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Home My WebLink About1977 Resolution No. 022• • • • R~SOLUTIO~ NO. __ 2_2 ____ _ SERIES OF 1'77 WHEREAS, by Ordinance No. ~· Series of 1917, finally passed and adopted on April 4, 1977, the City Council has created Paving District Mo. 24, in the City of Englewood for the purpose of constructing and installing street paving, curb and gutter and •idewalk improvements on the south one-half of West Evans Avenue, fro• South Zuni Street to South Raritan StreetJ and WHEREAS, th• City Council ha• determined that it is neceGsary to provide for the issuance of bonds in the a~ount not exceeding $69,000 to pay for the cost of said improvements, the principal of and interest on the bonds to be payable fro• special a•sessaent• to be levied against the property within the District and specially benefited by the i•prove~ent• to be con•tructed and in•talle4J an4 WHEREAS, in accordance with the provisions of the City Charter, it i• necessary to advertise for the sale of said bondsJ BE IT RESOLVED BY THE CITY COUNCIL or THE CITY or EltGLEWOOD, COLORADO: l. That notice of sale of bonds of the City for Paving Di•trict Mo. 24, in the principal amount of $69,000, shall be given by publication in one issue of the Englewood Herald-Sentinel, a newspaper publi•h•d and of general circula_tion in the City, in the edition dated April 6, 1977. 2. The for• of the not ice of •ale •hall be substan- tially as followaa -1- ' • • • HOTICE OF SALi CITY or ENGLEl'IOOO, COLORADO PAVING DISTRICT NO. 24 SPECI~L ASSESSMENT IONDS, $69,000 BID OPE!fll•G: rtO~DAY, MAJ 2, 1977 2:00 P.M., M.S.D.T. NOTICE IS HEREBY GIVEN That the City of Englewood, Colorado, will r•ceive uale~ bids at the office of the Director of Fin•nce et. the "unicipal luildini, 3400 so. Elat.i Street, in Enilewood, Colorado, until 2:00 •·"·• M.S.D.T., on Monda7, Ma1 2, 1977, for the purchase of Special Aaaeaaaent Bonda in the pr in- cipal •mount of $69,000, of the CltJ' of Englewood, Colorado for Pav i nt Di strict Mo. 24. The bonda will be dated June 1, 1977 and due June 1, 1917, subject to prior redeaption in direct numerical order on anJ' interest pay•ent. date upon thirty (30) days published not.ice, upon payaent. of par and accrued interest. The bonds shall be in the deno•inat.ion of $1,000 each, numbered 1 to 69, in- clu1iwe. In the event that construct.ion bids to be received are l••• than the estimate of coat, the aaount of the bond issue for Pavin9 District •o. 24 and the esti•at.ed pay•ent schedule may be eHnded. It is suggested that any bidder cont.aGt the financial •consultant to the City, Banlfen, Iahoff and Seaford, Inc., con- cernint any changes in the aaount or payaent schedule, after April 14, lt17. The interest on the bonds shall be payable on June 1, 1171, and •••i-annually thereafter on June 1 and December 1, each year, to be evidenced by one or 110re sets of inter est coupons. ror the purpose of coapar ison only, bids shall be au~itted on the following estimated dates of pay~ent: A.•ount Estimated Payment Date $15,000 ' December 1, 1978 10,000 Dece11ber 1, 1979 7,000 December 1, 1910 7,000 Dece•ber 1, 1911 7,000 Deceaber 1, 1912 $ 7,000 Dece•b•r 1, 1913 6,000 Deceaber 1, 1984 6,000 Dece•ber 1, 1915 4,000 Deceaber l, 1916 The above esti1:1ated payment dates are based upon the experience of rede•pt ion by the City and their accuracy is not guaranteed. The principal and interest on said bonds shall be paya!:»le at The Fir st tfat ional Bank of Englewood, in ·"Englewood, Colorado • -2- I • ·. • • • The bon~a will b~ar interest at a moximua net effective intereat rate not exceedini 8\ per annum, and will be sold at not leas than p;ir and accrued interest to lhe date of delivery. Different or separate •A• and •a• coa;>on rates may be bid for each ~•ti•ated pay••nt date, but bids base~ on split coupon rates for any one eatiaate~ pay~ent date will not be accepted. Subj~ct to the right of the City to reject any and all bids received, the bonds will be •~~rded on the bid representing the loweat net coat to the City based upon the estimated dates of payaent aa aet forth above. The bond• will be payable from special assessments to be