HomeMy WebLinkAbout1977-19 Authorizing Notice of Bond Sale for It's General Obligation Bonds, Series December 1, 1977C.E R T I F I E D R E.C O R D
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PROCEEDINGS OF THE TOWN COUNCIL OF
THE TOWN OF VAIL, COLORADO
RELATING TO A RESOLUTION AUTHORIZING
NOTICE OF BOND SALE FOR
ITS $2,350,000 GENDRAL OBLIGATION BONDS
SERIES DECEMBER 1 , 19 7 7
DATED DECEMBER 1, 1977
STATE OF COLORADO )
COUNTX OF EAGLE ) ss.
TOWN OF VAIL )
The Town Council. of the Town of Vail, Colorado, met in
regular session at the Municipal Building in said Town on Tuesday, the
18th day of October, 1977, at the hour of 7:30 o'clock p.m.
Upon roll call the following were present:
Mayor: John A. Dobson
Councilmen: John Donavan
Wm. Heimbach, Jr.
Robert Ruder
Rodney Slifer
Josef Staufer
E. Wm. Wi1to
Absent:
Thereupon the following proceedings, among others, were had
and taken:
i)
i ~ ~~
Councilman ~ introduced and Councilman
O moved the adoption and approval of a
Resolution which, copies of which having been made available to the
Council and to the public, was read by title, and is as follows:
ii)
RESOLUTION ~f~
AUTHORIZING NOTICE OF BOND SALE
FOR THE $2,350,000
GENERAL OBLIGATION BONDS,
SERIES DECEMBER 1, 19'17, OF THE
TOWN OF VAIL, COLORADO
WHEREAS, The Town of Vail, Colorado (the "Town") is a home rule
city of the State of Colorado, duly organizing and existing by virtue
of a charter adopted in conformity with Article XX of the Constitution
of the State of. Colorado; and
WHEREAS, at a special election held in the Town on October 4,
1977, the qualified electors of the Town authorized the issuance of
general obligation bonds of the mown, in a total principal amount not
exceeding, $2,350,000 by voting favorably upon the following three
questions submitted:
1. Ice Skating Arena/Multi~-purpose Facility Bands, Question
Submitted:
Shall the Town of Vail, Colorado, be authorized to issue its
negotiable, interest bearing general obligation bonds in one
series or more in an aggregate principal amount not to exceed
1,800,000, or so much thereof as may be necessary, for the
purpose of defraying, in whole or in part, the cost of acquiring,
constructing, installing and equipping an enclosed ice skating
arena and multi-purpose facility suitable for conventions, con-
certs, exhibitions and trade shows, together with all necessary
incidental and appurtenant properties, structures, facilities and
costs, such bonds to bear interest at a maximum net effective
interest rate not exceeding 10 percent per annum, and to mature
serially during.a period of not more than 30 years from the date
or respective dates of the bonds, such bonds to be payable from
general ad valorem taxes and other funds legally available
therefor, and such bonds to be sold and issued at one time .or
from time to time, in such manner and amounts and upon such terms
and conditions as the Tawn Council may ].a ter determine, including
provisions fo.r the redemption of bands prior to maturity upon
payment of a premium not exceeding 3 percent of the principal
thereof?"
2. Public Works Maintenance Facility Site Acquisition Bonds,
Question Submitted:
Shall the Town of Vail, Colorado, be authorized to issue its
negotiable, interest bearing general obligation bonds in one
series or more in an aggregate principal amount not to exceed
350,000, or so much thereof as may be necessary, far the purpose
of defraying, in whole or in part, the cost of acquiring a parcel
of real property, known as the Pulis property to be used as a
site for a proposed public works maintenance facility, together
with all necessary incidental and appurtenant properties, facili-
ties, and costs, such bands to bear interest at a maximum net
effective interest rate not exceeding 10 percent per annum, and
to mature serially during a period of not more than 30 years from
the date or respective dates of the bonds, such bonds to be '
payable from general ad valorem taxes and other funds legally
available therefor, and such bands to be sold and issued at one
time or from time to time, in such manner and amounts and upon
such terms and conditions as the Town Council may later dete r-
mine, including provisions for the redemption of bonds prior to
maturity upon payment of a premium not exceeding 3 percent of the
principal thereof?"
