HomeMy WebLinkAbout1160 - Storm Water Flood Management Utility Revenue Bond series $23,235,000RESOLUTION NO. 1160
A RESOLUTION CONCERNING THE PROPOSED CITY OF BOULDER,
COLORADO STORM WATER AND FLOOD MANAGEMENT REVENUE
BONDS, SERIES 2015, IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED
$23,235,000; AUTHORIZING THE NOTICE OF BOND SALE WITH
RESPECT TO THE SERIES 2015 BONDS; PRESCRIBING CERTAIN
DETAILS CONCERNING THE PROPOSED SALE OF THE SERIES 2015
BONDS; APPROVING THE FORM OF A PRELIMINARY OFFICIAL
STATEMENT; AND PROVIDING THE EFFECTIVE DATE OF THIS
RESOLUTION.
WHEREAS, the City of Boulder, in the County of Boulder and State of Colorado (the
"City "), is a municipal corporation duly organized and existing as a home rule city pursuant to
Article XX of the Constitution of the State of Colorado (the "Constitution ") and the home rule
charter of the City (the "Charter "); and
WHEREAS, the Council deems it advisable and necessary to issue bonds of the City,
acting through its Storm Water and Flood Management Utility Enterprise, in an aggregate
principal amount not to exceed $23,235,000, designated City of Boulder, Colorado Storm Water
and Flood Management Revenue Bonds, Series 2015 (the "Series 2015 Bonds "), to (a) provide
funds to construct, acquire, improve and equip certain storm water and flood mitigation
improvements in the City; and (b) pay all necessary, incidental and appurtenant expenses in
connection therewith, including the costs of issuance of the Series 2015 Bonds; and
WHEREAS, the 2015 Reserve Fund for the Series 2015 Bonds with be funded with other
monies of the Storm Water and Flood Management Utility Enterprise; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF BOULDER THAT:
Section 1. The Series 2015 Bonds shall be, and the same hereby are ordered to be,
publicly sold; and the Council shall cause sealed bids to be received and to be opened publicly
for the purchase of the Series 2015 Bonds on June 16, 2015 or on such other date as shall be
determined by the City Manager of the City (the "City Manager "). Upon making such a public
sale date determination, the City Manager shall notify the Chief Financial Officer of the City (the
"Chief Financial Officer ") as to the date, hour and place that sealed bids shall be received and
opened. The City shall indicate in the notice hereinafter described the date, the hour and the
place that sealed bids shall be received and opened.
Section 2. The Mayor of the City (the "Mayor") and the Chief Financial Officer are
hereby authorized and directed to provide for the publication of the Notice of Bond Sale in The
Daily Camera at such times as they deem adequate to give reasonable notice of the proposed
sale, but no less than once after the date hereof and at least five days prior to the sale date
hereinabove designated. The Notice of Bond Sale shall be in substantially the following form,
with such changes therein, including but not limited to changes in dates, principal amounts and
maturities and completions thereto, as the Chief Financial Officer shall direct and shall deem to
be in the best interest and to the best advantage of the City, the execution of such notice by the
Mayor and the Chief Financial Officer to indicate conclusively the approval of any and all such
changes:
(Form of Notice of Bond Sale)
NOTICE OF BOND SALE
$23,235,000'
CITY OF BOULDER, COLORADO
(ACTING THROUGH ITS STORM WATER AND
FLOOD MANAGEMENT UTILITY ENTERPRISE)
STORM WATER AND FLOOD MANAGEMENT REVENUE BONDS
SERIES 2015
PUBLIC NOTICE IS HEREBY GIVEN that electronic bids will be received for the
purchase of the City of Boulder, Colorado Storm Water and Flood Management Revenue Bonds,
Series 2015 (the "Series 2015 Bonds "), more particularly described below. As more fully
described in the Preliminary Official Statement, dated June 9, 2015 (the "Preliminary Official
Statement "), the City of Boulder, Colorado (the "City "), is causing the Series 2015 Bonds to be
offered and issued pursuant to the Bond Ordinance of the City to be adopted on June 16, 2015
(the "Ordinance "). Bids for the purchase of the Series 2015 Bonds must be submitted through
the BIDCOMP/PARITY electronic bidding system ( "PARITY "). The date and time for
submitting bids will be as follows:
Bid Date: Tuesday, June 16, 2015
Bid Time: Between 11:30 a.m. and 12:00 noon Eastern Time (Between 9:30 a.m. and
10:00 a.m. Mountain Time)
Submit Bid to: PARITY electronic bidding system as set forth in "TERMS OF SALE —
Submission of Bids"
Delivery Date: July 20, 2015
Information relating to this auction may be obtained from the City's Financial Advisor,
Piper Jaffray & Co. (the "Financial Advisor), at 720 -556 -0167 or 303 - 405 -0863 (P. Jonathan
Heroux or Jonathan Ruth) or from PARITY at 212 - 849 -5021.
To bid, each bidder must have both (1) a subscription to PARITY and (2) requested and
received admission to the bidding of the Series 2015 Bonds, as described under "TERMS OF
SALE — Submission of Bids" below. The use of PARITY shall be at the bidder's risk and
' Preliminary; subject to adjustment as set forth herein.
expense, and neither the City, the Financial Advisor, Kutak Rock LLP ( "Bond Counsel ") nor
U.S. Bank National Association (the "Paying Agent") shall have any liability with respect
thereto.
Neither the City, the Paying Agent, the Financial Advisor, nor Bond Counsel shall
be responsible for, and each bidder expressly assumes the risk of, any incomplete,
inaccurate, or untimely bid submitted by Internet transmission by such bidder, including,
without limitation, by reason of garbled transmissions, mechanical failure, engaged
telephone or telecommunications lines, or any other cause arising from delivery by Internet
transmission. Additionally, the PARITY time stamp will govern the receipt of all
electronic bids. The official bid clock does not automatically refresh. Bidders must refresh
the auction page periodically to monitor the progression of the bid clock and to ensure that
their bid will be submitted prior to the termination of the auction. All bids will be deemed
to incorporate the provisions of this Notice of Bond Sale.
This Notice of Bond Sale, and the information set forth herein, are not to be treated
as a complete disclosure of all relevant information with respect to the Series 2015 Bonds.
The information set forth herein is subject, in all respects, to a more complete description
of the Series 2015 Bonds and the security therefor set forth in the Preliminary Official
Statement.
SERIES 2015 BOND DETAILS
Terms. The "City of Boulder, Colorado Storm Water and Flood Management Revenue
Bonds, Series 2015" will be issued in the aggregate principal amount set forth in the caption of
this Notice of Bond Sale, and will be dated the date of delivery. The proceeds of the Series 2015
Bonds, together with other monies of the Storm Water and Flood Management Utility Enterprise,
are being used to (a) provide funds to construct, acquire, improve and equip certain storm water
and flood mitigation improvements in the City; and (b) pay all necessary, incidental and
appurtenant expenses in connection therewith, including the costs of issuance of the Series 2015
Bonds.
Interest on the Series 2015 Bonds will be payable on each June 1 and December 1
commencing on December 1, 2015. The Series 2015 Bonds will mature on December 1 in each
of the designated amounts and years as follows:
Maturity Schedule
Maturity Date
(December 1) Principal Amount
2015
$375,000
2016
1,025,000
2017
1,030,000
2018
1,035,000
2019
1,045,000
2020
1,060,000
2021
1,080,000
2022
1,095,000
2023
1,120,000
2024
1,140,000
2025
1,170,000
2026
1,195,000
2027
1,225,000
2028
1,260,000
2029
1,295,000
2030
1,335,000
2031
1,375,000
2032
1,415,000
2033
1,455,000
2034
1,505,000
Preliminary; subject to adjustment as set forth in "TERMS OF
SALE — Adjustment of Principal Amount' herein.
The Series 2015 Bonds will be issued in registered form, in denominations of $5,000 or
integral multiples thereof. The Series 2015 Bonds will be issued in book -entry form utilizing the
services of The Depository Trust Company, New York, New York ( "DTC "), as securities
depository.
Adjustment of Aggregate Principal Amount and of Maturities After Determination of
Best Bid. The aggregate principal amount and the principal amount of each maturity of the
Series 2015 Bonds described above are subject to adjustment by the City, after the determination
of the best bid. Changes to be made will be communicated to the successful bidder by the time
of award of the Series 2015 Bonds to the successful bidder, and will not reduce or increase the
aggregate principal amount of Series 2015 Bonds or the amount of the Series 2015 Bonds
maturing in any year by more than 20% from the amounts shown in the maturity schedule above.
If the principal amount is modified, the underwriting discount percentage (not the dollar amount
of the underwriting discount) will be held constant according to the underwriting discount
percentage imputed in the reoffering yields of the successful bidder. The successful bidder may
not withdraw its bid as a result of any changes made within these limits. By submitting its bid,
each bidder agrees to purchase the Series 2015 Bonds in such adjusted principal amounts and to
modify the purchase price for the Series 2015 Bonds to reflect such adjusted principal amounts.
The bidder further agrees that the interest rates for the various maturities as designated by the
bidder in its bid will apply to any adjusted principal amounts designated by the City for such
maturities.
