clerk
I, Patricia H. Crow , City Clerk for th e City of Englewood , Colorado, hen,by certify the
above is a true copy of Resoluti on No .Ii~ Series of 1993.
Oatu~✓&# ~(/
Patricia H. Crow
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Date
December 20, 1993
INITIATED BY
SrAFFSOURCE
COUN CIL GOAL
COUNCIL COMMUNICATION
Agenda Item
12 d
Subject Golf Course Revenue
Bonds Series 1994
Resolution
Department of Financial Services
Frank Gryglewicz, Acti ng Director of Financial Services
Thi s does not address a specific Council goal, but thi s ac tion will
increase the a ttractiveness of the City of Englewood as a business
and residential venue .
IS.SUE/ ACTION PROPOSED
Staff seeks Council support for a resolution appro,~ng the following elements of the
proposed sale of City of Englewood Golf r::ourse Re venue Bonds, Series 1994:
• The project and maximum princi p al obligation of the bonds .
• Th e reasonableness of official intent; reimb ursement period .
• Anti-abuse rules .
• Declaration of official intent.
• Public sale of bonds.
• '.·~peal er.
• Effe ctive date to the provisions included in thi s resolution .
PREVIOUS COUNCIL ACTION
On December 6, 1993, Counci l approved e. resolution authorizing the p urchase of 19 .637
acres of land from the Motor C rane Service Company . Also, Counci l passed on first
reading an ordinance designating the Golf Course as an enterprise to clarify the City 's
intent in light of Amendment I resbictions on the issuance of debt .
BACKGROUND
Section 105 of the City of Englewood 's Home Rule Charter allows the City to iss ue reve nu e
bonds subject to Statutes of the State of Colorado . These bonds do not require a vo te of the
citizens, nor are they subjec t to Amendment 1 restrictions . The proceeds of these bond s will
go to fund a nine-hole, par-three expansion, clubhouse improvements, and a ye ar-round
traini ng fa cility . Debt service pa yments will be made solely from golf course user fees .
PROS AND CONS OF OP70NS REVIEWED
Pros : Adoption wi ll facilitate the planned ex pansion, which according to projections, will
increase future re venues, allo w more player-rounds of golf, provide year-round tr aining for
player s, make the clubhouse more useful and pleasant, and generall y enhance the image of
the Englewood Golf Course.
Cons: Future re\'enues and th e ability to se rvice th e deb t could be adversely affec ted by th e
following: cost ove rruns, less th an projected use, increased exposure to em ~ro nmental
clean-u p cos ts, prolonged inclem ent weather, adverse economi c conditions, a nd unforeseen
compe titi on .
STAFF ANALYSIS
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Staff recommen ds adop ting the attached resoluti on in order to meet sched uled funding •
requirements.
FINANCIAL IMPACT
A projected deb service sched ul e is included to ill us tr ate projected princi pal and interest
payments .
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14,ooa.-
Cily of Englewood, Cll>lorado
Gott Courw &paiao.1
ti Dated J-,ua,y 15 1994
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OI/Ot,'97 110,4 11.25 ttO,411.ZS 7.717
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Cl/0 1/2000 100,SJt.2:J 10O.s.n.zs 7,717
12/01/2000 ,SS,000 5.050'!i. 100,3,la.2:S 155,SJt.25 S:il,O72.5C 7,717 ~,-25 ....
CIJ01/2001 M ,UZ..,O H ,122..,0 ,.111
12/01/2001 tfO,C.:,O S.1$011, ff,1%2.S> ~.12:UO 353,245.00 7,117 aJ7/'7t.1S ....
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Ge/01/200.J u .~ 11.0.0.00 7,7f7
12J01/2003 110.000 "'''"' 11 .0,0.00 2U,G40.00 ;t.58 ,010.00 7,717 S..Of 501.75 20W
OIJ01/2004 IJ.2?!..00 I.J.22S.00 7,717
12J01 1"2004 ,as.oco 5 .4,0~ 1:U?1.C:O 211.ns..oo 351 ,4SO.OO 1,11 1 3:JS,178.75 200<
Oi,'01/2005 71.11.J. .5 71,11175 7 ,'117 I
12/0112005 113,000 S.550 1', 71 .11lJS 2 73 ,113.75 251.317.SO 7,711 :IJ.5,7'8425 2005
06,'01/2008 72.77'2.5,) n .1nso 1,n 1 I
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01/01/20(!1 IDS,S...00 80 • .5 15.00 7,711' I I
12/01/2001 U>,000 5 ,JOO'JI, '°.s,s..xi 295,515.00 358,030.00 7.71:" 13'0,45675 200I
015/01/'20~ Sl,70C-04 SJ 700.00 7,71 :" , I
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