3. Open Space Acquisition Eonds, Question Submitted:
Shall the Town~of Vail, Colorado, be authorized to issue its
negotiable, interest bearing general obligation bonds in one
series or more in an aggregate principal amount not-ta exceed ~ -
200,000, or so much thereof as may be necessary, for the purpose'
of defraying, in whole ar in part, the Cost of acquiring a parcel
of real property, known as, King Arthur's Court, tp be used as
open space and/or recreation and park land,~together with all
necessary incidental and appurtenant properties and facilities,
and the costsincidental thereto,~such bond•to bear interest at a
maximum net effective interest rate not exceeding ZO percent per -
annum, and to mature serially. oaring a period of not mare than 30
years from the date. or respective dates of the bonds, such bands
to be payable from general. ad.. valox'em. taxes and other .funds
legally available therefor,, ~~a~nd suc.h~ bonds to be: sold and issued
at one time or from time to.time, in °such~•manner and amounts and
upon such terms and conditions as the Town Council. may later
determine, including provisions-far the redemption of bonds prior
to maturity upon payment of a premium not exceeding 3 percent of
the principal thereof?"
WHEREAS, the Town Council of the Town has determined and hereby
determines that it is in the best interests of the Town, and the
inhabitants thereof that the Town proceed with the the issuance and
sale of $2,350,000 of its General Obligation Bonds, Series December
1, 1977, dated December 1, 1977 (the "Bonc?s") by advertising said
Bonds at public sale.
NOW, THEREFORE, BE 1T RESOLVED BY THE TOC~IIV COUNCIL OF THE '.!'OWN
OF VAIL, COLORADO:
Section 1. That a Notice of Sale is hereby authorized to be pub-
lished once, at least ten days prior to the sale date, in The Daily
Bond Buyer, a financial newspaper published in £1ew.York, New York,
such Notice to be in substantially the following form:
Q-
NOTICE OF BOND SALE
TOWN OF VAIL, COLORADO
2,350,000
GENERAL OBLIGATION BONDS
SERIES DECEMBER 1, 1977
DATED DECEMBER 1, 1977
Public notice is hereby given that the Town Council of the Town
of Vail, Colorado, will at 10:00 o'clock a.m. Mountain Standard Time on
Tuesday, November 22, 1977, sell $2,350,000 of its General Obligation
Bonds, Series December 1, 1977. The Bonds, in the..denomination of
5,000 each, will be dated December 1, 1977; will hear coupon interest
at a maximum rate not exceeding 8~ per annum, payable semiannually;
and will mature in varying amounts serially from 1979 through 1997,
inclusive. There is a maximum spread permitted of 2~ per annum
between the highest and lowest coupon interest rates bid for different.
maturities. The Bonds will be payable from general ad valorem taxes,
and also from sales tax revenues of~the Town. Bidders must bid a
premium not less than $100,000 far the Bonds of this issue.
The Preliminary Official Statement and Notice of Sale, containing
details of this issue and summarizing the provisions of the Ordinance
pursuant to which the Bands are to be issued may be obtained from the
undersigned Town Clerk, Tawn of Vail, Colorado, Bax 100, Vail, Colorado
81557, or from Boettcher & Company, 828 Seventeenth Street, Denver,
Colorado 80202, Financial Consultant to the Tawn of Vail.
BY ORDER OF the Town Council of the Town of Vail, Co].orada, this
18th day of October, 1977.
s/ Colleen.Kline
Town Clerk
Tawn of Vail, Colorado
Publish in The Daily Bond Buyer, New York, N.Y. on or .about November
1, 1977.
