HomeMy WebLinkAbout1991 Resolution No. 059RESOLUTION NO. 5.... CJ
SERIES OF 1991
A RESOLUTION PROVIDING FOR THE NOTICE OF SALE OF SPECIAL ASSESSMENT BONDS OF
THE CITY OF ENGLEWOOD, COLORADO, FOR PAVING DISTRICT NO. 34/CONCRET!
REPLACEMENT DISTRICT NO . 1991, IN THE PRINCIPAL AMOUNT OF S3 70,000 ANO
PROVIDING FOR THE PUBLICATION AND MAILING OF THE NOTICE .
WHEREAS, the City Council of the City of Englewood, Colorado (the
•city•), ha ■, by Ordinance No. 32, Serio ■ of 1991, created Paving Di ■trict No .
34/Concrete Replacement District No, 1991 (the •District•), for the purpose of
conatructing and in ■talling paving, curb, gutter, and ■ic!ewalk improvements,
together with necea ■ary incidentala on certain atreet ■, avenuaa, and alleys,
and removing and replacing ■ub-atandard curb, gutte":', and sidewalk and the new
construction of curb, gutter, and ■idewalk improvement ■, together with
neceaaary incidentals, on certain streets and avenue ■, aa described in such
ordinance; and
WHEREAS, the City Council ha ■ determined that it i ■ necea ■ary to
i a ■ue apgcial a ■aeaament bond ■ for the Di ■trict , for the purpo ■e of paying part
of the coat ■ of ■uch conatruction and inatallation, and removal and
replacement; and
WHERE AS, in accordance with Section 110 of the City Charter, it i ■
nece ■eary to adverti ■e for the sale of the bond ■;
NOW, THEREFORE, BE IT RESOL .ED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, THAT:
Section 1. Notice of Sale . The notice of sale of apecial
aaceaament bonds of he City in the principal amount of $370,000 (the •Bonds•),
shall be diatributed by t ti e City' a financial consultant, Piper, Jaffray S:
Hopwood Incorporate d, Denver, Colorado ( the •Financial Consultant•}. The
notice of sale shall be dist ributed not leaa than five (S) busineaa days prior
to the date of opening bida for the sale of the Bonda to the invaatment banking
firm ■ attached hereto ae •Exhibit A• and to such other inveatment banking
firma, banks, and others who might be i nterested in bidding o n the Bonda, as
determined by the Director of Financial Services of the City and the Fi nancial
Conaul tant.
Section 2. swmary of Notice of Sale, A eunvnary nctice of
sale of the Bonds shall be published in the Englewood Sentinel one time prior
to the sale date. The notice of aale and the eummary thereof ehall be
subst antially in the following form :
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OFFICIAL NO'rICB or BOND SALB
'370,000
CITY OP' IDIOLBMOOD, COLORADO
PAVING DISTRICT NO . 34/CONCUTII UPLACIOO!JIT DIITRICT NO . 1991
SPBCIAL ASHIBIIBIIT BONDI , HRIIIS 1991
SALi': DATB i 10 100 A .N ,, MONDAY, JULY 1, 1991
PUBLI C NOTICE IS HEREBY GIVEN that the City Council of the City of
Englewood, Colorado , (the •cit y•) wi l l on Monday, July 1, 1991 , at 10 :00 A.H.
local t i me, at the off i ce of Lanwn Edatro TI Falac i enaki Jordan & Bieber, P.C .,
600 seventeenth Street, Su i te 2500 Sou th Tower , i n Denver, Colorado 80202 ,
rece ive ■e a led b id ■ and publicly open the ■ame for the purchase of the
regist ered apecial aaaeaamsnt bond ■ of the City, more particularly deacri bed
below . An i nformat i onal meeting for pros pecti ve bidder ■ wil l be held on
Monday , June 24, 1991, at 3 130 P .M. local t i me, at the office of the City'■
financial adv iaor, Piper , Jaf f ray , Hopwood Incorporated, 1050 Seventeenth
Street, Su i te 2100 , in Denv er, Colorado 80265.
~ PROVIIIONI
I88UB1 City of Englewood, Col orado, Paving Di ■trict
No. 34/Concr~aplacement Di ■trict No . 1991 Special A ■■e ■■ment Bond ■, in the
princi pal amount of $370,000, dated Augu ■t 15, 1991, con■i ■ting of regl ■tered
bond ■ in the denomination of $5,000 each (the •Bonda•).
