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Home My WebLink About1977 Resolution No. 044, • ( ( RESOLUTION NO. 44 ---- WHEREAS, the City Council has determined that it is necessary to extend and i•prove the municipal waterworks system. of the City, and to issue general obligation bonds in the amount of $6,700,000 for such purposei and WHEREAS, the City Council has determined that an elec- tion is not required for the issuance of general obligation water i•proveaent bonds, in accordance with Sec. 104 of the City Char- ter1 and WHEREAS, the bonds shall be sold to the highest and best bidder for cash, and to the best advantage of. the City: BB IT RBSOLVBD BY THE CITY COUNCIL or THE CITY· or ENGLEWOOD, COLORAD01 1. That notice of sale of General Obligation Water · Iaprovement Bonds, in the principal amount of $6,700,000, shall be published one ti•• in the Inglewood Herald Sentinel, Englewood, Colorado, a newspaper having general ~irculation in the City. 2. '!'he notice of sale shall be in substantially the following forms -2 - • • • • llOTICI OP SALB GENERAL OBLIGATION MATBR IMPROVEMENT BONDS, $6,700,000 CITY OP BllGLBllOOD, ARAPAHOE COUNTY, COLORADO SALi DATii MORDAY, DECEMBER 19, 1977 The City Council of the City of Englewood, Colorado, will receive sealed bid• at the off ice of the Director of Fi- nance, Municipal Building, 3400 s. Elati St., Englewood, Colorado, until 2100 P.M. M.S.T. on Monday, December 19, 1977, for the purchaae of $6, 700,000 of General Obligation · Water Improvem.ent Bonda, dated February 1, 1978. The bond• ahall be in the denomination of $5,000 each, nu•bered 1 to 1,340, incluaive, shall bear interest payable on Dece•b•r 1, 1978, and •••I-annually thereafter on th' 1st day of June and the lat day of Dece•ber each year, and shall mature aerially on Dece•b•r 1, aa followas Allount Maturity ' 180,000 1979 115,000 1980 205,000 1981 215,000 1982 . 230,000 1983 ' 245,000 1984 260,000 1985 275,000 1986 290,000 1987 310,000 1988 ' 325,000 1989" 345,000 1990 .365,000 1991 390,000 1992 410,000 1993 ' 435,000 1994 465,000 1995 . 490,000 1996 520,000 1997 550,000 1998 Bonda of thia iaaue •aturing on or before December 1, 1987, shall not be redee•abl• prior to their respective aaturity datea. Tho~• bonda .. turing on or after December 1, 1988 aball be redeeaable at the option of the City, in inverse numeri- cal order, on June 1, 1988, and on any interest payment date thereafter, upon payaent of par, and accrued interest. Principal and intereat will be payable at The First Rational Bank of Englewood, in Inglewood, Colorado. The bond• will be iaaued for the purpose of paying the coat of extending and i•proving the •unicipal waterworks ayate• of the City. The Ordinance authorising the issuance of bond• will provide for the levy and collection of a general ad valor•• tax on all of the taxable property within the City, without li•it aa to rate or a•ount, for the payment of the principal of and intere•t on the bonda. In addition, in the -3 - • • ( (" ordinance authorizing the iaauance of the bonds, the City will covenant to eatabliab and maintain rates and charges for service by the aunicipal waterworka ayate• to produce net income ·and revenue each year sufficient to pay the debt service of the bonds dated February 1, 1978. The bonds will be delivered at any bank or trust company in Denver, Colorado. It ia anticipated that delivery of the bonds will be •ade within 60 daya following the award of the bonds. Bid• may be conditioned upon receipt of the approving legal opinion of the bond attorneys named below, but aust in any and all other respect• be unconditional. Ro bid for le•• than par and accrued interest to the date of delivery will be accepted. The net effective interest rate of tbi• iaaue •hall not exceed 6t per annu•. Supplemental or •a• intereat coupon• are not allowed. One interest rate only aball be atated for any •aturi ty. The maximum allowa~le spread between the bigbeat and loveat interest rates is 1 l/2t. Interest rate• should be stated in 11Ultiplea of twentieths or eighths of one (1) per cent. The .. xi•u• nu•ber of separate interest ·rates allowed aball be 5, although the aa•• interest rate may be repeat- ed. The bond• will be awarded to the bidder naming the lowest net interest coat to the City, which ia defined as the total amount of· interest to accrue fro• the date of the bonds to the date of .. turity, without regard to the prior ~edemption provision, less the total .. ount of caab premiu• bid, if any. The City will furnish the executed bonds,· a certified transcript of legal proceeding• and the approving legal opinion. The legality of the bond• will . be approved by Messrs. Willson and L-, P.C., Attorney• at Law, Denver, Colora~o, whose legal opinion will be printed on each bond. Bond counsel• s approving opinion will recite, in conventional fora, that bond counsel bas exaained the Conatitutlon and Law• of the State of Colorado, the Charter of the City and a certified copy of the record of the proceedings of the City taken preliminary to the issuance of the bonds, and that bond counsel ha• exaained bond numbered. one of said iaaue and ha• found the aaae properly executed and in due legal fora. The opinion will expreaa an unqualified opinion as to legality and a• to tax exeaption of interest on the bonds. The .. ttera paaaed upon by bond counsel do not extend beyond tboae aentioned in the preceding paragraph and bond counsel specifically baa no responsibility for the accuracy or complete- ness of any information furnished to any person in connection with any offer or aale of the bonda. · The City aball reaerve the right to waive any defect or irregularity in any bid. A cashier'• check or certified check drawn on a bank or trust company, payable to the City of Englewood, Colorado, in the a11e>unt of $135,000 •u•t accompany each bid. The check of the aucceaaful bidder will be retained by the City as . liquidated da .. gea in the event the bonds are not taken up and paid for in accordance with the bid. Check• of unsuccessful bidders will be returned iaaediately. -4 - ( The City Council will •••t within 24 hours following the opening of bid• to conaider the award of the bonds. Additional inforaation concerning the City and this laaue can be obtained fr~• Mr. Willia• D.-~ames, Director of rlnance or frOll Banifen, Iahoff ' Samford, Inc., 624 17th Street, Denver, Colorado, 80202 the financial consultant to the City. BY ORDIR OP THE CITY COUNCIL This 1st day of December, 1977. /a/ William D. James Publish in: Englewood Herald Sentinel Publiah on: Deceaber 7, 1977 5 Director ---OC~ Pinance Englewood, Colorado ·' .. • { '( • 3. In addition to the publication of the notice of sale referred to above, the Director of Finance and Banifen, Illhoff' s .. ford, Inc., Denver, Colorado, the financial consultant to the City, are authorized to forward a copy of· the notice of sale to investment banking firms, banks and others who may be interested in bidding on the bonda. RBSOLUTIOrl ADOPTED AND APPROVED this l•t day of Decem- ber, 1977. ( S I A L ) ATTEST: . ' cl~IerJC • -' - ;:: __, Mayo . ~