Amendment of Notice. In addition, the City reserves the right to amend this Notice of
Bond Sale at any time prior to the date and time for receipt of bids by publishing the
amendments via TM3.com and/or Bloomberg wire service.
Interest Rates and Limitations. Interest from the date of delivery will be payable on
December 1, 2015 and semiannually thereafter on June 1 and December 1 in each year, as
calculated based on a 360 -day year of twelve 30 -day months.
Only one interest rate shall be specified for any one maturity of the Series 2015 Bonds.
Each interest rate specified must be stated in a multiple of 1/8 or 1/20 of 1 percent per
annum.
The maximum differential between the lowest and highest interest rates permitted for the
issue is two percent (2.0%) (i.e., the maximum rate of interest accruing on any Series 2015 Bond
prior to its maturity may not exceed the lowest rate of interest accruing on any other Series 2015
Bond prior to its maturity by more than two percent (2.0 %)).
A zero rate is not permitted. No supplemental or "B" interest shall be allowed.
The interest rates on the Series 2015 Bonds shall be in level or ascending order from
lowest to highest.
Optional Redemption. The Series 2015 Bonds maturing on and after December 1, 2026
are callable for redemption at the option of the City, in whole or in part in such order of
maturities as the City shall determine and by lot within a maturity, on December 1, 2025 and on
any date thereafter, at a redemption price equal to the principal amount thereof plus accrued
interest to the redemption date.
Term Bonds, Mandatory Sinking Fund Redemption. A bidder may request that any
Bonds maturing on and after December 1, 2026 be aggregated to form one or two term bonds.
Any such term bond will be subject to mandatory sinking fund redemption in the same amounts
and on the same dates as the Series 2015 Bonds would have matured if they were not included in
a term bond. Series 2015 Bonds redeemed pursuant to mandatory sinking fund redemption will
be redeemed at a redemption price equal to 100% of the principal amount thereof, plus accrued
interest to the redemption date, in the manner as otherwise provided in the Ordinance. Any
election to designate Series 2015 Bonds as being included in a term bond must be made at the
time the prospective bidder submits a bid for the Series 2015 Bonds via PARITY. See "—
Submission of Bids."
Security. The Series 2015 Bonds will be payable from, and will constitute a first and
prior (but not exclusive) lien on the Net Income (hereinafter defined) and moneys on deposit in
the 2015 Bond Fund and the 2015 Reserve Fund established and continued by the Ordinance.
Net Income shall mean the revenues derived from the City's collection of its storm water and
flood management fee charged pursuant to Section 4- 20-45, Boulder Revised Code, as amended
(the "Fee ") plus all interest earnings on moneys in funds created the Ordinance, less only
reasonable and necessary current expenses of operation and maintenance relating to the City's
storm water and flood management system, as more fully described in the Preliminary Official
Statement prepared by the City with respect to the Series 2015 Bonds. Reference is made to the
Preliminary Official Statement for a more complete description of the security for the Series
2015 Bonds.
Additional Bonds, Outstanding Bonds. The Ordinance will permit the issuance of
additional bonds of the City, payable from a lien on the Net Income on a parity with, or
subordinate to, the lien thereof on the Series 2015 Bonds. The City's Storm Water and Flood
Management Revenue Refunding Bonds, Series 2010 (the "2010 Bonds ") are presently
outstanding in the aggregate principal amount of $1,430,000 and are secured by a lien on the Net
Income on a parity with the Series 2015 Bonds.
Ratings. The Series 2015 Bonds have been rated " " by Moody's and " " by
S&P. See "RATINGS" in the Preliminary Official Statement.
Authorization. The Series 2015 Bonds are authorized to be issued by the Constitution of
the State of Colorado, the Charter of the City, the laws of the State of Colorado, the Ordinance
and the Supplemental Public Securities Act, Part 2 of Article 57, Title 11, C.R.S..
TERMS OF SALE
Submission of Bids. A prospective bidder must electronically submit a bid for the Series
2015 Bonds via PARITY. Bids may be submitted electronically via PARITY in accordance with
this Notice of Bond Sale, until 10:00 a.m. Mountain time, but no bid will be received after the
time for receiving bids specified above. To the extent any instructions or directions set forth in
PARITY conflict with this Notice of Bond Sale, the terms of this Notice of Bond Sale shall
control. For further information about PARITY, potential bidders may contact the Financial
Advisor at Piper Jaffray & Co., 1200 Seventeenth Street, Suite 1250, Denver, Colorado,
Telephone 720 -556 -0167 or 303 -405 -0863, or Bidcomp/PARITY at 1359 Broadway, 2° Floor,
New York, New York 10018, Telephone (212) 404 -8153; Fax (212) 849 -5021.
