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Home My WebLink About1980 Resolution No. 013• • • • . . -. RBSOLUTIO. llO. 13 , SIRIIS OP 1180 " A DSOLUTICXt PIOVIDI1'G roa '1'81 ROTICB or SALB OP SPECIAL ASSISIMlllT IO•DI POa PAVIRG DISTaICT RO. 26, IN THI PRINCIPAL AJIOUllT OP $100,600. RIBAS, by ordinance ll0.14, Seri•• of 1179, finally paaaecl and adopted on April 2, 1979, tb• City Counc ·i1 ha• created Pa•int Diatrict llO. 21, in tb• City of Englewood for tbe purpose Of COft8tructlftCJ and in8talling 8treet paving, curb and gutter and •idewalk l•prov•••nt• on certain atr••t• within the District1 and WBIRBAS, tb• City Council ba• deterained tbat it is n•c••••rr to provide for tb• iaauance of bond• in tb• amount not exceedint $100,600 to pay for tb• co•t of ••id i11Prov .. ents, the principal of and intere•t on tb• bond• to be payable froa special .... a ... nta to be levied againat tb• property within th• District · and apecially benefited by th• improve .. nta to be constructed and iutalleds and · "888BAS, in accordance with th• proviaiona of the City Charter, it la n•ce•aary to adverti•• f~r tbe ••l• of •aid bondaJ 81 IT USOLVID BY THI CITY COUNCIL or THI CITY or IRGLDIOOD, COLOMDO a 1. That notice of ••l• of bond• of the City for Paving Di•trict Ro.. 21, in the principal 'a110unt of $100, 600, shall be given by publication in one issue of tb• Englewood Sentinel, a nev•paper publi•bed and of general circulation in the City, in the edition dated .April 16, 1900. 2. Th• form of tbe notice of sale shall be substan- tially •• follovaa • • •• NOTICI or SALi CITY or BNGLIMOOD, COLORADO PAVl1'G DISTRICT MO.· 26 IPICIAL A8818811DT BORDI, $100,600 BID OPDlllG1 llO•i.Y, AP&IL 21, 1980 2100 .......... '!. llOTICI 18 IBasaY GIVB• '!bat tbe City of ln9lewood, Colorado, will recei•• •••led bid• at tb• off ice of tb• Director of rlnanoe at tb• llunlcipal Building, 3t00 so. llati Street, in ln9levooc1, Colorado, until 2100 P.11., on Monday, April 21, 1180, for tb• purcb••• of Special A8••• ... nt Bond• in tb• prin- cipal 11110Unt of $100,600, of tb• City of lftCJlevood, Colorado for Paving Di•trlct llO. 21. 'fb• bond• will be dated June 1, 1980 and due June 1, 1110, •ubject to prior red9111»tion in direct numerical order on any int•r••t paJ119nt date upon thirty (30) day• publi•hed notice, upon pa,_nt of par and accrued intere•t. Tb• bond• •hall be in tb.• d•no:a.\"•tloo of fl,000 ••cb, except for Bond 1 which will be $600, n ered l to 101, inclusive. · '!be lnt•re•t on tb• bond• •ball be payable on .June 1, 1111, and ... lannually thereafter on June 1 and December 1, each year, to be evidenced by one or 110re Mt• of interest coupons. ror tb• purpo•• of coapari•on only, bid•. •hall be •ubllitted on tb• followlnt ••tiaated dat•• of payaents Amount l•tiaated Pa!!•nt Date $34,600 Deceaber 1, 1981 18,000 Decellber 1, 1982 12,000 Decellber 1, 1983 10,000 Decellber 1, 1984 10,000 Deceaber 1, 1985 ' 8,000 December 1, 1986 8,000 Decellber 1, 1987 The above ••tiaated payment date• are baaed upon the experience of rede•ption by th• City and their accuracy i• not guaranteed. Th• principal of and intere•t on the bonda shall b• payable at Th• Plr•t National Bank of Englewood, in Englewood, Colorado • -2- --... ... 6'A ' r · . """' • • • Th• bond• will bear intereat at a maximum net effective intereat rate not exceeding 12t per annwa, and will be sold at not l••• than par and accrued intereat to· the date of delivery • Different or aeparate •A• and •a• coupon rates may be bid for each eati .. ted paYJ19nt date, but bid• baaed on split coupon rate• for any one ••ti .. ted payment date will not be accepted. Subject to the right of the City to reject any and all bids received, the bond• will be awarded on the bid repreaenting the loweat net coat to th• City baaed upon the eatimated date• of payment aa aet forth above. 'fh• bond• are being iaaued to pay part of ·the coat of conatructing and installing atreet ·paving, curb and gutter and sidewalk illprove .. nta on certain atreeta within the District, and are payable fro• apecial a•••••••nta to be levied againat the property within the Diatrict specially benefited by the conatruc- tion of the iaproveMnta. 