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Home My WebLink About1981-088-07/07/1981-AUTHORIZING OFFICIAL NOTICE OF BOND SALE FOR CITY OF FORT COLLINS, COLORADO, GENERAL OBLIGATION PARK i RESOLUTION NO 81- 88 OF THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO, AUTHORIZING OFFICIAL NOTICE OF BOND SALE FOR CITY OF FORT COLLINS, COLORADO, GENERAL OBLIGATION PARK BONDS , DATED SEPTEMBER 1, 1981 , IN THE AGGREGATE PRINCIPAL AMOUNT OF $3 ,000 ,000 WHEREAS , the Council ( the Council ) of the City of Fort Collins , Colorado ( the City) , has determined that it is necessary for the City to acquire , develop, redevelop, expand , improve , landscape , and equip portions of the public park system of the City ( the Improvements) for the benefit of the inhabitants of the City , and WHEREAS, the Council has determined that it is in the best interests of the City to issue City of Fort Collins , Colorado , General Obligation Park Bonds , dated September 1 , 1981, in the aggregate principal amount of $3 , 000 , 000 ( the Bonds) , and to use the proceeds of the Bonds to defray the cost of the Improvements , and WHEREAS , the City has determined that It is in the best interests of the City to advertise the Bonds for sale to the lowest and best responsible bidder , as provided herein BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO , THAT Section 1 Official Notice of Bond Sale for the Bonds ( the Notice) is hereby authorized to be published in The Coloradoan , a newspaper of general circulation published in the City, in its issue dated July 20 , 1981, and distributed on or about the same date to prospective bidders on the Bonds The Notice shall be in substantially the following form OFFICIAL NOTICE OF BOND SALE CITY OF FORT COLLINS , COLORADO GENERAL OBLIGATION PARK BONDS DATED SEPTEMBER 1, 1981 $3 ,000 ,000 SALE DATE TUESDAY, AUGUST 4, 1981 PUBLIC NOTICE IS HEREBY GIVEN that the Finance Director of the City of Fort Collins , Colorado ( the City) , will on Tuesday, the 4th day of August, 1981, at 10 00 a m , prevailing Mountain time , at Council Chambers , City Hall , 300 LaPorte Avenue , Fort Collins , Colorado 80522, receive sealed bids for the purchase of its General Obligation Park Bonds, dated September 1 , 1981 , in the aggregate principal amount of $3 , 000 ,000 ( the Bonds) The Bonds shall be coupon bonds , not registrable as to either principal or interest, in the denomination of $5, 000 each , numbered 1 to 600 , inclusive , shall bear interest payable on March 1 , 1982 , and semi-annually thereafter on the 1st day of September and the 1st day of March in each year , and shall mature on September 1 in each of the following amounts and years Amounts Years $ 50,000 1982 60 , 000 1983 65, 000 1984 70 , 000 1985 75,000 1986 85 , 000 1987 95 , 000 1988 100 , 000 1989 110 , 000 1990 125 , 000 1991 135,000 1992 150 , 000 1993 165 , 000 1994 180 , 000 1995 200, 000 1996 220 , 000 1997 240,000 1998 265 , 000 1999 290,000 2000 320 , 000 2001 Bonds maturing on or before September 1 , 1991, shall not be redeemable prior to their respective maturity dates Bonds maturing in the years 1992 through 1994 shall be redeemable prior to their respective maturity dates , at the option of the City, on September 1 , 1991, and on any interest payment date thereafter , upon payment of par , accrued interest , and a premium equal to one percent ( 1% ) of the principal amount of the Bonds so redeemed Bonds maturing in the year 1995 and thereafter shall be redeemable prior to their respective maturity dates , at the option of the City, on September 1 , 1991 , and on any interest payment date thereafter , upon payment of par and accrued interest only All Bonds redeemable prior to their respective maturity dates shall be redeemed in inverse numerical order The principal of and interest on the Bonds will be payable at the office of First Interstate Bank of Fort Collins , N A , Fort Collins , Colorado The Bonds will be issued for the purpose of paying the cost of acquiring , developing , redeveloping , expanding , improving , landscaping and equipping portions of the public park system of the City The ordinance authorizing the issuance of the Bonds will provide for the levy and collection of general ( ad valorem) taxes sufficient to pay the principal of and interest on the Bonds and the other outstanding general obligation bonds of the City The Bonds will be delivered in Denver or Fort Collins , Colorado , or at any other place at the request and expense of the purchaser It is anticipated that delivery of the Bonds will be made on September 17 , 1981 Bids may be conditioned upon the receipt of the approving legal opinion of the bond attorneys named below but must in any and all other respects be