HomeMy WebLinkAbout1983 Resolution No. 023RE SOLUTION NO.~, SERIES OF 1903
A RESO LUTION PROVIDING FOR THE NOTICE OF SALE OF USE
TAX RE f'lJN DING REVEN UE BONDS OF THE CITY OF ENGLEWOOD , COC.ORAOO, !N
'l'II E PllI NCTL'/1 L AM C,JN'I' Ol' $2 ,32 0,0 0 0 ANll l'llOVIUlNG l'O H 'I'll!:: l'UULICA -
TIO N OF THB NOT ICE.
WH EREAS, the City o f Engl e wood , Colo rado , has by Or di-
nance No . 59 , Series of 1981, passed and adopt e d on August 3,
1901 , aut hori zed the issuan ce of its Use Tax Rev e nu e Bond s , Series
1981A in the principa l amount of $465 ,000, dated September 1,
1981 , and Use Tax Revenue Bonds , Series 1981 B i n the princi pa l
~mou nt r,[ $1,7 50,00, dntecl Scr,t e mb cr 1, 1~01 (cu l lectiv e .l y , tl 1c
"Outs tanding Bonds"), a,"\d
WHEREAS , the Out standing Bond s a r e p a yabl e fro m th e u s e
tax es imposed a nd collected by th e Cit y , and co n s titute a f ir s t
a nd pr ior lien o n such pledg ed revenue s 1 and
WIIE !lEAS , the r e ar e presently outstanding $450 ,000 o f the
Seri e s 19 01A Bo nds and $1,605,000 of the Se ri es 19018 Bond s ; a nd
WHE REAS , the City Council has d e t e rmined that by refund-
ing the o ut st andi ng Seri es 1901A an d Serles 19010 Uond s , t hen,
will r e sult a subs tantial r eduction of the total principal a na
interest payable on such obligations ; a nd
WHERE AS, Section 106 of the City Ch a rt e r provides that
th e Ci ty Coun cil may authorize t he i ssuance of refunding bonds by
o rd1na11ce , wi th o ut a n e le ct io n , for the p urpo se o f paying ou t-
s t anding bond s of the Ci ty; a nd
WHEREAS , the ref undi ng bonds a nd tbe intere st ther eo n,
shall be pa yable from the spec ia l fund pl e dg e d t he r ef o r to
c ~ntain t he proceeds of th e u s e ta x port i on of the sale; and J se
tax impo sed and collect e d by the City; a nd
Wll ~H,;As , in ac cord.:ince wi t h the provi s io ns of t he C ity
Ch a rt er , i t is ne cessary to adve r ti s e for th e s a l e of the bond s ;
UI·: I'!' HE SO L,\IED 11¥ '1'1-11 •: CI'l''l COUNCIL, 01-' 'l'111 ·: Cl'l''l 01-'
EN GLE \iO OD, COLOR ADO:
That notice of sale of the bonds in the total
principal amount of $2,320,000, shall be given by publication in
one iss ue of the Englewood Sentinel, a newspaper published and of
general circulati o n in the City, in t he edition d ated May 10 ,
19UJ,
2. The form of the not i ce of sal e shall be s ub stan-
tially as follow s:
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I
I
NO 'rICE: OF SAL E
CI '!'Y or ENGLE WOOD , CO LOR/\DO
USE TAX REFUNDING REVENUE BOND S , SRRIR S 190 3
$2 ,320 ,000
BID OPENING: TUESDAY, MAY 31, 1983, 2:00 P,M.
NOTI CE IS HEREBY GIVEN Tl at th e City o f Englewood,
Col o rad o., will receive seal e d bid s a t t h e of fic e of the Director
o f Finance at t h e Municipal Building, 3400 So. Ela ti Street, in
Englewo od, Co lo rado , until 2:00 P,M., on Tuesday, May 31 , 1983,
fo r the purchase of Use Tax Refunding Re v enue Bonds, Se r ies 1903,
in the p ri ncipa l amo unt o f $2,320,00 0 .
The bo nds will b e n e gotiable , coupon bonds, will b e
d ated June 1 , 1983 and b e in the denomi n atio n of $5,000 each,
num be red 1 to 464, inclusiv e , It is anticipated t~a t d e l ivery o f
t hi s iss ue of bonds wi l l be evidenced by a singl e , temporary bon d
in t he pri n cipal amo u nt and denomination of $2,320 ,000, to be
e xc ha ng ed a t a l a ter date for printed bonds in t he denomination of
$5 ,000 e ac h, wh e n d ef initive bo nd s a re p rin t e d and are avail a b l e .
