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Home My WebLink About1980 Resolution No. 027.. • .. • • • .. 7F RESOLUTION NO. ~' SERIES OF 1980 A RESOLUTION PROVIDING FOR THE NOTICE OF SALE OF SPECIAL ASSESSMENT BONDS FOR PAVING DISTRICT NO. 27, IN THE PRINCIPAL AMOUNT or $297,386. WHEREAS, by Ordinance No.8, Series of 1980, finally passed and adopted on May 5, 1980, the City Counc-il has created Paving District No. 27, in the City of Englewood for the purpose · of con•tructing and installing street paving, curb and gutter and aidevalk i•proveaent• on certain streets within the District; and WHEREAS, the City Council has determined that it is necesaar'f to provide for the issuance of bonds in the amount not exceeding $297,386 to pay for the cost of said improvements, the principal of and intereat on the bonds to be payable from speciai assea .. enta to be levied against the property within -the District and specially benefited by the improvements to be constructed and inatalled1 and WHEREAS, in accordance with the provisions of the City . Charter, it i• neceasary to advertise for the sale of said bonds; 81 IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADOs 1. That notice of sale of bonds of the City for Paving District No. 27, in th• principal amount of $297 ,386, shall be given by publication in one iaaue of the Englewood Sentinel, a newspaper published and of gen~ral circulation in the City, in the edition dated June 18, 1980. 2. Th• fom of the notice of sale shall be substan- tially as follovas -1- .. • • • NOTICE OF SALE CITY or ENGLEWOOD, COLORADO PAVING DISTRICT NO. 27 SPECIAL ASSESSMENT BONDS, $297,386 BID OPENING: MONDAY, JULY 7, 1980 2:00 P.M. M.S.D.T. NOTICE IS HEREBY GIVEN That the City of Englewood, Colorado, will receive sealed bids at the office of the Director of Finance at the Municipal Building, 3400 So. Elati Street, in Englewood, Colorado, until 2:00 P.M., on Monday, July 7, 1980, for the purchase of Special Assessment Bonds in the principal amount of $297,386, of the City of Englewood, Colorado for Paving Dis- trict No. 27. The bonds will be dated August 1, 1980 and due August l, 1990, subject to prior redemption in direct nu~erical order on any interest payment date upon thirty (30) days published notice, upon payment of par and accrued interest. The bonds shall be in the denomi.nation of $1,000 each, except for Bond 1 which will be $386, numbered 1 to 298, inclusive. The interest on the bonds shall be payable on August 1, 1981, and semiannually thereafter on February l and August 1, each year, to be evidenced by one or more sets of inter~st coupons. For the purpose of comparison only, bids sh al 1 be submitted on the following estimated dates of payment: Amount Estimated Payment Date $102,386 August 1, 1981 55,000 August 1, 1982 40,000 August 1, 1983 30,000 August l, 1984 $ 30,000 August l, 1985 20,000 August 1, 1986 20,000 August 1, 1987 The above estimated payment dates are based upon the experience of redemption by the City and their accuracy is not guaranteed. The principal of and interest on the bonds shall be payable at The First National Bank of Englewood, in Englewood, Colorado. · .. • • • The bonds will bear interest at a maximum net effective interest rate not exceeding 121 per annum, and will be sold at not leas than par and accrued interest to the date of delivery. Different or aeparate •A• and •e• coupon rates may be bid for ·each eatimated payment date, but bids based on split coupon rates for any one estimated payment date will not be accepted. · Subject to the right of the City to reject any and all bids received, the bonds will be awarded on the bid rep~esenting the lowest net cost to the City based upon the estimated dates of payment as set forth above. The bonds are being issued to pay part of the cost of constructing and installing street paving, curb and gutter and sidewalk improvements on certain streets within the District, and are payable from special assessments to be levied against the property within the District specially benefited by the const~uc tion of the improvements. In addition, the Charter of the City and the ordinance authorizing the issuance of bonds provide: •whenever a Public Improvement District has paid and cancelled