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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