HomeMy WebLinkAbout1983 Resolution No. 025I
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RESO ,!,UTION NO, ~,5', SERIES OF , 1983
A RESOLUTION PROVIDING FOR THE NOTICE OF SALE 0 ~' SPl::CT,AL ASSBS S-
MEN'r BONDS l'OR PAI/ING DISTRICT NO, 29, IN THI:: PRINCIPAL AMOU N'l' 01•'
$349,100.
WH ER l::AS, by Oril i nance No, 16, Ser ies of 1983, finally
pa ssed and adopt e d on Ape :. 1 8 1 198 3, the City Council has create·a
Paving District No, 29, in the City of Englewood, for the pu r pos e
o f constructing and installing street paving, curb and gutt e r and
s idewalk im provements, together with necessary incidenta ls, on
c~r tan st reet with in the District, and
WI-IBHEAS, the City Coun cil has determin e d that it is
nece ssary to p rovide for the i ssuance of bonds in the a mount not
exceeding $349,100 to pay fo r part of the cost of said improve-
ments , t he p rincipal of a nd in terest on · th e bonds to be pay a bl e
r o m special asses sments to be levied against the proper t y within
t he, ll i s t rict and spec ially benefited by th e improvement s to be
c ons truct ed a nd inst a l l ed ; a nd
1/!IERE AS , in accord a n c e with tie p rov i s i ons of th e City
.·, i c i s ne c essary to a dv e r tise fo r th e s al e of said bonds;
1>L I T HES OI.VED BY '!'HE C I 'l'Y CO UNCI L OF 'l':JB C I 'l'Y OF
_jG LEWU OD, COLOR AD O:
1. That notice of sale of bonds of the City for Paving
District No . 29, in the principal amount of $349,100, shall be
given by publi ca tion in one issue of the Eng le wood Sentinel, a
newspa pe r publis hed and of general circulation in the City, in the
edi t ion d ated Ma y 1 8 , 1983.
2. The form of the notice of sale shall be substan-
tially as follows:
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J.
NOTICE OF SALE
CI'r¥ OF ENGL EWOOD, CO LOR/\DO
PAVING DI STRICT NO, 29
SPECIAL ASSESSMEN T BONDS , $349,100
BID OPENING: MONDA¥, JUNE 20 , 1983
2:00 P.M . M.S .D.T.
NOTICE IS HEREBY GIVEN That the C ity of Englewood,
Color a do , will rece iv e sea l ed bids at the office o f the Direc to r
of F inance at the Municipal Building, 3400 so. Elati Street , i n
Englewood, Col orado, until 2:00 P .M ., on Monda y , June 20, 1983,
for the EJUrchase of Speci a l As s essm e nt Bond s in the princi-
pal amount of $349 ,100, of the City of Englewood, Colorado for
Paving District No. 29. The bonds will be dated August 1, 1983,
and due Aug u s t 1, 1994, subjecL to prior redemption in direct
numerical order o n any intereet payment date upon thirty (30) days
pub li shed not ice , upon payment of par a nd accrued interest. The
bonds shall be in the denomination of $1 ,000 each, numbered 1 to
350, inclusive, e xcept for Bond No. 1 which will be in the denomi -
nation o f $100. The bonds will be regis te r e d as to both pri ncipal
and interest . The transfer agent for this issue of Bonds will be
The fir s t Na tio nal Bank of Englewood , Englewood, Colorado,
The intere s t on the bonds shall be payable on Feb-
ruary 1, 1984, and semiannually thereafter on February 1 and
August 1, each year.
For the purpos e of compariso n onl y , bids shall be
submitted on the following estimated dates o f paym e n t ,
Amount Esti'1lated Pa;tme nt Date
$124,100 August 1, 198 4
60,000 August 1, 1985
45,000 August 1, 1986
35,000 August 1, 1987
35,000 Augu s t 1, 1988
25,000 hug ust 1 , 1989
25 ,0 00 August 1, 1990
'!'h e above estimated payment dates are based upon pa s t
experience o f redemp tion by the City and their accurdcy is not
guaran teed.
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Th e bo nds wil l be a r interest at a ma ximum net effect iv e
int erest rat e no e xce eding 12% p er an num, a r.d will be sold at
not less than par and accrued interest to the date of delivery.
Different or separate "A" and "B" interest ra tes may be bid for
each estimate d paym ent date, but b i s 1.,a ·eJ o n s pli t inter est
rates for a ny one estimat ed payment d a t e wJ 11 no t be :icce pted .
Subject to the r.ight of t he i:ity to r ej ect a ny and all
bid s receiv e d , the bonds will be awa rd e d o r. tile bid r e prese nting
the lowe st net c ost to the City b ased e pon t i,-e, est imat e d dates of
paym e n t as s et fo r t h above .
'!'he bonds are being issued to pay art of the co s t of
constructing and in s talling street pavi ng, .:urb and gu tter and
sidewalk improve~e nts. The bonds are p aya bl e solel y from spec ia l
assessme n t s to bQ l~v ied against th ~ p ro e rty within the District
specia lly benefit ed by the con s truct i c n a1 :c1 in s tallation of the
impr o v e me nt s . l n -::.ddition, th e Ch \;r ter of the C ity and the
ordinance authoriz i ng the issu a nce o f bonds provide: "Wheneve r a
Pu bli c Improvem e nt Oistrict h as paid and c ancelled four-fifths
(4/5) of it s bonds u ut s tandin g , and for any r eason the r ema ining
assessments are not paid in time to take up the fi nal bonds of the
district and interest thereon, then th e City shall pay said bonds
when due and interest due thereon and reimbur s e itself by collect-
ing the unpaid assessments due said district",
All bids must be unconditional and shall .>e ar:co111panied
by a cashier 's or cer·tified ch eck in the amount of $10,000
payable to the City of Engle wood. Checks of unsuccessful bidde rs
will be promptly r e turned, The good faith depo s it will be
credited to the p u rc h aser at the time delivery of the bonds is
made ; if the succ. •es ful bidd er shall fail or neglect to complete
the purchase of th se bonds in accordan ce with the bid , the amount
of the deposit shall be he ld by the City as liquidated damages,
The City of Englewood reser vea the privilege of waiving
any d efect or irregularity in any bid, and the right to reject any
and all bid s for t h e p urc hase of said bonds.