The bo nd s will be a r interes t at a waxim um net ef f ecti ve intarest
rat e not e xc eeding 10% per annum, evidenced by one set of interes t
co u pon s o nly , pay a b l e on Novemb e r 1, 19 8 3 and semi -annually
t h ereafte r o n May 1 and No v ember 1 ea c h y c ur, u nd 111 u tut::L' ~c,;,ri .:i lly
on 1>.Jove1111ber i a s fol l o ws :
Amo un t
$ 45 ,,000
75,000
100,00 0
15 0 ,000
200 ,000
225,000
275 ,00 0
350 ,000
40 0 ,000
500 ,00 0*
Ma t ur ity
1904
1985
1986
190 7
1988
1989
1990
19½ 1
1992
199 3
*'r h e cimoun t maturing i n t h e year 19 93 i s su bj e c t to
cn any e , and will be determ in e d a f te r the b id o pen i ng .
Bo nd s maturing on or be f o r e No v em be r 1, 1986 , sha ll not
be re d ecmuh l e prior to the i r rt!spe c t i v e 11t-.1tu rit y cl u t c s . 'l'hu sc
bon d s ma t uring on No ve mber 1, 19 87 and t he r eilf.t e r , a r e rerleemubl c
a t the o rti o n o [ t he Ci ty on No vem ber 1 , 19 06 an d o n any in t erest
rayme nt date t he r ea ft e r , in inv e r s~ nu me ri cil l o rtl er , upon puyme n t
of par , uc e ruc d int o r e !;t .:incl .:i pr v111 i u111 ol: 1 ·i o l. l:.110 pr i nci p .:.l!
amo un t eo redeeme d .
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The principa l o f and inte rest on the bonds sh al l be
payabl e at The First National Bank of Englewood , in Englewood,
Colorado.
The bonds will b e awarded on the basis of the bid
resulting i.~ the low est net inter.est co ,it f:or the boncl~. '1'111.,
low est ne t i n t e res t cost is defin ed as the total amount of inter-
est to accru e from the d at e of issue to th e dat e of maturity ,
without regard to the prior redemption provi sions , J ess the amount
of cash premium bid, if any . Bidders are requested to set forth
th e net int e r es t co ~t a nd the? 11 ot e [fcctive intcren t r~t e in tl1eir
bid . No bi d for less tha n th e par amount will be accept ed .
I n terest rates sho uld be st ated in multiple s of twentieths or
eighths ·of one per cent. The maximum al lo wab l e spread betw een the
highes t a nd lowest interest r a tes bid is 2.0%. The maximum number
of separate interest rates allowed s hall be :ive, although the
same in tere st rate may be repeated. No more than one interest
rat e s houlJ he hid for each 1n a tt1rity.
The bid for the p •Jrchase of the bo nds must be with ou t
condition or reservation an d must be 11c comp .:in ied by a certif ied or
cashiers ch eck on a bbnk or tru s t c ompa ny payable to the City of
Engl e wood in the amount of $50,000 . Checks of un success ful b idd e rs
wi 11 be retu rned promptly after bid opening . The check o f the
successful bid d er will be retained , without i nte rest, and ap plied
on bond p urchas e if t he purchase is completed, oth erw i se as
liquidated damages .
•rhe bonds will be issued for the pu rpose of refunding
valid and outstanding u se tax rev e nue bo 11ds of t he City. Th~
principal of and intere st 011 th e bon d s will be payabl e from the
special fund pl edged for the pa yme nt o f principal and interest, to
contain the use tax portion of the sa les and use l ax im po sed by
the Ci ty of Eng lewood . The bonds sha ll co nstit ut ~ 1 fi r st and
prior lien on the s pe r.ial fund , a lthough not n"cessar i l y an
exclusive first lien. A more de ta i l ed summary of the bon d repay -
ment provi s ions appears in tl10 Prospec tus. The bond s do not
constitute an in debtedness of the Cit;· within the meaning of any
constituti on al , stat utory or charter l im itation or provision, and
zhall not be con si dered or he ld to be a general obl ig a tion of the
City, The holder of the b onds may not look to any general or
other fund o f the City for the payment of the principa l of or
interest on the bond s .
The award of the b0nd s wi ll be made by th e City Council
at the regul ar meeting en Mon da y, June 6 , 1903 , at 7:30 P.M., or
at an adjournment of the reg ular Council meeting on that date,
The City of Englewood reserves the pri vil e ge of waiving any defect
o r irregularity in uny bicl, and th e riylit to n:ject uny ~nd .:.i ll
bids fo r the purc has e of said bonds .
De livery of th e bonds will be ma~e at any bank or trust
company in ei th e r 8nylewood or Denvvr , Co loL·.::1d o , or u l sew hcr0 ~1t
the request and e xpense of th e purchaser . It is anticipn t ed tha t
delivery of the bonds will be on or about June 2a, 1903,
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The City will furnish the executed bonds , a certi fied
transcript of legal proce edings a nd th e approving l e9;;1 l op i nio n.
