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HomeMy WebLinkAbout1987 Resolution No. 011RESOLUTION NO, I/ Sf:R IES Of' 1987 I I c.,, A RESOLUTION PROVIDING FOR THE NOTICE OF SALE OF SPECIAL ASStSSMENT DONDS, OF THE CITY OF ENGLEWOOD, COLORADO, FOR PAVING IJI STR ICT NO, 32, IN THE PRINCIPAL AMOUNT OF $586,000 AND PROVIDING FOi ( THE PUBLICATION AND MAILING OF THE NOTICE, w1n:REAS, the City Council of the City of Englewood, Co l ,,rado, ha s, by Ordinance No, -u_, Series of 1987, created Paving Di s trict No, 32, for the puqx:,se of construc ting and installing street pavin<J, curb and gutter and sidewalk improvements, together wi th n eeessary incidentals, on certain streets ln the City; and WH EREAS, the City Council has determined that it is n ec<>ssary t o issue special assessment bonds for the District, for th e purpo se of paying part of the costs o f such construction and in sta llation; and WHEREAS, in accordance with the City Charter , it is nece5sary to ad ve rtis e for the sale of th e bo nds; DE IT RESOLVED BY THE CITY COUNCIL OF TflE CITY OF ENGLE WOOD, COLORADO: l. Not ice of Bond Sale. That not ice of the sale of specia l ~~::es sment bonds for Paving District No. 32 i n the lotal principa l amount of $586,000, shall be given by publication in one issue of the Englewood Sentine l, a newspaper publi s hed and of general c irculation in the City, in the edition dated April 8, 1987. 2, Form of Notice. The form of the notice of sale shall b e substantially as follows: -27 - OFfICIAL NOTICE OF BOND SALE 5586,000 CITY OF EN GLEWOOD, COLOR~DO PAV! NG DISTRICT NO, J 2, SPECIAL ASSESSMENT BONDS SAU DATF.: 2:00 P.M., MONDAY, MAY 18, 1987 PUBLIC NOTICE IS HEREBY GIVEN that the City Council of th e City of Englewood, Colorado, (the "City") will on Monday, Ma y 18, 1987, at 2:00 P.M. local time, at the office of the Dir e ctor of Financ e , 1400 So. Elati Street, in Englewood, Colorado 80110, r e ceive sealec! bids and publicly open the same for the purch as e of the regist ~red special assessment bonds of the Citv, more particularly described below: BOND PROVISIONS ISSUE: City of Englewood, Colorado, Paving Distric.t No. 32 Special Assessment Bonds, in the principal amount of $586,000, dated June I, 1987, consisting of registered bonds in the denomination of $1,000 each (the "Bonds"), MATURITIES: All Bonds shall mature on August l, 1998, For the purpose of comparison only, bids shall be submitted on the following estimated dates of payment: ESTIMATED PAYMENT DATE (August l) ~ Amount 1988 $201,000 1989 100,000 1990 85,000 1991 60,000 1992 60,000 1993 40,000 1994 40,000 The above estimated payment dates ~re based upon past experience of redemption by the City and their accuracy is not guaranteed. -28 - I INTEREST RATES AND LIMITATIONS: The maximum net effective interest rate shall not exceed twelve percent ( 12\) per annum. A. Interest shall be payable to the registered owner I.h e r eo f and payable on Fcbrc,ry 1 and August l each year, L,1m111 c ncing February 1, 1988 . o. Separate or different "A" and "B" lnteredt rates ma y b e bid for each estimated payment date, but bids based on split interest rates for any one estimated payment date will not be a c cepted, C. Each rate stated must be in multiples of one-eighth (1 /8) o r one-twentieth (l/20) of one percent (11) per annum. PAYMENT AND REGISTRATION: The principal of and premium, if any, on the Bonds shall be payable in lawful money of the United States of America to the registered owner of each 0-Jnd upon presentation thereof, at the principal office of The First National Bank of Englewood, in Englewood, Colorado, as paying a<Jent. Interest on the Bonds is payable to the person in whose name each Bond ls registered, at his address as it appears on the registration books maintained by or on behalf of the City by The First National Bank of Englewood, in Englewood, Colorado, as bond registrar. The initial registration of the