HomeMy WebLinkAbout1986 Resolution No. 023I
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h l.~O L UT !Oil NO . 2--✓ __
~l"RJC S o f 1 986
/I I<! sr•,.u , ,:>N l'R OVI DING f OR THC NOT I C E Of SALE Of US E TA X
l{L \'1 :1,:u c REr"UND ,·,c M D JM PRO VEM c :n BO NDS Of TIH: CITY Of E NG l,EWOOD ,
CClLOH~DO , 1N Tilt: :·:<IN:_"T PA L M:O UN T Of $2 ,4 25 ,000 AND P ROV lDJNG FO i{
T I i t: P LIBL 1CAT10IJ C,f T HE 'lOT I CE .
th e Cit y o ( En g l ewood, Co l o tad o , h as by
0 1 d innn c c No . 31 , Se t i es o f 198 3 , p a s se d and .:i dopted o n July 5 ,
1 983 , a utho ri 1 ed th e iss uan c e of its Use Tax Ref un d ing Rev e nu e
fl o n cls , Se ti e s 1 983 , in th e p lin c ipa l ar:1 o unt of $2 ,320 ,000, dat ed
Au o u s t: 1, 1 983 , (th e 11 0ut s t a ndinq Jl o 11 d s 11 ) and;
1'/flEREA S , th e Out st andin g Bo nds a t e paya b l e fl om th e u se
1 .u:e s i mpo s e d a nd co lle c t ed by the City, a nd co nstitut e a fit st
~nd pt io t l ie n o n suc h pl e dged r eve nu es ; and
\·/HEREAS , the t e are pt ese ntly o ut s tanding $2,200,000 of
th e Outsta nd i n g Bo n ds ; a nd
WHEREA S , the Ci t y Council has deteanined that by
re fu nding t he Out s tanding Bond s the City can postpo ne th e maturity
o [ a p o rti o n of th e Outstanding Bonds to a later date and ca n
ccd uce th e int e rest pay ab le on the Outstanding Bonds; and
WHEREAS, Section 106 of the City Charter provides that
LhP Ci ty Cou n c il may authorize the issuance of refu n ding bonds by
o t<linance, without an election, for the purpose of paying
outs tandin g bonds of th e City; and
IIHEREAS , the City Council has deteanined that it is in
t h e b es t interests of the City and the inhabitants th e reof that
th e Out •' ,rid ing bond s be refunded, and that refunding b o nds ( th e
"Re fundi ,· Bonds") be i ss u e d for suc h purpose; a nd
WHEREAS, the City Co uncil h as deteanined that it also is
nccessa,y t o acquir e additional property adjacent to the City's
t e creational cen t e r (the "Project"); and
WflEREAS, there are insufficient moneys in the City's
treasury to pay the cost of the Project; and
WHEREAS , th e City Council has determin ed that it is i n
the bes t interests of the City , and the inha bi tant s thereof , that
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t i !,• l a x t e vcnu c i mp 1o·J '•me nt b o nd s (the "l mpt o v c me nt Bo nds") be
i:~~uell f o : t he pu1pu~,· c f r ny i nq t he c os ts o f th e Pt o jec t : a n d
l\ll ic RE AS , t il t> C ity Co u n c il h as d ete t m ine d th a t th e
i :;!iui'l nc e o f t h e Re { nd i ng Bo n d s a nd th e I mpro v eme nt Bo nds
•,i r1u l l a n 0 ou s l y wil l r e s ult in a sa \'in s of i ss ur1 n cc cost s : an d
\,"!I f.R EAS , th £' }?P fu nd 1 ng Ra nd s , the lmp rov e me nt Do nd s , a nd
t h t.• i nt e t es t t h c tco n , s ha ll b e pa y nb l e (t om the s;:,ec ial fun d
pl t:d g C'd th e t c f 0 t , t o c o nlrtin t he p1 occe ds o f th e u s e t a x p o Lti o n
of t h ,· sa l es and use t a>: i mp ose d a nd c o ll e c l Pd b1• th e City ; and
l·ll!CR P~S , i n acc o rd a n ce with t h e pt o vi s i o n s of the City
Ch a 1L c L , it i s n cccssa ty l o ad v !-t i se f o L th e s a l e of the Bo nds :
BE IT RESO LV E D BY TH E C I TY COUNC I L Of THE C I TY OF
f.N C.LEl'IOO D , CO LORADO :
l. Th a t n ot i ce o f s a le o f t he b o n ds in t h e tot a l
p ri n c ipal am o u n t o f $2 ,4 25 ,00 0 , s h a ll b e g i v e n by pub licat i o n i n
o ne i ss u e o f th e En g l e wo o d S e nt i n e l, a n e wspa p er puh li s h e d and of
gene ,a l c it c u l a ti o n in th e C ity , i n th e editi o n dated Ju ne 25 ,
1 9 8 6 . Th e Cit y may pu b li s h a Su mmar y No tic e of Bo nd S a l e as
h e Le ina ft e ~ p ro v i de d .