The award of the bonds wi ll be mad e by the Cit y Council
a t t he meeti ng o n June 20, 1983, at 7:30 P,M ., or at an adjourn-
me nt of the Counci l meeting on that date.
Delivery of t h e bonds will be made a t any ba n k or trust
company i n ~ither Englewo od or Denver , Colorado , or elsewhe re at
the reques t and e xpense of the p urchaser . It i s ant i cipated that
deliv ery o f th e bonds will b e on or about Aug us t 9 , 1983 .
'!'h e C i t y will fu rn i sh th e e xecuted bond s , a c e rtified
t ranscrip t of legal proceedi ngs and the approving legal opinion,
The l e gali t y of th e bonds wil l be approved by Me ss rs. Lamm Edstrom
Br a ymer , P .C ., Attorney s at r,a w, Denv"r , Colo r ado, whose legal
opinion wi ll be p rinted on each bo nd. Bond counsel's approving
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opinion wi ll re cite, in conv e n t iona l form, th a t bond counsel has
examined th e Con s titution and Laws o f th e Stat e of Colorado and
the Chart er o f the City, a certified copy of the record of the
p ro ceed ing s of the City take n prelimin ary to a nd in th e i s sua nce
o f th e bo nds, and bond nun,b ered on e o f sa i d i ss ue , a nd that t he
Bond has be e n proper ly e xecu ted a nd is in d ue lega l form . The
opin ion wi ll st at e that the bonds are v a lid and l e gally bindi ng
upon th e City a nd t hat the obl i g at i o ns in c ur r e d by t he City in
issuing th e bo nds are subject t o appl ica b l e l a ws o f ban kruptcy and
t he reas on a bl e e xerci se of th e poli ce po we r of th e S t a te. Th e
l as t pa rag ra ph of the opinion will express a n un q ualifi ed opinion
a s to t he e xe mption of inte r es t on t he bo nd s f rom f e de ra l t a xation
and from t axation by che Stat~ cf Co l o r ado .
Th e matters passed upon by bond counse l do not extend
beyond th ose men tioned in th e p recedin g parag r a ph . The o pin ion
will state that bond coun se l has not in depe nd e ntly inves tiga ted
or verifi e d t he adequacy a nd a cc uracy of t h e i nform ation c o n-
ta in ed i n t he Of f icial Statement , Pro s pec t us , Offer ing Circular or
other s imil ar doc ument s , if a n y , a nd t h e r e f o r e ass um es no re-
spans ib i l i ty fo r the a cc ur acy , c o mpl e t e ne ss or f a i r ness o f any
s tateme n ts mad e in connection wi th an y p urchase o r ·sa l e o f any of
th., "a nds.
Addit i 0 na l in f orm a tio n concerni ng this i ss ue and the
Ci t y may be ob tained from Mr. Ga ry R. Higbee, Director of Finance,
Mu ni c ipal Bu ilding, 3400 so. Elati Street, Englewood, Colorado
80 11 0 , o r fro m Ha nifen, Imhof f I nc., 1125 Sevent e enth Str e et,
Su it e 1700, De nve r, Colorado 80202 , the financial consultant to
the City . 'l'he City Council ha s expre s s ly consente d i n writing to
a uthor iz e Hanifen, Imhoff Inc., either alone or with others, to
su bmit a bid f or t he purch ase o f this iss ue of bond s .
DATED at Englewood, Colorado, as of the 16th day of
May, 198 3 .
( S E A L )
ATTES~•:
/s/ Gary R. Hi g be e
Direc t o r of ,i na nce ,
Ci t y of Engle wo od , Color a do
Pub l ish in: Eng lewood Se,,t i nel
?ublish on: May lU , 1983
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/s/ Eugene L. Otis
Mayor
City of Englewood, Colorado
3, In addition to thu publicat ion of the notice o f
sa le, the Director of Finance and the Financial Con ,rnlt a nt am
authorized to forward II copy of the prospectus and notice of s al e
to those investment banking firms, banks and othec s who might be
interested in bidding on bonds of the City, The prior action of
the r.ity Council in designating Hanifan, Imhoff Inc., as Finan-
cial •:onsultant to the City, in connection with Paving Dis :rict
No. 2P . is hereby ratified and app~ovedi and that the f e e paid oc
to be paid to such firm is fair and cmasonable compen sa tion f or
services in acting as Financial Consultant,
4. That if any one or more sections or parts of this
Resolution s hall be adjudged un enforceable or inv.ilid, such
j~dgment s hall not af fect , impair or invalidate the remaining
pr o vi s i on s of: this Resolution , it being the intention tla1t t.he
var i o us provisions hereof are severable.
ADOP TB D AND APPROVBD This 16th day of May, 190].
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A'l "l'ES'l':
~ ' :2~~f~~er
I, Ga r y n . Higbee, ex officio Ci t y Clerk-Treasurer of the
City of Englewood , Colorado, hereby certify that the above and
f ore going is a true , accurate, and =ompl o te copy of Resolution
No .~, Ser ie s of 198 3 . ~
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