bonds by the bond registrar shall be at the issuers' expense, Subs,quent transfer and registration fees shall be at the owner•~ expense. PRIOR REDEMPTION: Bonds ar subject to redemption at the option of the City, in di ~ct numerical order on any interest payment date upon payment of par and accrued interest. SECURITY: The Bonds are payable solely from special assessments to be levied against the property within the District specially benefited by the construction and installation of the improvements, In addition, the Charter of the City and the ordinance authorizing the issuance of Bonds pro vi de: "Whenever a Public Improvement District has paid and cancelled four-fifths (4/5) of its bonds outstanding, and for any reason the remaining -29 - d ssessments are not paid in time to take up the f Ina! t,onds of the di s trict and i.1terest thereon, then the City shall pay said bonds when due and interest due thereon, and reimburs e ltself by cC1 llecting the unpaid assessments due said district". I\UTIIOfdZATION: An Ordinance authorizing the issuance of t.he llonds will be considered on first reading by the City Council o n Monday, May Ill, 1987, and on final reading, on Monday, .June 1, I 907, and will bl? issued in accordance with Sections 107 and 110 of the City Charti,r. PURPOSE OF ISSUE: The Bonds herein offered for sale wi i I be :ssued for the purpose of paying part of the cost of constructing and installing street paving, curb and ()Utter and sidewalk improvem,,nts, together with necessary incidentals, on certain streets within Paving District No, 32 in the City. TERMS OF SALE BID PROPOSALS: Any bidder is required to submit an unconditional and written bid for the entire issue, specifying the interest rate or rates and premium, if any, at which the bidder will purchase the Bonds. No bids will be considered for less than par and accrued interest. A bid form shall be provided by the City and it is requested for informational purposes that each bid disclose the total net interest cost in dollars and cents and the net effective interest rate. E:ach bid must also be in a sealed envelope addr.assed to Mr, Gary R. Higbee, Director of Finance, City of Englewood, 3400 So. Elati Street, in Englewood, Colorado 80110, BID CHECK: 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, Colorado, in the amount of $17,500, or by a cash deposit in the same amount. Such check or cash deposit will be held as evidence of good faith pending the delivery of the Bonds, which deposit (check or cash) shall be promptly returned to any such bidder if the bid is not accepted. -30 - I I TAX STATUS: In the opinion of bond counsel, under existing laws, regulations, rulings and judicial decisions, the int erest on the Bonds is excluded from gross inco me for federal in come tax purposes and is also excluded from gross income for Cnlorado income tax purposes, all as more par t. lcularly described und,•r the section e ntitled TAX EXEMPTION in the Offering Circular. If, prior to the delivery of the Bonds to the successful bidder therefor, the income received by private holder s of obligations of th e same type and character shall be taxable or shall be required t o be used in any income tax computation by the terms of any federal or Colorado law hereafter enacted, the successful bidder, at hi s e l ec tion may, prior to the tender by the City of the Bonds for uci Ivery, be relieved of the obligation under the contract to purchase the Bonds, In such case the contract to purchase the Bonds will terminate, and the deposit accompanying the purchas~r•s bid will be returned to the purchaser upon written request therefor. Any such option shall be exercised by a letter addressed to the bond counsel hereinafter designated and deposited in 'the United States mails, as first class mail, postage prepaid. SALE RESERVATIONS: the City reserves the privilege: (1) Of waiving any irregularity or informality in any bid; (2) Of rejecting