'In · addition, the Charter of the City and tbe ordinance authorizing the iaauance of bonds provide: •Whenever a Public I•provement Diatrict ha• paid and cancelled four-fiftba (t/5) of it• bonds outatanding, and for any reason the r-ining ua••-nta are not paid in time to take up the final bond• of tb• diatrict and intereat thereon, then the City shall pay aaid bond• when due and intereat due thereon and reimburse itaelf by collecting the unpaid a••••S1Dent• due said district•. All bid• muat be unconditional and shall be accompanied by a caabier'• or certified check in the amount of $2,000., payable to the City of Englewood. Checks of unsuccessful bidders will be proaptly returned. The good faith deposit ·will be credited to th• purcbaaer at th• ti• delivery of the bonds ia aader and if tbe aucceaaful bidder aha-11 fail or neglect to coaplete tb• purcha•• of the bonds in accordance with the bid, the amount of th• deposit ahall be held by the City as liquidated daaagea. · Th• City of Inglewood reserves the privilege of waiving any defect or irregularity in any bid, and the right to reject any and all bid• for the purchase of aaid bonds. Th• award of the bond• will be made by the City Council at the regular •••ting on April 21, 1980, at 7:30 P.M., or at an adjourn11ent of the regular Council .meeting of that date. Delivery of the Bonds will be made at any bank or trust coapany in either Englewood or Denver, Colorado, or elsewhere. at the requeat and expense of the purchaaer. It is anticipated that delivery of the bond• will be on or about June 9, 1980. The City will furnish the executed bonds, a certified tranacript of legal proceedings and the approving legal opinion. The legality of the bond• will be approved by Messra. Lamm Edstrom ' Stove, P.C., Attorney• at Law, Denver, Colorado, whose legal opinion will be printed on each bond. Bond counsel' a approving opinion will recite, in conventional form, that bond counsel baa exaalned the Conatltutlon and Law• of the State of Colorado and -3- ~ ~\ • • • the Cbarter of the City, a certified copy of the reco~d of the proceedlnt• of th• City taken prell•lnary to and in the issuance of the bonda, and bond numbered one of aaid iaaue, and that the Bond baa been properly executed and la in due legal form. The opinion will atat• that the bond• are valid and legally binding upon tb• City and that the obligation• incurred by the City in iaauint tbe bond• are aubject to applicable lava of bankruptcy and tbe reamonabl• exerciae of the police power of tb• State. The laat para.,rapb of the opinion will expr••• an unqualified opinion aa to. tbe ex-ption of intereat on tbe bonda frOll federal taxa- tion. Tbe .. ttera paaaed upon by bond counael do not extend beyond tboae .. ntloned in tbe preceding paragraph. Th• opinion will atate tbat bond counael haa not independently investigated or verlf led tb• adequacy and accuracy of tbe inforaation con- tained ln tbe Official ltat ... nt, Proapectua, Offering Circular or other alallar docu•enta, if any, and therefore aaau•e• no re- aponaibility for the accuracy, co•pleten••• or faimeaa of any atate .. nta aad• in connection with any purchaae or sale of any of the bonda. Additional information concerning this iaaue and the City .. y be obtained fro11 Mr. Gary R. Bigbee, Director of Finance, Municipal Building, 3400 so. Blati Street, Englewood, Colorado 10110, or frOll Banlfen, Illboff and laaford, Inc.,. 624 Seventeenth Street, Denver, Colorado 80202, th• financial consultant to tbe City. . . DATID at Inglewood, Colorado, as of the 14th day of April, 1910. ( S E A L ) A'l'TEST1 I•/ Gary a. BlQbee Director oy-p}nance, Ci~y of Eft4Jl•vood, Colorado Publiah ina Englewood Sentinel Publiab ona April 16, 1980 I•/ EuQene L. Otis Mayor City of Englewood, Colorado -4- ....._ •', • • ;'', "" 3. In addition to the publication of the notice of sale, tbe Director of Finance and the Financial Consultant are autbori~ed to forward a copy of the prospectus and notice of sale to tboae investment banking firJU, banks and others who might be interested in bidding on bond• of the City. 4. That if any one or 90re sections or parts of this Resolution shall be adjudged unenfof;'ceable or invalid, such jud9•ent aball not affect, lapair or invali~ate the remaining provisions of this Resolution, it ·being the intention that the various proviaiona hereof are severable. ADOPTID AMD APPROVID Thi• .14th day of April, 1980. ( S I A L ) ~n':~ Mayor ATTIST1 • ~rJUr~·~ • I, 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 and complete copy of Resolution No. 13, Series of 1980 • • -5-