2 . Th e form of th e n o tice of s a le sha ll be s u bsta n -
ti a lly a s foll o ws :
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O f F I C J AL NOTICE OF llO~D SALE
$2 ,4 25 ,000
Cll'\' OF l:NG LE \~OOD , COLO11ADO
II~ I'. TA ): l<l'.\1 1:IWE 11EFUND J NG AND I MPROVEMENT no,m s , SER I ES 1 986
SALE DAT E : 2 :0 0 I'.,\., MOND AY , ,JUL Y 7 , 1 986
l'Ufl L I C IWT ICE JS 11 1:1•:F.BY G I VEN tha t th C ity Co un cil of
t he ri t y o f Cn g l c wo od , Co l o 1 ado , (th e "C ity ") will o n Mo nday ,
.July 7 , 1 9 86 , a t 2:00 P.M . l o c a l tim~, a t the off i ce of th e
Di t cc t o , of Fi nan ce , 3400 So . Ela ti S tt ce t , in En glewood , Co l orado
AO J !O , t cc ive se a l ed b i ds and publicly ope n the same for the
p 111ch J se o f the r eg i s t e t ed us0 t ax 1·eve nue bond s of th~ City, more
p .1 1 t i cul a t l y de sc dh ed b e low :
BON D PROVI S I ONS
nr t.unding a nd I mprovem e n t Bo nds , Ser i es 1'9 86, in th e p r in cipal
City of Englewood , Col o rado , Use Tax Revenu e
amo unt of
1 c9 i s tered
$2 ,425 ,000 ,
bo n ds in th e
dat ed Augus t 1, 1 986 ,
de n omi nation of $5 ,000
mu l t ipl e thereof (the "Bo nd s ").
MATUR ITI ES :
No vember 1 , as f o ll ows :
Ye ar
1 987
1 9 8 8
198 9
1990
1 99)
19 9 2
1 993
1 99 4
1 995
Th e Bo nds
consis ting of
o r any integral
s hal 1 ma t,a·e serially on
Amount
$155,000
2 15,000
235 ,000
255 ,00 0
2 70,000
290,000
310,000
335,000
360,000*
*The i ssue size h as been determined in p art o n the basis of th e
am o u n t of pt·oceeds necessary t o est a b li s h a suffici e nt esc row
a ccount t o r ef un d certa in Outstanding Bonds of the City. Cons e -
q ue ntly, d epe nding on th e yield of the Bond s , the am o unt matu r ing
on No vembet· l, 1 99~, is sub jec t t o increase or d ecrease by th e
Cit y in an amount n ot in excess of $50,000 in order to acc omp lis h th e r ef un d ing.
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!NTERtS T RATES AND LIMITAT 10NS :
A . lnl c Les t s h a ll be p a yahlc L o th e teqi s t c 1 e d owncL
t ht 1 C'o f a nd p ay i 1h l e o n Ma y 1 and Novem b e L 1 each y ear , comme n c ing
11,1 \' l , \ 9 9 7 .
