HomeMy WebLinkAbout1983 Resolution No. 039RESOLUTION NO.Jg
SERIES OF 1983
A RE SOLUTION PROVIDING FOP. THE NOTICE OP SALE OF GENERAL OBL!-
GATION BONDS, SERIES 1983, IN THE PRINCIPAL AMOUNT OF $4,600,000.
WH EREI\S, the City Council of the City o f Englewood,
Colorado, has determined that it is necess~ry to acquire land
and construct and equip a community center and rel a ted app u r -
te nances for the Cit y and its inhabitants, a nd to iss u e its
q <i neral obligation bonds for such purpose; and
WHEREAS, pursuant to the City Charter, at a special
municipal election held on Hay 17, 1983, a major ity of the
registered qua l ified e le~tors of the City voting thereon approv ed
the issua nc e o f general obligation bond s for s uc h purpose; and
WHEREAS , in accordance with the p rov is ions of the City
Cha r ter , i t i s ne ces sa r y to a d v er tise for the sale of said bonds;
BE IT RES OLVED
r.:Vil 1"·,f• .r., CO LO RADO:
I , That not i c e
!\'i u1 t he princ i pa l
BY THE
of s a l e
umount
of the
CI TY COUNC I[, OF 1'M E CITY OF
o f Ge ne rnl Ob l i g nt i on Oonds o f
of $4,600 ,0 00 s hall b e L) iv<'n lly
Eng le wo od s e ntine l, a newspaper
p ub li s hed and of ge n e r al
dated August 4 , 1983 ;
circ ulation in the Ci ty, in th e edition
2 . The fo r m of the notic e of sal e to be published shall
be substanti al ly as follows:
NOTICE OF SALE
. OP
GENERAL OBLIGATION BONDS, SERIES 1983
IN THE AMOUNT OP $4,600,000
of the .
CITY OF ENGLEWOOD, ARAPAHOE COUNTY, COLORADO
BID OPENING: MONDAY, Auguat 15, 1983, 2,00 P.M., H.D.T.
The City Council of the City of Englewood, Colorado,
wi :l receive sealed bids at the office of the Direct~r of Financ e ,
City of Englewood, Municipal Building, 3400 South Elati Street,
Englewood, Colorado 80110, until 2:00 P.H., M.D.T., on Monday,
August 15, 1983, f or the purchas e of General Obligation Bonds,
Series 1983, of the City, d ated October 1, 198 3 , in th e pri ncipal
amount of $4,600,000,
Copies of the Official Statement and bid forms ma y
be obtained from Hr, Gary R, Higbee, Director of Finance, or
from Hanifen, Imhoff Inc,, Suite 1800, 1125 17th Street, Den ver,
Colorado 80202, the financial consultant to the City.
Dated at Englewood, Colorado, as of the 1st day of
August, 1983,
( S E A L )
, 1.:S'I EU:
/s/ Ga r y R. Higbee
Director of Finance
City of Englewood , Colorado
Publish in: Englewood Sentinel
Publish on: August 4, 1983
/s/ Eugene L. Otis
Mayor
City of Engl ewoo d , Colorado
l.
2. The form of .t st official notice of sale shall. be
substantially as follows1
I
NOTICE OF SALE
OF
GENERAL OBLIGATION BONDS, SERIES 1983
IN THE AMOUNT OF $4,600,000
of the
CITY OF ENGLEWOOD, ARAPAHOE COUNTY, COLORADO
BID OPENING: MONDAY, AUGUST 15, 1983, 2:00 P,M., t\,D.T.
