HomeMy WebLinkAbout1974-049-05/02/1974-SEWER IMPROVEMENT REVENUE BONDS $2,000,000 I�C" � Move
STATE OF COLORADO )
COUNTY OF LARIMER ) SS
CITY OF FORT COLLINS )
The City Council of the City of Fort Collins, ,in
the County of Larimer and State of Colorado, met in regular
session, in full conformity with law and the ordinances and
rules of the City at the Council Chambers in the City Hall
in said City, being the regular meeting place of the Council,
on Thursday, the 2nd day of May, 1974, at the hour of
6 ,30 p m , at which meeting there were present and answer-
ing the roll call the following, constitution a quorum
Present
Assistant Mayor Nan_X Cr,av
Other Councilmembers Charles Royal ing
Mabel prQh 1 e
Margaret Reeyec
r
Jack �iiggAl1 ,—
Earl R Wilkinson
Absent �.N FPa�
constituting all of the members of the Council
There were also present ,
Robert Brunton
Verna Lewis
Arthur E March, Jr
Thereupon, the following proceedings, among others,
were had and taken, to wit
r
Councilwoman _ Preble introduced a resolution
which resolution was thereupon read in full and is as follows
RESOLUTION 74-49
WHEREAS , the City of Fort Collins, in the County of
Lar�mer and state of Colorado now owns and operates a munici-
pal sanitary sewerage system, and
WHEREAS , the City Council has determined, and does
hereby determine, to improve and extend the system, the cost
thereof to be defrayed in ma]or part from the proceeds of the
revenue bonds heroin authorized to be sold, and
WHEREAS , the Council deems it necessary and advisable
that the bonds be publicly sold at this time pursuant to Sec-
tion 139-52-4, Colorado Revised Statutes 1963, as amended, and
WHEREAS, copies of the proposed bond ordinance are
now on file in the office of the City Clerk
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
CITY OF FORT COLLINS
Section 1 The City of Fort Collins, Colorado, Sewer
Improvement Revenue Bonds , Series June 1, 1974, in the princi-
pal amount of $2 , 000, 000, are hereby ordered to be advertised
for public sale On Thursday, June 6, 1974, at the hour of
11 00 a m , M D T , at the City Hall Council Chambers, in the
City , sealed bids shall be received and publicly opened for
the purchase of the bonds
Section 2 The Official Notice of Bond Sale shall
be as follows
-2-
OFFICIAL NOTICE OF BOND SALE
$2, 000, 000
CITY OF FORT COLLINS, COLORADO
SEWER IMPROVEMENT REVENUE BONDS
SERIES JUNE 1, 1974
The City Council of the City of Fort Collins (herein
"City") , in Larimer County, Colorado will receive sealed bids
at the City Hall Council Chambers , at 300 LaPorte Avenue
, in Fort Collins, Colorado, until 11 00 a m ,
M D T , on Thursday, the 6th day of June, 1974, for the pur-
chase of $2 , 000, 000 of City of Fort Collins , Colorado, Sewer
Improvement Revenue Bonds, Series June 1, 1974, dated June 1,
�974 (herein "bonds")
ISSUE, The bonds will be in the denomination of
$5, 000 each, numbered 1 to 400, inclusive Interest will be
payable on December 1, 1974, and semiannually thereafter on
June 1 and December 1 in each year, and bonds will mature
serially on December 1, as follows
Amount Maturity
$ 10, 000 1977
10, 000 1978
10, 000 1979
10, 000 1980
10, 000 1981
10, 000 1982
10, 000 1983
10, 000 1984
10, 000 1985
180, 000 1986
185, 000 1987
195, 000 1988
200, 000 1989
210, 000 1990
220, 000 1991
230, 000 1992
240, 000 1993
250, 000 1994
PRIOR REDEMPTION Bonds maturing on or after Decem-
ber 1, 1984, will be sub3ect to prior redemption at the option
of the City, in inverse numerical order on June 1, 1984, and
on any interest payment date thereafter, upon payment of par
and accrued interest and a premium equal to two per cent (2%)
of the principal amount of each bond so redeemed, if redeemed
on or before December 1, 1988 or a premium equal to one per
cent (1%) of the principal amount of each bond so redeemed, if
redeemed thereafter
-3-
PAYMENT Principal and interest will be payable at
the office of the Director of Finance and ex officio City
Treasurer in Fort Collins, Colorado
NO REGISTRATION FOR PAYMENT The authorizing pro-
ceedings and the bonds will contain no provision for the reg-
istration of bonds for payment, as to principal, or interest,
or both
SECURITY The bonds and the interest thereon (to-
gether with the City of Fort Collins, Colorado, Refunding and
Improvement Revenue Bonds , Series June 1, 1965 and all parity
obligations, if any, hereafter issued) shall be payable solely
from, and constitute a first lien upon the revenues to be de-
rived from the operation of the City' s municipal sanitary sewer
system (herein "system") after payment of all necessary and
reasonable operation and maintenance expenses of the system
PURPOSE AND AUTHORITY The bonds will be issued for
the purpose of improving and extending the municipal sewer sys-
tem pursuant to the laws of the State of Colorado, and parti-
cularly Chapter 139 , Article 52, Colorado Revised Statutes
1943, as amended, and consistently with the Charter and ordi-
nances of the City
