HomeMy WebLinkAbout1985 Resolution No. 022I
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RES OLUTION NO. c:?.OI, S ERI ES Of 1985
A RESOLUTIO N PR OVID ING FOR THE NOTICE Of SA LE Of SPECIAL
ASSESSMENT BONDS , Of THE CITY Of ENGLE 1;00D, COLOF.ADO, FOR PA VING
DISTRICT NO , 30, I N THE PRI NCIPAL AMOUNT Of $856,0 00 AN D PROV IDING
FOR THE PUBL I CATION AND MAILING Of THE NOTIC E,
WHE REAS , the City
Co l o rad o , has , b y Ordinance
Paving Di s tr ict No , 30, for
in stalling street pavi ng ,
Council of the City of Eng l e woo d ,
No , .jQ__, Series of 1985, created
the purpose of c o n s t r u c ting and
curb a nd gutter and sidewalk
impr ovements, togethe r with necessary incidentals, o n c e rtain
streets i n the City; a n d
WHEREA S , the Ci ty Council has determined that it is
necessary t o issue special assessmen t bo nds for the District, f o r
the purpose o f p ay ing par t of the cos t s of s uc h c onstruc tion and
i n s t al latio n; a nd
WHEREAS , in a c co r dance with the City Cha r t e r, it i s
necessary t o ad ve r tise for the sale of the bonds ;
BE IT RESOLVED BY THE CITY COUNCIL Of THE CIT Y Or
ENGLE!,OOD , COL OR ADO :
1 . Notice of Bond Sa l e . Th a t notice of sal e of
special assessme nt bo nd s i n the t o t al princ ip a l amo unt of
$856 ,000 , sha ll be give n by publi ca tio n in o n e i ssue of t he
Engl ewood Sen tin el , a newspape r
circulation in t he C ity , in the edition dated Ma y 22 , 19 85 .
p ubli shed and of gene r a_l
2 , f o r m of No tic e . The for m o f t he no tice o f sal e
shall be subs tant ially as f ollows :
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OFFICIAL NOTICE Of BOND SALE
$856,000
CITY Of ENGLEWOOD, COLORADO
PAVING DISTRICT NO. 30, SPECIAL ASSESSMENT BONDS
SALE DATE: 2:00 P .M ., MONDAY, JULY l, 1985
PUBLIC NOTICE IS HEREBY GIVEN that the City Council of
the City of Englewood , Colorado , ( the "C i ty") will on Monday, July
1, 1985, at 2:00 P.M . local time, at the office of th e Dir ector of
finance, ex-officio City Clerk , 3400 so. Elati Street, in
Englewood , Colorado 80110, r eceive s eal ed bids and publicly open
the same for the purchase of the registered special assessment
bonds of the City, mo r e particularly described below:
BOND PR OVI SIO NS
~: City of Engl e wo o d, Colorado , Paving District No.
30, Special Assessment Bonds, in the principal amo u n t of $856 ,000,
dated Augu s t 1 , 1985, consi s ting of registe red bond s in the
denomin -~ion of $5,000 each (the "Bo n ds ").
MATURITIES: All Bo nd s s hall ma ture o n Aug ust 1 , 1996 .
for the p ur pose o f c ompari s on o nly, bids shall be subm itted on the
following estimated dates of pa y ment :
ESTIMATED PAY11ENT O'• ·,. (Au g ust 1)
1986
19 87
198 8
1989
1990
1 9 91
19 9 2
$301,0 00
145,00 0
120,000
8 5 ,0 0 0
85 ,000
60 ,0 00
60 ,000
Th e abov e e s ti ma t ed paymen t da t e s are b ascj u pon past
e xpe rience o f r erlemp tio n b y t he Ci t y a nd the ir ac c ur a c y is no t
g u aran t eed .
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INTEREST RATES AND LIMITATIONS: The maximum net
eff ec tive interest r a te shall n ot exceed f o urteen peccent (14%)
per annum.
A, Intere st shall be payzble to the registered owner
thereof and payable on February
commencing February 1, 1ga6.
a n d August eac h year,
B. Separate or differen t "A" and 11 8" i n terest rates
may be bid f o r each estimated payment date, but bids based on
split interes t rat e s for any one est imated payment date will n ot
be accepted .
C. Each rate stated must be in multiples of one -eighth
(1 /8 ) or one-twentieth (l/20) of one percent (1%) pe r annum.
