HomeMy WebLinkAbout1985 Resolution No. 019_'.J f
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RESOLUTION NO, --1.1_, SERIES OF 198 5
A RESOLUTION PROVIDING FOR THE NOTICE OF SALE OF GENE RAL
OBLIGATION l~AT ER REFUNDING BONDS, SERIES 1985, OF THE CITY OF
ENGLEWOO D, COLORADO, IN THE PRINCIPAL AMOUNT OF $5,180,000 AND
PR OVIDING FOR THE PUBLICATION AND MAILING OF THE NOTICE,
WHEREA S , the City of Englewood , Colorad o, has prev iously
authorized and issued its General Obligation Refundi ng Water
Bo nd s, Se ries 1978, dated Augu st 1, 1978 (tho "1978 Bond s ") in the
original princ i pal amo unt of $8,4 55 ,0 00 , of which there i s
pres e ntly outstanding the p rincipal am o unt of $4 ,7 40,000; a nd
1/HEREAS, the City has als o auth o ri w d a nd iss ued it s
General Obligation Wat e r Bo n ds, Se r i e s 1980 , d ated Ju ne 1, 1 98 0
(th e "1980 Bonds") in the orig i n a l prin cipa l am o u nt o f $1,300,000,
of which ther e is presently o •Jtstanding t he princ ipal am ount of
$1,260,000; and
WHEREAS, the City Council ha s de t erm ined that by
refunding the 1978 Bo n ds and th e 198 0 Bonds , t he re will re sult a
sub stantial decrease i n the total pri ncipal and intP.r est paya ble
on such ob li ga ti o ns; a nd
WH EREAS , S ection 106 of th e C ity Char ter p r o v id es that
the Cit y Council may au th o ri ze th e i ss u ance of refunding bonus by
ordinance, wit hout a n e l e cti on , f o r tho pur pose of pa yi ng
outsta n ding bond s o f th e Ci ty; and
WH EREAS , i n acc o r dance with the provisio ns of the City
Chart er , i t is necessaq, t o advert i s e f o r th o sale of the bonds ;
BE IT RES OLV ED BY THE CIT Y CO!JNC I L OF THE CITY OF
ENGLEl·O OD , COLORAD O:
l, Notice of 9ond S a l e . That notice of sa l e of t he
bonds in th e tot al pr in cipa l amou n t o f $5 ,1 80 ,00 0 , s h a ll be given
by publ i cat i on in o ne i ssue o f the Englewood Sent'1e l , a newspa pe r
publi shed and o f gen e ral c ir cu l at i on i n the Ci ty , in the edit i o n
d a t e~ M<1 y 9 , 1 9 85 ,
2 . F'0n"' o f No i ce . The form of
shall be subs t an ia l ly as fo l l ows :
h e n o t ice o f sa le
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OFFICIAL NOTICE OF BOND S ALE
$5 ,180 ,000
CITY OF ENGLEWO OD, COL ORAD O
GENERAL OBLIGATION WATER RE FUNDI NG BONOS, SERIES 1985
SAL E DATE: 2:00 P.M., MOND,I\Y, MAY 20, 1985
P UBLIC NOTICE IS HEREBY GIVEN that the City Co uncil of
the City of Englewo od, Colorado, (the "City") will on Mo nday, May
20, 1985, at 2:00 P.M . local time , at the of fice of the City , 3400
So. El a ti Street, in En g lewood, Co l o rado 80110, receive seal e d
bids and publicly open the same for the ~ur c ha se of the registered
general obliqation bo nds of the City , more par ticularly descr i bed
below:
BOND PROVISIO NS
~: City of En g lewood, Colorado , "Gene ral Ob ligati o n
Wat e r Refund in g Bo nds, Seri e s 19 85", ; n t he principal amo unt of
$5,1 80,0 00 , dated as o f Jul y 1, 19 85 , c o n s i sting of reg iste r ed
bo nd s in t he de n ominati o n of $5,000 or a ny integral multiple
thereo f ( the "Bonds").