The legality of the bonds will be approved by Messrs . Lamm Edstrom
& Braymer , P .C., At torne ys at Law, Denver, Co lo rci d o , whose
legal opinion will be pri nt e d on eac h b o n d , Donel counsel 's
approv ing opi nion will r ecite, in con\'e nti onul r o r111 , t h ;it bond
t:1 ;u11 ~;c.d l1 c:1:.; u x,:u11incU th e Cc,11:-;titu tion ,:rn d La w::; ul Llw ~H . ..il:~ 0 1.
Colorado and the Ch arter of the City, a certifi ed c opy of the
re cord o f the pro ceedings of the City taken preliminary t o and in
th e iss u ance of the bonds, a nd bond numb e red o n e of sa id i ssue ,
and tha t t he Bond ha s been properly execut e d und i s in clue lequl
f o r m. Th e opinion will s tat e that the bond H are valid ;;1 nd lega l ly
bi nding upon the City , pay a bl e so l e ly from th e s pecial fund
descrihed above , and th at th e ob ligation,; incur red by t110 Ci ty in
issuing t he bonds are subj e ct t o applicable l aws of bankrupt cy a nd
the reasonable exe rcise of the police power of the State . The
last paragraph of the opinio n will e x press an unqua lif ied opinion
as to the e xernrt ion of' interest on th e bond u f:rom fc d cru l t:ix:ii-. ion
and Crom Lux..:.1t1 .J11 by th e 8 t ute o( Co l orudo .
he matte rs passed upon by bo nd counsel do no t e xt end
beyo nd those me ntione d in th e preceding paragraph . •rhe opini on
will stat e that bo nd coun s e l has not indepe nd ently invcsti<J;it ed
or v eri fi ed the adeq uac y a n d accuracy o f the in format io n co n-
tained in the Official Statement , Prospectus, Offe ring Circul ar or
other similar documents, if any , and ther efo r e assumas no r e -
spons ibil i ty fo r th e ac curacy, compl e t eness or fa irn ess of ;iny
st atements made in connection with any pur c hase or sa l e of any of
~h e bo nd s .
Ad ditiona l infocmation concecning thi s i ss ue ;;1nd th e
City may be obtai ned from Mr, Gary R. Higbee, Director of Pinance,
Mun i cipa l Building , 3400 So, Elat i Street, Englewood, Colorado
801 10 , or f rom Hanifen , Imhoff Inc., 112 5 Seventeenth Street,
Su ite 1700 , D·enver , Colorado 80202, the f i nan cial consultant to
the City , The Ci ty Council has expressly consented in writ ing to
authorize Hanifen , Imhof f In c ., eithe r alone or wi th others , to
s Jb rnit .:-1 bict (o r the purchase o( this issue of bo ncl s .
DA TED at Eng l e wood , Co lorado , as of the 16th d~y of
May , 19 83,
{ S E A L
AT"rES 'l':
/s/ Gary R. Hig bee
Director of finance ,
City of Engl e 1~od , Colo rado
Pub! i s l1 in :
Puil .l i s l1 on :
En gl e wood Se nti nel
Mily 10 , 19 0)
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/s/ Eugene L , Otis
Mayor
City of Englewood , Color;;1do
3. In addition to the publication of the notice of
sal e , the Director of Finance and the Financial Consultant are
authorized to forward a copy of the Prospectus and notice of sdle
to those investment banking firms, banks and others wh o might b e
int e r es ted in bidding on bonds of the City. The prior acdon of
the City council in designating Hanifen, Imhoff Inc., a o Finan-
cial Consultant to the City, is hereby ratifi ed C1ncl a p p r o v e d;
and that the fee paid or to be paid to such firm is fa i r and
r easo nable compensation for ser vice s in acting as Financial
Co ns ultant , Hanifen, Imhoff Inc,, may, either alone or with
others, submit a bid for the purchase of the bonds, and in such
ev e nt , the fee paid or to b e paid for fina ncial advisory s erviccc
s hall not be deemed a discount for purposes of th e par sale
requi rment .
4. That if any one or more sections o •· par , of t his
Re sol ution shal l be adjudged unenforceable or ,r-v~l ~d, such
j ud gme nt shall not affect, impair or invalidate thu temaining
pro vision s of this Resolution, it being the intenlion that the
vari ous prov isions hereof are severable,
ADOPTE D AND APPR OVED This 16th day of ~ay , 1903.
( S E /\ L I
/\'l"l'li S'l':
f:-4r$~f~
ex o f ficio Ci t y Cle rk-Treasurer
I , Ga r y ll. Higbee, e>-c f ficio City Cle r k -'l'rce\sur e r of the
Ci ty of En g lewood , Colorado , hereby certify that the above and
fo r e going i s a true, a ccurate and complete copy o f Rc Aalution
Mu .c.f;J __ S c,r '-"~ u[ l 9U3.
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