PAYMEN T AND REGISTRATION : The principa l of and premium,
if any, on the Bonds s h all b e payabl e in lawful money of th e
Unite d States of America t o the r egis tere d owne r of each Bond upon
presenta tio n thereof, at the pri n ci p a l off i ce of The Fir st
National Ba nk of En g lewood , in En g~ewo o d , Co lor ado, as paying
age n t. Int e res t on the Bonds is pay ab l e to the person in whose
name ea c h Bond is regi s t e red, at his address a s it appears on t l1e
registration b ooks mai nta i n ed by or on behalf of th e City by The
Fi r st Na tiona l Bank of En g l e wo od , in En g lewood , Co l o r ado, as bond
regi s trar. The i n itial r egis trat ion of th e b o n ds b y the b ond
registrar sh all be at the issuers ' expe nse . s .dc quent t ra nsfer
and r egis trati o n fe es shall be at the owner 's expense . It is
anticipated th at the Bonds will be issued wi t h s~ch provisio n s an d
in s uch manner as will make th em eli g ibl e for custod ial deposit
with th e Depository Trust Company , New York , Ne w York.
PRI OR REDEMPTION: Bonds are subj ec t t o redemp t ion at
th e op t 'on of the Ci ty, i n direct num erical o rder on any inte rest
;,ayme nt date u pon pa yme nt of par and ac c rued interest .
SECURITY : Th e Bo nds a r e payable so l e l y 'rom s pecial
assessme nts t o be l ev i ed agai n st t h e p r ope rty wi thin th e Distri c t
specially benef it ed b y th e constructi o n and in sta ll ation of the
improveme nt s . In addition , the Charter of th e City an d the
ord inan ce auth o rizing the i ssua nce of Bo nd s pr o v i de: "Whenever a
Public I mproveme n t Di st ri ct ha s p aid a n d cance lle,l f ou r-fifth s
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(4 /5 ) of its bonds outstanding, and for any reason th e remainin g
assessments are not paid in tim e to take up th e fin a l bo nd s of the
district and intere st the r eo n, then the City shall pay said bonds
when due and inte rest due thereon, and reimbur se itself by
collecting the unpaid assessrnents due said district".
AUTHORIZATION: An Ordinance authorizing the issuance of
the Bonds will be considered on first reading by the City Council
on Mon da y, July 1, 1 3 85, and on final reading, on Mon day , July 15,
1985, and will be issued in accordance with Sections 107 and 110
of th e City Charter .
PURPOSE OF ISSUE: The Bonds herein offered for sale
will be issued for the purpose of ~aying part of the cost of
constructing and installing street paving, curb and gu tt e r and
sidewalk improvements, together with necessary incide ntals, on
certain street s within Paving District No. 30 in the City.
TERMS OF SALE
BID PROP OSALS : Any bidder is reouir ed to submit an
un condit ional and wri tte n bid f o r th e e ntir e ·i ssue , spe c i fyi ng th e
interest rate o r rat es and premium, if any, at which the bidder
will purchase th e Bo nds . No bids will be conside r ed for le ss than
par a nd accrued interest. A bid form shall be provid ed by t he
City and it is r eq ueste d for info rmational purposes that each biq
disclose the total n et intere st cost in d o llars and ce nt s a nd t he
n et ef fectiv e interest rat e . Each b i d must also be in a sealed
e nv e l ope addressed t o Mr. Gary R. Hig bee , Direc t or o f Fin ance ,
City of Englewood, 3400 So. Elati St r eet , in Eng l ewood, Colorado
80110.
BID CHECK: Each bid shall be accompanied by a c as hier's
check o r a certified check of a bank or tru s t compa ny made payabl e
t o th e City of Eng l ewood , Co lor ado , in the amount o f ~.OOQ,
or by a cash Cepos it in a li ke an o unt. Such check o r cash deposi t
will be h eld as ev i den c e o f gooa faith pending th e delivery of t he
Bo nds, whi c h deposit (check o r cas h) sh a ll be promp tl y re~urned t o
any such biddec if th e b id i s not a cce pte d .
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TAX STAT US : In the op ini o n :,f b o nd counsel, un der
existi ng law s , re g ul a tio ns , rulings a nd judic ,al decisi o ns, t he
interes t on the Bonds i s e xempt f rom fed e ral i n come taxes under
Se ctio n 103(a) of th e Internal Reve nue Cod e of 1954, as amendecl,
and is also ex empt from Colorado Incom e Ta x under existing laws o f
the State of Colorado. If, prior to the delivery o f the Bo n ds to
the successf ul bidd e r therefor, the income received by private
holders of obliga ti o ns of the same typ e and character shall b e
t a xable or shall be req u ired to be us ed in any in com e tax
computation by the terms of any fed era l or Co l orado law he r eaf ter
e nacted, the successful bidde r, at hi s e lection may , p rior to the
t e n der by the City of th e Bon ds for delivery , be reli eved of t.he
obligation und e r the con tract to pu rchase the Bonds . In such case
the contract to p ur chase the Bonds will termi n ate, and th e deposit
a c companyi ng the p urchaser 's bid wil l be r et urned t o t h e pu rc h as e r
u po n wri tten requ e st th ere for. Any s u ch op ti o n s hall be exe r cised
b y a letter addr e sse d t o the bond co u ns ~l her e inaft e r designa ted
a nd deposited in the Uni ted States mail s , a s first c las s mail,
postag e pr epaid .