NATUR1 ·•~1 All Bonda ■hall mature on Augu ■t J , 2002. For the
pur poee of compar i aon only, bids shall be ■ubm l tted on the following a at imate d
date s of p a yment
ESTIMAT ED PAYMENT
DATE (August l) PRINCIPAL AMOUN T
1993 5 2 5 ,000
1994 40 ,000
1995 40 ,000
1996 4 0 ,000
1 9 9 7 35 ,000
1998 4 0,0 00
1 999 3 5 ,00 0
2000 4 0 ,000
200 1 3 5,000
2002 4 0 ,000
The above estimated payment datee are baeed upon an assumption that
t h e assessments will be paid :'.n installments as they come due and the accuracy
of eaid payment dates is not guar anteed .
INTEREST RATES Allll LIMITATIONS :
A. Interest shall be payable to the registered ow ner thereof
sem i annually on February l a nd August 1 each year, c omm e n cing February 1, 1992.
e. No supplemental or •&• interest Ahall be a llowed, and bids
baaed on split interest rates for any one estimated paym~11t. date will not be
accepted.
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C. Eac h rate stated mu s t b e i n mult i ple ■ of one-eighth (l/8) or
o ne -t went i eth ( 1/20) o f o ne percent ( 1\) per annum. A ze ro rate of intere ■t
cannot b e named . The spre ad between t he highest rate o f intereet and the
l o we ■t ra t e of i nterest ahall not excee d 200 ba ■i a po i n t ■•
O. Eac h rate apecif ied muat be e qual t o or greater than the
preceding rate.
PAYNBNT 1111D UGl8'l'RA'tION 1 The principal of the Bonde ahall be
payable i n lawful money of the Un i ted State ■ of America to the reg i atered owner
of each Bond, upon maturity or pr i or redemption and pre ■entation thereof at the
princ i pal office o f the Fi rat National Bank of Englewood, in Englewood,
Colorado, aa paying agent . I ntere ■t on the Bo nda is payable to the per ■on in
whoee name each Bond i ■ regi s tered, at hi ■ or her addreas aa it appear ■ on the
rogi ■trat i on books ma i nt ain e d b y or on b e half o f the City by the F i r ■t National
Bank of Englewood, i n Englewood , Col orado. a s b o nd reg istrar . The i n i tial
reg i ■tration of the Bonda by the b o nd regi ■t r a r shall be a t tho City • a expense.
Subsequent transfer and registration f a ea ■hall be at the owner•■ expenae .
PRIOR REDEMPTI ON: Bo nds are subject to redemption at the opt i on of
the Ci ty, i n direct numerical order on any i nterest payment date upon payment
of par and accrued i ntereat to the date of redempt i on . When there i ■ on hand
a auff i cient amc •mt to pay six months ' i nter est on o u t s tanding Bonda for the
Oi.atrict (excludin7 capi t a l i zed interest and accrued interest), the City ■hall
c all for payment , •Jn the next interest payment date, a suitable number of Bonda
in d i rect numeri ca l order .
SBCURITri Payment of the Bonda and the intere ■t thereon ahall be
made from, a~ecurit y for auch payment there ia pledged, a special fund
des i gnated a s •Paving District No . 34/Concr ete Replacement District No. 1991
Bond F\md• (the •Bond Fund•). The Bond Fund ■hall contain (l) the ne t proceed ■
from ■pec ia l as aeaamenta to b e levied againat the property i ncluded i n the
Di stri ct, (i i) t he Bond proceeds set asi de aa capi t a lized i n terest a nd accrued
i nterest, (i i i ) any mo neys i n t he Constr uct i on Fund remaini ng a fter the c oa t ■
of the improv ement s and rela ted coats hav e been pai d in full, (iv ) the net
proceeds of a n y bond~ or o t h e r obliga t i ons i ssued to re f und t h e Bonds, a n d (v )
any other legal ly ava i lable mo neys. Ad ditionally, purs u a nt to the City Charter
a n d t h e Ord i nance a u t h o r iz ing the i ssuan c e o f the Bo nd e, whenever four-fifth a
( 4 / S) of t h e Bonda o f t h i s issue hav e been p a i d a nd c anc elled, and f o r any
r easo n the remaining assessment s are no t pa i d i n t imt! t o t ake up t he fin al
Bo nda and i nteres t t h e r eon, then t he City shall p a y s a i d Bond s when due and
inte r est due t he r eon a nd r eimbu rse i t self b y collect ing t he unp a i d a ssessments
d u e the Di strict .