11. It i s pet mi ssah le t o bi d di ff e ,e n t or "spli "
1n t e :c s t talcs f a t th e Bo n ds ; pr o v i ded , h o1,,,1c v e t , one int e t es t t a t e
on l y sha ll be s p eci fie d fot a ny maL u 1 iLy ; a tep at e d ,a t e h a ll
110 hv co ns id e t ed a diff e t e nt tat e .
C. Ea ch ,a t e s t a t e d mus t b e in a mu lti p l e of o n e-e i g~th
(l /8 ) 0 1 one -t we nt i eth (l /2 0 ) o f o n e p e t ce n l (Ji) p e r ann um.
D. The max i mu m i nt ete st tatc n ame d f o r any b o n d ma y
not e x ceed t h e min im um i ntet es t t ate name d (or any othet bond by
mo t e t han three pctce nt (3 .0 01 ).
E . No s u pp l eme nt a l o r 11 8 11 i nt e re s t s hall be all owed .
PAYMEN T AN D REGISTRA TI ON : The ~tin c ipa l of and p remi u m,
if a ny , on th e Bonds s ha ll b e payab l e in l aw ful money of th e
Un it ed Stat e s of, Am erica t o th e t ,is t e t ed o wn er o f eac h Bo n d u pon
pte se ntation th ere o f , at th e ~r i nc i pa l of f ice of Th e fir s t
National Ba n k of En g l ewood , in En g l e wo od , Co l orado , as paying
a g e nt. In ter es t on th e Bo n ds i s pay ab l e t o th e person in wh ose
n ame ea ch Bo nd i s reg istered , a t hi s ad dress as it appear s on th e
reg i s tr a ti o n bo o k s ma int ai n ed by or o n beha lf of the City by The
fir s t ria ti o na l Ba nk o f Eng l e wood , in En g lew ood , Colorado , a s bo nd
te g i s trar . Th e i niti a l reg istrati o n o f t h e b o nds by th e bond
reg i strar shall be at th e i ss uers ' ex p e n se . Subse quent t r ansfer
and rP.gi s t ra tion fe es s h a ll be at th e owner 's expe n s e.
PR I OR REDE MPT I ON : The Bonds maturing on or before
Nov e mber 1, 1990, sh a ll not be redeemab l e pti or t o the ir
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t espec t i ve ma tu r ity d a t es . Those Bo nds ma turing o n November l , I
1 99 1 , and the reafter , at e sub j e ct t o redemp tion p r io r to ma turity
at the opt i o n of th e City, on Novem ber 1, 1 990 , and on an y
interest pa yme nt dat e thereaf t er, as a whol e or in int <?g ra l
multip le s of $5 ,00 0 , in inverse order of maturitie s, u pon pa yment
of p ar , accru ed interest, and a premium of 1.00\ o f th e principal
am o unt so r e deemed .
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~rCUR JT \': The pt inci pa l o f a n d in L0te s t o n the Bo n d s
w i ll l>o p aya b l e ft om tl1e sr•c i a l f und pl eclge cl f o t Lh e p a yme nL o f
p: in c ip a l a nd int e :.c-s t , t o cont a in th e u siJ t .<1x p o ttio n of th e
s.:i l C'S a nd u se La x i mp o sed uy t h e City of En g l e wood . The Bon ds
s ha ll co ns t i tute a f i r s t a nd pr i o r l i e n o n Ll 1e s pe c i a l fun d ,
a lthoua h not n e c essa :. i 1 y a n exc l u s i v e f i l St l i 11. A Til(.llC d e tai l ed
SUlllill.J lY o f th e b o n d t cpa ·yme nt rr ov i s .i o n5 app eats in t h e
P :e li mi na,1 Off i c i a l S t a ·eme nt. The Bo e. d o no t c ons l i lu te a 11
i nc.i:.•~t e dne ss o f l h e City w it hi n the mc an in o f a ny co n !=;Litu ti o n al ,
s a tul o r y o r chn :.te · li mi t a t i on or pt o vi :.o n , and s ha l l n ot be
co n s i d et e d or h e l d t o be a ge n e t a l ob l ig a ti o n o f t h e C ity . Th e
h o l ders o f the Bo nd s may n o t l o o k t o any g e ne:a l or o th e r f u n d of
th e C ity f o t th e p 3;•me nt of the p r in c i pa l of o c i nt e te s t on th e
Bo nds .