PROPOSALS AND AWARD Each bid must be on an offi-
cial bid form (addressed to Director of Finance, P 0 Box
580, Fort Collins , Colorado 80522) and be conditional upon
receipt of the approving legal opinion of the bond attorneys
named below, but must in all other respects be unconditional
Bidders are to designate the rate or rates of interest, to be
evidenced by a single set of interest coupons (no supplemental
or "B" coupons) , on which their bids are based The net ef-
fective interest rate for said issue of bonds may not exceed
7% (computed in accordance with the standard so-called "IBA
Method") Interest rates must be stated in multiples of
twentieths or eighths of one per cent, and the highest rate
bid for any of the bonds may not exceed the lowest rate bid
by more than three per cent (3%) No more than one interest
rate may be bid for the bonds maturing in a single year A
zero (0) interest rate cannot be named
The bonds will be sold at, not less than par and
accrued interest to the date of delivery thereof, The bonds
-4-
will be awarded to the bidder whose bid results in the lowest
net interest cost to the City, as hereinafter defined, and in
any event to the best advantage of the City If there are two
(2) or more equal bids for the bonds , and such equal bids are
the best bids received, the City will determine which bid will
be accepted
For information purposes only, the bidders are re-
quested to state in their bids (a) the total net interest cost
in dollars and cents, which is defined as the total amount of
interest to accrue from date of issue to the respective maturi-
ty dates, without regard to prior redemption provisions , less
the amount of cash premium bid, if any, and (b) the net effec-
tive interest rate in a stated per cent
BID CHECK A cashier' s check or certified check
drawn on a bank or trust company of the United States of Amer-
icA, payable to the City of Fort Collins, Colorado, in the
amount of $40, 000 must accompany each bid The check of the
successful bidder will be retained by the City as evidence of
good faith pending the delivery of the bonds Other bidders '
checks will be returned promptly
SALE RESERVATIONS The City reserves the privilege
(1) of waiving any irregularity or infor-
mality in any bid,
(2) of re3ecting any and all bids for the
bonds and
(3) of reoffering the bonds for sale, as
provided by law
TAX EXEMPT STATUS In the opinion of bond counsel ,
the interest on the bonds is exempt from taxation by the
United States of America under present federal income tax
laws and is also exempt from taxation by the State of Colo-
rado under its income tax laws If prior to the delivery of
the bonds to the successful bidder therefor, the income re-
ceived by private holders of obligations of the same type and
character will be taxable or be required to be used in any
income tax computation by the terms of any applicable federal
or Colorado law hereafter enacted, the successful bidder, at
his election made prior to the tender by the City of the bonds
for delivery, may be relieved of his obligation under the
contract to purchase the bonds In such case the contract to
purchase the bonds will terminate , and the deposit accompanying
-5-
the purchaser' s bid will be returned to the purchaser upon
written request therefor Any such option shall be exer-
cised by a letter addressed to the bond counsel hereinafter
designated and deposited in the United States mails, prior
to the tender by the City of the bonds for delivery as
first-class mail, postage prepaid, and as airmail unless so
mailed in Denver, Colorado
TIME OF AWARD If an acceptable bid is received,
the bonds will be awarded by the City Council at a meeting
thereof, within twenty,-four (24) hours after the time of bid
opening The bond ordinance is expected to be adopted at
the regular meeting of June 6, 1974
MANNER AND TIME OF DELIVERY The deposit of the
best bidder will be credited to the purchaser at the time
of delivery of the bonds (without accruing interest) If
the successful bidder for the bonds fails or neglects to com-
plete the purchase of the bonds within ten (10) days after
the bonds are made ready and are tendered by the City for
delivery, the amount of this deposit will be forfeited (as
liquidated damages for noncompliance with the bid) to the
City, except as hereinafter provided In that event, the
City Council may cause the bonds to be reoffered for sale as
the Council may determine The purchasers will not be re-
quired to accept delivery of any of the bonds if they are
not tendered by the City for delivery within sixty (60) days
from the date of opening bids, and if the bonds are not so
tendered within said period of time, the good faith deposit
will be returned to the purchaser upon his request The City
contemplates , however, effecting the delivery of the bonds to
the purchaser thereof on or about July 11, 1974
PAYMENT AT AND PLACE OF DELIVERY The successful
bidder or bidders will be required to accept delivery of, and
to make payment of the balance due for, the bonds