MATURITI ES: The Bonds sha ll matur e on August l in each
of the desig nat ed a mounts and yea rs as follows :
Pr in cipal ~m o unt
$830 ,000
4 45 ,0 00
4 80 ,000
51 0,0 00
280 ,000
$300 ,000
330 ,000
360 ,00 0
390 ,000
435 ,000
$475 ,0 00
34 5 ,0 00 "
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Yea r
1986
19 87
19 8 8
198 9
1 9 90
19 91
19 9 2
19 9 3
1 99 4
199:,
1996
19 9 7
•The amount ma tut inq in the ye a r 19 97 is subject to
chance, a nd will be det e rmined ~fter t.,e bid ope !'ling,
INTEREST RATES ANO LIMITATIONS: Th e maximum net
effec tive interest rate shall not exceed t en p e rcent ( 10\) per
annum,
A, Interest shall be p aya ble to th e registered owner
thereof and pay able on Feb ruary
commencing Feb ruary 1, 1986,
and Au gus t eac h year,
B, It is permissable to bid different or "split"
interest rates for the bonds: provided , h oweve r, one interest rate
only shall be specified for any maturity; a r epeat,ed rate shall
not be considered a differe nt rate.
c. Each rate stated must be i n multiples o f o n e -eighth
(1/8) or one-twen tieth lt/,20 ) of one percent (1\) per annum,
D, The ma ·.imum intere st r a t e n amed for any bond may
not ex ceed the minimum interest r ate n a ,ed for any o t!'l e r b o nd by
more than two percent (2 .0%),
A zero (0) rate of interes t~ be n amed. E ,
F, No s u ppleme ntal or "R" i nte rest s hal l b e a llowed.
PAYME NT AND REGISTRATION : The principul o f and prem ium,
if any , on the Bonds sha ll be paya b l e in lawful !'lo ney o f the
Unit ed S tates of America to the r egistered owner of ea ch Bo n d upon
presentation thereof, a t th e principal of fic e of The First
National Bank o f Englewood , in En g le1,1 ood , Colorad o , a s p aying
aaent. Interest an the Bonds is payabl e to the person in whose
name eac h Bond is r egistered , at hi s ad d 1·e ss a s it appears on the
r egistrat i o n books maintai n ed by or on beha lf of th e City by The
First National Bank o f Englewood , in Engle1,1ood , Co l orado , as b o nd
r egis tr ar . The initi al registrati o n of the bon ds by the bond
SLb seq uent trinsfPr registrar shall be at the i ssuers ' exp en se ,
and regi s tr a ti o n fees s hall be a t th e o wner's ex ?ense . It is
antici p ated th a t th e Bo nd s 1,1ill be issued wi t h such provi s i o ns and
in suc h manner a s will mak e t h en ~liai ble f o r custod i al de posit
wit h the Depo si t 0 ry Tru st Compa ny , Ne• Yo rk , New Yo rk .
PRI OR REDf.MPTI ON : Ro r.ds ma t u r i nq o n Aug u SL 1 , 1 99 4, and
there a ft e r, shall b e redeemable at th e •.mt ion o f t h e City o n
/\ugust 1, 1993, and on any interest payment date thereafter, a s a
wh o le or in integral multipl e s of $5,000 , in inverse numer i cal
orde r, upo n pa yme nt o f par, accrued interest and a premium of 1.0%
of the principal amount r e deemed .
SECURITY: The Bonds and the interest thereon constitute
general obligations of the City; the City shall levy a ge n eral ad
valorem tax on all of the taxable property within the City each
year, with o ut limitation of rate or amount , to th e extent other
funds are not made available for such payments , sufficient to pay
the lnterest o n and principal of the Bonds. The full faith and
credit of the City wi 11 be irrevocably pledged to the payment of
the principal of and inte rest on the Bonds . The Bon d s will not be
insured by any municipal b o nd insurance .
AUTHORIZATION: An Ord in a nce autho r izing th e is s uance of
th e Bo n ds will be conside red on fir s t readin g by th e Ci t y Council
on Monday , May 20, 19 8 5, and on final reading , on ll o nday , Jun e 3,
1985, and will be i ss ue d 1n a ccorda n ce with Sec tions 104 a nd 110
o f the City Cha rter .