The City Council of the City of Englewood, Colorado,
will receive sealed bids at the office of the Director of Finance,
City of Englewood, Municipal Building, 3400 South Elati Street,
Englewood, Colorado, 80110, until 2:00 P.M., M.D.'l'., on Monday,
August 15, 1983, for the purchase of General Obligation Bonds,
Series 1983, of the City, dated October 1, 1983, in the principal
~am~unt o f $4,600,000,
The Bond s sh all be issued as fully registered bonds in
the denominations of $5,00 0 or integral multiples thereof, shall
bear interest payable on June 1, 1984, and semiannually thereafter
on December 1 and on June 1 each year, and shall mature serially
on December 1 , a s follows:
Mdt ri ty
12/1 /198 5
12/1/198 6
12/1/1Y87
12/1/IYUU
12 /1/1989
12 /1/1 990
12 /1/1991
12 /1/1992
12 /1/1993
12/1/1994
12/1 /1995
12/1/1996
12/1/1997
12/1/1998
12/1/1999
12/1/2000
i 2/1/2001
12 /1/2002
Amount
$105 ,000
115 ,0 UU
125 ,0 00
13';,UU0
150,000
165,000
180,000
200,000
215,000
240,000
2 60,000
290,000
315,000
345,000
380,000
420,000
460,000
500,000
Bonds o f this issue maturing on o r before December 1, I
1993, s hall not be redeemable prior to their respective maturity
dates, Those Bond s maturing on and after December 1, 1994, shall
be redeemable at the option of the City, in inv.i,rse order of
maturity, and if less th<".n an e ntire maturity is to be redeemed
then by lot, on Dece mber 1, 1993, and on any inte rest paymen. date
thereafter , upon payment of par, accrued interest, p·us a premium
o f 1% o f th e princi pa l amount so redeemed.
3.
Principal and premium, if any, on the Bonds will be paid
at Af filia ted First National Bank of Englewood, Engle 1?ood, Colo-
rado, or its successor, as Paying Agent and Bond Registrar.
Interest on the bonds will be paid to the reglstered own ers of the
Bonds by check or draft of the Paying Agent to the registered
owners o f record ae of the 15th day of the month next prece ding
the applicable i nterest payment date at the address appearing in
the registration books of the Bond Registrar.
The Bonds will be i ssued for the purpose· of acquiring
land and constructing and equipping a community center and related
appurtenances for the City and its inhabitants . The Bonds, in the
opinion of bond counsel, are legal and binding obligations of the
City of Englewood, payable from general ad valorem taxes on all
taxable property in the City without limitation as to rate or
amount.
A cashiers ch eck or certified check dr a wn on a bank o r
trust company, payable to the City of Englewood, Colorado, in the
amount of $100,000 must accompany each bid. Th e check of the
successful bidder will be retained by the City as liquidated
d am ages in the even t t he Bonds are not tak r~-up and paid for in
a cco rdance wi th the bid . Ch e cks of unsucce ss~ul bidder s will be
re t ur ne d immediately.
!10 bid for l es s than pa r and accr ue d inte r e st to the
-b • ,. ,:' t!v l i ver y wi ll be a cc epted . On l y on e i11L c res t ra te shall
i I tc(l fo r each matu rity, and diffe r e :1 t or "s plit" intere st
11.Jl 1 not be c onsid e r e d. 'fhe ma x imum net effec tiv e in t e r esl
l· ·il . ...il n0t ex c'.!e d 11 -1/2't pe r annum . Su p p l e me n tal o r "B" in-
c~, ~~t rates ar € no t allowed . The maximu m allow able sprea d
oetween the highest and lowest interest rates is H. Intere st
rates s hould be stated in multiples of twentieths or eighths of
one percent.
Th e Bonds will be award ed to the bidder naming the
lowest net interest cost to the City, based on the full par amount
of $4 ,600,0 00 as adv e rtised . The net interest cos t is defined to
be th e t otal amount of interest to accrue from the date of i ssue
to the date o f maturity, witho u t r eg ard to prior redemption
provis ions, less the total amount of cash premium bid, if any.
The pr emi um must be paid in c as h as part of t he purchase pr ice.
Th e City o f Englewo'ad r e s erves the pri vilege of waiving
any def e ct or irregularity in any bid , and th e right t o reject any
and all bid s fo r th e purchase of s aid Bonds .
