The URL can be used to link to this page

Home My WebLink About1978 Resolution No. 029• 11 • • • - • • • ?_ie • RESOLUTION .NO. 29 ~ WHBRBAS, by Ordinance No. 3, Series of 1~78, finally · passed •nd ..Sopted on M•rch 6, 1978, the City Council has created Paving District Ho. 25, in the City of Englewood for the purpose of constructing and inatal(lng street and alley paving, curb and gutter and sidewalk iaprove11ents on certain streets and alleys ·therein1 and • WHBREAS, th• City Council has determined · that it la necessary· to provide for the issuance of bonds in the amount not exceeding $767,100 to pay for the cost .of said . improvements, the • princip•l of and intere•t on the bonds to be payable from special assessaent• to be levle~ against. the property within the District and s~cially benefited by the improvements to be constructed and installed1 and WHEREAS, in accordance with the provisions of the City Charter, it ls necesaary to advertise for the sale of said bonds; BB IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORAD01 1. That notice of sale of bonds of the City for Paving • District No. 25, in the principal amount of $767,100, shall be given by publication in one issue of the Englewo-od Herald- Senti nel, a newspaper published and of general circulation in the City, in the edition dated April S, 1978. 2. The for• of the notice of sale shall be sub~tan- tially as follows1 • . . • • • .. NOTICE or SAJ,E CITY or ENGLEWOOD, COLORADO PAYING DISTRICT NO. 25 SPECIAL ASSBSSMBNT BONDS, $767,100 BID OPBNINGs MONDAY, MAY 1, 1978 2100 P.M. M.S.D.T. NOTIC& IS HBRBBY GIVEN That the City' of Englewood, Colorado, will receive sealed bids at the off ice of the Director of Finance at the Municifal Building, 3400 so. Blati Street, in Englewood, Colorado, unti 2100 P.M., M.S.D.T., on Monday, May 1, 1978, for the purchaae of Special Assessment Bonda in the prin- cipal .. ount of •111,100, of the City of Englewood, Colorado for Pavlnt Dlatrlct Ro. 25. The bonda will be dated June 1, 1978 and due June 1, 1919, aubject to prior redemption in direct n1111erlcal order on any lntereat pay•ent 'date upC>n thirty (30) days published notice, upon payment of par and accrued interest. The bond• shall . be in the deno•lnatlon.of tl,000 each, numbeted l.to 767~· in-.. · .. elusive, except that Bond Ro. 1 shall be in the denomination of $1,100. In the event that construction bids to be rec9ived are leaa than the eatt.ate of coat, the amount of the bond issue for Paving District Ro. 25 and the estimated payment schedule may be amended. It la au99eated that any bidder contact the financiol consultant to the City, Ranlfen, Imhoff and Samford, Inc., con- cerning any change• ln the amount or payment schedule, after April 27, 1978. . The intereat on the bonds shall be payable on June 1, 1979, and semi-annually thereafter on June 1 and December 1, each year, to be evidenced by one or 11ore sets of interest coupons. ror the purpose of comparison only, bids shal 1 be submitted on the following estimated dates of payment: • Amount l@timated Payment Date - $267,100 December 1, 1979 145,000 December 1, 1980 95,000 December 1, 1981 75,000 December 1, 1982 75,000 December 1, 1983 55,000 December 1, 1984 55,000 December 1, 1985 The above est i11ated payment dates are based upon the experience of rede•ptlon by the City for past special improvement districts, and their accuracy la not guaranteed. The pr lncipal and interest on said bonds shall be payable at The Firat National Bank of Englewood, in Englewood, Colorado. 2 The bond• vill bear intere•t at a maximum net effective interest .rate not exceeding 7t per annua, and will be sold at not less than par and accrued intere•t to the date of delivery. Different or separate •A• and •a• coupon rates may be bid for each estiaated pay•ent date, but blda based on split coupon rates for any one estiaated payaent .date vill 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 representing the lowest net coat to the City based upon the estimated dates of payment as set forth above. The bond• vill be laaued for the purpose of· paying· the · cost of constructing and inatalllng street and alley paving, curb and gutter and sidewalk l•provementa on certain