HomeMy WebLinkAbout1975-046-08/05/1975-APPROVING THE FORM OF NOTICE OF SALE OF BONDS IN STREET IMPROVEMENT DISTRICT NO 69 AND DIRECTING PUB RESOLUTION 75 A6
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE FORM OF NOTICE OF SALE OF
BONDS IN STREET IMPROVEMENT DISTRICT NO 69
AND DIRECTING PUBLICATION OF SUCH NOTICE
WHEREAS by Ordinance No 29 1974 finally passed and
adopted on June 27 1974 the City Council has created Street
Improvement District No 69 in the City of Fort Collins for
the purpose of constructing and installing street paving curb
gutter sidewalk and street lighting improvements on certain
streets therein and
WHEREAS previously on July 15 1975 the City Council
made a determination that it was necessary to provide for the
issuance of bonds in an amount not to exceed $500 000 00 to
pay for the cost of said improvements and authorized and directed
a Notice of Sale of Bonds in the amount of $500 000 00 and
WHEREAS the Director of Engineering Services has reported
to the City Council that the costs to be assessed against properties
within the district will be lower than originally anticipated and
on the basis of such information the City Council now has deter-
mined that it is necessary to provide for the issuance of bonds
in an amount not exceeding $360 000 00 to pay for the cost of
said improvements the principal of and interest on the bonds
to be payable from special assessments to be levied against the
property within the District and specially benefited by the
improvements to be constructed and installed and
WHEREAS the City Council has determined that it is necessary
to repeal the previous Resolution No 75-41 passed on July 15
1975 and to pass the within Resolution in substitution therefor
and
WHEREAS the City Council has determined that it is advisable
to advertise for the sale of said bonds in an amount not exceeding
$360 000 00
NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF FORT COLLINS
1 That notice of sale of bonds of the City for Street
Improvement District No 69 in the principal amount of $360 000 00
shall be given by publication in two issues of The Fort Collins
Coloradoan a newspaper published and of general circulation
in the City in the editions dated August 7 and August 14 1975
2 The form of the notice of sale shall be substantially
as follows
I
NOTICE OF SALE
CITY OF FORT COLLINS COLORADO
I STREET IMPROVEMENT DISTRICT NO 69
BID OPENING TUESDAY AUGUST 19 1975
200PM
NOTICE IS HEREBY GIVEN that the City of Fort Collins
Colorado will receive sealed bids at the office of the Director
of Finance at the Municipal Building 300 LaPorte Avenue in
Fort Collins Colorado 80521 until 2 00 P M on Tuesday
August 19 1975 for the purpose of Special Assessment Bonds
in the principal amount of $360 000 00 of the City of Fort
Collins Colorado for Street Improvement District No 69
The bonds will be dated July 1 1975 and due July 1 1986
subject to prior redemption in direct numerical order on any
interest payment date upon thirty (30) days published notice
upon payment of par and accrued interest The bonds shall be
in the denomination of $1 000 00 each numbered 1 to 360
inclusive
The interest on the bonds shall be payable on July 1
1976 and semi-annually thereafter on January 1 and July 1
each year
For the purpose of comparison only bids shall be submitted
on the following estimated dates of payment which are only an
estimate based on past experience and are in no way guaranteed
Amount Estimated Date of Pavment
$74 000 July 1 1976
72 000 July 1 1977
38 000 July 1 1978
38 000 July 1 1979
38 000 July 1 1980
$20 000 July 1 1981
20 000 July 1 1982
20 000 July 1 1983
20 0 00 July 1 1984
20 000 July 1 1985
The principal and interest on said bonds shall be payable
at the office of the Director of Finance in Fort Collins Colorado
The bonds will bear interest at the rate of 67 per annum
each bidder should indicate the amount of premium above par
i or the amount of discount below par but not to exceed more
than 107 of the principal amount of bonds at which price the
j bidder will purchase the bonds
i
Subject to the right of the City to reject any and all
bids received the bonds will be awarded on the bid representing
the lowest net interest cost to the City based upon the estimated
dates of payment as set forth above
The bonds will be payable from special assessments to be
levied against the property within the District specially benefited
by the construction of the improvements The Charter of the City
also provides "Whenever three-fourths (3/4) of the securities
issued for a special or local improvement district have been
paid and cancelled and for any reason the remaining assessments
are not paid in time to redeem the final securities for the
district the City shall pay the securities when due and levy
additional ad valorem taxes necessary therefor and reimburse
itself by collecting the unpaid assessments due the district "
All bids must be unconditional and shall be accompanied by
a cashier s or certified check in the amount of $15 000 00
payable to the City of Fort Collins Checks of unsuccessful
bidders will be promptly returned The good faith deposit
will be credited to the purchaser at the time delivery of the
bonds is made and if the successful bidder shall fail or neglect
to complete the purchase of the bonds in accordance with the
bid the amount of the deposit shall be held by the City as
liquidated damages
The City of Fort Collins reserves the privilege of waiving
any defect or irregularity in any bid
The award of the bonds will be made by the City Council at
the regular meeting on August 19 1975 at 5 30 P M or at an
adjournment of the regular Council meeting of that date
Delivery of the Bonds will be made at any bank or trust
company in either Fort Collins or Denver Colorado or elsewhere
at the request and expense of the purchaser
Additional information concerning this issue and the
District may be obtained from Mr Charlie D Cain P 0 Box
580 Fort Collins Colorado 80521 or from Boettcher and
Company 828-17th Street Denver Colorado 80202 the financial
consultant to the City
The City of Fort Collins will furnish the printed bonds
a certified transcript of legal proceedings and the approving
opinion of Messrs Willson and Lamm Attorneys at Law Denver
Colorado A certified copy of the approving opinion will be
printed upon each bond without additional cost
This notice supersedes the Notice of Sale of Bonds in
said Street Improvement District No 69 previously published
on July 29 1975
j DATED at Fort Collins Colorado as of the 5th day of
August 1975
i
/s/ Jack E L Russell
Mayor
City of Fort Collins Colorado
ATTEST
/s/ Charlie D Cain
Director of Finance
City of Fort Collins Colorado
Publish in The Fort Collins Coloradoan
Publish on August 7 and August 14 1975
3 In addition to the publication of the notice of sale
the Director of Finance and the Financial Consultant are
authorized to forward a copy of the prospectus and notice
of sale to those investment banking firms banks and others
f who might be interested in bidding on bonds of the City
4 That if any one or more sections or parts of this
Resolution shall be adjudged unenforceable or invalid such
,judgment shall not affect impair or invalidate the remaining
provisions of this Resolution it being the intention that the
various provisions hereof are severable
5 The Resolution No 75-41 adopted by the City Council
on July 15 1975 is hereby repealed and this resolution is
substituted therefor
Passed and adopted at a regular meeting of the City Council
held this 5th day of August A D 1975
ATT7EST� Mayor
City Clerk