any and all bids for the Bonds; and (3) Of reoffering the Bonds for sale in any manner permitted by law. BASIS OF AWARD : The Bonds will be awarded to the bidder offe ring to purchase all of the Bonds at the lowr.,1t net effective interest rate to the City, If there are two ( :) or more equal bids for: the Bonds, and such equal bids are the best bids received, the City will determine in its complete discretion which bid will be accepted. TIME OF AWARD: The City will have bids opened at the time hereinabove specified. An announcement of the best bid will be made immediately following the bid opening. The City intends -31 - to take action to award the best bid by resolution of the City Counci 1 at a meeting to be held on May 18, 1987. M.~NNER AND TIME OF DELIVERY: The deposit from the best bidder will be credited to the purchase at the time of delivery of the llonds (without accruing interest), If the successful bidder fo r the llonds fails or neglects to complete the purchase of the llo ru.l s within ten (10) days next after the Bonds are made r e ~dy and a re tendered by the City for delivery, the amount of this deposit will be forfeited (as liquidated damages for noncompliance with the bid) to the City, except as hereinafter provided. It is anticipate d that delivery of the Bonds will be on or about July 2, 1987. PAYMENT AT AND PLACE OF DELIVERY: The successful bidder or bidders will be required to accept delivery of, and to make p a yment of the balance due for, the Bonds: (l) At some bank or trust company in Denver, Colorado; or (2) At the successful bidder's request and expense, in either New York City or Chicago. Payment of the balance of the purchase price due at delivery must be made in federal funds or other funds acceptable to the City and to the bank or trust company designated as the place of delivery for immediate and unconditional credit to the City, or as directed by the City. The balance of the purchase price, including any premium, must be paid in such funds and not by cancellation of any inte rest, nor by any waiver of Interest, nor by any other concession as a substitution for such funds. CUS IP NUMBERS: It is not anticipated that CUSIP identification numbers will be printed on the Bonds. CERTIFICATE CONCE .~NING THE INITIAL REOFFERING PRICES: SIMULTANEOUSLY WITH OR BEFORE DELIVERY OF TllE BONDS, THE SUCCESSFUL BIDDER SHALL FURNISH TO THE CITY A C~RTIFICATE ACCEPTABLE TO BOND COUNSEL TO THE EFFECT THAT (I) THE SUCCESSFUL BIDDER HAS MADE A BONA FIDE PUBLIC OFFERING OF THE BONDS AT THE INITIAL REOFFERING PRICES AND (II) A SUBSTANTIAL AMOUNT OF THE -3 2 - I BONDS WAS SOLD TO TllE PUBLIC (EXCLUDING BOND HOUSES, BROKERS MID OTllER INTERMEDIARIES) AT SUCH INITIAL REOFFllRING PRICES, Bond Counsel advises that (i) such certificate must be made on the best kn o wledge, information and belief of the succossful bidder, ( i ·) t h,• s a le to the public of 10\ or more in par amount of the bo · o f each maturity at (or '>elow) the Initial Reoffuring Prices would l w ,.u fficient to certify as to the sale of a sulrntantlal amount o f th,, bonds, and (iii) reliance on other facts as a basis for such cc rl ification would require evaluation by Bond Counsel to assure co mpliance with the applicable provisions of the Internal Revenue Code o f 1986, as amended. LEGAL OPINION, BONDS AND TRANSCRIPT: The legality of th e bo nd issue will be approved by the finn of Lamm & Edstrom, P.C., 600 17th Street, Suite 2500 South Tower, Denver, Colorado 80202, whose unqualified approving opinion, tor1ether with the printed bonds, a certified transcript of the pro~ecd '~gs, in c luding a certificate stating that there is no litigation pending affecting the validity of the Bonds as of-the date of their delivery, and other closing documents, will be furnished to the purchaser. A certified true copy of the approving opinion of bond counsel for the issue will be printed on each bond thereof at th ~ City's expense. Bond counsel's approving opinion will recite, ln c o nventional form, that bond counsel has examined tht1 constitution and laws of the State of Colorado, the Home Rule Charter of the City, and a certified copy of the record of the proceedings of the City Council taken preliminary to and in the issuance of the Bonds and that bond counsel has found the same properly executed and in due legal form. The opinion will express an unquall' ,ed opinion as to legality, as to tax exemption of interest and as to the security consistent with the provisions of the paragraph of this notice entitled "Security", The matters passed •Jpon by bond counsel do not extend heyo nd those ment toned in the pr aced Ing paragraph. The opinion will state that bond counsel has not Independently investigated or -33 - verifi e d the adequacy e~,d accuracy of the info r m~ti o n c ontained in the Official Statement, Prospectus, Offering Clrcul,1r or other similar documents, if any, and therefor assume ,; n o res(Xlnsibility for th e accuracy, completeness or fairness of any statements made in connecdon with any purchase or sale of any of the Bonds, HIFORMATION: This Official Notice of Bond Sale, and ( inancial and other infc,~matlon concerning the District and the l>o nds may be obtained from Hanifen, Imhoff Inc,, 1125 l 7th Street, S uite 1600, Denver, Colorado 80202, or Gary R. Higbee, Director of Finance, City of E:ngl1'wood, Colorado, 3400 So. E:l~~i Street, Denver, Colorado 80110, By order of the City Council of the City of E:nglewood, Colorado, this 6th day of April, 1987. ( S E A L ) /s/ Gary R. Higbee Director of Finance -34 - Sl.'1MARY NOTICE or BOND SALE $586,000 CITY OF ENGLE\,,\'.JOD, COLORADO S PECIAL ASSESSMENT BONDS, PAVING DISTRICT NO. 32 Sealed bids will be received at th e office of the Dir ec t o r ,,[ Finance o f the City of Englewood, Colorado, 3400 So. El ll ti St., in Engle"'Jod, Colorado 801!0. Sale Date: Time: Bonds Da t.ad: Maturity: Legal Opinion: Monday, May 18, 1987 2:00 P,M, local time June 1, I 98 7 August I, 1998 Lamm & Edstrom, P,C , Denver, Colorado For copies of the official Notice of Sale and Offering Circular o f the City, please c o ntact the Financial Consultant of the City, llanifen, Imhoff Inc,, 1125 17th Street, Suite 1600, Denver, Colorado 80202, or the Director of Finance of the City, 34 00 So. Elati, Englewood, Colorado 80110, Dated as of April 6, 1987. Gary R. Higbee Director of Finance Englewood, Colorado -35 - ] . Financial Consultant. In addition to the publication of the notice of sale, the Dir e ctor o f Finance and the Fi,,ancial Consultant are authorized to forward a copy of the P r os pe c tu s and notice of sale to those investment banking firms, lJ:inks and others who might be interested in bidding on bonds of t h e City. The prior action of the City Council in designating 11 ,,n i fe n, Imhoff Inc,, Denver, Colorado, as Financial r.onsultant to t h e City, is hereby ratified and approved; and that the fee paid o r t o b e paid to such firm is fair and rcasonal>le compensation for serv ices in acting as Financial Consultant. Hanifen, Imh o ff Inc., may e ither alone or with others, submit a bid f o r the purchase of the bonds, and in such event, the fee paid or to be paid for f i nan c ial advisory services shall not be deemed a disco unt for p ur po ses ol' the par sale requirement. 4. Severability. That if any one or more sections or parts of this Resolution shall be adjudged unenforcea b le or invalid, such judgment shall not affect, impair or invalidate the remaining provisions of this Resolution, it being the intention that the various provisions hereof are severable. ADOPTEU A~D APPROVED the 6th day of April, 1987. Attest: &tn✓~~~ ell d""(J Patricia II. Crow, City Clerk 1, Patricia H. Crow, City Clerk of the City of Englewood, Co lorado, her~by certify tne above and foregoing to be a true copy of Resolution No. LL., Series of 1987 . -36- I I