The award of the Bonds wil l be made by the City Council
at the regular meeti ng on Augu s t 15, 1983, at 7:30 P.M., or at
an adjournment of the regu lar Coun c il meeting o f that date.
4 .
Delivery of the Bonds will be made at any bank or tru st
company in either Bnglewood or Denver, Colorado, or elsewhere a t
the request and expense of the purchaser. It is anti~i pat ed that
de livery of the Bonds will be on or about October 11, 1983.
The City will furnish the executed Bonds, a certified
transcript of legal pr~ceedingR, and the approving legal opinion.
The legality of the Bonds wl l l be approved by Lamm Edstrom &
Braymer, P.C., Attorneys at Law , Denver, Cole -ado, whose legal
opinion will be printed on each Bond. Bond couns,el 's approvi ng
opinion will recite, in conven t ional form, that bond counsel h as
examined the constitution and laws of the State of Colorado and
the Charter of the City, and a certified copy of the record of the
proceedings of the City taken prelim i nary to and in the issuance
of the Bonds. The opin i on will state that the Bonds are valid and
legally binding upon the City and that the obligations incurred by
the City in issuing the Bonds are subject to applicable laws of
bankruptcy and the reasonable exercise of the police power of the
state. The last paragraph of th e opinion will express an un-
qualified opinion as to the exemption of interest on the Bonds
from l ederal and Colorado state taxation.
Additional info r mat i on concerning this i s sue an d the
Cit y may be obt a i ned from Mr. Gary R. Higbee, Directo r of Finan ce,
Muni cipa l Buil d ing , 34 00 So. Elati Street, Englewood, Colo rado
801 10 , o r from Ha nifen, I mh off Inc., Sui te 1800, 112 5 17 t h St reet ,
Donv c r , Co lorado 8020 2 , t he fin a nci al co n su l Lan t to the Cit y .
ll/\TP.D a t Englewoo d, Colora d o , as of th e 1st day o f
J.i:-~, 19U 3 .
S E A L )
ATTE STED:
/s/ Gary R. Higbee
Directo r of Finance ,
Ci ty o f Englewood , Colorado
Publish i n: Englewood Sentinel
Publ i s h on: August 4, 19 83
/s/ Eugene L. Otis
Mayor
City of Englewood, Colorado
5.
3. In addition to thu publication of the notice o f
sale , the Director of Finance and the Financial Con ';'ul tant a rc
authori z ed to forward a copy of the Official _Stat ement and no tice
of sale to those investment banking firms, bank s , and others who
might be interested in bidding on bonds of the City. The prior
action of the City Council in designating Hanifen, Imhoff Inc., as
Financial Con sul tant to the City, is hereby ratified .and approved;
and that the fee paid or to be paid to such firm is fair and
r e asonable compensation for s ervices in acting as Financial
Consultant. Hanife n, Imhoff Inc., ma~-, eithe r a lone or with
others, submit a bid for the purchase of the Bond s , and i n such
event, the fee paid or to be paid for financial advisory services
shall not be deemed a discount for purpos es of the par sale
r equirement.
4, That if any one or more sections or parts of this
Res o lu tio n sh a ll be adjudged unenforceabl e or invalid, s uc h
jud gme nt s hall no t a f fect , impair, or invalidate the r ema ining
prov i sion s of t his Re s olu t i o n , .. t being the int e nt ion t hat t he
vc.: i"J·1·: p Lo v is io ns he reof a r e sev e,:abl e .
/\llO PTf.ll /IND /\PP ROVED 'Jh i s 1s t da y o( /\ug u s t, 1983.
( S E A L )
ATTES T:
e~aci~;1c~C er
I , Gary R, Higbee , ex offi cio Ci t y Cl e rk-Tr e asurer of t he
City of Englewood , Colora do hereby certify t h a t the a bov e a nd
fore i oJing i s a true , accurate a nd complete copy of Reso l utio n 10 ,~, Se r ies of 19 83 .
~-~ee&~ceJ
6 .