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Home My WebLink About1975 Resolution No. 007• • ••• ·- RESOLUTION NO. 7 WHEREAS, the City Council has determined that it is necessary to extend and improve the sanitary sewer system of the City, by the construction of a sanitary sewer treatment facility to be jointly owned and operated with the City of Littleton; and WHEREAS, the City Council has further determined to issue revenue bonds in the principal amount not exceeding $1,550,000 for the City's share of the cost of the project; and WHEREAS, in accordance with the laws of the State of Colorado and the City Charter, it is necessary to provide for the public sale of the bonds; BB IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO: 1. That notice of sale of Sewer Revenue Bonds, Series 1975, in the principal amount of $1,550,000, shall be ' publ i shed one time in both The Englewood Herald-Sentinel, a newspaper having general circulation in the City of Englewood, and in The Daily Journal, a financial newspaper published in Denver, Colorado, at least 5 days prior to the date of sale. In order for the notice of sale to be published in the Englewood Herald-Se ntinel the required length of time prior to the sale on January 27, 1975, it was necessary to have the notice publ ish ed on January 16, 1975. The publication of the notice on that date is hereby ratified and approved. 2. The notice of sale shall be in substantially the following form. -2 - • • • • • • NO'l'JCE UF SALE SEWER Rt:VENUE BONDS, SERIES 1975, $1,550,000 CITY Ot' ENGLEWOOD, ARAPAHOE COUNTY, COLORADO SALE DATE: MONDAY, JANUARY 27, 1975 The City Council of the City of Englewood, Colorado, will receive sealed bids at the off ice of the Director of Finance, Municipal Building, 3400 So. Elati St., Englewood, Colorado 80110, until 2:00 P.M., M.S.T., on Monday, the 27th day of January, 1975, for the purchase of $1,550,000 of Sewer Revenue Bonds, Series 1975, dated March 1, 1975. The bonds shall be in the denomination of $5,000 each, numbered 1 to 310, inclusive, shall bear interest payable on September 1, 1975, and semi-annually thereafter on the lat day of March and the 1st day of September each year, and •hall mature serially on September 1, as follows: Amount Maturity $ 65,000 1976 70,000 1977 75,000 1978 75,000 1979 ao,ooo 1980 $ 85,000 1981 95,000 1982 100,000 1983 105,000 1984 115,000 1985 $120,000 1986 130,000 1987 135,000 1988 145,000 1989 155,000 1990 Bonds of this issue maturing on or before September 1, 1984, shall not be redeemable prior to their respective maturity dates. Those bonds maturing on September 1, 1985 and thereafter, shall be redeemable at the option of the City, in inverse numerical order, on September 1, 1984, and on any interest payment date thereafter, upon payment of par and accrued interest. Principal and interest will be payable at the First National Bank, Englewood, Colorado. The bonds and the interest thereon shall be payable •olely from the net income and revenue to be derived from the operation of the sewer system of the City, and will be a first lien on such net revenues on a parity with the lien of the out- standing Refunding Sewer Revenue Bonds, Series 1962, dated November 1, 1962 of the City. The Ordinance authorizing the issue of Sewer Rev e nu e Bonds, S e ries 1975, shall contain the customary covenants and agreements relating to the security thereof, including, among others, covenants to establish, maintain, coll ec t ~nd c nforc0 a s ch e dule of rates and charges for the use of the sewer system. Additional parity lien bonds ma;· be is s u e d if i..l&\..: C i t ·y is in c.ump.iicu'lCt:! w.iLh th(! requirements of the authorizing Ordinance. -3 - • • .: ·rt ... Li u u.J :. w1 LL L,· J1·l 1vl.!t 1.