AllTHOR I ZAT I ON : An Ot d i ;ia n ce aut h o t iz i ng t i.~ issuanc e o f
th e Bonds will be c on s i de t ed o n first readi n g by t h e 1ty Co u n c il
on Mo n da y, Ju l y 7 ,
1 98 ~. f o ll ow i ng a
19 86 , and o n fin a l r eadi n g , o n Mo nd ay , July 21 ,
pub ! ic h eadng ther e o n . The Bo nds will b e
i ss ued i n acc orda nce with Sect i o ns 1 05 a nd 1 06 o f the City
Cha r t e r .
PURP OS E OF ISSUE: Th e Bo n ds h ere in offered f or sa l e
will b e iG s u e d for the purpose of r e fun d ing val id and o uts t anding
u se t ax ref unding reve nu e b ond s o f t he C ity, and f or th e pu rpose
o f pay ing th e cost o f acq uidng add iti ona l p rope ty a dj ace nt t o
th e C ity 's t ec r e at i o nal center .
T ERMS Of S ALE
B ID PR OPOS ALS : Any b i dder is reoui ::ed to s ubmit a n
u n co n dit ion a l a nd wtitt e n bid f or t he ent ice is sue , speci fyin g the
int e rest t at e or ra t e s a nd p rem ium , if any , at which th e bidd er
will pur c hase the Bo nds . No bids will be consi d ered fo r less than
p ar an d a cctued intere s t. A bid form s ha ll b e pro vided by th e
Cit y , a n d it is requ e sted f o r info rm alion al p u r pos es that each bid
dis c l ose t h e to tal net inte res t c os t in d o ll ars an d cents and th e
n e t e ff ec ti v e int ere st rate . Eac h bid mus t also be in a sealed
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01wv )o pc a d,i1essc•cl Lo M1 . Ca1y H . Hi gbee , Di:ectot o ( Fin c1nc<•,
r ity o f En9 }(:wno rl , 3400 Sou t h P.lati S tte e t , Eng J c wo o r , Co l orad o ,
8 0 I I 0 .
RIO C'lll'CK : f.ac h b id s h a ll be accoinpa ni eci by a cas hie, 's
ch1.-...c k or a c e 1 t i f1 ed ch0d, o f a so lv e nt hank 01 t rust c o•nrr.1 ny ma <i l'I
11c:1y P.h l e l o th e Ci ty 1n a n arn o unt of S48 ,SUO , Ct" by a c as h d <"pos 1t
i n ,1 lik e amou nt. Suc h check ot cas h depos i t w1]1 be h e ld a s
<'Vi r!t
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ncc o f g ood f a ith r end ing t he deJive ty of the Bonds , whi ch
d· ;,o s it (check or cas h) shal l be pr omplly t et utned t o a ny suet;
bidd , i f his bid i s n ot a c cepted . No i n t e te s t will be allowed on
,h e goon f a i th depos i t o f th e s uccess ful b i d ce r.
