HomeMy WebLinkAbout1983-050-03/15/1983-BEING A RESOLUTION AUTHORIZING ATHE CITY STAFF TO DRAFT NECESSARY DOCUMENTS FOR THE ISSUANCE OF BOND A
41
RESOLUTION 83-50
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING A RESOLUTION AUT40RIZING THE CITY STAFF
TO DRAFT NECESSARY DOCUMENTS FOR THE ISSUANCE
OF BOND ANTICIPATION NOTES
IN THE PRINCIPAL AMOUNT OF $3,100,000
WHEREAS, the City of Fort Collins and the Downtown Development Au-
thority have been involved in soliciting proposals from financial in-
stitutions for the purchase of bond anticipation notes to be issued for the
purpose of obtaining seed money for the Fort Collins Downtown Development
Authority, and
WHEREAS, the Staff of the City of Fort Collins has examined the
proposals of Boettcher & Company and Intra-West Bank of Denver, N A ,
and
WHEREAS, it is the recommendation of the Staff of the City of Fort
Collins that the proposal of Boettcher & Company as presently exists is
more beneficial to the City of Fort Collins and the Downtown Development
Authority, and
WHEREAS, it is the desire of the Staff of the City of Fort Collins
that only one ordinance regarding the bond anticipation notes be prepared
for presentation to Council
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the Staff of the City of Fort Collins is hereby directed to
prepare and bring to Council an ordinance authorizing issuance of bond
anticipation notes based upon the proposal heretofore submitted by Boett-
cher & Company
Passed and adopted at a regular meeting of the City Council held this
15tn day of March, A D 1983
Mayor
ATTEST
City Clerk
PROPOSALS
SEED MONEY
DDA
3 YEAR TERMS
NET
INTEREST
EXPENSE
Boettcher
6 75% Fixed Rate BANs Invested at 8 5% $460,931
6 25% Fixed Rate BANS Invested at 8 5%
with a 1 1% Discount of $34,100 for an
effective interest rate of 6 67% S414,431
Discount 34,100
$448,531
IntraWest
1) (65% of Prime plus 1/2% fee on undrawn
balance for each bond year with block
draws)
Prime at 11%, Invested at 8 Sn $533,264
Prime at 18 5%, cost 12%, Invested
at 14 25% $879,824
Prime at 7 7%, cost 5%, Invested
at 6% $376,876
2) 7% Fixed Rate BANs Invested at
8 5% with a 1% Placement Fee $484,181
Placement Fee 31,000
$515,181