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Home My WebLink About1991 Resolution No. 063-l I\KSOLUTION NO, ~ SERIES OP 1991 II RESOLUTION AWAADING THIii CONTMCT FOR THE PURCHJ\S! or SPEOIJU. IISS!SSKENT BONDS or THE CITY OP ENGLEWOOD, COLOMDO, IN THE PRINCIPIIL /\MOUNT or $370,000, FOR PIIVING DISTRICT NO, 34/CONCRETE REPLIICEKENT DISTRICT NO, 1991. WHEREAS, ii\ order to provide fund ■ for the con ■truc·tlon and in ■tallation of paving, curb, gutter, and eidewalk improv ■menta, together with necea ■ary incidental ■ on certain ■treat ■, avenue ■, and allay1, and retftl>ving and replacing ■ub-atandard curb, gutter, and aidawalk and tha naw con ■truction of curb, gutter, and aidawalk improvement ■, together with nace ■■ary incldantala, on certaln ■treat ■ and avenue ■, the City council of tha City of Inglewood, Colorado, baa datarmined to i aaua apecial aaaaaamant bond ■ of the City for Paving District No. 34/Con crate Replacement Diatrlct No. 19911 and WHEREAS, notice of the ■ala of bonds in the principal amount of $370,000 ha ■ bHn publi ■hed in th• tima and manner required by l•"I and WHEREAS, a copy of the notice of 111• ha ■ bean 'orwarded to inve ■tment banking firm ■, bank ■ and others who might bid on the i ■■ue of bonda1 and WH EREAS, all bid ■ for the purchaae of the bond ■ which were received prior to 10:00 A.M., on Monday, July 1, 1991, hava been opened and tabulated, and cone idered by the City council, and WHEREAS, it i ■ in the be ■t intaceat of the City to i ■aue and ■ell ■aid bond ■ to George Jt. Baum , Company, Kirchner Moore Dlvieion, Denver, Colorado, and Cain Bo ■worth Incorporated, Denver, Colorado, the beat bidder t:here for, in accordance with their joint propo ■al; NOW, THEREFOR&, BE IT RESOLVED BY THE CITY COUNCIL OP THE CITY OP ENGLEWOOD, COLORADO, THAT: Section 1 . Award of Bonda. That apecial a ■■ea ■ment bonda of tha City for Paving Diatrict Ko . 34/Concreta .lite t·lacemant Oiatrict No . 1991, in the principal &IQOunt of $370,000, be ia ■ued and ■old to George JL Baum , Company, Kirchner Moore Divi ■ion, Denver, Colorado, and Dain Bo ■wor.th Incorporated, Denver, Colorado, the beat bidder for the purchase of the bond ■• Section 2. Dalh·•ry of tba Bond ■• That tha City Council and officer ■ of the City of Englewood ara authori:tad to do any and all thinga necesaary to complete t h a delivery of the bonda to the purchaser thereof . Section l. Sayarability. If a ny one or mo re se ct ion ■ or p arts o f th i ■ Resolu t ion shall be adjudged u nenfo rcoablo or invalid, s uch judgment ahall not affe ct, impair or invalidate the remaining provis i on& of thi ■ Re ■olution, it be i ng the intention that the various proviaions hereof are severab le. Section 4. R11paaler. All resolutions , or parts ther eof, in -1 - conflict with thl• R e ■olutlon are he rwby repealed to the extent only ot ■uch incon1i ■tency or conflict. A 1,l)()PTED MD APPROVED thl ■ lot day of July, 1991. /? - AKv,/() > Su ■a n Van Dy ~ At teat, Patricia H. Crow, City Clark I, Patricia H. Crow, City Clark for the City of Englewood, Colorado, hereby certify the abova la a true copy of Raaolutlon No. ~, Serie ■ of 1991. .Gltw ,;,., ✓/ ~"' Patr le l a ff . Cr ow -2 - DATE July I. 1991 INITIATED BY STAFF SOURCE COUNCIL COMMUNICATION AGENDA ITEM 11 a SUBJECT Bid Award for Special Ass essment Bonds Department of Financial Servl ces Lorraine Hayes, Director of Financial Servtc~s ISSUE/ ACTION PROPOSED Staff requests that Council adopt a resolution awarding the b id for underwriting the Special Assessment Bonds ln the principal amount of S370,000 for Paving District No . 34 /Concrete Re pla cement District No. 1991. PREVIOUS COUN.:IL ACTION On May 2 0, 1991. C0uncil adopted Ordinance No . 32, Serles of 1991, creating Paving Dlstrlct No . 34 /Concrete Replacement District No . 1991;-.ordertng the construction and ln~,allatlon of street paving, curb, gutter and sidewalk Improvements, and the r em oval and rep!,cement of substa ndard curb , gutter, and sidewalk, together ,,1u1 necessary lncld em3ls ; a!ld setting forU1 0U1er d etails ln connection ,v1ili the distric t . On June 17. 1991, Council adopted Resolution No . 59 providing for U1e notice of s ale of special assess ment b onds of the City of Englewoo d fo r Paving District No. 3 4/Concrete Repl a cem ent Di stric t No . 1991 ln U1 e principal am o unt of $370,000 and p rovidin g fo r t he publlc a tl on and m al lin g of the n oti ce . STAFF ANALYSIS Purs u a n t t o Resol u tio n No. 59. a n Offi c ial No ti ce of Bond Sale was d is trib uted to Inves tme nt b anki ng fi rms on J u n e 20 . 