(1) At some bank or trust company in
Denver, Colorado, , or
(2) At the successful bidder' s request
and expense, at some other bank or trust company
in the United States of America
Payment of the balance of the purchase price due at delivery
must be made in federal funds or other funds acceptable to
-6-
the City and to the bank or trust company designated as the
place of delivery for immediate and unconditional credit to
the City, or as directed by the City The balance of the
purchase price, including any premium, must be paid in such
funds and not by cancellation of any interest coupons , nor
by any waiver of interest, nor by any other concession as
a substitution for such funds
CUSIP NUMBERS CUSIP numbers will be printed on
the filing panel on the back of the bonds at the request and
expense of the successful bidder If a wrong number is im-
printed on any bond or if a number is not printed thereon,
any such error or omission will not constitute cause for the
successful bidder to refuse delivery of any bond
INFORMATION The official bid form, an official
statement prepared by the City, the bond ordinance to be
adopted after the sale, .his Official Notice of pond Sale,
and financial and other information concerning the City and
the bonds, may be obtained upon request from the City' s fi-
nancial consultant, Boettcher & Company, 828 - 17th Street,
Denver, Colorado 8020�
LEGAL OPINION, BONDS AND TRANSCRIPT The legality
of the bond issue will be approved by the firm of Dawson,
Nagel, Sherman & Howard, Attorneys at Law, 1900 First Na-
tional Bank Building, Denver, Colorado 80202, whose unquali-
fied, final, approving opinion, together with the printed
bonds on steel engraved borders , a certified transcript of
the proceedings , including a certificate stating that there
is no litigation pending affecting the validity of the bonds
as of the date of their delivery, and other closing docu-
ments , will be furnished to the purchaser without charge by
the City A certified true copy of the approving opinion
of bond counsel for the issue will be printed on each bond
thereof at the City' s expense Bond counsel ' s approving
opinion will recite, in conventional form, that bond counsel
has examined the Constitution and laws of the State of Colo-
rado and a certified copy of the record of the proceedings
of the City Council taken prelim;nary to and in the issue of
the bonds and that bond counsel has examined bond numbered
one of said issue and has found the same properly executed
and in due legal form The last paragraph of the opinion will
express an unqualified opinion as to legality of issue, as to
-7-
tax exemption of interest (sub3ect to the provisions herein-
above entitled "Tax Exempt Status" ) and as to the security
consistently with the provisions of the paragraph of this
notice entitled "Security "
By order of the City Council of the City of Fort
Collins, Colorado, dated this 2nd day of May, 1974
f
� Assistant Mayor
(SEAL)
ATTEST
City Clerk
-8-
Section 3 The City Clerk is authorized and directed
to publish a notice of bond sale at least once in at least (1)
the Daily Journal, a financial newspaper published in Denver,
Colorado, and (2) a newspaper circulating in the City, at
least five days prior to said sale date, the notice for pub-
lication to be in substantially the following form
-9-
(Form of Notice of Bond Sale for Publication)
NOTICE OF BOND SALE
$2, 000, 000
CITY OF FORT COLLINS , COLORADO
SEWER IMPROVEMENT REVENUE BONDS
SERIES JUNE 1, 1974
The City of Fort Collins on June 6, 1974, at 11 00
a m , M D T , at the City Hall Council Chambers, at
300 LaPorte 4yeLug , in Fort Collins , Colorado, will
receive sealed bids for the purchase of the City' s Sewer Im-
provement Revenue Bonds, Series June 1, 1974, dated June 1,
1974 , in the principal amount of $2 ,000, 000, and maturing ser-
ially on December 1, 1977 through 1994 For provisions as to
security and as to prior redemption and further details ,
reference ,is made to a proposed ordinance on file with the
City Clerk The Official Notice of Bond Sale, said ordinance
and financial and other information conerning the City and
the bonds may be obtained from Boettcher & Company, Denver,
Colorado The legality of the bonds will approved by Messrs
Dawson, Nagel, Sherman & Howard, Denver, Colorado
By order of the Council of the City of Fort Collins ,
Colorado, dated the 2nd day of May, 1974
i
City Clerk
(SEAL)
(End of Form of Notice for Publication)
-10--
Section 4 This resolution shall take effect
immediately upon its passage and adoption
PASSED, ADOPTED, SIGNED AND APPROVED this 2nd day
of May, 1974
"./P rP P k
Assistan Mayo
(SEAL)
ATTEST
City Clerk
-],l-
It was moved by Councilwoman Preble and
seconded by Councilman Russell that said resolution
be now placed on its final passage and that all rules of the
Council which unless suspended might prevent the final pas-
sage and adoption of said resolution at this meeting be, and