AUTHORIZATION : An Or d i nance author i z i ng the i s sua n ce o f t he Bo nde
will be con s i dered on f i rst rea ding by the City Coun cil on Mo n d a y , Ju ly i ,
1 991 , and o n f i nal readin g , o n Mo nday , J u l y 1 5 , 199 1, and wi ll b e iss u ed i n
ac c o r d ance wi t h Sections 107 and 1 1 0 of t h e Ci ty Charter .
PURPOS E OF ISSUE : Th e Bonds wi ll b e iss u ed f o r the p u rpose of
paying pa r t o f the c oat of conotr u ctir1g a nd i n stalli ng p a ving , c ur b , gu tte r ,
and s i d ewal k improvements, toget h e r wit h n e ce ssary Ln c i d enta l e o n c ertain
stre e ts, aven ues, a nd ctlleye , a nd removin g a n d r eplacing sub-standa rd curb ,
gu tter, and s idewal k a nd t he new constru ctlon o f c urb , gu t t e r , and s idew alk
improvements , toge t her with necessary i n cident al s , o n c er tai n st reets a n d
a v enues, within the City.
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TERMS OF SALB
BID PROPOSALS 1 Any bidder ia required to submit an unconditional
and written bid for the entire laa ue, apecifying the intereat rate or rate ■ and
disco unt ( not to exceed 3 . 0\ of the par amount of the Bonda}, at which the
bidder will purchaae the Bonda, plua accr'Jed interest to the date of delivery.
A bid form uhall be provided by t he City and it is requeated for informational
purpoae ■ t hat each bid disclooe the total net intereat c oat in dollars and
cent ■ and the net effective i nterest rate. Total net interest coat shall be
determined by computing the aggregate interest on the Bonds, from date to
estimated payment date, at the ratea oI interest specified by the bidder , plua
diacou nt o r lea s premium, if any. Nat effectiv e interest rate shall be
determined by d i viding the net intereat coat by t he bond yeara fo:r: the ia ■ue
baaed upon the estimated p a yment datea . Each bid muat also be i n a sealed
envelope addrea aed to Lorraine Ha yes, Di rector of Finan':ial Ser vice ■, City of
Englewood , 3400 so. Elati Street, in Englewood, Colorado 80110 .
IUD CDClti Each bid shall be accompanied by a cashier's check or a
certified check of a bank or trust company made payable to the City of
Englewood, Coloradc-, i n t he amount of S7, 400, or by a cdah deposit in the same
amount. Such check or cas h depol"it will be held as evidence of g ood faith
pending the delivery of the Bonda, which deposit {check or caeh) shall be
promptly returned to any s uch bidder if t he bid is not accepted. Interest on
the good fa i th depos it of the successful bidder ■hall accrue to the benefit of
the City.
ru STATUS : The approving legal opinion of bond counael i ■
expected to state i n aubatance, among other things, that under existing law
the interest on the Bonda ia excluded from gross income for federal in~t.)me tax
purpoaea ana la not an i t'fm of tax preference for purposes of the federal
alternative minimum tax imposed on individuals and corporations; however, it
should be noted that c ertain corporations must take into account i nterest on
the Bonda in determining adjusted current earnings for the purpose of computing
the alternative minimum tax imposed on such c orporations; and to the extent
interest on the Bonda is Excluded from gross income for federal income tax
purposes, auch interest is not subject to income taxation by the State of
Colorado. The opi n ions expressed i n the preceding aentence are subject to the
condition that the Ci ty comply with all req,.airement s of the Federal Tax Code
that must be aatiofied subse quent to the i sauance of the Bonda in order that
i nterest thereon be (or continue to be) excluded f rom gross i ncome for feder al
income tax purposes. Fa ilure t o compl y with certai n of such requ i rementa could
cause t he interest on the Bond s to be so included i n gross income retroactive
to the daee of issuance of the Bonds. Bond coun s e l will e x pres s no opinion
rega 1 ng oe her state and federal t a x consequences ar ising with respect to the
Bonde.
