The URL can be used to link to this page

Home My WebLink About1980 Resolution No. 051··--,. • • • RESOLUTION MO. J!._, SBRIBS OP 1980 ? B A RESOLUTION PROVIDING FOR THE NOTICE OP SALE OP SPECIAL ASSISSMBNT BONDS POR DOWNTOWN IMPROVEMENT DISTRICT NO. 1980-1, IN THE PRINCIPAL AMOUNT OP $398,800. WHEREAS, by Ordinance No. 35, Series of 1980, finally pasaed and adopted on October 6, 1980, the City Council has created Downtown I•prove•ent Diatrict Ho. 1980-1, in the City of Englewood, for the purpose of conatructing and installing a parking lot in the 3400 block of south Lincoln Street, and walk- through i•prove•enta at 3448/50 South Broadway to connect with the proposed parking lot1 and WBIRBAS, the City Council baa deterained that it is neceaaary to provide for the iaauanc• of bonds in the amount not exceedint $398,800 to pay for · part of th• cost of said improve- ••nta, the principal of and interest on the bond• to be payable from apecial aaaeaamenta to be levied againat the property within th• Diatrict and apecially benefited by th• iaprovements to be conatructed and inatalled1 and WllBRBAS, in accordance with th• provisiona of the City Charter, it ia necessary to advertise for th• sale of said bonds1 BB IT RESOLVED BY THE CITY COUNCIL OP THI CITY or IHGLIWOOD, COLORADO: 1. That notice of sale of bond• of the City for Down- town I•prove .. nt Diatrict Ho. 1980-1, in th• principal amount of $398,800, ahall be given by publication in one issue of the Englewood Sentinel, a newapaper publiahed and of general circula- tion in th• City, in the edition dated December 10, 1980. 2. The form of the notice o~ sale shall be substan- tially a• followaa -1 - • • NOTICB OP SALB Cift OP BNGLBWOOD, COLORADO DONN'fOllR IMPROVEMENT DISTRICT NO. 1980-1 SPBCIAL ASSBSSMBlrl' lmlDS, $398,800 BID OPIRING1 MORDAY, January 5, 1981 2100 P.M. M.S.T. ROTICB IS BBRBBY GIVB• That the City of Bnglewood, Colorado, will receive •••led bids at the off ice of the Director of Pinance at the llunicipal Building, 3400 So. Blati street, in Bnglewood, Colorado, until 2100 P.M., on Monday, January 5, 1981, for th~ purchaae of Special A•••••••nt Bonda in the princi- pal a110unt of fl98,800, of th• City of Inglewood, Colorado for Downtown I•pro•e .. nt Diatrict Ro. 1980-1. The bonda will be dated labruary 1, 1911 and due Auguat 1, 1112, aubject to prior redemp- tion in direct nmaerical order on any intereat payment date upon thirty (30) ·daya publiahed notice, upon pa1119nt of par and accrued intereat. Th• bond• ahall be in tbe ·den011ination of $1,000 each, numbered 1 to 399, incluaive, except for Bond Ro. 1 which will be • $100. • 'l'be intereat on the bond• ahall be payable on August 1, 1911, and .. •iannually thereafter on Pebruary 1 and August 1, each year, to be ••idenced by one or 110re ••t• of interest coupons. Por the purpoae of · co•pariaon only, bids shall be aubllitted on the following eati .. ted date• of payaent: Allount lati .. ted PaY11ent Date - 138,800 Auguat 1, 1982 10,000 Auguat 1, 1983 50,000 Auguat 1 , 1984 • 40,000 Auguat 1 , 1985 40,000 Auguat 1 , 1986 25,000 Auguat 1, 1987 25,000 Auguat 1 , 1988 'l'b• above eatiaated payment date• are baaed upon paat experience of redeaption by th• City and their accuracy ia not guaranteed. Th• principal of and intereat on th• bond• ahall be payable at Th• Pi rat National Bank of Inglewood, in Inglewood, Colorado. -2 - . Iii ,,_ . • •• The bonds will bear interest at a maximum net effective intereat rate not exceeding lSt per annum, and will be sold at not l••• than par and accrued interest to the date of delivery. Different or separate •A• and •a• coupon rates may be bid for each eatiaated payment date, but bids based on split coupon rates for any one eatiaated pay .. nt 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 representing the loweat net coat to the City baaed upon the estimated dates of payment •• set forth above. The bonds are being issued to pay part of the coat of conetructing and inatalling a parking lot in the 3400 block of South Lincoln Street, and walk-through improvements at 3448/50 South Broadway to connect with the proposed parking lot. The bonds are payable solely from special assessment• to be levied againat the property within the District specially benefited by the conatruction and installation of the improvements. In addi- tion, the Charter of the City and the· ordinance authorizing the isauance of bond• provides •Whenever a Public Improvement District has paid and cancelled four-fifths (4/5) of its bonds outstanding, and for any re .. on the remaining •••e••••nta 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 reiabur•• itself by collecting the unpaid assessments due said district• • All bid• auat be unconditional