HomeMy WebLinkAbout1968 Resolution No. 016rs t;
RESOLUTION NO. 16, SERIES OF 1968
WHEREAS, by Ordinance No. 10, Series of 1968,
finally adopted and approved on the 18th day of March,
1968, the City Council has created Paving District No.
17 , in t h e C i t y of Engl e wood, for the purpose of constructing
and in:it.'l l linq ("l'r l ili n n t rt.'C't pn vin<J , c u r b, g u tter a nd side-
wal k improvements and necessary drainage improvements and
incide nta l s: and
WHF.RF.1\8 , t h C' Ci ty C O llll ("l 1 h;a A <iPt c rmi nC'<i t h<lt i A
nec e ssary to p r ov i d e f o r the i ssuance of bonds of the City
for s aid District to pay for the cost of said improvements,
the p rincipal of and interest on the bonds to be payable
from spec ial assessme n ts levi e d a g a inst the property within
the Di strict and specially benefited by the improvements
to b e constructed and installed: and
WHEREAS, it is also necessary to provide for the
advertisement for construction bids for the construction
and installation of said street improvements:
THEREFORE, 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. 17, in the principal amount of $387,000
shall be given by publication in three consecutive weekly
issues of !'he Englewood Herald, in the editions dated April
4, 1 1, and 18, 1968.
2. The form of the Notice of Sale shall be sub-
stantially as follows:
NOTICE OF BOND SALE
CITY OF ENGLEWOOD, COLORADO
PAVING DISTRICT NO. 17
NOTICE IS HEREBY GIVEN, That the City of Englewood,
Colorado, will receive sealed bids at the Department of
Fi n a n ce at t h e C ity ll a ll i n Englewood, Colorado, until
2:00 o'clock P.M., M.D.T., on Monday, May 6, 1968, for
the purchase of $387,000 City of Englewood, Colorado,
Paving District No. 17 Special Assessment Bonds to be dated
June 1, 1968, and due June 1, 1979, subject to prior redemp-
tion in direct numerical order on any interest payment
date upon thirty (30) days' published notice, upon payment
of par and accrued interest.
The award of the contract will be made by the City
Council at 8:00 o'clock P.M., May 6, 1968, or at an adjourn-
ment of the regular Council meeting of that date.
Interest on said bonds shall be payable on June
1, 1969 and semi-annually thereafter on June 1 and December 1,
each year, to be evidenced by one or more sets of interest
coupons.
For the purpose of comparison only, bids shall be
submi t t e d on the following estimated dates of payment which
are strictly an estimate based on past experience and are
in no way guaranteed:
Amount
$155,000
60,000
45,000
40,000
30,000
20,00 0
20,000
17,000
Estimated Date
of Payment
12-1-1969
12-1-1970
12-1-1971
12-1-1972
12-1-1973
12-1-1974
12-1-1975
12-1-1976
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The principal of and interest on said bonds shall be
payable at the First National Bank of Englewood, in Englewood,
Colorado.
The bonds will bear interest at a rate or rates
not exceeding 6% 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 rates may be bid for each estimat-
ed date of payment, but bids based on split coupon rates
for any one estimated payment date, will not be acceptable.
Subject to the right of the City of Englewood to
reject any and all bids received, said bonds will be awarded
on the bid representing the lowest net interest cost to the
City based upon the estimated dates of payment as set forth
above. Said bonds will be payable from assessments to be
levied against the property within the District specially
benefited by the construction of the improvements.
The Charter of said City provides: "Whenever a
public improvement district has paid and cancelled four-
f i fths of its bonds outstanding and for any reason the re-
maining asseesments are not paid in time to take up the final
bonds of the district and interest due thereon and there
is not sufficient money in said special surplus and deficien9y
fund, then the City shall pay said bonds when due and interest
due thereon and reimburse itself by collecting the unpaid
assessments due said District.
