HomeMy WebLinkAbout1972 Resolution No. 021I
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RES0L l.1l'IO N NO. 21 ,SERIES OF 1972
WHEREAS, by Ordinance No. 7, Series of 1972, finally passed and adopted on the
22nd day o f Februa ry, 1 9 72, as amended, the City Council has created Paving District No. 21,
in the C ity o f f;nq l c wood for the p u rpose of con stru c ting and i nstal ling s t ree t improve ment s ,
together with necessary incidental s o n ce r ta in s treets and alleys therein; and
WHEREAS , the City Council has determined that it is necessary to provide for the issuance
of bon ds in the am ount o f $511,000 to pay for part of the cost of said improvements, the principal
of and int e r est on the bonds to be payable from special assessments levied against the property
wi thin t he Di str i ct and specially benefited by the improvements to be constructed and installed; and
WHERE AS, the proposed issue of bonds in the amount of $511,000, together with other
funds lawfully ava i l abl e to the City, will be sufficient to pay the costs and expenses of the
construction and installation of the street improvements authorized by Ordinance No. 7 -------and will not exceed the amo un t stated i n t h e resolution of intention to create the district,
passed a nd ..ldopted on JJnu.:i r y J , I 'J 7 2 ;
BE IT RES OLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COIORADO:
1 . That Notice of Sale of bonds of the City for Paving District No. 21, in the
principal am ount of $511,000 shall be given by publication in three consecutive weekly issues
of The Englewood Herald, a newspaper published and of general circulation in the City, in the
editions dated Apr i l 6 , 1 3 , a nd 20, 1 9 72.
2 . Th e f orm of the Notice of Sale shall be substantially as follows:
NOfICE OF I30 ND SAL E
CITY OF ENGLEWOOD, COIORADO
PAV I NG DI STRI CT NO. 21
BID OPEN!?«;: APRIL 27, 1972
10:00 A.M., M.S.T.
N:Yl'ICE IS HE REBY GIVEN that the City of Englewood, Colorado, will receive sealed
bids at the office of the Director of F inance at the City Hall in Englewood, Colorado, until
10:00 A.M., M.S.T., o n Thu rs d a y, Ap ril 27, 1 9 72, for the purchase of $511,000 City of Englewood,
Colorado , Paving Dis trict No . 21 Special ASsess me nt Bonds. Said bonds are to be dated June 1,
1972 , and due June l , 1 983 , subject to prior redemption in direct numerical order on any interest
p.lymcnt date upon Lhirty (J O) d .. 1ys pul>J i ~h e d notice , upon p a ym e nt of par and accr ue d interes t.
The bonds shall be in de n om i na tio n o f $1,000, numbered 1 through 511.
l'ht.• .awd rd of t la-nm t ''"«! w i I I h e m.id e b y L h c C i t y coun c i J at 8 : 00 P. M., M.::i y 1 , 1972,
or at an adjournment of the reg ul ar Counci l me e ting of that date.
lnt~rc s t on said h o nd s s hn ll h e p~y ab l e o n J un e 1, 197 3 , a nd semi -a nnually the rea ft e r
o n June l .ind Ucccnwcr 1, CJc:h ycJ r , lo L>c c v ide 11 c:cd b y on e or mo re se t i:; of intere s t coupons.
For the pu rpos e o f comparison only, bids shall be submitted on the following estimated
dates of payment which are strictly an estimate based on past experience and are in m way
uaranteed.
Am ount
$210,000
77,00 0
56,000
46,000
46 ,00 0
40,00 0
36 ,000
Estimated Date of Payment
12-1-1973
12-1-1974
12-1-1975
12-1-1976
12-1-1977
12-1-1978
12-1-1979
The prlncipoll Jnd iulcrcsl on ~<litl l.Jo n d s s hd ll be pay ab l e at t h e F irst Na tional Bank
of Englewood in Eng lewood, Colorado.
The bonds wi ll bea r inte re s t a t a rate or rates not exceeding 10 percent per annum
and will be sold at not less than par and accrued interest to date of delivery. Different or
separate "A" and "B" coupon r a tes may be b i d for each estimated date of payment, but bids
based on split coupon ra tes fo r a ny o ne estimated payment date will not be acceptable.
S ub j ect tn lhc d .•Jhl o f thl' City of E nql (•wood to reject .::i ny .:md .::ill bid s rec e ived,
sa id bonds will be awarded on th e b i d r e p re senting the lowest net interest cost to the City based
upon the estimated dates of paym ent as s et f orth above. Said bonds will be payable from assess-
ment.s to be levied agains t the property within the District specially benefited by the construction
of the improvements.
The Cha rter of said Cit y provides :
Whene v er a pub lic impro v e me nt district has paid and cancelled four-fifth;of its
bonds outs tanding and for any reason the remaining assessments are not paid
in time to t a ke up the f inal bonds of the district and interest due thereon
and there is n ot su ff icient money in said special surplus and deficiency
und , !hen the City sha l l pay sa i d bo ~d s when due and interest due thereon
and reimburse i tsel~b~ c ol lecting ~he unpaid assessments due said District
(f'1t11'h .1:: i :: ......... 1).
377
All bids mu st be unconditi o naJ and s hall be accompanied by a cashier's or certified
check in the amount of $10,000 payable to the City o f Eng lewood. Checks of unsuccessful bidders
will be promptly returned . The good faith deposit will be credited to the purchaser at the
time delivery of the bonds is made; and if the successful bidder shall fail or neglect to com-
plete the purchase of said bonds in accordance with his bid, the amount of his deposit shall
be held by the City as liquidated damages.
The City of Englewood reserves the privilege of waiving any irregularity or informality
in any bid .
Delivery will be made at the office of the Director of Finance in Englewood, Colorado,
or elsewhere at the request and expense of the purchaser. It is anticipated that delivery of
the bonds will be made on or about June 16, 1972.
Additional information concerning this issue and the District may be obtained from Mr.
William L . McDivitt, Director of Finance , City Hall, Englewood, Colorado.
The City of Englewood will furnish the printed bonds, a certified transcript of legal
proceedings and the approving opinion of Messrs. Willson & Lamm, Attorneys at Law, Denver,
Colorado . A certified copy of said approving opinion will be printed upon each bond without
additional cost.
DATED at Englewood , Colorado, as of the 7th day of April, 1972.
Is/ Milton E. Senti
Mayor
la'TEST:
of Piniln
rn addition to t h e pub '! ication of the notice of sale , the Director of E'inance is
authorized to forward a copy of the prospectus and notice of sale to those investment banking
irms , banks cmd other!> who miyht be interested in bidding on bonds of the City.
11. 'l'h..iL iL ..iuy uuc u i . mui.e :-;ec:L i o u:; or parts of this kesolution shal l be adjudged
unenforceable or invalid , s uch judgment shall not affect, impair or invalidate the remaining
provisions of this Resolution , it being the intention that the various provisions hereof are
severable .
ADOPTED AND APPROVED This 3rd day of April, 1972.
(S E A L)
J(l"l't.:S'l':
-,
Director of l·'inance
e .x-officio City Clerk
Mayor
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