four-fifths (4/5) of its bonds outstanding, and for any reason the remaining asseaaments are not paid in time to take up the final bonds of the district and interest thereon, then the City shall pay said bonds when due and interest due thereon and reimburse itself by collecting the unpaid assessments due said district" • All bids must be uncondi~ional and shall be accompanied by a cashier's or certified check in the amount of $6,000, pay- able to the City of Englewood. Checks of unsuccessful bidders will be promptly returned. The good faith deposit will be credited to the purchaser at the time delivery of the bonds is aade1 and if the successful bidder shall fail or neglect to complete the purch••e of the bonds in accordance with the bid, the amount of the deposit shall be held by the City as liquidated damages. The City of Englewood reserves the privilege of waiving any defect or irregularity in any bic, 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 meeting on July 7, 1980, at 7: 30 P .M., or at· an adjournment of the regular Council meeting of that date. Delivery of the Bonds will be made at any bank or trust company 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 August 22, 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 ~orm, that bond counsel has examined the· Constitution and Laws of the State of Colorado and -r .. • . . • • • th• Charter of the City, a certified copy of the record of the proceeding• of the City taken preliminary to and in the issuance of the bonda, and bond numbered one of said issue, and that the Bond has been properly executed and is in due legal form. The opinion will atate that the bonds are valid and legally binding upon the City and that th• obligations incurred by the· City in issuing th• bonda are aubject to applicable laws of bankruptcy and the reasonable exerciae of the police power of the State. 'l'he last paragraph of the opinion will express an unqualified opinion as to the exeaption of interest on the bonds from federal taxa- tion and from taxation by the State of Colorado. The matters paaaed upon by bond counsel do not extend beyond those •ntioned in the preceding paragraph. The opinion will state that bond counsel has not independently investigated or verified th• adequacy and accuracy of the information con- tained in the Official Statement, Prospec~us, Offering Circular or other aimilar documents, if any, and t~erefore assumes no re- aponaibili ty for the accuracy, completeness or fairness of any atateaenta made in connection with any purchase or sale of any of the bonds. Additional information conce~ning this issue and the City may be obtained from Mr. Gary R. a:g~ee, Director of Finance, Municipal Building, 3 400 So. Ela ti Street, Englewood, Colorado 80110, or from H~nifen, Imhoff and Sar:tf~~c, Inc., 624 Seventeenth Street, Denver, Colorado 80202, the financial consultant to the City. Th• City Council has expresslr consented in writing to authorize Hanifen, Imhoff ' Samford, I:'lc., either alone or with otbera, to aubmi t a bid for the purchase of the issue of bonds. DATED at Englewood, Colorado, as of the i6th day of June, 1980. ( S E A L ) ATTEST: I•~ Gary R. Higbee D rector of Finance, City of Englewood, Colorado Publish in: Englewood Sentinel Publish on: June 18, 1980 /s/ ~~gene L. Otis Mayor City of Englewood, Colorado .. • • • • • 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 th• prospectus and notice of sale to those inveat:ient banking f inaa, banks and others w~o ?ight be interested in bidding on bonds of the City. Tte p=io= action of the City Council in deai9nating Banifen, Imhoff & sam:ord, Inc., aa Financial Conaultant to th• City, in connection ,,.-ith Paving District No. 27, ia hereby ratified and approved~ ar.d t~at the fee paid or to be paid to such firm is fair and reasonable compensa- tion for services in acting as Financial Consultant. 4. That if any one or more sections or parts of this Resolution shall be adjudged unenforceable or inv!lid, such judgaent shall not affect, impair or invalidate the remaining provisions of this Resolution, it being the inter.tio=t that the various proviaiona hereof are severable. ADOPT!:D Al'D APPROVED This 16th day :>! J ·.;ne, 1980. ( S E A L ) ~/~ , May-:>r ATTEST: kii.c~~ -s-