HomeMy WebLinkAbout1981 Resolution No. 032•
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RESOLUTION NO.~, SBRIBS or 1911
A DSOLUTION PROVIDING FOR 'l'BB NO'l'ICB or SALB or USE
TAX RBVBNUS 80111>8 OP 'l'BB CITY OP BNGLBWOOD, COLORADO, IN TBB
PRINCIPAL A*>Ulft' or $2,215,000 ARD PROVIDING POR 'l'HB PUBLICATION
OP THI NOTICI.
11BIRBAS, purauant to the Constitution and Laws of the
S~at• of Colorado, and the Charter of the .City, the City bas
enacted a •al•• and u•• tax upon either the aale, purchase, use,
atora9e, diatribution or conau•ption of taxable services pur-
chaaed, leaaed or rented at retail, a• defined and liaited in
Title XIII, Section 35, Article 4 of the Municipal Code of the
City1 and
WBlaBAS, Bou .. Bill 1411 relating to the authorization
and iaauance of aalea and uae tax revenue bonda, baa been paaaed
by the Pifty-Third General Aaaellbly of the State of Colorado, and,
upon ai9nin9 by the Governor of the State of Colorado, will beco ..
effective aa of July 1, 19811 and
WBBRSAS, in accordance with the provisions of Bouse
Bill 1419, whenever a city or town has pledged sales or use tax
revenue or both aolely for capital iaprove•ent purposes and has
created a aal•• and uae tax capital iaproveaent fund, it .. y, in
anticipation of the collection of sale• or uae tax revenues, issue
revenue bond• payable aolely fro• the fund for the purpo•• of
financing capital i•prove•ents1 and
WBIRIAS, the City Council baa deter•ined that it is
necessary and advisable to authorise the isauance of revenue
bonds payable fro• the use tax portion of the sales and use tax
i•po•ed and collected by the City1 and
WBBRBAS, such issue of bonds shall be in two separate
••rlea, aa described in the notice of aale1 and
WBBRBAS, in accordance with the provisions of the City
Charter, it is necessary to advertise for the sale of said bonda1
BB I'l' RBSOLVBD BY 'l'HB CITY COUNCIL OF THB CITY OF
• INGLDIOOD, COLORADO:
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1. That notice of sale of the bonds in the total
• principal amount of $2,215..000 .~-.~ shall be given by publication in
one iaaue of the Englewood Sentinel, a newapaper published and of
general circulation in the City, in the.edition dated July 1,
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1981.
2. The form of the notice of sale •hall be substan-
t~ally aa followaz
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NOTICB or SALB
CITY or UGLBMOOD, COLORADO
U81 TAX RBVlllUB BOHDS
811Ul8 1111A -$465,000
81Jlll8 11118 -$1,750,000
BID OPl•lllG1 ll>•DAT, JULT 20, 1tl1, 2100 P.M.
•O'l'ICI II BlaaBT GIVI• Tbat tbe City of Englewood,
Color.to, will recei•• Haled bid• at tbe off ice of the Director
of rinance at tb• llunicipal 8uilcllng, 3400 So. llati Street, in
Bn9lewood, Color.to, until 2100 P.11., on llOnday, July 20, 1981,
for tbe purcbue of OH Tu ••••nue Bonda, Seri•• 1981A in the
principal mount of •4•5,000, and Seri•• 11118 in the principal
amount of $1,750,000.
'lb• bond• will be dated leptellber 1, 1911 and be in the
deno•ination of •s,ooo each, nu•bered 1 to 13, incluaive, for
tb• leri•• 1111A bond• and fro• 1 to 350, incluaive, for the
Seri•• 11118 bonda. lacb aerie• of bond• will bear intereat at a
•uimwa net effecti•• intereat rate not exceeding 12t per annum,
evidenced by one Mt of lntereat coupon• only, payable on llay 1,
1912 and •••i-annually thereafter on llay 1 and Rovellber 1 each
year, and •ature aerially on Rovellber 1 aa follow•:
Serie• 1981A Serie• 19118 Total MaturitI
$ 15,000 ' 65,000 ' 80,000 1982
30,000 120,000 150,000 1913
35,000 130,000 165,000 1984
40,000 145,000 185,000 1985
45,000 165,000 210,000 1986
45,000 180,000 225,000 1987
55,000 200,000 255,000 1988
60,000 225,000 215,000 1919
65,000 245,000 310,000 1990
75,000 275,000 350,000 1991
Bonda of each aerie• .. turing on or before November 1,
1986, ahall not be rede•able prior to their respective maturity
dates. Those bond• .. turing on Rovellber 1, 1987 and thereafter,
are redee•able at the option of tbe City on November 1, 1986 and
on any intereat payment date thereafter, in inverae numerical
order, upon payment of par, accrued interest and a premium of 1t
·of the principal a110unt ao redee .. d.