T/\X STATUS: In th e op ini o n of bond counse l , un det
exist ing l aws , t eg uL~tions , t ulings and j udi c i al decisio ns , the
inL e :.e s t nn th e Bonds i s e xempt f1.om fede1.·a1 income tax es unde r
Sec i o n l 03(a ) of the Internal Rev e nue Code of 19 54 , as amended,
and i s al so exempt fr om Co l o tado inc ome t a x und er exist ing l aws of
the Sta t e of Co lorado . lf , prior t o the del iv ery o f t he Bonds to
th e s u ccess ful bidder th ere f or , th e in come r ece ived by privat e
h o ld ct·s of obl i ga tions of the same type and charac ter s '.1all be
t axa ble or shal l be requ i red to b e u sed in any income tax
com putat i o n by th e terms of any f edera l or Colot·ado law he r eafter
e nac t ed , th 1_• s u ccess ful bidder, at his elec i:ion may, p r i or to th e
ten der by th e City of th e Bo nds for delivery, be relieved of th e
oh l iga tion und er th e contract to pur chas e the Bo n d s , In such case
'.he crmtt·ac t t o purchase th e Bo nd s will terminate , and the deposit
ac companyi n g th e purchaser 's bid will be returned ~o th e purchaser
upo n written req u est th e refor . Any such option shal l be exercised
by a letter addt·essed to th e bond counsel h ereinafte t d e sig n ated
a nd deposited in the United States ma ·ls, as first class ma il,
pos tage p re paid .
H.R. 3838: On December 17, 1985, the U.S . House of
Rept·Pse ntatives passed H.R. 3838 , the Tsx Refot ct of 1985 (th e
"Bill"). Th e Bill p=e se ntly is p e ndin g in the Sena t e, The Bill
in its p resen t f o rm impo ses ad d itional requiraments which mu.st b e
sa tisfied in o rd e r fo r inter es t on obligation s issued by or on
be h a lf of states and loca l governments t o be exempt f rom federal
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1 n~~c,;"1 <: t axa ti o n . Such 1 equi tem e nts uc nct a ll y ate effec tive f a t
,1 1 1 oh l igati o n s i ssued aftet Decemhc :. 3 1, 19 85 .
Ho wc•vct , on 11a1 ch 14, 1 986 , the :e \t.'ll!. t e l nsed a J oint
St,1 L cn,•n l by th e cha il ma n and tanking m1..•r.illc t o ( th e Hou s
('('w11ni t t ec on t·iays anct r1 ea n R, th e c h a inr,a n a nd 1a nking me:mbc t o(
t ~0 Senil l Comrn it tc o n Fin anc e , nnd the Sc:cte l .ity of the Tt e as u ty
"~ lh.o e ffective Dates o f Penclin, Tax Refo ,m Legisla tion (th e
''J0inl ~La t men t 11
). Fat ce,t ain bonds the J o int Sta t ement
<· ndot s es a PO -lj)0 nC:i1 c nt unt i. l Sep embe:.-l , 1 986 (or he da e o (
ennc r,f•nL of
.1;"1p l i cat i o n o f
tax tefotm l eg i s l a t io n , i( ea tli e tl cf t h e
cet tain p:.ovisi o n s a nd 1 es t ti.c tions :.e l a ti ng t o
t a x-e x ~n pt bo nd s con t a in ed in th e Bill . It is t h e opinion of b ond
c o u n s e l th a t the f ede,al tax-exemp status of th e int etest on th e
il o1 1ds wo ul d n o t be affected if the Bi ll beco mes l aw with t h e
eff ecc ivc dates e ndors-,d in the J oin t Sta temen t, but othe rwise in
i ts f o rm on th e date oE i ss uanc e o E th e Bo n ds , ex cept th at f o r
t axah\Q y ca,s begi nn ing af t er 198 7 , the int etes t o n th e Bo nds
could e i n c l u cled in a djus t ed n e t gai n for purposes of th e mini mum
t a , i mposed on prope~ty and casu~lt y in s u rets under Se ction 1 0 23
of the Bill.
SALE RESERVAT ION S : t he C it y reserves th e p r ivil ege :
( 1) Of wa iving any i n ·egulari ty or infonna lity in a n y
b i d;
( 2) Of rejecting any and all bids f or the Bond s ; and
( 3) OE reofteri ng the Bo nds for sa l e in any mann er-
pel11\i tted by law.