199 1. A S u nun ary No ti ce of Sale was n u b l!shed In the En glewood Se 11 tl11e l on June 20 , 199 1. Also, a pre-bid confere n ce providing lnfom1a t lo n to p rospectl\'C bi d d ers was h eld o n June 24. 199 1. Four pros p ec tive bid ders a tt ended. On July I, 1991, bids will be received until I 0 :00 run . for the underwriting of the bonds. The wtnnJng bidder w!ll underwrfte the bonds by purchasing all of U1e bonds from the Cfty and mMketlng U1em to Investors . Attached Is a copy of the official bid fonn that will be comple ted by bidders . Blanks exist where the bidders w!ll enter their Interest rates, total Interest costs, discount, net Interest cos t , n e t effective Interest rate, and firm name. The r esults of the bidding will be tallied and presented to Council at the Council meeting on July 1st. A recommendation on the award of tl1e bid will be made a t th a t time . A description of the bonds , use of proceeds, assessm en ts , debt servtce, and financing tean1 are Included In your packet ln the Council Communlcatlon titled Special Assessment Bonds . FINANCIAL It ls ru1 tl cl pated U1at tl!Js ,,111 have a net financlal Imp ac t of $0 for U]e _City. - OFPICIAL BID PORM $370,000 Spacial Assessment Bonds, Series 1991 Paving District No. 34/Concreta Replacement District No . 1991 city of Englewood, Colorado Ms, Lorraine Hayes Director o f Financial Services Municipal Build ing J400 s. Elati street Englewood, Colorado 80110 For $370,000 legally issued Special Assessment Bonds, Series 1991, of the City o f Englewood, Colorado, for Paving District No. J4/Concrete Replacement District No . 1991, dated August 15, 1991, b e aring interest a t the rates set fbrth below (which i n terest is payable semiannually on February l and August 1, co111111encing on February 1, 1 992), maturing August 1, 2002, and having estimated prior redemption payment , dates as follows: • Estimated Payment Bond Numbers Principal Interest Rate Date (AU9!!St 1) (R-l Amount (Per Annum) 1993 1-5 $25,00 0 ----' 1994 · 6-13 40,000 1995 14-21 40,000 1996 22-29 40,000 1997 30-36 35,000 1998 37-44 40,000 1999 45-51 35 ,000 2000 52 -59 40,000 2001 60-66 35,000 2002 67-74 40,000 we will pay $ ' plus accrued interest fr om the .dated date of the Bonds to the date of delivery . Prior t o our ac cepti ng delivery o ~ said Bonds, you agree to furnish a certified transcript of all legal proceedings requisite to their issuance and delivery in form satisfactory to Lamm Ed s trom Falacienski Jordan & Bieber, P.C., Den v er, Colorado, wh ose approving legal opinion shall a c com p a ny said Bond s at de live ry. The Bonds are to be delivered to us on or about August 20, 19 9 1. Yo u a g ree c furnish us 1 25 c opies of the Official Statement prior to delive r y of th e Bo nds . Upon our request, addi tiona l cop i es of the Officia l Statement wil l be printed a t our e x p e n se. All costs associated with t he Bo nd issue , including the cost; of printing the Bonds, the costs of p reparing and print ing 1 of 2 the Official Statement, and the fees of the approving attorneys, will be paid tor by the City, We herewith hand you cash or a cashier's check or certified check in thb amount of $7,400 as evidence of our good faith in complying with the terms and conditions of this proposal, which is to apply as part payment for said Bonds when the legality of the same has been approved, and to be forfeited as fully liquidated damages should we fail or refuse to take up said Bonds as above provided. I understand that interest on the good faith deposit of the successful bidder shall accrue to the benefit of the City. Said cash or check is to be returned to us if this proposal is not accepted or if the above attorneys should decline to approve the legality of the issue. The offer is subject in all respects to the Official Notice of Bond Sale. Total Interest Cost $ ______ _ Plus Discount $ ______ _ Net Interest cost $ _____ _ Net Effective Interest Rate ______ t Respectfully submitted, By : Title: ACCEPTED for and on behalf of the City pursuant .to authorization by the City Council and receipt of the above-mentioned good faith deposit acknowledged on this __ day of ___ , 1991 . .\TTEST: Patricia H. Crow, City Clerk Lorraine Hayes Director of Financial Services RECEIVED returned good faith bid c heck in the amount of $7,400 on this __ day of July, 1991 . By: Title: 2 of 2