PUR POSE OF I SS UE: Th e Bo n ds her e in off e r ed fo r s a l e
will be i s sued fo r th e pu rpose o f r ef un d in g out s tan d in g g e n e r al
obligati o n wat e r bonds a n d f o r th e payme nt o f the c os t s a n d
expe nses inciden t a l t o suc h r ef u n d i n g .
T ERr lS OF SAL E
BI D PROPOS /\LS : An y bidde r i s reau i red t o sub mit ar,
unc o n d itiona l and written b i d f o r the e n t ire i s sue , specify ing t he
int e rest ra t e o r rates and pr e mium , if any , at wh i ch the bidde r
will purchase t h e Bo nds. No bids will be c o nsidered fo r le ss tha n
par a n d a cc rued int e r es t. A bid fo rm s hale be prov id ed by the
City and i t is r eq u es ted fo r in format i onal p u rposes t ha t ea c·h b id
disc l ose th e t o tal n e t in t e rest cos t i n do l lars a n d ce nt s a n d t he
net e:-fec t ive i nte r est rat e , Each b i d must a l so be i n a sealed
enve'ope addressed t o Hr. Ga ry R. Hi gbee , Director of Finance ,
City of Englewood , 3400 So. El a t i Street , in En g lew ood , Colorado
80110 .
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BID CHECK: Ea ch bid shall be a ccompa ni e d by a cas hi e r's
c h eck or a ce rtifi e d ch eck o f a bank or tru s t company made p a y ab l e
t o th e City of Engl e wood, Co l o rad o , in the a mo unt o f $1 0 0,000, or
by a cash deposit in a like am o unt. Such che c k o r ca s h d eposit
will be h e ld ,s evid e nce of good faith p e nding th e deliv e ry of the
Bo n d s, which d epos it (ch e c k or ca s h) s hall be pr o mptly r et urned to
any suc h bid de r if the bid is n o t acc ep t ed ,
TAX S T ATUS: In the opinion of b o nd cou n se l, under
existing law s , regulations, rulin gs an d judici a l de ci s i o n s , the
inte r e st o n th e Bonds is exemp t fr om fe der al in come t ax es under
Se c ti o n 10 3a o f th e Internal Revenu e Code o f 1954, a s ame nded, and
is als o exempt f rom Co l o rad o Income Tax under e xi s ti ng laws of the
State of Col o r a do, If, pri o r t o the delivery of th e Bo n ds to the
succe ss f ul bidde r th e r e f o r, th e income r ece iv ed by private hold er s
of obligations o f th e same type a nd characte r s h a ll be ta x a b l e or
sh a ll b e r e q u ir ed t o b e used i n a ny in come t ax comp u tati o n by the
terms o f an y f ede r a l o r Col orad o l a w h ere a f t er enacte d, t he
suc ce s s ful b i dder , at his ele c t ion may , prio r t o the t e nde r by t he
City of th e Bo n ds fo r de li very , may b e re li eved of the ob ligat i o n
un de r th e c on t rac t t o purchase t h e Bo n ds , I n such case the
contra c t t o purcha se th e Bo n ds will termi n a t e , an d th e dep os i t
ac compa ny ing the p ur chase r 1 s b i d will be re t urn ed t o t h e ~u r chase r
u po n writt e n r eq u es t t he r e f o r . Any s u c h op t io n shal l be exe r cised
by a l et t e r ad d res sed to the bord cou n se l herei n a f t .e r des i g n a t ed
and de p os ited in th e Un ited States ma il s , as first class mail ,
pos tage p r epaid,
S ALE RES ERVAT I ONS : th e Ci ty reserv es the p r ivilege :
(1 ) Of waiv in g a ny irre gu la r ity or i n fo rm a lity in any
b i d ;
(2) Of r e j ec tin g a ny a nc all b i ds fo r th e Bo nds ; and
(3) Of reofferin g t h e Bo nds for sale i 11 any manner
perm i tt ed by law .
BA S I S Of AWARD : Al l o f th e Bon ds will be a warded t o th e
b i dder of f erinq to p u rchase all of the Bo n ds at the l o we st n et
e ff e cti ve in terest r ate t o the City . If ther e a re tw :, (21 o r n o re
e qual bids rn r th e Bonrls , a n d such equal b i ds ar e th e hest b i ds
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rec e i ved , the City will determine in its compl ete discret i o n which
b i d wil l be acce pt e d.