BAS I S OF AWARD: All of the Bonds will be awarded to the
bid der o ffering to purc hase all of the Bond s at the lowest n et
effective int eres t rate t o the City . If there are two (2) o r more
equ a l bids for the Bond s, a nd such e q ual bid s a re the best bid s
received , the C ity will determine in its comp l e te discre tion whi ch
bid wi ll b e acc ep t ed .
TIME Of AW ARD : The City will have bids o pe ned at th e
time he re in a bov e specified . An a nno unc eme nt o f th e best bid will
be made immediate ly foll ow ing the bid open ing . The City int e n ds
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t o t a l-.c <iC t ion t o n vn=11 d th e best b i d by I. c~cilu t io n o f Lh c C it\'
CP,1 r1 c il .1 t a m0 e ti n9 t o e> hc-l d o n July 7 , 19C6 .
n/\1;1 ,!:R /I.NO Tl~11 Of [)f.L I VFR Y : T h~ d t·po ;,it f LOm the b c·s t
J, icid(.! -..,ill he C L d i terl t o thP put c hase a t th e ti me o f Ue l iv e 1y o f
!he Ro nd s (with o ut a cc Luing i n tct.es t). I f th ,· s u ccess fu l b i ddet
Int t he Bo nds f a il s 0 1. nt1 rJ l ec t s t o comp l e t e t l 1c:-p u:c h a se o f the
l\1111ds wit h in t C>n (1 0 ) day s next a flet the Bo n d s ate made 1.ead y a nd
a :,... L0nrlc:_ rl by th e· Cit.y f o t cie livety , th e amo un l o f t hi s de pos it
,d l l hv f o tf e i te d (as l i q uid te d dama ge s f a t n o n comp li a n c e with
Lh 0 b t d ) t o t he C it y, ex c e pt a s h ere i n after rn o vided. It i s
~" icir a t d t ha t de] iv e ty o f the Bo nd s wil I b e o n o, a bou t
/\uri u s , 1 9 86 .
P•.Y:-:E:-IT AT AND P L~o : OF DEL IVER Y: Th e s ucc ess ful bi ddet
0 1 b idde :.E -.,:ill b e 1.e q u i te d t o acce pt de l iv cn y of , and to make
pJym~n L o f t l1e ba l a nce due f or , th e Bo n d s :
(I ) At s ome ba n k or t t ust company e i th er i n De nv er o t
Engl e wo od , Co l o~aC o ; o r
(2) At the s ucc~s s ful b i dder 's request a nd expe n se, in
e ith e r Ne w York Ci •y o r Ch i cago .
Pay me nt o f t h e bala nc e o f the p u tchase pr i ce d u e at d e l i ve r y must
b e made in f eder a l f u n d s or ot h e, f un ds ac ceptab l e t o the Ci ty and
t o t h e b ank o r trns t compa ny d es ign a t ed as the p l a c e of del i vety
f o: i mmed iate a n d u nco n d i ti o n a l credit to t he Ci t y , or a s di r ect e d
by t h e City . The ba l a n ce of t h e p u rchase p r ice , inclu di ng a ~y
premium, mu s t b e paid i n s u ch f u nds a nd not by ca n celiation o f a ny
i n t eres t , n or by a ny wa i ver of in teres t, nor by a ny o th er
co n ce ss ion as u subs titu tion f ot s u c h f un ds .
