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Home My WebLink About1975 Resolution No. 020• • • RESOLUTION NO. 20 , SERIES OF 1975 A RESOLU TI ON F O R ADOVTION O ~ N O TlC~ OF BOND SALE FOR $721,000 OF s rt: c I A L A f; !; t: s s M 1-: NT ''° N n ! ; ... n R r I\ v 1 N c: n T ~TR I c T N () . 2 2 • WHEREAS, by Ordinance No. 7, Series of 1975, finally pas s ed and adopted on March 17, 1975, the City Council has created Paving District No. 22, in the City of Englewood for the purpose of constructing and installinq street pavin9, curb and getter and sidewalk improvements on certain streets therein1 and WHEREAS, the City Council has determined that it is necessary to provide for the issuance of bonds in the amount not exceedin9 $721,000 to pay for the cost of said improvements, the principal of and interest on the bonds to be payable from special assessments to be levied against the property within the District and specially benefited by the improvements to be constructed and installed; and WHEREAS, in accordance with the provisions of the City Charter, it is necessary to advertise for the sale of said bonds1 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO: 1. That notice of sale of bonds of the City for Paving District No. 22, in the principal amount of $721,000, shall be given by publication in one issue of the Englewoood Herald-Sentinel, a newspaper published and of general cir- culation in the City, in the edition dated either April 17 or 24, 1975. 2. The form of the notice of sale shall be sub- etantially as follovea • • • • • • NOTICE OF SALE CITY OF ENGLEWOOD, COLORADO PAVING DISTRICT NO. 22, BID OPENING~ MONDAY, MAY 5, 1975 :no P .M.,M.S.D.T. NOTICE IS HEREBY GIVEN That the City of Englewood, Co lo rado , will rec eive sealed bids at the office of the Director of F inanc e dt th e Mun i c ipal Buil ding, 3400 So. Elati Street, in En glewood, Colorado , until ?:00 P.M., M.S.D.T., on Monday, May 5, 1975, fo r the purchas e of Special Assessment Bonds in the principal am o unt of $72 1,000, of the City of Englewood, Colorado for Pa v i n g D ~s trict No. 22. The bonds will be dated June 1, 1975 and du e J une 1, 1986, subject to prior redemption in direct num e rical order on any interest payment date upon thirty (30) days published notice, upon payment of par and accrue d i ntcr0s t. Th e bonds shall be in the denomina- tion of $1,000 eac h, numb e r ed 1 to 721, inclusive. In the event tha t construction bids to be received on April 30, 1975 ar e less than the estimate of cost, the amount of the bond issue for Paving District No. 22 and the estimated payment schedule may be amended. It is suggested that any bidder cont a ct the financial consultant to the City, Hanifen, Imhof f and Samford, Inc., concerning any changes in the amount or payment s ch edule, after April 30, 1975. The interest on the bonds shall be payable on June 1, 1976, and semi-annually th e reafter on June 1 and December 1, each year, to be evide nced by one or more sets of interest coupons. I For the purpose of comparison only, bids shall be submitted on th e fo llow i n g e stimated dates of payment which are only an estima t e b used o n pds t e xperience, and are in no way guarante ed. Am o unt Estimated Date of Payment $296 ,000 December 1, 1976 110 ,00 0 December 1, 1977 80,000 December 1, 1978 65,000 December 1, 1979 s ,onn December 1, 1980 55,000 December 1, 1981 50,000 December 1, 1982 . The princ i pal and interest on said bonds shall be payable at The Fir s t National Bank, in Englewood, Colorado • Th e bo nd s will b ea r i nterest at a maximum net effective intere s t rnt c n ot c x c 0cd ing ai per annum, and will be sold at not l cs:..; Lhc.1n p.11 .ind .i c.:<:r uc'd interes t to the date of delivery. Differe nt o r s e parate "A" ~nd "B" coupon rates may be bid for each e s ti ma ted p dyrnc nt da t~. uut bi ds based on split coupon rates for anv on e es t i ma ted payment date will not be accepted. l t ~d s pr ~n~~i~n t~n --.