SALE RE S ERVA TIONS: t he City re s erve s the privil er,
(1) Of wa iving a ny irreg ulari ty o r informality in any
bid :
(2) Of r e jecti ng any and all bids fo r th e Bon ds; and
(3 ) Of r e off e ring the Bo nds for sa le in any manner ,
permitted by law.
BASIS Of A\·1ARD: The Bonds wi 11 be aw a rd e d to t h e b i dder
o ff e ring t o pur c has e all o f the Bonus at t h e lowe st n et effec ti ve
in t erest rate to th e Ci t y. If h ere ar e two (2) o r more equal
bi ds for th e Bo n ds , and such equal bids are th e best bids
r ec e ived, t he City will det e rmine in its compl ete di scre tion which
bi d wil l be accepted ,
THI E Of ,>.W.~RD: The City will have bi ds ope ned at t he
time herein above spec ified. An ann o unceonen t of th e be st bi d will
be ma de i mmed iat e l y fo ll o wing th e h id ope ning . Th e City intenrt s
to ta ke a c tion t o ,wa r d th e be s t bi d by res o l~ti on of t h e Cit)'
Co un ci l at a mee ting t o b e h eld on July I, 1985 .
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MANNER AND TIME OF DELIVERY: Th e deposit from the bes t
bidder wil l be c r edited to th e purchas e at the time of d e li very o f
t he Bo n d s; (wi tho ut accruing interest). If th e succe ssful bidder
for th e Bonds fails or neglec t s to co mplet e th e purchase of t h e
Bond s wi t hin ten (10) day s n ex t after the Bonds are made read y and
a r e tendered by the Ci ty for d e livery, th e amount of th is dep osi t
will be forf e ited (as liquidate d dam ages for n o n compliance with
th e bid) to the City, exc ep t as h erei nafter pro vided. I t is
a nticipated that deli v ery of t h e Bond s will be on or abou t August
16, 1985.
PAYMENT AT ANO PLACE OF DELIVE RY : Th e successful bidder
o r bidders will be requir ed t o accept delivery of, and t o make
p ayme nt of the balance due for, the Bo nd s :
( 1) At some bank or tru st c om pany in Denver, Colorado;
or
(2) At the succes sful b idder 's request and ex pe n s e, in
e ither New York City or Chicago.
Payment of the balance of th e purchase p ri ce due at d e liv ery must
be made inf d er a l fun ds or other fund s acc eptab l e to the City and
to th e ba~k or trust com pany desig n a t ed as the place of delivery
t o r im m~~l ate a nd uncondition a l cred i t to th e Ci ty , o r as directed
by the C1ty . Th e ba lance o f the pu r c h ase price, inc lu d i ng any
premium, must b e p aict i n such fund s an d not b y ca~cellatio n of any _
interest, no r by any waiv e r of in te r es t , no r by any o ther
co ncession as a substituti o n f o r such f unrls .
CUSIP NUMB ERS: It i s anticipated th a t CUSIP
i dentifi c ati on n umbers will n ot b e printed on th e Bo nds .
LEGAL OPINION , BO NDS AN D TRA NSC RIPT: The l e g a lity o f
the bond issue will b e a pproved by the firm of La mm Edst rom &
Brayme r, P ,C., 600 17t h St r e et , Su i t e 2500 Snuth To wer, Denve r ,
Co l orad o 8 0 202 , who se unqua l ifi ed ap prov ing op inion , v ,ge t he r
wit h th e prin t ed bo n ds , a ce rtif ied tran scr ipt of th e p r ocerdi n g s ,
including a c ert if i cate s tating th a t t he r e i s n o l i t i~a t ion
lJ en d i n g affe ct i ng th e v a li d ity of th e fl o n ds as o f th e da t e of
their de liv e r y , and o t h e r c l os ing docu•en t s , will be fu r ni s he d t o
th e p ur c h a s e r. A c er ti f i ed true copy of t he appr ov i ng op ini o n o f
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bond counse l for th e issue will be printed on each b o nd there of at
th e City's expe nse. Bond counsel's approving o pinion will recite,
in conventional form, that bond c o unsel has examined the
constitution and laws of the Sta t e of Colorado and a certified
copy of the record of the proce e dings 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 du e legal
form. The opinion will express an unqualified opinion as to
legality, as to tax exemption of interest and as t o the security
consistent with the provisions of th e paragraph of this notice
entitled "Security•.