All bids must be unconditional and shall be accom-
panied by a cashier's or certified check in the amount of
$12,000, payable to the City of Englewood. Checks of un-
successful bidders will be promptly returned. The good
faith deposit will be credited to the purchaser at the time
delivery of bonds is made and if the successful bidder shall
fail or neglect to complete the purchase of said bonds in
accordnane with his bid, the amount of his deposit shall
be held by the City a• 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.
Additional information concerning this issue
and the District may be obtained from Mr. Stephen A. Lyon,
Director of Fiance, in Englewood, Colorado, or from Kirchner,
Moore & Company, 718 Seventeenth Street, Denver, Colorado
80202, the financial consultant to the City.
The City of Englewood will furnish the printed
bonds, a certified transcript of legal proceedings and the
approving opinion of Tallmadge, Tallmadge, Willson & Lamm,
Attorneys at Law, Denver, Colarado. A certified copy of
said appro ving opinion will be printed upon each bond without
additonal cost.
DATED at Englewood, Colorado, as of the 1st day
of April, 1968.
/s/ Elmer Schwab
Mayor
(SEAL)
ATTEST:
/s/ St_e_phen A. Lyon
City Clerk
Publ i sh in: The Englewood He rald
' Publ i sh on: April 4, 11, and 18, 1968
87
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3. The Notice to Contractors for the construction
and i n stallation of street paving improvements shall also
be published in three consecutive weekly issues of The
EnqlPWIUld 11 .... , ... "· .... '"" 11., ..... d.1ln r1 .111 '"" Nnl j,.,, nr nnttd
Sale will be published, as indicated above.
4. Tho form of th0 Noti
be substantially as follows:
to Contractors shall
NO'l'ICE ·ro CON'rRACTORS
PUBLIC NOTICE IS HEREBY GIVEN, That until Friday,
the third day of May, 1968, at the hour of 2:00 o'clock
l'.M •. 11 f It•• ll•'I'·" 11111·111 111 Fi11.1ll•'••, 111 l·:11qlnw1itHI, t.:11lu1 'r1du,
the City will receive bids for the construction of street
and avenue improvements in Paving District No. 17, in said
City.
S~i<l imprnv0m0ntn Rh nll ronRiRt of Atr00t pnvinq,
.. • u1 l>, •J ul luJ. u11u :J .Luuwc:.alk. L!llU 11 ueu8::>dr y incidentals and
appurtenances in said District, all as more fully set forth
in the Ordinance creating said District.
ni rlrlnrn ,,,~n 1~nq11nnln1l ,., n11l1mil n11n hi1l ;"In rnll11wn1
On o bid ofr lh~ co nulructJon nnd installation of
those improvements on all the streeta and avenues as set
forth in Ordin~nce No. 10, SPri0R nf 19~A. fin~lly ~doptPrl
n11d n)'f''"vud ""Ute 111111 dny u l Mnu.:11, l~LU.
Bids will be opened and tabulated at the above
mentioned date and time and the award of the contract will
be made by the City Council at their meeting to be held
• 1 I H : O 0 n ' 1 • I 01 • k I' • M • n 11 I Ii ' · f • I Ii d. 1 y o f M .i y , 1 'J 6 U o .r n L a 11 .
adjournment thereof.
The general description of the improvements and
a description of the nistri~t ~an he nhtain~~ from th~ City
Enqincc:-r, F:nqlcwood, Colorado. Detailed plans and specifica-
' in11 a \,!i ll 1"'3 ;i'·;iil;ildn 1 .. l''"al""'" j ,,o loi1l•lotp ;ii 1110 !'ii·,·
t;1\lJl.lh..!u 1 • ::> o.t.tJ.c.:e on April 1~, 1968. A charge of $10.00
(not refundable) will be made for each set of Plans and
Specifications.
'l'hc t.:1 ly C.:ouncll reserves the right to reject any
~nd ~I I 1, id~.
N WITNESS ~IEREOF, aaid City of Englewood, Colo-
rado, ha s ca us0d this Not i rc to be qivcn this 4th d~y of
l\f'l'i I, I 'Jbtt.
City Manager
Director of Finance
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