IN I TIAL REOFFERINO PRICE : SIMULTANEOUSLY WITH OR BEF ORE DELIVERY
or THE BONDS, THE SUCCESSFUL BIDDER SHALL F URNISH TO THE CITY A CERTIFICATE
ACCEPTABLE TO BOND COUNSEL TO THE EFFECT THAT (I) THE SUC CE SSFU L BI DDER HAS
MADE A BONA FIDE PUBLIC OFFERING OF THE BONDS AT THE INITIAL REOFFERING PRICES
AND I II) A SUBSTANTIAL AMO UNT OF THE BONDS WAS SOLD TO THE PUBLI C I EXCLUDING
BOND HOUSE S , BROKERS AND OTHER INTERMED IARI ES) AT SUCH INITIAL REOF FERING
PRICES , Bond c o unsel advisee that (i ) such c ere i ficate must be made on the
best knowled ge , information and belief of ehe successful b idder, (i i) the s ale
to the pub lic o f 10\ or mo r e in par amount of the Bo nda of each maturity at (o r
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below) t he in!..tia l reoffer ing pr ices would be eufficient to certi fy •• to t he
eale of a aubetantial a mount o f the Bo nd a , and {ii i) rel i ance o n other fact• ••
a bani ■ for auch c ertif i cation wou ld roquire eva luation by bond counsel to
assure compliance with the applicable proviaione o f t he Int erna l R ■v a nu ■ Co de
of 1986 , ae amended .
SALB US&RVATION8 1 the City reserves the p rivil ■ge 1
(1) Of wa iving any irregularity or informality in any bid 1
( 2) Of rejecting a ny and all b i de for the Bond a , and
(3) Of reoffering the Bonda f o r sale i n any manner permitted by
law .
BASIS OP' AWARD: The Bonda will be awarded to t he bidd er o!!arln9
to purchase all of the Bo nde at the lowest net effect lve i n t ■r ■at rat ■ to t ha
City. If there are two ( 2) o r more equa l bids for the Bonda, and auch ■qua l
bids a r e the beet bide received, t he City will de t ermine i n itn c omplete
diecrn":ion which b i d will be accepted,
TJJCB OP' AWARD : The City will have bide opened a t t h ■ time
herainabove ■pac i f ie d. An announcement of the beat bid wilt be mad ■
irrmediately following the b i d o pening. Th• City intend ■ to tako action to
award the beat bid b y r esoluti on of the City Council at the regu lar m■■tin9 on
July 1, 1991.
IUUOIZR AND ruq OF DIILIVBRYI Th• depo ■i t of t h e but bidder ... n1
be credited to the purcha ■e at the time o delivery of the Bond ■ (without
accru i ng i ntereat). If the aucce ■■fu l bidder for the Bond ■ fail ■ or n eg lect ■
to complete the purchase of the Bonda wit h in ten (10) day ■ ne xt aft er the Bon da
are tendered by t he City for delivery , the amou nt o f thi ■ d apo ■it will be
forfeited (aa l i qu idated damages for noncomplian ce with th ■ bid) to the Ci ty,
e xcept aa hereinafter provi ded . It le ant icipated that delivery o f th ■ Bond•
will be on or about Auguat 2 0, 1991.
PAnmN"I' AT AND PLACE OP DBLIVBRY 1 The ■ucce ■a!ul b idder or bidder ■
will be required
for, the Bonda:
( l)
(2)
to accept del ivery of, and to make payment ot the balance due
At some bank or truat company in Denver, Colorado, o r
At the successful hid der 'e request and expen ■e, at some ot her
bank or tru st comµany -" the United State ■ of America, as
requested.
Payment o f t he balance of the purchaatt price due at dal ivery muat be made in
f ederal funds or other funds acceptable to the City and to the bank or truat
c ompany derdgnate d a s the place of delivery for immed iate and unconditional
c r e d it to the City, or as directed by the City. The balance of the purchase
price, i ncluding any premium , muat be pa i d in auch funds and not by
cancellat ion of any interest, no r by any waiver of i ntereot, no r by any other
concess ion as a substitut ion f o r su c h funda.
LEGAL OPINION 1 BONDS AND TRANSCRIPT 1 The legality o ! the bond
i ssue will be approved by the f l rm o f Lamm Edstrom Falac lenaki Jordan & Bieber,
P .C ., 600 Saventaenth, Suite 2500 So uth Tower, Denver , Colorado 80202, whose
unqualified app r oving opinion, together with the printed bonda , a certified
•.ranscript o f the proceedings, incl uding a certi f icate stat i ng that there is no
litigat ion pend ing a!fecting the validity of the Bonds as o f the date o f their
delivery, and other cloaing documento, will be f urnished to the purchaser. A
certified t rue copy of the appL·oving opi nion of bond counsel for the iss ue ·Nill
be printed on each bond thereof at the CL ty' s expense. Bo nd counse l' e
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approving opinion will recite, in conventional form, that bond counsel hae
examlned the c o natitution and laws of tho State of Colorado, the Home Rule
Charter of the City, and a certified copy of the record of the proceeding ■ of
the City Council taken preliminary to and in the issuance of the Bonda and that
bond counsel haa found the same properly executed and in due legal form. The
oplnion wil l t ?reae an unqualified opinion aa to legality, as to tax exemption
of interest and as to the security conaiateut with the p rovisions of the
paragraph of this notice ent i tled •security•.
