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Home My WebLink About1999 Resolution No. 090• RESOLUTION NO. iri..- SERIES OF 1999 A RESOLUTION OF THE CITY OF ENGLEWOOD AWARDING THE SALE OF SPECIAL AS~C.:SSMENT BONDS IN THE PRINCIPAL AMOUNT OF $612,000 FOR PAVING DIS'. RICT NO . 38 ; AND ESTABLISHING THE INTEREST RATES AND TRE ESTIMATED REDEMPTION SCHEDULE FOR THE BONDS. WHEREAS, the City of Englewood, Arapahoe County, Colorado (the "City"), ia a home rule municipality and political aubdiviaion of the State of Colorado (the "SL&tei, duly organized and operating i.nder the Home Rule Charter of the City of Engle,.-ood (the "City Charteri and the Cr,u.etitution and law1 of the State; and Whereas, by Ordi:na= No. 34, Serie• of !997, as amended by Or dinance No. 54, Series of 1998, the City Council of the City haa czeateci Paving Dietrict No. 38 (the "District") within the City ; and WHEREAS, pursuant to Council Bill No. 55 , Series of 1999, which paaaed and approved on first reading on September 7, 1999, a negotiated eale is to be conducted for the Paving District No. 38 Special Aeeeument Bonds , Series 1999, dated October 1, 1999 (the "Bandai; and WHERE .\5, George K. Baum & Company haa conducted a negotiated sale for the Bonda and haa preseuted the City with an agreement for porchaae of the Bonda (the "'3ond Purchase Agreementj, whi"'1 agreement, among other things establishes the m!ereat rates f, the Bonda; and \l!HEREAS , the City Council hsa determined that the award of the sale of the Bonda to George K. Baum & Company on the basis of the terms e•tablished pursuant to the Bond Purchase Agreement and Council Bill No. 55, Series 1999 (which Council Bill is expected to be adopted and approved on second reading at thia meeting of the City Council and is referred to herein aa the "Distict No. 38 Bond Ordinance"), is in the beat intereata of the City and the District; and WHEREAS , the City has incurred , and prior to final payment of the Bonda will further incur , administrative expenses and other coata related to the establishment of the District, the construction and installation of improvements within the District, the collection of District aase88menta and payment of the Bonda, and therefore, following payment o · all Bonda and prior to the deposit of any remaining .-ument proceeds into the Surph., iu,d Defli;iency Fund established pursuant to Section 109 of the City Charter, the C:ity i ,;ends to reinibune itself for such expenses and other ,mts: THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO : ~-Award of Sale ofBonds . Pursuant bl .wd in accordance with Section 110 of the City Charter and the requirements of the District No . 38 Bond Ordinance , there has been submitted to the City a Bond Purchase Agreement for th, purchaee of the Bonds from, and the City hereby awards the sale of the Bonds to. George K. Baum & Company . St.cwm..a. &t.ablirlmwaUC TnYmet Bite, 1od Bttimetod Bcdemrtion Scbedulo -The Bonda shall bear iD~rat at tlie rate• per annum (calculated baaed on a 360-day year or twelve 30-day montha), u aet. forth in the lollowinr Htimated redemption schedule : Estimated Prlnclp,u Amount BondNumben Intereat Kate Redemption Year 20)0 $57,000 l through 57 4.25" 2001 $49,000 58 throurh 106 4.75" 2002 $52,000 107 throurh 158 4.iM>" 2003 $55,000 159 throurh 213 5.00" 2004 $58,000 21 4 throurh 27 1 5.1°" 2005 $61,000 272 through 332 5.2°" 2006 $64 ,000 333 through ~96 5.3°" 2007 $68,000 397 through 46~ 5.4°" 2008 $72,000 465 through 536 5.Slm 2009 $76,000 537 through 612 5.8°" The net effective interest rate for the Bonds doea not exceed the maximum net etfective interest rate authorized for the Bonda in District No. 38 Bond Ordinance. ~-All actions b.eretofore taken (not inconsir.u,nt with th< provisions or this Resolution and District No . 38 Bond Ordinance) by the City Council or by the ollicera , employees and advisors or the City direct.ed toward the issuance of the Bonda a. , hereby ratified , approved and confirmed. ~-IC any section, paragraph, clause or provi8101, or this Resolution shall !or any reason be held to be invalid or unenforceable, the invalidity or unenforceabiiity of such section, paragraph, clause or provision shall not affect any of the remaining provisions of thia Resolution. I, Loucriabia A. Ellis, City Clerk foi;.qie City of Englewood , C above is a true copy o( Resolution No:12,. Series of 1999 . Loucrisbia A. Ellis ,... -• • • Doll ~r20,1999 COUNCIL c::o.uN!CA11011 COUNCIL GOAL AND PREV!OUS COUNC1L ACTION CII) Council hu made lho City's -t and -lntru1nJcture a priorily by forming paving Irv.I concre. -since lhe 19501. City Cot.n:I ~ a bffl fo an ordinanct opprow:9 lho lauance of Paving Diltrtct 38 -al a Council meeb,'9 on September 7, 19911. RECOIIIIEN!lED AC'TION Staff r1eomme ids Coo .• ..: ll$)1)R)Yll lhe a'lached rwoolutlon Nfling lho .--for lho Paving Olalrlct 38 Bonds. BACKGROUND, ANALYSlS, AND ALTERNATIVES IDl!lmFIED The Tupayer Bill of Rl!;lts (TABOR) required a majority afflrmotive vohl of lho affectad oloctora In P..tng Diltrict 38 to iaue lhla debt. This issue -submitted to me ellglble Yatera in Paving Diltrict 38 on-•• 1897 and palled 8 to 6. City Council approwd a bl for an ordinance approving lhe lsauanco of lhe -at a Councl meeting on Seplamber 7, 1999 . The bonds were sold on September 1 S. 1999 so lhe inten11, ;ates were not "'-1 .. me first reading of !he Bond Ordinance. Thia resolution fonnaly Ills lhe inhlrest rates by Council action. The -rates are: 2000 4.25% 2001 4.75% 2002 4.90% 2003 f .00% 2004 :i .10% 2005 5.20% 2006 5.30% 2007 5.40% 2008 5.50% 2009 5.60% No other altemattves went identified. FINANCIAL !If PACT The City of Englewood •I not be dlrecl!y impactad by lhla action since !he -aervtce for !his Issue will be repaid from ,pecial 8SStsamenta colocted from lhoee benefited by lhla project. UST OF ATTACHMENTS Proposed resolution