·d ..al •. u1y tJ .. ink o r t r u s t comp.:i ny in Ot"nV•• r, e n 1 nr.1do, or .J ny oth e r pla ce at th e request J nd e Xp l'n !;" of th e purch a s e r. It is anticipatC'd thJt J 1•l1vc 1y o l tlw lJund :.; w i ll b e m.:id c within 60 days follow in 'J th 1.! .. 1w,1rd o f ttw honJ s . Bids m .. 1y h e.• c o ne Ii ti o nrd upon r c c c ipt of the approving le9al opinion of th e bond attorneys named below, but must in any and all oth e r r es pects be unconditional. No bid for less than par and accrued interest to the date of delivery will he accept e d. The net effective int e rest rate of this is~u~ ~hall not exceed 7-1/2% per annum. Supplemental or •a• intere st c ou pon s arc not allowed. Not more than 5 separate interest rates should be included in any one bid. The .. ximum allowa bl e ~µr ea d between the highest and lowest interest rates is 1-1/2\. Interest rates should be stated in multiples of twentieths or eighths of one (1) per cent. The bonds will be awarded to the bidder naming the lowest net interest cost to th e City, which is defined as the total AllOunt of interest to accrue from the date of the bonds to the date of maturity, without regard to the prior redemption provision, less th e total amount of cash premium bid, if any. Bidders are requested to use the forms which will be furnished. • In the opinion of bond counsel, the interest on • aaid bonds will b e e xe mpt from taxation by the United States of America, unde r present Federal Income Tax Laws, and all pertine n t lntcr nJl Re v e nue S e rvice regulations which have been is sue d: s uc h interest will also be exempt from taxation by th e S t ate o f Col o rado, exce pt inheritance , estat e a nd tra n sfe r tJXc:>, urn.J t.:r prcst:?nt 1.:iws of the State of Color a do. The City shall reserve the right to waive any defect o r i rrrc-1111.1ri t y i n ,,ny bid. The printed bonds, a certified transcript of legal proceedings and the approving opinion of Messrs. Willson & Lamm, Attorneys of Denver, Colorado, will be furnished at the City's expense. A copy of the approving opinion will be printed on each bond. A cashi e r's check or certified check drawn on a bank o r t r u ~;l co mp.111y, µ .. 1y.1tJJ e Lo t he C.ity o f En(Jl L·WO(l d, Colorado , i n t h "' .im o unl o f $40, 000 must .:iccomp ,:iny c.Jc h bid. The ch<'c k o f t h "' s u t ·cr!c;;.f ul bidd"r will b 0 r c t .:iirwd by t h·" C i ly J :.; L i<.1ui u .1Leu Ud lll.t l J c.::; in Lh c e v e nt th e b o nd s a r c n o t taken up and p a id for in accordance with the bid. Checks of unsucce s s ful b idde r s wi ll be r e turned immediately. The City Council will meet on January 27, 1975 to conside r the award of the bonds • Addition a l information concerning the City and this issue can be obtained from Mr. Karl Nollenberger, Director of Finance, 3400 so. Elati St., Englewood, Colorado, 80110, or from Hanifen, Imhoff and Samford, Inc., 1624 Tremont Place, Denve r, Colorado 80202, the financial consultant to the City. BY ORDER OF THE CITY COUNCIL This 20th day of January, 1975. /s/ Karl Nollenb~r~~-e~r~~ Director of Fina~ce Englewood, Colorado Publish in: Englewood He ra l d-Sentinel Daily J o urn il l Publish on: Wednesday, January 22, 1975 -4 - •• -A 3. In addition to the publication of the notice • of sa l e n·h •r r ••d t q 1n !;c·ct ion I, ttw Dire ctor of Financl' .Jnd Han ifc n, Imhof f Jnc.I S.imt o nt, In c . t h C' f i nancial advisor t o I • • the Cit y, .1 rc J uth n ra z •'ci t o fnrw.1rd a r.npy of t h e no t i ce of. •ale to invcn tmc nt b .ank i O'-J firm s , banks and others who may be interested in bidding on the bonds. RESOLUTION ADOPTED AND APPROVED this 20th day of January, 1975. (SEAL) -r-~_:_2=M:_.:a:':yo=-/ (/, _ t-· ' . ~. ' -/"'" ---~· , /._ / r.·-: .. ATTEST: I I , • I Director of Finance -5 -