The matters paaaed upon by bond counsel do not e xtend beyond tho ■•
mentioned in the preceding paragraph. The opinion will state that bond coun ■el
ha ■ not independently investigated or verified the adequacy and accuracy of the
information contained in the Official Statement, Prospectus, Offering Circular
or other aimilar documents, if any, and therefore assumes no reaponaibillty f o r
the accuracy, completeness or fairness of any statements mad e in connection
with any purchase or sale of any of the Bonda.
OPP'JCIAL STATBNDl'r: Enclosed with the Official Notice of Bond Sale
is a copy of the Preliminary Official Statement. In addition, be fore the date
of delivery of the Bo nda the City will provide the aucce ■■ful bidder wlth no t
more than one hundred twenty-five (125) printed copies of the final Oftlcial
Statement . Upon request by the auccesaful bidder, additional cople ■ of the
final Official Statement will be printed at the aucce ■■ful bidder •■ e,cpen ■e,
IKPOIUIATJONr TIil ■ Official Notic, of Bond Sale, and flnanclal and
other information concerning the District and the Bond ■ may be obtained from
Piper, Jaffray & Hopwood Incorporated, 1050 Seventeentt' Street, Suite 2100,
Denver , Colorado 80265, or Lorraine Hayes, Director of !'inancial Service ■,
city of Englewood, Colorado, 3400 So. Elati Street, Denver, Colorado 80110,
By order of the City Council of the City of Englewood , Colorado,
this 17th d -s y of June, J.991.
l•I Patricia H. Crow
Ci ty Clerk
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SUNMAIIY NOTICE or IIOND SALB
$370,000
CITY OF ENGLEWOOD, COLORADO
SPECIAL ASSESSMENT BOND S, SERIES 1991
PAVING DISTRICT NO. 34/CONCRETE REPLACEMENT DISTRICT NO . 1991
Sealed b i d s will be receivod at tho o ffl c o o f LalM\ Edstrom
Falacienski Jordan & Bieber, P,C,, 600 Soventoenth Strn t, Sulte 2S00 south
Tower, in Denver, Colorado 802 02.
Sale Date :
Time:
Bonds Dated :
Maturity:
Legal Opin ion:
Monda y , July 1, 1991
10:00 A.H. local time
Augu11t 15, 1991
Augu ■t 1, 2002
La.rm\ Edatrom F'alacianaki Jordan
, Bi•b•r, P,C.
Denver, Colorado
For copies of the Of fi cial Notice of Sala and Offer i ng Circular of
the City , please contact the F inancial Con ■ultant of the City , Piper, Jaffray 5
Hopwood Incorporated, 10S0 Seventeenth Street, Suite 2100, Denver, Colorado
80265, or t he Director of Financial service ■ of the City, 3400 So . Elati St.,
Englewood, Colorado 80110.
Dated aa of Ju ne 17, 1991.
Patricia H. Crow
City Cle rk
Eng lewood, Colorado
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S•ction 3 . riuancial Conaultant . The action of the Financ lal
Conaultant in providing adviaory aa ■iatance i n connection with the propo ■ad
Bond iaaue ia hereby ratified and approved. The Financial Consultant, either
alone or wit h othera, may submit a bid for the purchase of the Bonda, and in
auch event, the fee paid or to be paid for fin,. ,cial advisory service ■ shall
not be deemed to be a discount toward the purchase price of the Bonda.
section 4 . Savarability. If any one or more sections or part ■ of
this Resolution shall be adjudged unenforceable or invalid, such judgment ■hall
not affect, impair or invalidate the remaining provis ions of th i s Resolution,
it being the i ntention that the various provisions hereof ure severable.
&action 5 . Repealer . All resolutions , or parts thereof, in
conflict with th i s Resolution are hereby repealed to the extent only of such
inconsistency or conflict .
ADOPTED AND APPROVED this 17t h day of June, 1991.