and shall be acccapanied by a caahier'• or certified check in the •ount of $8,000, pay- able to the City of Englewood. Checks of unaucceaaful bidders will be proaptly returned. The good faith deposit will be cred~ted to the purchaser at the ti.lie delivery of the bond• is aadeJ if tbe aucceaaful bidder aball fail or neglect to complete the purcbaae of the bonds in accordance with the bid, the amount of the deposit shall be held by the City as liquidated damages. Tb• City of Englewood reeerv••·the privilege of waiving any defect or irregularity in any bid, and the right to reject any and all bid• for th• purchase of aaid bonda. Tb• award of the bonds will be made by tb• City council at the regular .. •ting on January 5, 1981, at 7130 P.M., or at an adjournment of the regular Council meeting on that date. Delivery of th• bonds will be aade at any bank or tru•t ·caapany in either Inglewood or Denver, Colorado, or elaewh•r• at tbe requeat and expen•• of the purchaser. It i• anticipated that delivery of th• bond• will be on or about February 24, 1981. Tb• City will furnish the executed bonda, a certified • . tranacript of legal proceeding• and the approving legal opinion. Th• legality of the bonds will be approved by M•••ra. Lall• Stow• BraY119r 1 Wlaor, P.C., Attorney• at Law, Denver, Colorado, who•• -3 - • .,, • • • • , legal opinion will be printed on each bond. Bond counsel's approving opinion will recite, in conventional form, that bond counsel has exaained the Cons ti tut ion and Laws of the State of Colorado and the Charter of the City, a certified copy of the record of the proceedings of the City taken preliminary to and in the issuance of the bonds, and bond numbered one of said issue, and that the Bond ha• been properly executed and i• in due legal fora. The opinion will state that the bonds are valid and legally binding upon the City and that the obligations incurred by the City in iaauing the bond• are aubject 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 unquali- fied opinion aa to the exe•ption of interest on the bonds from federal taxation and fro• taxation by the State of Colorado. The •attera passed upon by bond counsel do not extend beyond those ••ntioned in the preceding paragraph. 'l'he opinion will atate that bond counsel ha• not independently investigated or verified ~h• adequacy and accuracy of the infor•ation con- tained in the Official ltateaent, Prospectua, Offering Circular or other •i•ilar do~u•enta, if any, and therefore aaau••• no re- aponaibility for the accuracy, CQllpleteneaa or fairness of any atat•••nta •ad• in connection .with any purchase or sale of any of the bonda. · · Additional infor11ation concerning this iasue and the City •ay be obtained frOll Mr. Gary R. Bigbee, Director of Pinance, Municipal Building, 3400 So. Blati Street, Inglewood, Colorado 80110, or fro• Banifen, Imhoff Inc., 1125 Seventeenth Street, Suite 1700, Denver, Colorado 80202, the financial consultant to the City. The City Council has expressly consented in writing to authorise Banifen, Imhoff Inc., either alone or with others, to aub•it a bid for the purchase of this issue of bonds. DA'l'ID at Inglewood, Colorado, aa of the 8th day of Decellber, 1980. ( S I A L ) AftBS'1'1 l•f Gary R. Bitbee ~rector of finance, City of Inglewood, Colorado Publiab ins Englewood Sentinel Publiab on1 Decellber 10, 1980 /a/ Bugene L. Otis Mayor Ci~y of Inglewood, Colorado -' - • ,,,. ... 3. In addition to the publication of the notice of • sale, the Director . of Pinance and the Financial Consultant are authorised to forward a copy of the prospectus and notice of sale to those investment banking firms, banks and others who might be interested in bidding on bonds of the City. The pr~or action of the City Council in designating Bani fen, Imhoff Inc., ae Finan- cial Consultant to the City, in connection with Downtown Improve- ment Diatrict No. 1980-1, is hereby ratified and approvedi and that the fee paid or to be paid to auch f ira i• fair and reasonable compensation for services in acting aa Financial Consultant. • • 4. That if any one or more sections or parts of this Resolution shall be adjudged unenforceable or invalid, such judgaent shall not affect, impair or invalidate the remaining proviaiona of this Resolution, it being the intention that the varioua proviaiona hereof are severable. ADOP'l'BD AND APPROVED Thi• 8th day of December, 1980 • ct;~£4?ff7 · Mayor ( S I A L ) ATTEST: ~re~~ ex off iciOCitYClerk-Treaaurer I, Gary R. Higbee, ex officio City Clerk-Treasurer, Director of Finance, of the City of Englewood, Colorado, do hereby certify that the above and foregoing is a true, accurate and complete copy of Resolution No. ~, Series of 1980. · ' Ce5J ~.<-~ -5 -