HomeMy WebLinkAbout1985 Resolution No. 023RE SO LUTION NO. cx3 , SE RIES OF 1 9 85
A RESO LUTION AWA RDING THE CO NTR AC T FOR THE PURCHASE OF
GENE RAL OBLI G.>,TIO N WATER RE FU NDI NG BON DS , SERIE S 1985, OF TH E CITY
OF ENGLEWOOD, COLORADO, IN T HE PRINCI PA L AI-I OllNT OF $5,108,008,
s, oas,o~o
WHEREAS, th e City o f En g l•,wo od, Colo ra do, ha s pr e vi o u s ly
author ized and issue d its Gen e r a l Oblig a tio n Re funding Wat er
llo n ds, Se ri es 1978, dated Au gust 1, 1978, i n the orig i nal
p rin ci p a l amo unt o f $8 ,4 55 ,000, o t wh ic h there is p r ese ntl y
o u ts t a n di ng th e pr i ncipal a mo unt o f $4,7 4 0,0 00 ; an d
IIH EREA S , the City ha s also au tho rized a nd i s s ued its
Ge nera l Ob liga ti o n Wa t er Bo nd s , Se ri e s 19 8 0 , d a t ed Jun e 1, 19 8 0,
in the o r i g inal p ri n c ipa l am o unt o f $1,300,000, of wh ic h t h e r e is
pr ~s ently o utstan d in g the principal amo un t of $1,260,00 0; an d
WHE REAS , t he City Co unc i l h as d e t e rmined that a ll o f t he
o u tsta ndin g b o n ds o f th e i ssues d ~s c ribe d a bo ve s hall b e r e f u n ded
fo r the pur pose o f r ed uc i ng th e tot a l pr i n cipa l and i n teres t
pa yab l e o n such o b l igatio ns ; a nd
WH EREAS , the Cit y Coun c il h a s h e r eto fo r e rec eived fr o m
'1iau4.cL~!Jtf~ , of De nver, Co l o ra do (t~e "Pur c hase r "),
acting a s a prin cipal and u nde rw riter , a nd n o t a s an a g ent, an
o ff e r w pu rchase s't:.~~;~~e> of th e City 's r ef un d in g bo nds to
ac com pli s h s aid r e fun di n g , wh ic h proposa l i s h ere t o att ac hed a s
Exh i bi t "A"; an d
WH EREA S, sa i d p r opo sa l h as been det e rm i n ed by t h e City
Co uncil t o c o mp l y wi th th e a p plic ab l e provis i ons of t he l a w an d t o
mee t a ll o f t h e n e c essary t e rm s a n d c o nditio n s [or sa id r e f u nd i ng ;
n.nrl 5 , 3as ,oo o
WH ER EAS , t h e SS,1 89 ,0 08 o f r e f undi ng bo nd s h a ving b e en
c e r t if ie d to th e City Co u nci l t o b e su f fi ci e n t , t oge th e r wi t h
o t he r l ega lly a va il able fun ds o f the Ci ty, to ac c omp li sh said
r efundi n g , by th e pu r chas e , pu r s uan t t o a n d a t t h e p r i ce i ndi c a t e d
in sa i d pr opo sal , o f non-ca l l a bl e 11 fe riera l securit i e s " as de f in e d
by Su bse ctio n 1 1-56 -103(2), C ,R,S ,, n ece ssa r y t o proper l y f u nd t h e
r e fu n d i ng e s c r ow account r e qu i red t o comp l e t e s a i d r efundi ng ;
BE IT RESO LVED BY TH E CITY CO UNC IL Of THE CIT Y OP
ENG LEWO OD , COLORAD O:
-1-
-5,oal.5 ,000Sectio n L Award of Refunding Bonds , The award o f
S,;..,lB0,800 of Gener a l Obligati o n Water Refun d ing Bo n ds , Series
1985, dated July 1, 1985 (the "Refunding Bo nds"), is hereby made
to th e Pu r chaser in compliance with and includi n g the detail s
stated in the purcha~e propos a l of said Purchaser,
Sec tion 2, Purchase Price , The Refunding Boncls are
hereby sold to th e Purchaser at a purchase J?rice of s5, 3.ilS,000,
plus accru ed intere st to t he dat e of delivery, said price being
such that the ne t e ffective interest rate for the Refun d ing Bond s
is 114()5'/ \ per annwn, and the net inte r e st co s t fro" date to
mat urity of said is sue is ~. -!i'fO, "fq I.~ 1.
Section 3, Investment s . It i s hereby determi ned t hat
th e City Council sh o uld also accept and agree to the in ves t me nt o f
such refunding bond proceeds and the other funds and monies in the
n o n-callabl e federal s e c 'Jriti es designa t ed in the purchas e
pro posal a nd that said ob :.'.iga t ions , pur s uant t o an d at the price
se t forth i n said proposal, sh al l be acquired thr o ugh t h e assist-
ance of the Purcha se r of the Refunding Be nn s .
Section 4. Execu ti o n of Pur c ha se Pr ooo s a l. The
exe c ution of the purcha se prop o sal by the pr ope r officers and
of fi c ials of the City i s h e r e by re affirmed , an d t hey are dire cted
to do all thin g s which ar e nec essary an d desirab l e t o accomplish
a nd comp l e te the r efun ding proc edu r e .