At teat:
{2_7u~~(.,v'✓•~
Patricia H. Crow, City clerk
I, Patricia H. crow, City Clerk for the City of ~~lewood,
Colorado, hereby cert ify the above is a true copy of Resolution ~o.<2.Z', Series
of 1991. {2}h ·. X///l WLl , ~ t /4H,,/"
Patricia H. crow
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COUNCIL COMMUNICA1lON
DATE SUBJECT
June 17, 1991
AGENDA ITEM
12 I Special Assessment Bonds
INI1lAffD BY Department of Financial Services
STAFF SOURCE Lorraine Hayes , Director of Financial Services
ISSUE/ AC'l1ON PROPOSED
Attached Is a draft resolution providing for the Notice of Sale of Special Assessment
Bonds for Paving District •10 . 34/Concrete Replacement District No . 1991 . Staff
recommends the approval of this resolution.
PREVIOUS COUNCIL AC1lON
On May 20. 1991, Council adopted Ordinance No . 32, Serles of 1991 , creating Paving
District No . 34/Concrete Replacement District No . 1991, ordering the construction
and Installation of street pavtng, curb, gutter and sidewalk Improvements, and the
removal and replacement of substandard curb. gutter, and sidewalk, together with
n ecessary Incidentals , and setting forth other details In connection with the dlstrlct .
STAFF ANALYSIS
The pavtng and concrete replacement district will be financed with the pro ceeds of
special assessment bonds . Section 110 of the Englewood City Charter requires that
the City must advertise the sale of these bonds. Attached ls a draft resolution
Including a draft Official Noti ce of Bond Sale. In brief. the resolution specifies the
following :
The Bonds. The exact amount of the bonds will be detennlned after the
construction bids for the proj ec t are received on June 13th. (Th e draft
do cuments In cluded with this packet utilize $700.000 as the bond
an10unt. The actual figure Is estimated to be betwee n $500 ,000 and
$700 ,000, and will b e provided prior to the Council meeting.) 1'he bonds
will be sold by competitive bid on July l, 1991. The bid will be awarded
at the Council meeting that night . The bonds will be dated August 15 ,
1991, and the proceeds will be del1v e:r ed on August 20, 1991 . The bonds
will be registered special a,;seasment bonds ol the City , available In
denomlnatlons of 85,000 each.
The Bond Sale. A Prellmlnary Offlclru Statement describing the bonds
and the proj ect In depth will be malled to prospective bidders on June
19th. The Notice of Sale will be published on June 20th. A pre-bid
conference to discuss the bonds with prospective bidders will be held on
June 24th. Bids will be received v,ntll 10:00 a.m. on July 1, 1991. The
bids will be submitted to the City Council for award at the July 1st
Council Meeting along with the proposed bond ordinance .
The Debt Service. The annual prlndf,al and Interest payments on the bonds
will be fairly level from year to year. Interest rates payable on the various
bonds should not VlU)' more than 2% over the life of the Issue. The principal
and Interest payments w1ll be made primarily with moneys collected from
assessments . The bond Issue will also Include capitalized Interest sufficient to
make those payments due prior to receipt of the first assessments. Interest
shall be payable each year on February 1 and Augll!lt 1, commencing February
1. 1992. All bonds will mature en August 1, 2002, h owever , on each Inter est
payment date, the City will utilize available assessment moneys to "call" an A
appropaate number of the bonds (In order) for prior payment withput -
premium. The City also covenants that whenever four-fifths of the bonds have
been paid, and for any reason the remalnlng assessments are not paid In time
to take up the final bonds and pay the Interest thereon, then the City shall pay
the bonds and Interest when due and reimburse Itself by collecting the unpaid
assessments due to the District.
The Financing Team. The Bond Counsel for this bond Issue Is Tom Peltz of
Lamm Edstrom Falaclenskl Jordan & Bieber In Denver . The Financial
Consultants are Linda Clark and Jim Manire of Piper, Jaffray & Hopwood , In c.
In Denver . The Bond Registrar and Paying Agent Is Scott Hammer, CPA , of
First National flank of Englewood. City staff most directly Involved with tl1 e
Issue are Rick Kalun, Rick DeWitt , and Lorraine Haye s .
FINANCIAL
It Is anticipated that the net financial Impact on the City will be SO . The City's
covenant to pay tile last one-fifth of tile bonds will create a flnanclal Impact on the
City If tl1e City cannot coll ect tile assessments from tile property owners.