The URL can be used to link to this page

Home My WebLink About1982 Resolution No. 031RES OLU 'rION NO . ..J..L SERIEf OF 1982 A RE SOL UTION ~ROVI DING FOR THE NOTICE OF SALE OF SPECIAL ASSESS- MENT BO ND S FOR PAVING DISTRICT ,;o. 28, IN •rHE PRINCI PAL AMOUNT OF $472,600 . WHEREAS, by Ordinance No. 22, Series of 1982, finally passed and adopted on May 17, 1982, the City Counc i l has created Paving Distric t No. 28, in the City of Englewcod, for the purpose of constructing a nd in s talling street paving, cu rb and gutter a nd si dewalk improvements on certan street within the District; and WHEREAS, the City Council has determined tha t it is necessary to provi de for the issuance of bonds in the amount not exceeding $472,600 to pay for part of the cost of said im prove- ments, the principal of and interest on th e bo nds t o be paya bl e f r om special assessments to be levied again st the property within the District a nd specially benefi ted by the im p rovemen ts t o be con structed and installed; and WHEREAS, in accordance with the provisi ons o f th e City Charte r , it i~ necessary to ad vertise for the sal e of s aid bon ds ; BE IT RESO LVED BY THE CITY COUNCIL ~, THE CITY OF ENGLEWOO D, COLORAD O: 1. Th at noti ce of sale of bond s of the City f or Paving District No. 28, in the principa l amount of $472,600, shall be given by p ublic ation in one issue o f the Englew,:,od Sentinel, a newspaper published and of general circulation in t he City, in the edition dated J une 30, 198 2 . 2. The form o f the notice of sale sha ll be su bs tan- tially as follows : I I NOTICE OP SALE CITY OF ENGLEWOOD, COLORADO PAVING DISTRICT NO, 28 SPECIAL ASSESSMENT BONDS, $472 ,600 BID OPE NING: MONDAY, JULY 12, 1982 2:00 P.H. M.S .D.T, NOTICE IS HEREBY GIVEN That the Cit y of Englewood, Colorado, will receive sealed bids at the office of the Director of Finance a t the Municipal Building, 3 400 So. Ela t i Street , in Englewood, Colorado, until 2:00 P.H., on Monday, July 12, 19 8 2 for thE; purchase of Special Assessment Bonds in the princi- pal amount of $472,600, of the City of Englewood, Colorado for Pav i ng District No. 28. The bonds will be dated August 1, 1982, and due August 1, 1993, subject t o prior redemption in direct numerical order on any interest payment date upon t~irty (30) days publ ished notice, upon payment of par and accrued interest. The bonds shall be in the denomination of $1,000 each, numbered l to 473, inclusive , excep ·: for Bond No. 1 which will be $600. The interest on the bonds shall be payable on Feb- ruary 1, 1983, and ~emiannually thereafter on February 1 and August 1, each year , to be evidenced b y one or more sets of interest coupons . For the purpos e of comparison only, bids shall be su~mitted on the following estimated dates o f payment: Amount Estimated Pa;r:.nent Date 162,600 August 1, 1983 85,000 August 1, 1984 65,000 August 1 , 198 5 45,000 August 1, 1986 45 ,000 August 1, 1987 35,000 August 1 , 1988 35,000 August 1, 1969 The above estimated payment date s are based upon past exper ience of redemption by the City and their accuracy is not guaranteed. The principal of and interest on t he bonds s hall be payable at The First National Dank of ll ng l e wo o d , in Englew ood , Colorado. -2 - The bonds will bear interest at a maximum net effective interest rate not exceeding 151 per annum, and will be sold at not leas than par and accrued interest to the date of deliv ~ry. Different or separate "A" and •e• coupon rates may be bid for each estimated 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 representing 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. The bonds are payable solely from s pecial assessments to be levied against the property within the District specially benefited by the construction and installation of the im provements, In addition, the Charter of the City and the o rdinance authorizing the issuance of bond s provide: "Wh enever a Public Improvement District has paid and cancelled f our-fifth s (4/5) of its bonds outstanding, and for any reason the rema ining assessments 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 in terest due the reon and reimburse itself by collect- ing the unpaid assessments due said district•. All bids must be unc o nditional and shall be accompanied by a cashier's or certified che ck in the amount of $10,00 0 , pa yable to the City of Englewood. Checks of unsuccessful bidders will be promptly returned, The good faith deposit will be cred ite d to the purchaser at the time deli very of the bonds is made; if the successful bidd er s h all fail or neg l ec t to co mp le te th e purchase of the bonds in accordance wit h the bid, the amo un t of the deposit shall be held by the City as liquidated damag es . 