The principal of and intereat on each series of bonds
shall be payable at The First National Bank of Englewood, in
Englewood, Colorado.
• The bond• will be awarded on the basis of the bid
resulting in tbe lowest net intereat coat for the total of both
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the Seri•• 1911A bond• and the Seri•• 19818 bonda. The lowest net
intereat coat ia defined •• tbe total maount of interest to accrue
fre>11 th• date of iaaue to the date of .. turity for both series,
without re9ard to the prior rede•ption proviaiona, leas the amount
of caah pr .. ium bid, if any. Bidder• are requeated to set forth
th• net intereat coat and tbe net effective intereat rate in their
bid. Mo bid for l••• tban tbe par amount for eacb aeries will be
accepted. Intereat rate• abould be atated in •ultiples of twen-
tieth• or ei9btha of one per cent. 'l'he .. xi•Ull allowable spread
between the b i9b••t and loweat intereat rate• bid is 2. 01. The
aaxi•um number of aeparate intereat ratea allowed shall be five,
altbou9b tbe .... intereat rate .. Y be repeated. Mo more than one
intereat rate abould be bid for eacb .. turity.
Tb• ain9le bid for both tb• Seri•• 1911A. and Serie•
11118 bond• •u•t be without condition or reaervation and auat be
aceo11panied by a certified or caabiera check on a bank or truat
coapany payable to the City of Bn9lewood in the amount of $40,000.
Check• of unaucceaaful bidder• will be returned prOllptly after bid
openint. Tb• cbeck of tbe · aucceaaful bidder will be retained,
without intereat, and applied on bond purcbaae if the purch••• ia
eo11pleted, otberwiH •• liquidated d-g••·
Tb• leri•• 1 tl1A bond• will be iaaued for th• purpo••
of conatructing and equipping iaprcwe•nt• to tbe 11Unicipal golf
courae, conaiating of a clubhou .. , totether with other incidental
i•prov•••nta. Tb• aerie• 11118 bond• will be iaaued for the
purpose of conatructing and 1nat~llift9 i•prove .. nta to the munici-
pal sanitary aewer ayat••· The principal of and interest on each
••ri•• of bond• will be payable frOll the apecial fund pledged for
the payment of principal and intereat, to contain the use tax
portion of tbe aal•• and UH tax impoaed by the City of Inglewood.
Tb• Seri•• 1tl1A and 11118 bond• will be on a parity with one
another, and aball conatitute a firat and prior lien on the
special fund, althoU9b not neaeaaarily are excluaiv• first lien.
A 11e>re detailed •" •ry of tbe bond repayment proviaions appears
in tbe Pro•peotu•. ft• bond• do not oonati tut• an i ·ndebtedn••• of
th• City within tbe •anlnt of any con•titutional, atatutory or
charter li•itatlon or prcwl•ion, and 8ball not be conaidered or
held to be a 9eneral obligation of tbe City. 'l'h• bolder of the
bond• .. Y not look to any 9eneral or other fund of th• City for
the payment of tbe principal of or intereat on tb• bonda.
Tb• award of tb• bond• will be .. de by the City Council
at the re9ular ••ting on July 20, 1911, at 7130 P.M., or at an
adjourn11ent of th• regular Council .. eting on that date. The City
·of 1n9lewood r•••r••• tbe privilege of waiving any defect or
irregularity in any bid, and the right to reject any and all bid•
for the purchaae of aaid bonda.
Delivery of tbe bond• will be .. de at any bank or truat
-... any in either lntl•wood or Denver, Color.So, or elaewh•r• at
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the requeat and eapen•• of the purcbaaer. It i• anticipated that
delivery of th• bond• will be on or about Septe•ber 8, 1981 •
Th• City will furniab tb• executed bonda, a certified
tranacript of 199al proceedint• and the approving legal opinion.