the same hereby are, suspended for the purpose of permitting
the final passage and adoption of said resolution at this
meeting
The question being upon the adoption of said motion
and the suspension of the rules, the roll was called with the
following result
Those Voting Yes Charles Bowling
Nancy Gray
Mabel Preble
Margaret Reeves
Jack Russell
Earl R Wilkinson
Those Voting No None
At least 4 members of the Council having voted in
favor of said motion, the presiding officer declared said
motion carried and the rules suspended
Councilman Russell then moved that said reso-
lution be passed and adopted Councilman Wilkinson
seconded the motion The question being upon the passage and
adoption of said resolution, the roll was called with the
following result
Those Voting Yes Charles Bowling
Nancy Gray
Mabel Preble
Margaret Reeves
Jack Russell
Earl R Wilkinson
Those Voting No None
The presiding officer thereupon declared that at
least 4 members elected to the City Council having voted in
favor thereof, said motion was carried and said resolution
duly passed and adopted
(SEAL) A istant May r
ATTEST 1
City Clerk
-12-
STATE OF COLORADO )
COUNTY OF LARIMER ) SS
CITY OF FORT COLLINS )
I , Verna Lewis , City Clerk of the City
of Fort Collins (herein "City") , in the County of Larimer
and State of Colorado, do hereby certify:
1 The foregoing pages numbered from 1 to 12 , in-
clusive, constitute a full, true and correct copy of the
record of the proceedings taken by the City Council of the
City at a regular meeting thereof, held on the 2nd day of
May, 1974, insofar as said minutes relate to a resolution,
a copy of which is set forth, and said copy of said resolu-
tion as contained in said minutes is a full, true and correct
copy of the original of said resolution as passed by the City
Council at said meeting
2 Said original resolution has been duly authenti-
cated by the signature of the Mayor of the City and myself
as City Clerk, sealed with the corporate seal of said City,
and recorded in the book of resolutions of the City kept for
that purpose in my office, which record has been duly signed
by the said offic�ssisandt sealed with the seal of the City
3 The/Mayor and five other members of the City
Council were present at said meeting, and the members of the
Council voted on the passage of said resolution as in said
minutes set forth
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the seal of the City at Fort Collins this.2 1 day of
May, 1974
City- Clerk
(SEAL)
-13-
(Attach Affidavit of Publication in
Newspaper Circulating in Fort Collins)
AFFIDAVIT OF PUBLICATION
STATE OF COLORADO
COUNTY OF LARIMER } ss.
__Wild-ard_D..._.1Ohnsnn________- being first duly sworn
upon oath, deposes and says: That __he is theAdV._DirECttor
of the Fort Collins Coloradoan; that--he has personal knowledge of
all the facts set forth in this affidavit; that the Fort Collins Colo-
radoan is a public daily newspaper of general circulation, having
its principal office and place of business situated in said County of
Larimer; that said Fort Collins Coloradoan is printed and publish-
ed daily except Saturdays and legal holidays; that said Fort Collins
Coloradoan is a daily newspaper, duly qualified for the purpose
set forth within the meaning of Chapter 109, Article 1, Sections 1-1
to 1-8 inclusive of Colorado Revised Statutes 1963, and any amend-
ment thereof passed prior to the date hereof; that said newspaper
had, prior to January 1, 1936, and has ever since said date been
admitted to the United States Mails as second class matter under
the provisions of the Act of March 3, 1879, and any amendments y
thereof; that said newspaper is printed in whole in said County of
Larimer and has a general circulation therein; that said newspaper
had been so printed and published as a public daily newspaper of
general circulation in said County of Larimer, uninterruptedly and
continuously, during the period of more than fifty-two consecutive
weeks next prior to the first issue thereof containing the annexed
legal notice or advertisement; that said annexed legal notice or
advertisement was published in the regular and entire editions of
said newspaper for
day
_Qne__successive 9¢OM on__Fr-idayof each successive week;
that the first publication of said legal notice or advertisement was
in the regular and entire edition of said newspaper on the_24.th
day of.------------- ------------ A.D. 19---24; that the last
publication of said legal notice or advertisement was in the regular
and entire edition of said newspaper of the---2LEth--------day
of------------ X__-_________.- A.D. 19-7-4-, and that copies of
each number of said paper in which said notice or advertisement
was published were delivered by carriers or transmitted by mail
to each of the subscribers of said paper, ac ?wIn
accustom-
ed mode of busine th flee.
Subscribed and sworn to before me,at and the County of
Larimer, State of Colorado, this_ dayA.D. 19L�%r V
My COMMIS51011 exk414 ucluuer. -4, 1W
My commission expires-------
_ _ ________
.la:72