TIME OF ANARD : The City wi 11 have bid s ope ne d at th e
time hereina b ove specified . An announ cement of th e bes t bi d will
be made i mmed iately following th e bid ope ning . Th e City inte nds
to take actio n t o award th e b e st bid by r e solution of the Cit y
Co u ncil at a meeting to be held o n May 20 , 1 985.
MAN NER AND TIME OF DELIVERY : Th e deposit o f the be s t
bidde r will be c r ed ited t o t he pur c ha se at th e t ime of d e li ve ry of
the Bon ds (wi th o ut a c cruing int e res t). If th e succ ess ful bidder
for the Bo nds fails o r n eglec ts t o compl e te the pu rcha se of the
Bonds within t e n (10) days n e xt after th e Bo n ds are made ready and
are t e n dered by the City for d e livery , th e amou n t of thi s deposi t
will be forf eited (as liq u i dat ed damag es f or n oncomp liance with
the bid) t o t h e City , e x c e pt as h ereinaf t e r ;,rovided . It is
a ntici pa t e d t h a t d el ivery of th e bo nds wi l l be on o r abo u t July 9 ,
19 85 . An in corre ct CUSIP n um e r prin t erl on any b o n d o r th e
absence of any CUS IP n umber shal l no t con s tit ut e cause t o refuse
de live ry of a ny b o nd,
PAYM ENT AT AND PLACE OF DEL I VERY : The s ucces sful bidder
or bidders will Ce required t;.o accept delivery of , and to ma ke
payme nt of th e balance d u e for , th e Bo n ds :
(1) At some bank o r trust compa ny in Denve r, Co l o rado ;
or
(2) At the succe ssful bidder 's r equest and expense , i n
either Ne w York City o r Chicago .
Paymen t o f t h e balance o f th e purch a se price due at de live,y mus t
be made i n federal fund s o r o th er f und s a ccep ta b l e t o th e City and
to the bank or tru st company d es ig nat ed as th e place o f delivery
for im mediate an d un cond iti o na l cre dit to t he City, o r as d irec t ed
by the Ci ty. The bala nce of th e pur c h ase pr i ce , includinq a ny
oremi UM , must be paid in such funns ~nd not by cance ll a tion of any
intere s t , n or by any waiver of int erest , nor by any other
concession as a subs titu tion for s uch funds .
CUSIP NUMflERS : I t i s anticipa t ed th at CUS I P
id e n t ific ation num be r s wil l be printtct on the Ron r\s , but nei th er
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the failur e t o print such nwn ber o n a ny bond n or any error with
re spec t th ertto s hall consti tute cause f o r a fa ilu re or refus al by
th e purchaser thereof to accept delivery of and pay for the Bonds
in accorda n ce with the t e r ms of th e purch ase con t rac t , All
expe nses in relation to th e printing of CUSIP numbers o n the Bonds
shal l b e paid for by the i ssu er ; provided, h o wever , that the CUSIP
Serv ice Bureau charge for the assignment o f sa id num be rs sha ll b e
th e r es p onsibi lity of and s hall be p aid for by the purchaser,
LEG AL OPINION , BONDS AND TRANSCRIPT: The le ga 1 i ty of
th e bond issue will be appr o v ed by th e f irm of Lamm Eds trom &
Br a ymer,
Colo ra do
with the
P,C,, 600 17th Stree t, Suite 2500 Sout h Tower , Denver,
80 20 2, whos e unqu a l ified approving opi ni on , t oge ther
pr inted bonds on steel enqraved bo rde rs, a ce rtifi e d
transcrip t of the pr oceed ings , includi ng a cer tificate sta ting
that the r e is n o litig a tion pe n di n g af fect i n g th e validi t y o f the
Bonds as of the date of their delivery , a nd oth er clos i ng
doc ume n ts , wi ll be furnis h ed to the purchaser . A certified true
copy of the approving op inion o f b o nd counsel for th e issue will
be pri nted on each bond th ereo f at th e City 's exp~·,se , Bond
counse l's appr ovi ng opi ni o n will reci t e , in co nventional f e m ,
tha t bo n d couns e l has exami n ed th e co nstit utio n and la"s of th e
State of Col o rado a nd a cer t ified c o py of the recor d of the
proceedings of the City Counci l taken p=eliminary t o and in the
i s suance of the Bo nds a n d tha t bond counse l has found the same
properly e x ecuted an~ in du e leqal f orm . The opi ni o n will express
an un qual ified opi ni on a s to l ega l ity , as to tax exemption of
interes t and as to the s e curity consistent with th e provisions of
t he paragraph of this notice entitled "Secu rity",
I NfOR/IATION : This Official i<o tice of Bond Sale , and
financial and other information conce rnin g t he Distri ct and th e
b o nds may be o b tained from Han if en , Imhoff I nc ., 11 25 l 7th S tree t,
Su it e 1800 , [)c,nver , Colo r ad,o 80202 , o r Gary R. Higbe e, Dire c t or
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of Finance, City of Englewood, Colorado, 3400 so. Elati Stree t,
Denv e r, Colorado 80110.
