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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 0 F 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. 5_ i 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 11- ii 1 ` r ~ . ~F 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 12- 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) 13-