Th e matters passed upon by b o nd cou n sel do not extend
b e yo nd those mentioned in the preceding paragraph. The opinion
will state that bond counsel has not independently investigated or
verified the adequacy and accuracy of the information con tained in
the Offi c ial Sta tement, Prospectus, Offe ring Circ ul a r. or other
similar documents, if any, and therefor assumes no responsibility
for th e accuracy, completeness or fa irne ss of a ny statements made
in connection with any purchase or sale of any 0f the Bo nds.
I NFORM!\TION: This Official Notice of Bo nd Sale, and
financial and othe i nf o rmation concerning th e Dist rict and the
bonds may be obtained fr om Hanifen , Imh o ff Inc., \ \25 17th St reet,
su i te 1800, Denver, Colo r ado 8 02 0 2, or Gary R. Hi g bee, Director
of Financ e, City of Englewood , Co lo r ado, 34 00 So . Elati S tree t,
Denver, Co l o r udo 80110 .
By order of the City Co un cil o f the City of Engle wood ,
Colo rado , this 2 0th day of May , 19 85 .
/s / Gary R. IHabee
Directo r of Financ e
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SUMMARY NOTICE OF BOND SALE
$856,000
CITY OF ENGLEl,OOD, COLOR .. DD
SPECIAL ASSESSMENT BONDS, PAVING DISTRICT NO . 30
Sealed bids will be received at the off ice of the
Directo r of Finance of the City of Englewood, Colorado , 3400 so.
Elati st ., in Englewood, COlorado 80110 .
Sale Date:
Time :
Bonds Dated:
Maturi tie~:
Legal Op inion:
llonday, July l , 1985
2:00 P.H . local time
Augu s t l , 1985
August 1, 1996
Lamm Edstrom & Braymer, P.C.
Denver, Colorado
Fe r copies of the official Notice of Sale and Official
statement of the City, pl e ase contact the Financial Consultant of
the City, Hanifen, Imhoff Inc., 1125 17t h Stre et, Sui te 1800,
Denver, Colorado 80202, or the Director of Finance of the City,
3400 so. Elati, Englewood, Colorado 80110 .
Dated as of Hay 20, 1985.
Gary R. Higbee
Dire ctor of Fina n ce
En glewood , Col orado
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3 . Fin ancial Co nsul t ,rnt . In addition to the
publication o f t he noti~e of sa l e, th e Director of Finance and the
Financial Co,,s ul tant are aut hor ize d t o fo rward a copy of th e
Pr ospec tus and riot ice of sale to those investme nt banking firms,
ba nk s and othPr s who might b e interes t in bidding on bonds o f the
City, The prior actio n o f t~~ City Council i n d es ignating
Hanifen, Imhoff Inc ., De nver, Co l orado , as Financial Consul ta nt tn
the City, is hereby ratifi ed a nd app r o ved; and that th e f ee pa id
or t o be paid to s uc h firm is f a ir and r eason able c ompe nsation for
services in ac-t.ing ,,s Fin a ncial Co nsultant. Hanifen, Imhoff Inc.,
may either alo>n e or with othe rs , subm it a bid for the purchase of
the bonds, a .id in such event, the fee pa id o r to b e paid for
financial advisory s ervic es shall n ot h e deemed a disco'l nt for
p ur poses of the par sale requir ement ,
4 . Sevcrability. That if any o ne or more sections or
parts of thi s Reso l ution shal b e ad judged un e nf orce abl e or
invalid, suc h judgment shall no t affect, i'Tlpair o r invalidat e th e
remain i ng provi s i o n s of thi s Resolution , it being th e intention
tha t th e v ar ious pr ov isions hereof ace sever ab l e .
ADOPTED AND APPROVED Th i s 20th day of 'lay , 1985 ,
( S E A L )
' / Mayor
ATTESTED :
1, Ga r y R. Hi gb e e , ex of fi c i o Ci ty Clerk-Treasu r er
of til e Cit v of En g l e wood , Co l o rad o , he r eby c e rti t y t hat t h e
above a nd io rcgoi n g i s a t ru e , o cc ur 3 t e ~nd c orn p l e ►c co py o f
Reso luti o n r:o . 9..!fd_, Serie s C'lf 1985, ad op t ed an C Lpprov e d the
20 t h J ay of Ma y , 19 85 .
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