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Home My WebLink About1980 Resolution No. 010. • • • • • • '1 D RESOLUTION NO. ~. SERIES OF 1980 A RESOLUTION PROVIDING FOR THE NOTICE OF SALE OF GENERAL OBLIGATIOH WATER BONDS, SERIES OF JUNE 1, 1980, IN THE PR IMC I PAL AMOUNT OF $1, 300 I 000. WHEREAS, the City Council of the City of Englewood, Colorado, has determined that it is necessary to extend and improve the municipal water system of the City, and to issue it• general obligation bonds for such purpose; and WHEREAS, pursuant to the Charter of the City, an election on the queation of issuing general obligation water bond• ia not required; and WHEREAS, in accordance with the provisions of the City Charter, it is necessary to advertise for the sale of said bonds; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLOIADO. 1. That notice of sale of General Obligation Water Bonda of the City in the principal amount of $1,300,000 shall be given by publication in one issue of the Englewood Sentinel, a newspaper published and of general circulation in the City, in the edition dated April 9, 1980; 2. That project costs incurred and contracted for water improvements have exceeded the original costs anticipated by iaauance of $6,700,000 of 1978 General Obligation Water Bonds, and that the aaid appropriation for water improvements for 1979 ia twreby increaaed. 3. The form of the notice of sale to be published shall ~e substantially as follows: • • • NOTICE OF SALE OF GBRERAL OBLIGATION WATER BONDS, SERIES 1980 IN TBB AMOUNT OF $1,300,000 of the CITY OF ENGLBWoOD, ARAPAHOE COUNTY, COLORADO BID OPENING: MONDAY, APRIL 21, 1980, 2:00 P.M., M.S.T. The City Council of the City of Englewood, Colorado, will receive aealed bids at the office of the Director of Finance, City of Bnglewood, Municipal Building, 3400 South El at i Street, Englewood, C~lorado, 80110, ·until 2:00 P.M., M.S.T., on Monday, April 21, 1980, for the purchase of General Obligation water Bonds, Saries 1980, of the City, dated June 1, 1980, in the principal a11e>unt of $1,300,000. Copies of the Official Statement and bid forms may be obtained from Mr. Gary R. Bigbee, Director of Finance, or from Banilen, Imhoff & Samford, Inc·. , 624 17th Street, Denver, Colorado 80202; the financial consultant to the City. Dated at Englewood, Colorado, as of the 7th day of April, 1980 • ( S B A L ) ATTEST: /s/ Gary R. Bigbee Director of Finance City of Englewood, Colorado Publish in: Englewood Sentinel Publish on: April 9, 1980 /s/ Eugene L. Otis Mayor City of Englewood, Colorado -3 - 3. The form of the official notice of sale shall be substantially as follows: • -4 - • • • .. NOTICE OF SALE OF GENBRAL OBLIGATION WATER BONDS, SERIES 1980 IN THE AMOUNT OF $1,300,000 of the CITY OF ENGLEWOOD, ARAPAHOE COUNTY, COLORADO BID OPENING: MONDAY, APRIL 21, 1980, 2:00 P.M., M.S.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 El at i Street, Englewood, Colorado, 80110, until 2:00 P.M. ,. M.S.T., on Monday, . April 21, 1980, for the purchase of General Obligation Water Bonds, Series 1980, of the City, dated June 1, 1980, in the principal amount of $1,300,000. The bonds shall be in the denomination of $5,000 each, nwabered 1 to 260, inclusive, shall bear interest not to exceed 9% per annwa, payable on December 1, 1980, and semiannually there- after June 1 and on December 1 each year and shall mature serially on Deceaber 1, as follows: Amount $ 10,000 250,000 260,000 Maturity 1981 to 1984, incl. 1985 to · 1988, incl. 1989 Bonda of this issue maturing on or before December 1, 1985, shall not be redeemable prior to their respective maturity dates. Those bonds aaturing on or after December 1, 1986, shall be redeeaable at the option of the City, in inverse numerical order, on December 1, 1985, and on any interest payment date thereafter,. upon payment of par, accrued interest and a premium of 1-1/2t of the principal amount so redeemed. Principal and interest will be payable at The First National Bank of Englewood, in Englewood, Colorado. · The bonds will be issued for the purpose of paying the coats and expenses of extending and improving the municipal water ayate• of the City. The bonds, in the opinion of bond counsel, are legal and binding obligations of the City of Engle- wood, pay•ble from general ad valorem taxes on all taxable prop- erty in the City without limitation as to rate or amount, and from the net revenues of the water system of the City. A cashiers check or certified check drawn on a bank or trust company, payable to the City of Englewood, Colorado, in the amount of $125,000 must accompany each bid. The check of the successful bidder will be retained by the City as liquidated da•ages in the event the bonds are not taken-up and paid for in accordance .with the bid. Checks of unsuccessful bidders will be returned inunediately. -5 - • • • .. CUSIP. numbers will be provided for these bonds at the expense of the City. The City will not be responsible for errors in such numbers. No bid for less than par and accrued interest to the date of delivery will be accepted. The maximum interest rate and maxillwa net efective interest rate shall not exceed 9% per annum. Supple•ental or •e• interest rates are not allowed. The maximum allowable spread between the highest and lowest interest rates is 2t. Interest rates should be stated in multiples of twentieths or eighths of 1•. The bonds will be awarded to the bidder naming the lowest net interest cost to the City, based on the full par amount of $1,300,000 as advertised. The net interest cost is defined to be the total a110unt of interest to accrue from the date of issue to the date of maturity, without regard to prior redemption provisions, leas the total amount of cash premium bid, if any. The pre•iWI •uat be paid in cash as part of the purchase price • . The City of Englewood reserves the privilege of waiving any defect or irregularity in any bid, and the right to reject any and all bids for the purchase of said bonds. The award of the bonds will be made by · the City Council at the regular .. eting on April 21, 1980, at 7:30 P.M., or at an adjournment of the regular Council meeting of that date • Delivery of the Bonda will be made at any bank or trust c<>11pany in either Englewood or Denver, Colorado, or elsewhere at the request and expense of the purchaser. It is anticipated that delivery of the bonds will be on or about June 9, 1980. The City will furnish the executed bonds, a certified transcript of legal proceedings and the approving legal opinion. The legality of the bonds will be approved by Messrs. Lamm Edstrom & Stowe, P.C., Attorneys at Law, Denver, Colorado, whose legal opinion will be printed on each bond. Bond counsel's approving opinion will recite, in conventional form, that bond counsel has e xamined the Constitution and Laws of the State of Colorado and the Charter of the City, a certified copy of the record of the proceedirgs of the City taken preliminary to and in the issuance of the b.'.>nds, and bond numbered one of said issue 1 and that the Bond has been properly executed and is in due legal form. The opinion 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 the opinion will express an unqualified opinion · as to the exemption of interest on the bonds from federal taxa- tion • -6 - • .. The matters passed upon by bond counsel do not extend beyond tho•• Mntioned in the preceding paragraph. The opinion will state that bond counsel has not independently investigated or .~erified the adequacy and accuracy of the information con- tained in the Official Statement, Prospectus, Offering Circular or other similar documents, if any, and therefore assumes no re- sponsibility for the accuracy, completeness or fairness of any state .. nt• mad• in connection with any purchase or sale of any of the bonds. · .Additional information concerning this issue and the City may be obtained from Mr. Gary R. Higbee, Director of Finance, Municipal Building, 3400 So. Elati Street, Englewood, Colorado · 80110, or fro• eanifen, Imhoff and Samford, Inc., 624 17th Street, Denver, Colorado 80202, the financial consultant to the City. DATBD at Englewood, Colorado, as of the 7th day of April, 1980. ( S B A L ) /s/ Eugene L. Otis Mayor . City of Englewood, Colorado . ATTEST: • l•f Gary R. Bigbee D rectot of Finance, City of E119lewood, Colorado • Publish in: Englewood Sentinel Publish on:·April 9, 1980 -7 - . . • • • .-, .. 3. In addition to the publication of the notice of sale, the Director of Finance and the Financial Consultant are authorized to forwar ~ a copy of the Official Statement and notice of sale to those investment banking firms, banks and others who might be interested in bidding on bonds of the City. 4. That if any one or more sections or parts of this Resolution shall be adjudged unenforceable or in val id, such judg•ent shall not affect, impair or invalidate the remaining . provision• of this Resolution, it being the intention that the various provisions hereof are severable. ADOPTED AND APPROVED This 7th day of April, 1980. ( S E A L ) ~;t:7~ ~ Mayor ATTEST: .... ~ct~1fn~ -8 - ·-. • • • ' .. Hanfen,Jmhqff & Sari/ford, Inc. 62.S Sevenaeenth Slreol Oc:nver, Colorado 80202 (303) ~-0221 ~ .......... ,:. £i~~:;;·t1 })Ci (_))fil l1 . .. ·-······ ........... ·-··· N1 :w 't1ttti. Storh l: •Lh·•"•I•!. II'( "'"'''" ,.,, :.1." ta f ,, "·'''n•t . '"' 1A~~.•k.1.11t•) t.t.fl..,1•·.1 t,;aor .. I •1h;"•I•• 11 • .,; /\.llt: 1:na1.c I.I Year - 19 80 I 'JGI 1982 I ')fl3 1984 1985 1986 I 987 1 988 19 89 l <)90 199 1 199 Z Cl I "{ 01" ENGLl~:WOOD, CO.LOIU\1.>0 GEN~RAL OBLIGATION WA'!'ER BONDS -~:,~gllc:~tcd Debt H.epayrnent Sc:hc:<lul<.: Preasent: Debt il 1 3001 000 Bond Issue Service Principal Interest::: $1,079,600 $ $ 55,2.50 I, 0.,8, 300 1 o, 000 110,500 1, 069, 900 1 o, 000 109,650 1,069,700 l 0, 000 JOR,800 U62., 1 OU lo, 000 107,950 5Z9,400 l.50, 000 107, 100. 5Z9,700 2.50,000 85,850 52.9, l (H) 250,000 64,600 !:>J7,60U 2.50, 000 43,350 534,600 2.60,000 2.2., 100 545 ,7 00 545,000 553,100 554,400 554,200 56 7' 500 568, 400 397 I 5(H) :: J:.:s t iu1:ttcd@ »1·'Yo. WFI:jb 3 -1:!-80 Denver • Glenwood Springs o Greeley • Fort Collins, Colorado ·.;. ··-.. .{; ..... : .·. .: ... , Total $1,134,850 1' 1 ')8, 800 1 189 550 ' , l , l BB, 500 980, 050 886,500 865,550 8'.13, 700 830,950 816,700 5:15, 700 545,000 ' 553, 1 00 554,400 554,200 567,500 568,400 397,500