HomeMy WebLinkAbout1980 Resolution No. 012• •
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• RESOLUTION NO. 12 IA ---
SERIES OF 1980
A RISOLDTION AD'l'BORIZING THE SUBSTITUTION OP GOVERNMBNT
SICURITIIS BILD IN TBB PIRST NATIONAL BANK IN ENGLEWOOD,
COLORADO, DIPOSITBD IN AN ESCROW ACCOUNT PURSUANT TO AN ESCROW
AGRllMINT BITlflBN THI CITY OP DIGLIWOOD AND TBB BANK IN
CODICTION WITH AN ADVANCED RBPURDIRG OP TRI CITY'S SIWBR
RBYBNUB BONDS, SBRIBS 1975, DATID MARCH 1, 1975J AUTRORIIIMG
TBB SUBSTITUTION OP UNITED STATES GOVERNMENT SECURITIBS IN SAID
ISCROlf ACCOUNT AND PROVIDING OTHER DETAILS IN CONNECTION
TBBRBWITB.
WBBREAS, the City of Inglewood in the County of
Arapahoe and State of Colorado, (•city•), is a political
aubdiviaion of the State, a body corporate and politic, and a
ho .. -rule City pursuant to Article XX of the State
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WBBRIAS, by Ordinance No. 8, Series 1976, adopted on
February 17, 1976, the City authorized the issuance of ita
Sewer Revenue Refunding Bonda, Series 1976, in the principal
amount of $1,516,000 dated March 1, 1976, and
WBBRBAS, the proceeds of said refunding bonds less
certain auaa repreaenting expenses plus certain cash were used
to purchase United .States government obligations which were
listed in Schedules I and II of the Bscrow Agreement with The
Pirat National Bank, Englewood, Colorado, (•Bank•) dated as of
March 1, 1976, sufficient to pay the principal and interest on
the bond• to be refundedJ and
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WBBRBAS, because of market conditions the United
ltatea Government securities now on hand in the Escrow
Account aay be sold and other suitable higher interest-bearing
United States Government securities substituted therefor thus
allowing the City to realize substantial gain in interest
earned by the substitute securities in the Escrow Accountr and
WHEREAS, the present Federal Regulations and Rulings
dated March 19, 1980, do not prohibit such a substitution; and
WHEREAS, the City Council determines it necessary and
adviseable to amend the escrow agreement dated as of March
1, 1976 by the substitution of the United States Government
Securities listed in Exhibit A hereto attached and made a part
hereof •
NOW, THEREFORE, BE IT RESOLVED:
Section 1. That Section 1 the escrow agreement dated
March 1, 1976, between the City of Englewood, Arapahoe County,
Colorado, and The Pirat National Bank, Englewood, Colorado, be
and the same is hereby amended to permit the substitution 9f
the United States Government Securities listed in Exhibit A
attached hereto and made a part hereof for the securities
listed in Schedules I and II of the Escrow Agreement. Such
substitution may be made regardless of whether the securities
are designated in the Escrow Agreement as being a part of the
Portfolio A Account or the Portfolio B Account •
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Section 2. That the Mayor, Clerk and Finance
Director of the City are authorized to contract with the Bank
for the substitution of the Securities and are further
authorized to take all actions which will enable the City and
the Bank to accomplish the purposes of this Resolution.
Section 3. '!'hat in addition to the substituted u. s.
Government Securities listed in Bxhibit A, such Exhibit shall
also set forth a list of the o. s. Government Securities being
replaced, a list of all the costs and expenses of the
transaction and amounts allocated to the major and minor
portions of the Bscrow Account, and also showing the net cash
a110unt due the City.
Section 4. That all costs and expenses of the
transaction, including the fees of the financial advisor, are
hereby found to be reasonable and proper, and the allocation
thereof to the major and minor portions of the Bscrow Account
are believed to be reasonable.
Section s. That if any one or more section or part
of this Resolution shall be adjudged unenforceable or
invalid, such judgment shall not affect, impair or invalidate
the re .. ining provisions of this Resolution, it being the
intention that the various provisions hereof are severable.
Section 6. All Resolutions or parts thereof in
conflict with thia Resolution are hereby repealed •
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• ADOPTED AND APPROVED this 14th day of April,
1980.
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Mayor
(8 I A L)
ATTBST1
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Dlr~tor of P911'n~e lx-offj4lo City Clerk
1, Gary R. Higbee, Director of Finance/ex officio
City Clerk-Treasurer, for the City of Englewood, Colorado, do
hereby certify that the above and foregoing is a true, accurate,
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and complete copy of Resolution Ro. 12, Series of 1980, passed
on the 14th day of April, 1980 •
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