HomeMy WebLinkAbout1981-073-05/05/1981-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
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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
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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
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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
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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
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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
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