By orde r of the City Council of the City c f En g l ewood ,
Colorado, this 6th day of M8Y, 1985.
( S E A L ) /s/ Gary R. Hl obee
Directo r of Fina nce
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SUMMARY NOTICE OF BOND SALE
S5,180,000
CITY OF ENGLE\•:OOD, COLORADO
GENERAL OBLIGATION WATER REFUNDING BONDS, SER IES 1985
Sealed bids will be received at the office of the
Director of Finance of the City of Englewood, Co l o rado, 3400 So.
Elati St., in Englewood, Colorado 80110.
Sale Date:
Time:
Bonds Dat ed:
Maturities:
Le gal Op in ion:
Mo nday, May 20, 1 985
2:00 P.M. local t irne
July 1, 198 5
Au gust 1, 1986 to 1997, inclusive
Lamm Edstrom & Braymer , P .C.
Denver, Col orad o
For copies of the official Notice of Sale a nd Official
S tatement of the City, please conta c t th e Fina ncia l Consultant of
the City, Hanif a n, Imh off Inc ., 112 5 17th Str eet , Suite 1800,
Denver, Colorado 80202, o r the Directo r o f Fin a nc e of the City,
3 400 So . Elati, En glewood, Colorado 80110 .
Dated as of May 6 , 1985 .
Ga r y R. Hi gbee
Director o f Fin a nc e
En g l e wood , Co l o rado
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3 , Financial Consultant . In addition to the
publl ~~tion of th e notice of sale, th e Dir~ctor of Finance and the
Financial Consultant a re a uthori zed to f o rw ard a copy of th e
Prospec tus and notice of sale to those inv estme nt banking firms,
banks and others wh o might be interest in bidding on bonds of the
City, The prior action of the City Counci l in designa ting
Hanifen, Imhoff Inc,, De nv er , Colorado, as Financial Ccrsultant to
the City , is he re by ratified an d app roved; and that the fee paid
or to be paid to such firm is fair and reasonable compensation for
services in acting as Financial Consultant. Hanifen, Inhoff Inc.,
may either alone or with others , submit a bid for the purchase of
the bonds , and in such event, the fee pa id or to be pa id for
financial advisory services shall not be de emed a dis c ount for
purposes of the par sal~rtequireme ntl
4, Severability. That if any one o r ~ore sections or
parts of this Resolution shall be ad judged unenforceable or
invalic, such judgment shall not affect, impair or invalidate the
remaining provision s of this Resolu ti on , it bei ng the intention
t hat the variou s provis i o ns he reof are seve rabl e ,
ADOPTE D /\ND APPROVED This 6th day of May , 1985 .
( S E A L )
ATTESTE D:
ic<\;(~~~fu~
I, Gary R. H>gbee , ex -officio City Cle rk -Tr easurer of
the City of En glewood , Colorado , her eby certify that the above
anu fore o ing is a t ru~, acc urate and c omple te copy of a Bill
for an Ord inance , introduced, read in full , and passed on first
reading on the 6th day of May, 1985.
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