streets and alleys within the District, and are payable from special assessments to be levied against the property within the District Sfecially benefited by the construction of the improvements. The Charter of the City also provides& · •Whenever a Public Improvement Dis- trict has paid and cancelled four-fifths (4/5) of its bonds outstanding, and for any reason the remaining assessments are not paid in ti•e 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 di•trict•. All bids must be conditional and shall be accompanied by a cashier'• or certified check in the amount of $20,000, payable to the City of Englewood. Check• of unsuccessful bidders will be promptly returned. The good faith deposit will be credited to the purchaser a~ the ti•• delivery of the bonds is made; and if the successful bidder shall fail or neglect to complete the purchase 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 bid. The award of the bonds will be made by the City Council at the regular •eating on May 1, 1978, at 7:30 P.M., or at an adjournaaent 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 vill be on or about June 16, 1978. 3 • • • • • The Clly will furnish the executed bonds, a certified • tranacrlpt of legal proco~dinge and the approving legal opinion. The legality of the hnnds vlll be approved by Messrs. Willson and La••, P.C., Attorney• at Law, Denver, Colorado, ·whose legal opinion will be pr lntecl on oach bond. Bond counsel• s approving opinion will recite, in conventional fora, that bond counsel has exa•lnecla the Conetltutlon encl Lava of the State of Colorado and the Charter of the Cltr, • certlflecl copy · of the record of the proceectint• of the City taken preli•lnary to and in the issuance of the bonde, and bond nu•berecl one of said issue, and that said Bond hae been properlr executed ancl le in due legal fo,:11. Said opinion will •tat• that the bond• are valid and legally binding upon the City encl that the obligatione incurred by the City in issuing the bonde are eubject to applicable laws of bankruptcy and the reaeonable •••rclM of the police power of the State. The laat paravrapb of the opinion will expreea an unqualified opinion aa to tax e•••ptlon of lntereat on the bonds. The · ••tt•r• paailed upon by bond counsel . do not extend beyond tboM H!'tlonecl . In the preceding . paragraph. .The opinion will . atat• that boncl coune~l baa not independently investigated nor ver lfiecl the adequacy and accuracy ·of the information con- tained in the Official ltate•ent, Prospectus, Offering Circular or other •l•llar docu•enta, if any, and therefore assumes"no re- sponsibility for the accuracy, completeness or fairness of any etate•ente •ad• in connection with any purchase-or sale of any of the bonda. Additional lnfor•ation concerning this issue and the City •ay be obtained fro• Mr. William D. James, Director of Finance, Municipal Building, 3400 So. Elati Street, Englewood, Colorado 10110, or fro• Hanifen, Imhoff and Samford, Inc., 624 Seventeenth Street, Denver, Colorado 80202, the financial con- sultant to the City. DATBD at Inglewood, Colorado, as of the 4th day of April, 1971. , ( S B A L ) I•/ Jam@~L ~ . Taylor ... _ Mayor · City of Englewood, Colorado ATTBS'f 1 /•/. w1111 .. D. Ja••• Dlrector -of-Plnance, City of Englewood, Colorado Publiah ln1 Inglewood Herald-Sentinel · Publiah ona April 5, 1971 4 , • • 3. That in the event the construction bida are less than the estimate of coat, the amount of the bond issue for the district,· and the estimated payment schedule may be amended, and the Director of Finance is authorized to make such changes without further resolution or approval of the City Council~ 4. 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 investment banking firms, banks and others who might be interested in bidding on bonds of ·the City. 5. That if any one or more sections or par ta of· this Resolution shall be adjudged unenforceable or inval,id, · such judgaent shall not affect, impair or invalidate the remaining provision• of. this Resolution, it being the intention that. the varioua provisions hereof are severable. ADOPTED AND APPROVED This 4th day of April, 1978. (SBAL) ,,,~A 77 u.--.__ .. l • ATTEST: oii~nance ----.... ~JI'~ 5