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Home My WebLink About1981-073-05/05/1981-AUTHORIZING OFFICIAL NOTICE OF BOND SALE FOR THE CITY OF FORT COLLINS, SALES AND USE TAX REVENUE BON RESOLUTION NO 81- 73 OF THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO, AUTHORIZING OFFICIAL NOTICE OF BOND SALE FOR CITY OF FORT COLLINS, COLORADO, SALES AND USE TAX REVENUE BONDS, DATED AUGUST 1, 1981 , IN THE AGGREGATE PRINCIPAL AMOUNT OF $5, 700, 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 , construct , and install street improvements within 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, Sales and Use Tax Revenue Bonds, dated August 1, 1981 , in the aggregate principal amount of $5, 700 ,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, and in The Daily Bond Buyer , a financial newspaper published in New York, New York, in the issues thereof dated May 21 , 1981 , and distributed on or about the same date to prospective bidders on the Bonds The Notice shall be in substantially the following form -2- OFFICIAL NOTICE OF BOND SALE CITY OF FORT COLLINS, COLORADO SALES AND USE TAX REVENUE BONDS DATED AUGUST 1, 1981 $5, 700 , 000 SALE DATE TUESDAY, JUNE 16, 1981 PUBLIC NOTICE IS HEREBY GIVEN that the Finance Director of the City of Fort Collins , Colorado ( the City) , will on Tuesday, the 16th day of June , 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 Sales and Use Tax Revenue Bonds , dated August 1, 1981 ( the Bonds) , in the aggregate principal amount of $5, 700, 000 The Bonds shall be coupon bonds , not registrable as to either principal or interest, in the denomination of $5,000 each, numbered 1 to 1 , 140 , inclusive , shall bear interest payable on Feburary 1, 1982, and semi-annually thereafter on the 1st day of August and the lst day of February in each year , and shall mature on August 1 in each of the following amounts and years Amounts Years $320 , 000 1982 350 , 000 1983 390, 000 1984 420, 000 1985 465, 000 1986 120 , 000 1987 130,000 1988 145, 000 1989 155,000 1990 175, 000 1991 190, 000 1992 210 , 000 1993 230, 000 1994 255 , 000 1995 280, 000 1996 305 , 000 1997 335, 000 1998 370, 000 1999 405, 000 2000 450, 000 2001 Bonds of this issue maturing on or before August 1, 1991, shall not be redeemable prior to their respective maturity dates Bonds maturing in the year 1992 and thereafter shall be redeemable at the option of the City, in inverse numerical order , on August 1, 1991 , and on any interest payment date thereafter , upon payment of par , accrued interest and a premium of one percent ( 1% ) of principal �� -3- K Principal and interest will be payable at the office of First National Bank, Fort Collins , Colorado The Bonds will be issued for the purpose of paying the cost of acquiring , constructing and installing street improvements within the City The ordinance authorizing the issuance of the Bonds will provide for the levy and collection of the City' s two percent (2% ) sales and use tax and the deposit thereof into a separate special fund of the City and for payment of the principal of and interest on the Bonds and the other outstanding sales and use tax revenue bonds of the City out of said fund 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 August 11 , 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 (140) 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 two and one-half percent ( 2 50 ) 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" to the City, 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 Bids will be accepted for the entire Bond issue only 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 -4- r y at Law, Denver , Colorado, 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 said 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 $114 , 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 this issue 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 -5- Y BY ORDER OF THE CITY COUNCIL this 5th day of May, 1981 /s/ Ronald R Wood Director of Finance City of Fort Collins , Colorado Publish in The Coloradoan, Fort Collins , Colorado The Daily Bond Buyer , New York, New York Publish on Thursday, May 21 , 1981 -6- 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 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 5th day of [lay, 1981 CITY F FORT COLLINS , COLORADO Maydt (CITY ) (SEAL) ATTEST City Clerk -7-