CUS IP NU MB ERS : It i s an tici p ated th at CUS!P
id e nt i f i ca t i o n numbe rs wil l be p r inted o n sa i d Bo nd s , b ut n ei t h er
t h e fai l ure t o print suc h n u mbe r on any Bo n d n or any enor wit h
res p ec t t h e reto s h a ll con s titut e cause for a fa il u r e or 1 , fu sa l by
the pu ,ch a ser th ereof t o accept d e l i v ery o f a nd pa ~ f o : sJid Bo n ds
in acc o r d ance ~-i th th e t e rms of th e p u ,·c h ase c 0 n t 1·a ct , All
e xp e n s es i n re l a t i on to th e p ri n t ing of CUS !P numbi,r s o n sa i d
Bonds sha ll be paid fo r by t he Ci ty; p rovide d, h ow e v er , that the
CU S IP Ser v i ce Bu r eau charge f or th e assi g n me nt o f s ai d n umb ers
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s l,~J l be t e t es pons ihi lity of a nd s hal l he pai d f o , b)' th e
pu : Ch.JSc>t.
LI G~L 01'1:-IJ O N , RO liDS 1111[) TRANSCR J l'T : 'Jhe l ega l i ty o f
t.he h ond i ss ue will be aprt o ved by the fi rm of Lamm Edstrom 1,
P :.1.y r,o :, P .C ., 600 17 th S lL ce t , S uite 2500 South To we r , De nv e :,
Colo :.a \io 8020 2 , who s e un qua li f i ed app t o \·i nq op ini on , t oge th e :
wi th the p :inte d Bo n ds , a ce1tifi ed ttan scri pl o f th e p tocee din gs ,
in c l ucl in . a cett ifi cc1 t e s t a ting tl111t th rtc is n o :i t i g at i on
;,,,~d in g affec ting the validity of t he fl o ncis as of th e date of
Lh 1..i t de) i ve:.y , and other c l os ing doc um e nt s , will be fu1nishcd t o
t he pu :chase t . ,\ c c 1tifi e d ttu e c op y o f the apptoving o p ini on of
h o nd c ounse l f o , the i ss u e wil l be printed o n e ach b ond th e reo f at
lhe Ci ty 's expe nse . Bo nd c o unsel 's apptovi ng opinion will reci t e ,
in conve nti o n a l f a u n , that bond c o unse l has exami n ed t t--,e
cons titution a nd l aws of th e St a te of Colocado , th e Ho mG Rul e
Cha t t e : o f th e City , and a cer t! fled copy o f the recor,J of th e
p:o ceed in g s of th e City Counci l t a l:en pte li min ary to and in th ,s
i ss uance of the Bon ds and th at bond coc ns e l has found th e ~ame-
pt o;,e :ly exe c uted and in d u e l eg al fo r m. Th e opinion wil! <·xp ress
an unqu a lified opinion ,s to l ega lity, as to t ax exemp tion of
inte :est and as t o th e secut ity co n s isten t wi th the provis i o n s of
t he p a ragraph o f thi s n o ti ce e ntitl ed "Security ".
The matters pa sse d upon by bond counse l do not ex t end
b eyo nd t h ose men ti cned in the p r eced ing pa ra9 tap h,
rnrORMATION : Thi s Off i cial No ti ce of Bo nd Sa l e , an<l
fina n cia l and other in fonnatio n con cerni ng the City .. J the Bo nds
may b e obtaine d from Ha nife n, I mhoff Inc., 1 1 2 5 1 7 th St.eet , S uit e
1600, Denver , Colorad o 80202 , or Ga,·y R . Higbee , Director of
Fi n ance , City of En g l ewood , Col ora d o , 3400 S o . Elati Stree t,
DLnver , Co l oc ado 80110 .
By order of th e Ci ty Council of th e City of En g l ewo o d ,
Colorado , this 16th day of J un e , 1986,
'PAT12 I UA f-i . C,,2::,lt,..)