unconditional No bid for less than par and accrued interest to the date of delivery will be accepted No coupon rate shall exceed fourteen percent ( 14% ) per annum Supplemental or "B" interest coupons and interest coupons with a zero percent ( 0% ) interest rate are not allowed One interest rate only shall be stated for each maturity The maximum allowable spread between the highest and lowest interest rates is three percent ( 3% ) Interest rates should be stated in multiples of one-eighth or one-twentieth of one percent (1% ) The Bonds will be awarded to the bidder naming the lowest "net interest cost" for the Bonds, which term is defined as the total amount of interest to accrue from the date of the Bonds to the date of maturity, without regard to any prior redemption , less the total amount of any premium bid Any premium bid must be paid in lawful money of the united States of America as part of the purchase price (7 h F The maximum "net effective interest rate" authorized by the registered qualified electors of the City for the Bonds is twelve percent (12%) The term "net effective interest rate" is defined as the "net interest cost" as defined above, divided by the sum of the products derived by multiplying the principal amount of k Bonds maturing on each maturity date by the number of years from the date of the Bonds to each such maturity date ! f I 5 1 The City will furnish the executed Bonds , a certified transcript of legal proceedings and the approving legal opinion The legality of the Bonds will be approved by Messrs De Muth , Kemp & Backus , Attorneys at Law, Denver , Colorado , or other nationally recognized bond counsel designated by the City and acceptable to the purchaser , whose legal opinion will be printed on each Bond Bond counsel ' s approving opinion will recite in customary form that bond counsel has examined the Constitution and laws of the State of Colorado , the Charter of the City, and a certified copy of the record of the proceedings of the City taken preliminary to the issuance of the Bonds and that bond counsel has examined Bond No 1 of the issue and has found the same properly executed and in due legal form Bond counsel will express their opinion in customary form as to legality and the exemption of interest on the Bonds from federal and State of Colorado income taxes The matters passed upon by bond counsel , acting as such , do not extend beyond those mentioned in the preceding paragraph, and bond counsel , acting as such , has no responsibility for the accuracy or completeness of any information furnished to any person in connection with any offer or sale of the Bonds The City reserves the right to waive any defect or irregularity in any bid and to re3ect all bids and thereafter to sell the Bonds at private sale A cashier ' s check or certified check drawn on a bank or trust company, payable to the City of Fort Collins , Colorado , in the amount of $60 , 000 must accompany each bid The check of the successful bidder will be retained by the City as liquidated damages in the event the Bonds are not taken up and paid for in accordance with the bid Checks of unsuccessful bidders will be returned immediately Payment for the Bonds must be made in federal funds or funds immediately available to the City at a commercial bank or trust company in Denver or Fort Collins , Colorado , or elsewhere at the successful bidder ' s request and expense The City Council will meet within twenty-four (24 ) hours following the opening of the bids to consider the award of the contract for purchase of the Bonds Additional information concerning the City and the Bonds can be obtained from Mr Ronald R Wood , Director of Finance , 300 LaPorte Avenue , Fort Collins , Colorado 80522 or from Boettcher and Company, the financial consultant to the City, 828 17th Street , Denver , Colorado 80202 BY ORDER OF THE CITY COUNCIL this 7th day of July, 1981 /s/ Ronald R Wood Director of Finance City of Fort Collins , Colorado Publish in The Coloradoan, Fort Collins , Colorado Publish on Monday, July 20 , 1981 1 f yF Fi I Section 2 The members of the Council and officers of the City are authorized and directed to take such steps as may be necessary or advisable to complete the sale of the Bonds, including without limitation the publication of a short-form announcement of the bond sale in The Daily Bond Buyer , a financial newspaper published in New York, New York, in its issue dated July 20, 1981, and the preparation and dissemination of a Preliminary Official Statement relating to the Bonds Section 3 This Resolution shall take effect immediately upon its adoption RESOLUTION ADOPTED AND APPROVED this 7th day of July, 1981 CIT OF FORT COLLINS, COLORADO Mayor ( CITY) (SEAL) ATTEST i City4—ler 1 i I c s