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Section 2. That a more detailed Notice of Sale, which may be
combined with the Town's ~'reliminary Official Statement with respect
to the Bonds, is hereby authorized to be prepared and mailed to such
bond and investment houses and other interested persons as shall be
deemed expedient by the Members of the Town Council and the Town's
Financial Consultants, such Notice to be in substantially the fallowing
form:
6-
OFFICIAL NOTICE OF BOND SALE
SALE DATE: NOVEMBER 22, 1977
TOWN OF VAIL, COLORADO
2,350,000
GENERAL OBLIGATION BONDS
SERIES DECEMBER 1, 1977
DATED DECEMBER 1, 1977
PUBLIC NOTICE TS HEREBY GIVEN that the Town Council of the Town
of Vail, Colorado will, on Tuesday, the 22nd day of November, 1977,
at 10:00 o'clock a.m., Mountain Standard Time, at the Municipal
Building, Vail, Colorado, 81657, receive sealed bids for its Tawn of
Vail General Obligation Bonds, Series December 1, 1977, (the "Bonds"},
in the total principal amount of $2,350,000, to be dated December 1,
1977, to bear interest evidenced by one or moxe sets of interest
coupons, with a maximum coupon interest rate riot exceeding 8~ per
annum, payable December 1, 1978, and semiannually thereafter on the
1st day of ,Tune and the 1st day of December each year, and to mature
on December 1, as follows:
Principal Amount
Year ~ Maturing
1979 35,000
1980 45,000
1981 55,000
1982 65,000
1983 75,000
1.984 85, 000
1985 95,000
1986 100,000
1987 110,000
1988 120,000
19$9 130,000
1990 140,000
1991 155,000
1992 165,000
1993 175,000
1994 185,000
1995 195,000`
1996 205,000
1997 215,000
Fer Annum
Coupon Rate
Bonds maturing on or before December 1, 1987, shall not be subject
to redemption prior to their respective maturities. Bonds maturing on
ar after December 1, 1988, shall be callable for redemption at the
option of the Tawn Council, in whale, or in part in inverse numerical
order, on any interest payment date beginning December 1, 1987, upon
not less than thirty (30} days' prior notice, at a price equal to 103
of the principal face amount thereof plus accrued interest to the date
of redemption.
7 --
The Bonds will be in the denomination of $5,000 each, n~imbered I
to 4'70, inclusive.
The Bonds will be issued in coupon form without privilege of
registration as to either principal or interest. Principal and in-
terest on the Bonds are payable at American P3ational Bank, Donv'er,
Colorado, Paying Agent.
The Bonds are to be issued far the purpose of acquiring, con-
structing and equipping an ice arena enclosure and real property for
use as a site for a public works maintenance building and bus storage
yard, a water storage facility, and open space for .the Town and its
inhabitants.
The Bonds will constitute general obligations of the Town of
Vail, Colorado, secufed by the Town's covenant to levy general ad
valorem taxes sufficient, along with other legally available funds,
to pay principal of and interest on the Bands. If any IIond is not
paid upon presentation at its maturity, interest thereon shall continue
at the designated coupon rate, for said Bond until the principal thereof
is paid in full.
Bidders are requested to submit sealed bids specifying the lowest
rate or rates of interest, not exceeding the rate set forth above, and
cash premium above par, at which the bidder will purchase the Bonds.
Interest shall be .evidenced until. maturity by only 'one set of coupons
payable to bearer. Bidders shall specify rates of interest in multiples
of 1/2fl or 1/8 of la per annum, with a maximum spread of 2a per annum
between the highest and lowest interest rates for different maturities.
Bids will be accepted fnr the entire Bond issue only.
Any premium bid must be paid in lawful money of the United States -
r
of America as a part of the purchase price. All bids should be directed
to the Town Clerk of the Town, of Vail, Colorado, and must be accompanied
by a certified or cashier's check payable to the Town of Vail, Colorado
in the amount of $4{1,000, which check will be regained by the Town
Council as evidence of good faith, and forfeited if the bidder fails
to take up and pay for the Bonds in accordance with his bid. Checks
tendered by unsuccessful bidders will be promptly returned after award
of -thy Sonds by the `T'own Council.
The Bonds will be sold at not less than par, a premium not less
than $100,000, and accrued interest to the date of their delivery.
The Town reserves the right to reject any and all bids and to re-
advertise for the sale of said bands, or to waive any defect or
irregularity in any bid. Unless all bids are rejected, the bonds will
be awarded to the bidder naming the lowest "net interest cost", which
is defined as the total amount of interest to accrue from the date of
the Bonds to their respective dates of maturity, without regard to any
option of redemption, less the amount of any cash premium above par
bid. The "maximum net effective interest rate" established for this
Bond issue is 8~ and the Town Council may not accept any bid which
exceeds said interest rate. "Net effective interest rate" is defined
as the "net interest cost" divided by the sum of.the products derived
by multiplying the principal amounts of tha Bonds maturing an each
maturity date by the number of years from their date to their res-
pective maturities.