~, to be levi ed ag~in bcnef i ted by ~ - ' I n -• ~(" th e City to reject any and be awa rded on the bid re- Ci ty based upon the estimated 1y ,1b l c f rom special assessments the pro p e rty within the District specially .1i~ tr u ction of the improvements. The Charter • • • • • • of th e C t ly .i1 s o pro v 1d1".: "W li(•nt •Vt 'r .:i Publi c Improvc m0 nt D i s tri c t h..i s p J i<.J .i11d <'dlH:t.' I l ··d f o u r -fif ths (4/5) of it s bond s o utstandi n <J , c1 nd !or any n •a 5o n the remaining ass e ss- ment s arc n o t pajd i n Li mt> t o L.:ikc up the fin a l bonds of the di s Lrt c l a nd i nL L r c~t th e reo n, then th e City shall p a y said bond s wh e n '" tt rHl in V• r 0s t due th e reon and reimbur se itse l f b v c o l l e c t i 11 1 th e.· 11 11 p 1 1d assess ments due said district". ( a b le t o t he Cit b idd e rs will b w i l l be cre dit <' b o nd s i s n e gl ec t t o c o mpt wi th th e bid, th C ity as liquida t ed waivi ng .:.a n at th an tru s t c wh Th ·0nd ition al and shall be accompanied 1 t if'd c li ec k. in the amount of $12,000, ~n q l e wood. Checks of unsuccessful r e t u rne d . The good faith deposit ·hds e r at the time delivery of the ~s s ful bidder shall fail or t-:1111 I r r P hc1 s c of the bonds in accordance h e deposit shall be held by the n d r eserves the privilege of ri l y in any bid. n ds will be made by the City Council 5 , J975, at 7:30 P.M., or at o un c il meeti n g of that dat e . will be mad e at any bank or r Denver, Colorado, or else- of the purchaser. It is bonds will be on or about 1i-n1 t1cm co n c e r ning this issue and th e 1>m Mr . Ka rl Noll e nberger, Dir e ctor 1.J<lln o , 3 400 So. Elati Street , En g lewood, 1nm H c 111 1 l l'n, [mh o ff a n d Samford, Inc., "• p,-~•flV e l I l'o l o r ,1d o 8 020 2 , the financi a l •rtt . · t i f I 1 •rt l f 'I ti I •'II •ti Mo Co l u r .1Jn . ,, . . U I JU II n A n r i I • J Q A T T l::S1': . i. t ~ f I ,-t i f .i I I oi l 11 l >t J fl l f :n " :1 f>ll •0 (1 11 tl l 1 '1 11111 City of Bngl e woo d, 1 • . : (!WOOC I , . ) ~ I II I if 1 I l f 11 r n i s h t h <' p r i n t C' d b o n d s , 111 n1 ·1·1·d i nq :~ .ind t hi• .1ppr·nv i nq 1 .. 111 11 11 , 1\t L en 1H ~y:3 LIL L...i w, Vt...:nv er , 111· .l ppn1v i nq o pinion wi l I b" i ckl i l i o n c.t 1 c o !:i t . !, C o J 1>1",1do , as of the 7th day of /s/ James L. T a vlor Mayor City o f Englewood, Colorado -S •,.nt i n1 ·l • • • • 3. ThJ t in t Iii· t •Vt•n t the co nstruction bids receive d by Lhc C i.L y o n /\p r i l 3 0, 197 5 , are less than the estimate of c o . h e am ount o f the bond issue for the district, and th 0 cstima and the Di re c tor o f F i n l without further resol u 4. In addi d payment schedule may be amended, ' i s a u t horized to make such changes on or approval of the City Council. o th e publication of the notice of sale, the Director of Finan and the Financial Consultant are authorized to forw a c d a copy of the prospectus and notice of sale of thos e inve J tme n t b an king firms, banks and others who might be intere s t e d i n bidding on bonds of the City. s. That i f any on e o r more sections or parts of this Resoluti o n sha ll b e a dj udge d unenforceable or invalid, such judgment sha ll n ot af f ect , impair or invalidate the re- maining provisions of this Reso lution, it being the intention that the various pr o v i ~; io n c h e reof are severable • ADOPT ED D AP PROVED This 7th day of April, 1975. (SEAL) ~2.--e-<-'--<-= ,,;:::: rz h____ Mayor 7 l / I ATTEST: