HomeMy WebLinkAbout1976 Resolution No. 030,
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ICI :.Ollll IUN NO. \0 , :.11<11 :. ot l'.1/6
A 1U ~UllJI ION ~.tJlllOl<lllt-K; 1111 NUI ICL 01 ~ALL: I UH CLNLHAL
OOI IGAT ION ttoltS It¥~ f<f flltl1 I t'1 l::t)NOS IN TMt; Pl~ I NC I PAL
AMOUNT Of i2,112,ooo TO BE DATED AUGUST I, 1976.
WHEREAS, the City Council of the City of Englewood,
Colorado (the •city•), has heretofore issued among others
of it• bonds, $2,225,000 of its General Obligation Housing
Bonds, Series 1976, dated February l, 1976 (hereinafter
sometime• rcf c rrPd to as the •outstanding Bonds•), of which
issue of bonds there now remains outstanding the total amount
of $2,225,000, being bonds numbered 1 to 445, inclusive, in
the denomination of $5,000 eachr and
WHEREAS, nano of the Outstanding Bonds have hereto-
fore been refunded nor have any of the same been redeemed or
otherwise paid, cancelled or retired by the City; and
WHEREAS, in accordance with the City Charter of the
City of Englewood, Colorado, it is necessary to provide for
the sale of said bonds;
THEREFORE, BE IT RESOLVED BY THE CITY COUCIL OF
THE CITY OF F.!llGLEWOOD, CnL.ORJ\DO:
1. ThJt t h e Notice of Sale of General Obligation
Housing Rcfund1n9 Bonds of said City, in the principal amount
of $2,112,000 to be dated August 1, 1976, shall be published
one time in lhc En9l"wood Herald Sentinel, a newspaper having
general circulation in the City of Englewood, at least 5 days
prior to the dale of sale.
2. That notice of sale shall be in substantially
the following for•:
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111 ·1· I I' I AL
~1'1 l'E 01-' S A!.E
CITY 01-' ENGLEWOO D
ARAPAHOE COUNTY, COLORADO
GENERAL on1.TGATtON HOUSING REFUNDING BONDS
$2,112 ,000
SAL.E DATE: JULY 6, 1976
The City Counc~l or the City of Englewood, Arapahoe
county, Colorado wi ll receive sealed bids at the office of the
Director of Finance, Municipal Buildi ng, 3400 So. Elati Street,
in En9lewood, ColorJ<lo , until 2 :00 o'clock P.M., M.D.S.T.,
on Tue•day, the 6th day of July, 1976, for the purchase of
$2,112,0 .. of ~al Obligation Housin9 Refunding Bonds,
d~~cd August I, 1976.
Tne issue shall consist of 422 Bonds in the denomina-
tion of $5,000 each , num be red l to 422, inclusive, and 2 bonds
in the denomination of $1,000 each , numbered 423 and 424.
If\t~ •~11 be payabl e at the rate of 6.5\ per annum, on
June I, 1977, -ttnd semi-annually thereafter on the 1st day
oC .June a11a tnc l !it d .1y o f Dt~cembc r each year, and bonds shall
Nturc ser:JtJll y o n Ot•r·1•mh 1•L l , ris follows:
1\rr.o un
s
$ 65,000
7 5 ,000
70,000
80,000
80 ,0 0 0
$ 90,000
95,000
105 ,000
10 5 ,000
120 ,000
$1 25 ,000
140,000
140,000
1 55 ,000
170,000
170,000
62,000
Matu ri t
1977
l 'J78
1979
198 0
1981
198 2
1983
198 4
19 85
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
Bonds of this issue maturing on or before December
1, 1985 arc not redeemabl e prior to their respective maturity
dates. Bonds maturing on or a fter December 1, 1986 are
redeemable at the op tion of th e City on December 1, 1985,
and on any inte r c~t pdym 0 nt drit0 t he r c Jft0r , in i nverse
numerical order, upon payment of par and accrued interest,
plus a premium of 1-1/2 ~ of the principal so redeemed .
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P ri n c1 p~l a n J in t e r e ~t w1ll be payable at the
F i r s t N ~tiona l Ba n k , En g l e wood, Colorado.
The b o n Js w1 l l b e ifi s u c d pursuant to the City
Ch a rte r of the C i Ly o f C n q l ~wo o d .
I t is a n tic ipat e d t h a t the bonds will be delivered
wi thin ai xty (6 0) day s from date of award, which delivery
•h a ll b e made a t a b a n k or tru s t company in Englewood or
Denve r, Colorado, or at any o ~hcr bank or trust company at
the requeat and expe nse of the purchaser.
Bi ds m.a y b e condi tione d upon receipt of the ap-
prov i n g lega l o pin i on o f t h e bond attorneys named below,
but muat in any a nd all o ther respects be unconditional.
Bi d s mus t be b a s e d upon the i n te rest rates and schedules
a et forth above.
S ai ~ bo nd s s h a ll not be sold at less thdn p ar and
a c c r ued in t e r e st to t h e d a t e of d e live ry there of, subject
t o t h e right o f t h e City Co unc i l t o reject any and all bids.
S ub j ect to s u c h cond it io n s , th e bonds will be awarded to the
b i d d er naming the lowe st Net I n tere st Cost to the City as
he r ei n afte r d e fi n ed .
For i n f o rmdt i on purpos e s only, the bidders are
r e quested to state in their b ids (a ) the total net interest
<"f'!::t-;,, d •' • · 1'1•1 ,... "l tG, w' • h i •. c!~~ i · •'l .u; •h e t n ta l
., : .;1 '· tL• >1. 1 •• st.: Lo ~.1t e o f
matu·it v , l ess t!o.• 1;"1ou:i t ~ c .i .. h r:-em i.um l>iJ , i f an y , a nd
n e t c•fC-.c t n:.. · C"r1 •::.l rr1L c i n a s t;:it ed p er ct>n tum .
• he • r C"...... nri y , r-~-1 1 ,, "-. '.i1 u ="' (l !•1r l ot t ht.:
I ' •t • •
.:liJ p rove d by
:..0 1 •1•'~"; 1t La w, De nve r , Col o r a do ,
p ri.n tcd b o nds , wil l b e
11 expe n s e to t he pu rch a s e r. Th e
l c 9.:i l op i n i o n wil l l .u prtnt <'u o n c.1c h b on d . Bond coun se l's
.appro ving o p i n io n w ill r e c lte , i n co nve n tiona l form, that
·b o nd c ounsel h as C'x1 m1 ncd t h e Const i tui on and l a ws of the
Sta te o f Co l o r ado and a ce r t ified copy of the record of the
proceed i n gs of t h e City taken prelim i nary to and in the issuance
of the b onds a n d t h a t b o nd c o ~~sel has examined bond numbered
on e o f s aid issu e Jnd h ;:is foun d t h e s a me properly e xecuted
and i n due lega l f orm . Th e l a s t p a rag raph of the opinion
wil l e xpress j n u n qua l i f i ed o p i n i on a s to legality and as to
x c x cr.ip t i on of inte r est of sai d b ond s b y the United States
o f Ame rica , unde r µ1••sen t 1-'e dc ral Inco me Ta x Laws, and all
pe rt inent Inte r n a l Reven u e Se rvi c e r eg ul a tions which have
bee n issued .
The mat te r s pdssed upon b y c oun s el do not extend
b e y ond tho s e me nt ioned i n the preceding paragraph a nd bond
counse l s pec i f ica l l y h a s n o r es p on si b i l ity fo r the acc uracy
or comp letenes s o f a ny i n f o rmat i on f urn i s hed to any person
in connec tio n with any of fe r or s a l e of t he bonds.
he Ci t y o f Eng l e wo od r eserv es the right to r ej ect
any a nd a l l bids , and futhcr , t h e ri g ht t o wj i v e any de f ec t
o r i r ruqulirity in any bid .
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ll HI <> ••ho ul.t b " '11r1•c lC'd lo :-1r. WilJ i.;:i m J ,1m c s,
Oii.•c 1or 0 1 1"1 11.111 ·e , 14 0 0 :>o . 1:1.1t 1 St r ee t, Enqlcwood,
Col u r .iflo 110 110. r.a.·:1 ht.I mu:.t b..: J C CO ~iJJnied by a
cert 11 ied o c c .i s h u.i c s ch c cl.. p dyablc to the City of
Englewood , Colo r.ido , in the ano u:it of $40,000. Ch e cks
of unsuccc!>:.;fu l h1d rk•rs \:1 l J h e rC'turncd promptly after
bid op.•:1 i n q:;. Th,• di.•,·I; o t Lh ..: :;u c c:cssC ul bidder will
be re tained , Wtlhout 1nl c rest and ap pli e d on the bond
purc h.asc i r I he (>UL C:hol!>\.' i:; c:om ple t c d, o t herwis e as
liqu1dated dam J1e s.
The City Council will meet on July 6, 1976, to
consider the a ward of the bonds.
Add i t 1 o nal in form a tion concerning the City and
th i s issue can b o.? obtuined f rom Mr. William James, at
tho above add r ess , or from Hanifcn, Imhoff and Samford,
In c ., 1624 Tro nont Pl ace , Denver, Colorado 80202, the
C1n~ncia l consultant to the City .
d a y of
BY ORDER OF THE DIRCCT OR OF FINANCE, this
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/s/ Wi lliam James
Dire ctor of Finance
Engl e wood, Colorado
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J. 111 .1dd1t11 111 tu Ch · 1•u !>l1 c .ition o f the noti ce
of sJlc referred to 111 s~~t1011 l, the Dire ctor of Finance
and llJn1l cn , J mhot l J ll d Sdm[o rd , I nc ., Denver, Colorado,
tho f i nanc1.-il c o nsu l t .mt t o Lh ~ City, are authorized to
forward copies of t h o not ice of s.ll e to investment bankinq
firms, banks and othe rs who may be interested in biddinq
on the Bonds.
4. ThLs Re solu tion shall take effect immediately
upon i t s p ass39c and adoption.
RE SOLUT I ON AU OPT ED AND APPROVED This 6th day
of ~ , 1976.
(SEAL)
ATTEST:
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