HomeMy WebLinkAbout1975-041-07/15/1975-APPROVING THE FORM OF NOTICE OF SALE OF BONDS OF STREET IMPROVEMENT DISTRICT NO 69 AND DIRECTING PUB Ij
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RESOLiT TON 75 41
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPRCVING THE FORM OF NOTICE OF SALE OF
_BONDS OF STREET DTFOIEFMT DISTRICT NO
69 AND DIRECTING PUBLI(1uIuv OF SGCh 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, the City Council has determined that it is
necessary to provide for the issuance of bonds in the amount
not exceeding $500 000 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 advisable to advertise for the sale of said bonds
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT COLLINS, COLORADO
1 That notice of sale of bonds of the City for
Street Improvement District No 69 , in the principal amount
of $500, 000, 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 July
29 and August 5, 1975
2 The form of the notice of sale shall be substantially
as follows
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NOTICE OF SALE
CITY OF FORT COLLINS, COLORADO
STREET IMPROVEMENT DISTRICT NO 69
BID OPENING TUESDAY, AUGUST 19 , 1975
2 00 P M
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 80522, until 2 00 P M ,
on Tuesday, August 19 1975 for the purchase of Special
Assessment Bonds in the principal amount of $500, 000
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
each, numbered 1 to 500 , 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 Payment
$100, 000 July 1 1976
100 000 July 1, 1977
50,000 July 1, 1978
50,000 July 1, 1979
50,000 July 1, 1980
$ 30,000 July 1, 1981
30, 000 July 1, 1982
30,000 July 1, 1983
30,000 July 1, 1984
30,000 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 6% per
annum each bidder should indicate the amount of premium
above par or the amount of discount below par but not to
exceed more than 10% of the principal amount of bonds , at
which price the bidder will purchase the bonds
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
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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
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 O Box 580 ,
Fort Collins Colorado 80522 or from Boettcher and Company,
828-17th Street, Denver, Colorado 80202, the financial consul-
tant 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
DATED at Fort Collins , Colorado as of the 15th day of
July, 1975
/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 July 29 and August 5 , 1975
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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
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
ADOPTED AND APPROVED this 15th day of July, 1975
( S E A L ) ,L&z� e
Mayor
ATTEST
�'�
City Clerk
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