Section 5 . Re peal er . All resoluti o ns , or par t s
thereof , in conflict her e with ar e he r eby r epea l e d , but only t o th e
ex tent of sue h c onflict .
Section 6, Severabi l ity . In the event that a ny pa rt or
provisi o n of this Res o l ut i o n s h o uld b e judi c ially held invalid o r
un e nforc eab le, such r uli ng shall not affect t he r el'l aining parts
and provi s 1 o ns he reof, the inten ti o n bei ng th at e a ch s uch par t an d
provision is severabl e,
I
I
Section 7, Effective Da te . This Re solut.on shall t a ke
effect immediately upon its adoption and appro val.
ADOPTED AND AP PROVED This 20th day of May, 1985,
( S E A L )
ATTESTE:D:
I, Gary R. Higbe e , ex offic io Ci t y Clerk-Treasurer o f tile
City o f Englewood, Colorado, hereby c ertify tha t the above and
foregoing is a true, a ccurate and complete copy of Resolution
No.,.:;/3, Se rie s of 198 5 , adopted and approved the 20th day of
Ma y-;-T§ss.
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EXHIBIT "A"
(Attach copy of purchase p r.oposall
INFORMATIO N TO BE INSERTED MONDAY, MAY 20, 1 985
-4-
Gary R. Higbe e ,
· of Engle;;ood
South Elat i
~"WOod, CDlorado
Mr. Higbee:
OFFICIAL BID FORM
FOR THE PL'RCHASE Of
S5, 180,000
CITY Of ENGI..ElsOOD, C:01.0RAOO
GD,'ERAJ. OBLJGATION WATER REruNDlt,l; BONDS, SERIES 1985
DATED JULY I , 1985
finance Director
80ll0
Reference is made to your "N:lt ice of Sale" dared May 7, 1985 and your "Pros_pecc us" ,;;:.1 <-r tainil)g
thereto, both of which constitute a part hereo f, concerning the S5,'-:0,,000 Ciry of J:.uglelol'.>0el.
Colorado, General Oblig ation Water Reftnding BoCICls, dated July 1, 198
for your legally issued Bonds, as described in said notice, we will pay the orincioal amounr
t !'-~:e~f (~5, l G0,0GO), and accrued in cerest thereon ircm the dare of the BoOO S to tlie date of
their de! ,very to us, pl us a cash premi un of ~ -0-for the Bonds maturing Aug us t I, the
macur icy scheclule as sec forth bel ow, and bear mg interest as follows:
MATURITIES: The Bond s shall mature on Augu s t 1 in each of the designated amotnts
fol lows :
Year Princ ieal Arount lnteresr Rate
19 8b S830,000 ', %
JG~7 445 ,000 <;. 5
19GS 48 0 .000 \. -:
1989 ~;o ;ooo 't ·~·1,.-
199 0 180,000 ~..,-
19 91 30 0 ,000 ~-
1992 330,000 ~:,;-
199 3 360,000 -,
19 9!i 390,000 -7--
1995 435,000 _]__
1996 47 5,000 7
19 97 345,000'' ~-i t
* St.bject to change.
Our calculati on (which is no t pare of chis bid) of the net inte rest cost :rcxn the above is:
Gross Interest CD st
Less Any Premiun
Total Interest Cost
Net Ef feet ive In terest Rate
J-:;'Y..J 'fee
7,l l' ~-:::s ·
Enclosed herewith is a cashier's check of a solvent bank or trust canpany, payabl e co rhe City
of Engle.uod i n t he a:nounr of SlOOiOOO, which dep:isit is subm itted in :sc cordance with the rerms
o f the Notice of Sale and which wi I be returned to the tnder signed ii t he bid is not ac ce pt ed.
I is understood tha t all bids will be ver ified and ccxnpa red in det erm ining the l owes t net
nreresc cost by us ing the Tabl e o f Bond Yea r s illustrated on 1h e rever se side of chis Bi d
nn.
spect fully subm i · ted ,
• // I I /' 1, L 1 ·.1 '1 (,../ 4/! -, l\anager .Addre ss:
. t·nit'-'d Rank o 1 D,·nver 17 00 Broadway Pee ver Cc lo {VJ17L1
TABLE OF BOND YEARS
$5,180,000
CITY OF ENGLEWOOD, CO~ORADO
GENERA L OB LIGATION WATER REFUN DI NG BONDS, SERIES 1985
DATED J ULY I, 1985
ANNUAL CUMMU LATIVE MA TUR IT Y PRINCIPAL BOND YEARS BON D YEARS
8/1/86 $830,000 $ 899 .1 4 $ 899 .14
8/1/87 445,000 927 .07 1,826 .21
8/1/88 480,000 1,479.98 3,306.19
8/1/89 510 ,000 2,082.48 5,3 88.67
8/ 1 /90 280,000 1,4 23.32 6,811.99
8/1/91 300,000 1,8 24.99 8 ,636.98
8/1/92 330,000 2,337 .49 10 ,9 74.47
8/1/93 360,000 2,909.98 13,884.45
8/1 /94 390,000 3,542.49 17,426.94
8/1/95 435,000 4,386.24 2 1,813.18
8/1/96 475,000 5,264.57 27,077 .75
8/1 /97 345,000 4,168.74 31,246.49