The legality of tbe bond• will be approved by M•••r•. L ... Stowe
Braymer ' Wisor, P.C., Attorney• at Law, Denver, Colorado, whose
legal .opinion will be printed on each bond. Bond counsel's
approving opinion will recite, in conventional fora, that bond
counsel baa ex•ined tbe Conatitution and Law• of the State of
Colorado and tbe Charter of the City, a certified copy of the
record of tb• proceeding• of tbe City taken preliainary to and in
the iaauanoe of tb• bonda, and bond nUllbered one of aaid isaue,.
and that th• Bond ha• been properly executed and ia in due legal
fora. Th• opinion will atat• tbat tb• bond• are valid and legally
bindlnt upon tbe City, payable aolely fro• the apecial fund
described above, and that th• obli9ationa incurred by the City in
issuing th• bond• are aubject to applicable law• of bankruptcy and
tb• reaaonabl• eaerciH of the police power of tb• State. The
laat par111rapb of tb• opinion will eapr••• an unquallf ied opinion
aa to tb• ea ... tlon of lntereat on tb• bond• froll federal taxation
and frOll taxation by the ltate of Colorado.
Tb• Mtter• puHC1 upon by bond oounMl do not extend
beyond tbo•• •ntloned ln tbe precedint paratrapb. Tb• opinion
will atate that bond counael ha• not independently lnveatigated
or verified tb• adequacy and accuracy of tbe information con-
tained in the Official ltat ... nt, Proapectua, Offering Circular or
other •i•ilar docu•enta, if any, and therefore asau••• no re-
sponaibility for the accuracy, C011Pl•t•n••• or falrn••• of any
atateMnt• •d• in connection witb any purobaa• or •al• of any of
th• bond•.
Additional information oonoernint thi• iaaue and the
City aay be obtained frOll Mr. Gary a. Bitbe•, Director of Pinance,
Municipal Buildint, 3400 so. llati Street, Inglewood, Colorado
80110, or froa Banifen, Iaboff Inc., 1125 Seventeenth Street,
Suit• 1700, Denver, Colorado 10202, the financial conaultant to
the City. Th• City Council ha• expreaaly conaented in writing to
authorise Banifen, Imhoff Inc., either alone or with othera, to
sub•it a bid for the purchase of thl• iaaue of bonds.
DATID at Inglewood, Colorado, aa of the 15th day of
June, 1981.
( S B A L )
ATTBST:
/a/ Gary R. Bigbee
Director of Plnance,
City of ln9lewood, Colorado
Publish in: Bnglewood Sentinel
Publiab ona July 1, 1981
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/a/ lu9ene L. Otis
Mayor
City of Englewood, Colorado
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3. In addition to the publication of the notice of
sale, the Director of Finance and the Financial Consultant are
authorized to forward a copy of the Prospectus and notice of sale
to those inveat .. nt banking fir .. , banks.and others who might be
interested in bidding on bonds of the City. The prior action of
the City Council in deaignating Banifen, Imhof~ Inc., as Finan-
cial Consultant to the City, i• hereby ratified and approvedJ
and that the fe• paid or to be paid to such firm is fair and
reaaonable co•penaation for aervicea in acting •• Pinancial
Consultant. Hanifen, I•hoff Inc., may, either alone or with
othera, aub•it a bid for the purchaae of the bonda, and in such
event, the fee paid or to be paid for financial adviaory services
shall not be d••••d a discount for purposes of the par sale
requirment.
4. That if any one or 11e>r• aectiona or part• of thia
Reaolution ahall be adjudged unenforceable or invalid, such
judg•ent ahall not affect, i•pair or invalidate th• remaining
provision• of thi• Resolution, it being the intention that the
• various provision• hereof are aeverable.
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5. Nothing herein ahall prevent the City of Englewood
from amending the adminiatrative and procedural portions of its
Use Tax Ordinance as in the aole opinion of the City Council such
administrative and procedural amendment• are necessary.
. . ADOPTED ARD APPROVED 'lHIS t:J "'daj of ~ • 1981.
( S 1'. A I.. ) ~A"· t« ;:::
ATTEST: D~or~U.~
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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 ia a true, accurate, and complete copy of Re-
solution No. Jttfl. , Series of 1981.
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Gary R. Hi4bee
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