( S E A L ) /s / El!lt r R. l h" bee
Birectot o! r i11a11c e
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S\l'l 'IARY N0 T l ('r, ()f P.0.:1._ll_ !"Al .I
5 2 ,2 4 5 ,0 00
C I TY O F' ENG L r.,~oor,, CCl i.<'RAf)Q
USC TAX Rf:VEN \I E REF'U l1D I NG A ND IM l'RO V l:Mi'NT BONDS , SER IES 1986
S aled bids wi ll be t ece i vcct a t
Pi1ec L0 1 of finan c e o f the Ci ty of En gle \,.,o n d ,
1·1ati St ., in Cng l e s-ood , Co l o 1 ado 8 0 11 0 .
th e of f ice o( th e
Co l o t ado , 34 00 So
Sa J e Date :
T i me :
Bo n ds Dated :
Monday , Jul y 7 , 1 986
2 :UO P .M. l oca l t ime
A ,gus t l , 1 9 8 6
M t u tit y :
Le g a l Op i n i on :
·.,,,embe r 1, 1 987 to 199 5 , inclu sive
Lamm Ed s t i·om & Bt aymc t , P .C .
Fo r cop i es
Pte li mina t y Off i c i a l
Fi nanc i a l Co n su l tant
Stree t , S uit e 1 600 ,
Finance of t he Ci t y ,
De nv e r , Co l o r ado
o f the Off i ~ia l No ti ce of Bo n d Sa l e J nd
Sta t eme nt of th e City , pl ease con t ac t t he
o ( th e City , Ha nif e n , I mh off In c ., 11 2 5 17 th
Den v er , Co l o r ado 8 0202 , 0 1 th e Ditec t o r of
34 00 So . El a ti , En 9 l e wo od , Col or ado 80 11 0 .
Da t e d a s of Jun e 1 6 , 19 8 6 .
tAT/21 C. , /4 /-I . Ct' Dt t ~
&-r~ R, ll igeee
Qh~cto,· .-,f ~C.rr( C(.ci ~
En g l e wo od , Co l or a do
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I
I
I
3 . In addi ti o n t o th e pub li ca ti on of the no ti ce of
:.a l e , l h c Dit ec l o t of Fin r1ncc a nn th e F'in a n c i a l Co n su ltant a t e
~u th o 1 ized Lo f o 1wa 1d a copy of th e P1 e limina 1y Offic i al S t ~Lemen t
a nd No tic e o f Sa l e t o th ose in ve s t men t ba n king fi1 ms , b a n~.s , a nd
nthc-1 s who mi g ht be inte 1 es t ed i r, b i dd ing o n b o nd s of th e City .
ThC' p 1 i o t ac tion of t he City Cnunc il in Cc-si gna ting Han if en,
1mhof f I n c ., as Fin a n c i a l Co nsultan t t o the C ity, i s h e t eby
1 at ifi ,d a nd ap p ,ove rl ; the f e p a id o r t o be p a i d to s uch tiun is
fai r a nd t easo n ab li? conpens a ti o n f o r se 1 v i ces in ac ting as
fi n a nc ial Co nsultant . lianif e n , I mh c ff l nc., !":'l a y , eithe r a l o n e o r
wi Lh othc 1 s , subm it a bid for th e put c ha se o f th e Bo nd s , a n d in
s u c h ve nt , th e f ee p a id or t o be p a id f o t fi n ancia l Jdv i so 1·y
se t v i c cs s hall n o t be deemed a discount (o r putpo ses o f the par
sa l e t eq u i I eme nt.
4. Tha t if an)' one o r more s ec tions o r parts of thi s
Reso luti o n sha ll be adju dge d unenfotc ea~le OL in valid , such
jud g me nt s hal l n o t aff e ct , imp a ir or inv a lidat e th e rernaining
p1 o vi s i o n s of t his Reso lu ti o n , it b e ing the int e nti o n th a t th e
v a t i o 11s pr n visi o ns h ereof a t e sev e r ab l e.
ADOPTE D AND APPROVED This 1 6th day o f June , 1986 .
( S E A L )
AT TE ST:
Q ~;,__cl./_~
City Clerk
I , Patric i a H. Cr o w, Ci ty Cl e rk of th e Cl l y of En 9 lewo o~,
Colo r a d o , hereby c e rtify that the above and for et?oi ng is a true
and cornµl ete c opy of Resol u tion Nc;.~.,:L_, Sex-ies of 1 986.
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