levied against the property within the District specially bene- filed by the construction of the improvements. The Charter of the City al:ao provides: •-.henever a Pu~lic J11prove::1ent District has paid and cancelled four-fifths (4/S) of its bonds outstanding, and for any reason the re~aining assess~ents 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 assess~ents due said district•. All bids aust be conditional and shall be accompanied by a cashier'• or certified check in the amount of $1,SOO., payable to the City of Englewood. Checks of unsuccessful bidders will be proaptly returned. The good faith deposit will be credited to the purchaser at 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 aaount 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 r•gular •eeting on May 2, 1977, at 7:30 P.H., or at an adjournaent of the regular Council meeting of that date. Delivery of the Bonds will be •ade at any bank or trust company in either Englewood or Denver, Colorado, or elsewhere at the requeat and expense of the purchaser. It is anticipated that delivery of the bonds will be on or about June 3, 1977. The City will furniah the executed bonds, a certified transcript of legal proceedings and the approving legal opinion. The legality of the bonds will be approved by Messrs. Willson and Laaa, P.C., Attorneys at Law, Denver, Colorado, whose legal opinion vlll be printed on each bond. Bond counsel' a approving opinion vlll recite, in conventional fora, that bond counsel has exaaineds the Constitution and Lava of the State of Colorado and the 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 bond•, and bond nu11ber ed one of aaid issue, and that ••id 8ond has been properly executed and is in due legal for•. Said opinion will state that the bonds are valid anc! legally binding upon the City and that the obligation• incurred by the City in issuing the bonds are subject to applicable lava of bankruptcy and the reasonable exerciH of the pol ice power of the State.· The last paragraph of the opinion will express an unqualified opinion as to tax exemption of interest on the bonds. Th• ••tter s passed upon by bond counsel do not extend ~yond tho•• caentioned in the preceding paragraph. The opinion vill state that bond counHl ha• not independently investigated nor verified the a:Sequacy an4 accuracy of the information con- tained in the Official Statement, Prospectus, Offering Circular or other si•ilar docu~ents, if any~ and therefore assumes no re- s ;>:>nsibi l ity for the accuracy, co.•pleteneaa or fairness of any stat~~~nts mad~ in connection with any purchase or sale of any of the ho:"lde • -3- Additional information concerning this issue and the CHy •ay be obtained fro• Hr. Willia• D. Jaaes, Dir•ctor of Finance, Municipal Buildini.f 3400 So. Elati Street, Englewood, • Colorado 80110, or fro11 Ranifen, Imhoff and Samford, Inc., 1624 TreRont Place, Denver, Colorado 80202, the financial consultant to the City. DATED al Englewood, Colorado, as of the 4th day of April, 1977. (SEAL) s/ Jarnes L. Tavlor i-Jayor City of Englewood, Colorado ATTEST: /sl William D. James Director of Finance, City of Engle~ood, Colorado Publish in: Englewood Uerald -Sentinel Publish on: April 6, 1977 -·- • • • 3. That in the ~vent the construction bids are less than the csli•ate of coat, the a~ount of the bond issue for the di :arict, anll the esti:11ate:5 paympnt schedule may be amended, and the Director of Finance is authorized to ~ake such changes without further resolution or a??ro~al of the City Council. 4. In addition to the publication of the notice of s ale, the Director of Finance and the Financial Consultant are authorized to forward a copy of the prospPctus and notice of sale to those invest~ent banking fir:ns, banks and others who might be interested in bid~ini on bonds of the City. S. That if any one or :nore sections or parts of this Resolution shall be adjudged unenforceable or invalia, such ju~g~ent shall not affect, irnpair or invalidate the remaining provisions of this Resolution, it bPing the intention that the various provisions hereof are severable. ADOPTED AND APPROVED Thi• 4th day of April I 1977. (SIAL) ~ " ATTESTS ~~·· - -s-