1h e City of Engle wood re serves the privilege of waiv ing any defect or irregularity in any bid, and the rig ht to reject any and all b ids for the purchase of said bond s . The award of the bonds will be mad e by the City Council at the meeting on July 12, 1982, a t 7:30 P.M., or at a n adj ourn - men t of the Council meeti ng on th at date . Delivery of the bonds will be made at any bank or trust comp any in either Englewood or Den v er, Colorado, or elsewhere at the request and ex pens e of the purchaser. It i s anti cipa ted th a t delive ry of the bonds will be on or a bout August 26 , 198 2 . The City wi 11 furnish the executed bonds, a certified transcript of legal proceedings and the approving legal opinion . The legality of the bonds will be approved by Messr s. Lumm EdLt rom Braymer & Wisor, P.C., Attorney s a t Law, Denver , Colo rad o , who s ~ -3- legal opinion will be printed on each bond . Bond counsel's approving opinion will recite, in conventional form, that bond counsel has examined the Constitution and Laws of t he State of Colorado and the Charter of the City, a certified copy of th e record of the proceedings of the City taken preliminary to and i n t he i ssuance of the bond s , and bond num bered o ne of said i s s ue , and that the Bond has been properly executed and is in due legal form. The opinion will state that the bonds are valid and leg ally binding upon the City and that the obligations incurred by the City in issuing the bonds are subject t o a ppli c able law s o f bankruptcy and the reasonable exercise of th e police power of the State . The last paragraph of the opinion will express an unquali- fied opbion as to the exemption of interest on the bonds from federal taxation and from taxation by the State of Colorado. The matters past1ed upon by bond counsel do not extend beyond those mentioned in the pr e c e ding paragr a ph . Th e opini o n wil l state that bond counsel has not independ e ntly investigated or verified the adequacy and accuracy of the information con- tained in the Official Statement, Prospectus, Offering Circular or other similar documents, if any, and therefo r e assumes no r e - sponsibil i ty for the a c curacy, completeness or fairness of a ny s t atements made in connection with any purchase or sale of any of the bonds. Ad dit ional i n formation concerning t his i ssue a nd t he City may be ob t a i ned from Mr. Gary R. Higbee , Director of Finance, Mu ni cipal Buildi ng, 3400 So . Ela ti Street, Englewood, Colorado 80 110, o r fr om Ha n i f en , I mh off In c ., 11 25 Sev e n t:ee n th Str ee t , Su ite 17 00, Denver, Colorado 80202 , the f inancia:t c o nsultant t o the Ci ty. The City Council has expressly c o nsen ted in wr it i ng to aut horize Hani f en, Imhoff Inc., either alone or with others, to s ubmit a b id for the purchase of this issue o f bo nd s . DATED at En g l ewoo d , Colorado , a s of the 28t h d a y o f J une , 1982. ( S E A L ) ATTEST: /s( Gary R. Hi gbe e Director o f Fi nance , City o f En 9 lawo od, Colo r ado Pu b lish in : Englewood Se ntine l Pub lish on: June 30, 19 82 ·-4- /s/ Eug e ne L. Oti s Ma yor City of En J l ewood , Colo r ad o 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 o f sa l e t o t hose investment banking firms, banks and others who might b e i nter e s i:ed in b i dding o n bonds of th e City. l 'he prior action o f t he City Council in designating Hanifen, Imhoff Inc., as Finan- c i al Cc ,naultant to the City, in connection with Paving District No . :!3, is hereby ratified and approved; and that the fee paid o r to be paid to such firn, 1s fair and reasonable compensation for services in acting as Financial Consultant. 4. That if any one or more sections ,)r parts of th i s Resolution shall be adjudged unenforceable or inv a lid, s uc h j udg1nent shall not affect, impair or invalidate the remain ing prov :.sions of this Resolution, it being the intention that th e v arious provisions hereof are severable. ADOPTED AND APPROVED This 28th day ot June, 198:.:. ( S E A L ) ATTEST : ~re ~€£(r' ~~ ex officio City C~erk -Tr cas u rcr I , Gary R. Higbee , ex o fficio City Clerk-Treasure r of the City of Eng l ewoo d , Colorado, hereby certify that the above c1n cl forcqo i nq is a tr ue , accura t e and complete copy of Resolu t ion No.J.L , Series of 1 9 6 2. -5 - I