Delivery of the Bonds will be made at Boettcher & Company in
Denver, Colorado, at the Town's expense, or elsewhere at the request
and expense of the purchaser. It is anticipated that delivery of the
Bonds will be made on or about December 23, 1977.
The interest on the Bonds is exempt from taxation by the United
States of America under present Federal Income Tax laws.
Further information concerning this issue may be obtained from Vail
Finance Director, Sianley F. Bernstein, Municipal Building, Vail, Colorado
1657, or from Boettcher & Company, 828 Seventeenth Street, Denver,
Colorado 80202, Financial Consultant to the Town.
A certified transcript of legal proceedings and the printed
Bonds, with the approving opinion of Messrs. DeMuth & Fiberger, Bond
Counsel, of Denver, Colorado, appearing thereon, will be furnished the
purchaser without charge.
A no-litigation certificate in the customary form will be in-
eluded in the closing documents.
9-
s
All bids may be submitted on a form which w~.ll be furnished, ta-
gether with a copy of the Preliminary Official Statement, upon request
to the undersigned or to Boettcher & Company, 828 Seventeenth Street.
Denver, Colorado 80202.
TOWN OF VATL, COLORADO
s/ Colleen l~line .
Town Clerk
l{~~.
Sectian 3. That the maximum net effective •interest rate for this
Bond issue is 8~.
section 4 . Stan] ey F. Bernstein, Finance lei nectar, Town of Vai ] , i s
hereby authorized to accept, an behalf of the Town Council, the best
bid submitted for purchase and sale of the ~3onds.
Sectian 5. That the members of the Town Council and officers of
the Town and its Financial Consultant are authorized and directed to
take such steps as may be necessary ar advisable to complete the sale
of the nonds, including without .limitation the preparation and dis-
semination of a Preliminary Official Statement relating to the Ronds.
section 6. This Resolution sha11 take effect immediately upon
its adoption.
RESOLUTION ADOPTED AND APPROVED this 18th day of October, 1977:
or,
n of Vail, Colorado
TOWN) ~ '
SEAL)
ATTEST:.
Town Clerk
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ii
1 `
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Councilman seconded the motion, and the
question being upon the adoption and approval of said Resolution, the
moll was ca~.led with the following result:
Those voting "Yes":
Councilmen: (/~
L e~
Those voting "No" : ..2~~~-
members of the Council, having voted in favor of the
adoption and approval of the Reso~.ution, the presiding officer there-
upon declared the Resolution duly adopted and approved.
Thereupon, after consideration of other business to come
before the Council, the meeting was adjourned.
f/ r~4ayor
Town of Mail, Colorado
SEAL}
ATTEST;
v~2 /C~
Toxin Clerk
Town of Vail,~Colorado
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STATE OF COLORADO )
COUNTY OF EAGLE ) ss.
TOWN OF t7ATL )
T, Colleen Kline, the Town Clerk of the Town of Vail, Eagle
County, Colorado, do hereby certify that the attached copy of Resolution
No. /q Series of 1977, regarding the authorization of notice of
r
sale of the $2,350,000 Town of Vail, Colorado. General Obligation
Bonds, Series December 1, 1977, is a true and correct copy;~that said
Resolution was approved and adopted by~the Town Council at a regular
meeting thereof, held at the Town Municipal. Auilding, the regular
meeting place of the Town Council in the Town, on Tuesday, the 18th
day of October, 1977; that true copies of said Resolution have been
duly executed and authenticated by the signatures of the Mayor of the
Town of Vail and myself, as Town Clerk of said Town, sealed with the
seal of the Town, numbered and recorded in the official records of the
Town kept far that purpose in my office. I further certify that the
foregoing pages constitute a true and correct copy of the record of
the proceedings of the Tawn Council at its regular meeting of Dctober
18, 1977, insofar as said proceedings relate to said Resolution; that
said proceedings were duly had and taken; that the meeting was duly
held; and that the persons were present at said. meeting as therein
shown.
IN WITNESS WHEREOF, T have hereunto set my hand and the seal of
the Town of Vail, Colorado, this ~~ day of ~ , 1977.
Town Clerk -
Town of Vail, Colorado
TOWN )
SEAL)
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