Bidding Parameters. Bidders are required to submit unconditional bids specifying the
rate of interest and premium, if any, at which the bidder will purchase all and not less than all of
the Series 2015 Bonds.
Information Regarding Bids. Bidders may change and submit bids as many times as
they wish during the bidding; provided, however, that each bid submitted subsequent to a
bidder's initial bid must result in a lower true interest cost ( "TIC ") with respect to a bid when
compared to the immediately preceding bid of such bidder. During the bidding, no bidder will
see any other bidder's bid, but each bidder will be able to see its own ranking (i.e., "Leader,"
"Cover," "3` etc.).
Bids Constitute an Irrevocable Offer. Each bid submitted through PARITY shall be
deemed an irrevocable offer to purchase the Series 2015 Bonds on the terms provided in this
Notice of Bond Sale and shall be binding upon the bidder.
Purchase Price. The purchase price bid shall not be less than 100% of the par amount of
the Series 2015 Bonds, nor will any net discount or commission be allowed or paid on the sale of
the Series 2015 Bonds.
Basis of Award. The Series 2015 Bonds will be sold to the bidder offering to purchase
the Series 2015 Bonds at the lowest TIC. The actuarial yield on the Series 2015 Bonds using the
TIC method will be computed at that yield which, if used to compute the present value of all
payments of principal and interest on the Series 2015 Bonds as of the date of the Series 2015
Bonds, i.e., July 20, 2015 produces an amount equal to the aggregate bid price. Such calculation
will be made based upon a 360 -day year and a semi - annual interval for compounding.
The winning bid will be indicated on PARITY and the auction results, as posted on such
website, will be subject to verification by the City and the Financial Advisor. The City and the
Financial Advisor will verify the auction results immediately following the close of the bidding
period and notice of confirmation by the City and the Financial Advisor of the winning bidder
will be made by a posting on PARITY under the "Results" link.
If two or more bids have the same TIC, the first bid submitted, as determined by
reference to the time stamp displayed on PARITY, shall -be deemed to be the leading bid.
Sale Reservations. The City reserves the right (a) to reject any and all bids for any Series
2015 Bonds, (b) to reoffer any Series 2015 Bonds for public or negotiated sale and (c) to waive
any irregularity or informality in any bid.
Good Faith Deposit. A good faith deposit will not be required in connection with the
submission of a bid for the bonds. The winning bidder will be required to wire TWO
HUNDRED THITY TWO THOUSAND THREE HUNDRED FIFTY DOLLARS ($232,350)
(1.00% of the par amount) to the City as bid security by 3:00 p.m. Mountain Time on June 16,
2015. The City will provide wire instructions to the winning bidder. The bid security will be
retained by the City and: (a) will be applied, without allowance for interest, against the purchase
price when the Series 2015 Bonds are delivered to and paid for by such winning bidder or
(b) will be retained by the City as liquidated damages if the bidder defaults with respect to the
bid or (c) will be returned to the bidder if the Series 2015 Bonds are not issued by the City for
any reason which does not constitute a default by the bidder.
Manner and Time of Delivery. The Series 2015 Revenue Bonds will be delivered to
DTC for the account of the winning bidder at the expense of the City on July 20, 2015 or such
later date as the City and the winning bidder may agree. The winning bidder will not be required
to accept delivery of the Series 2015 Bonds if they are not tendered for delivery by the City on
July 20, 2015, or such later date as the City and the winning bidder may agree; provided that
delivery of any Series 2015 Bonds is conditioned upon the receipt by the City of a certificate as
to their issue price. See " —Certification of Issue Price" below. Payment of the purchase price
due at delivery must be made in Federal Reserve funds for immediate and unconditional credit to
the City.
The good faith deposit of the winning bidder will be credited to the purchaser at the time
of delivery of the Series 2015 Bonds (without accruing interest). If the winning bidder for the
Series 2015 Bonds fails or neglects to complete the purchase of the Series 2015 Bonds within
five days after such Series 2015 Bonds are made ready and are tendered for delivery, the amount
of its good faith deposit will be forfeited (as liquidated damages for non - compliance with the
bid) to the City, except as hereinafter provided.
Official Statement. The Preliminary Official Statement, dated on or about June 9, 2015,
and the information contained therein have been deemed final by the City as of its date within
the meaning of Rule 15c2 -12 of the Securities and Exchange Commission ( "Rule 15c2 -12 ") with
permitted omissions, but is subject to change without notice and to completion or amendment in
the Final Official Statement in final form (the "Final Official Statement" or the "Official
Statement "). The Notice of Bond Sale and the Preliminary Official Statement may be viewed
and downloaded at www.meritos.com and at www.i- dealgrospectus.com or a physical copy may
be obtained by contacting the City's Financial Advisor. See "— Information" below.
The City, at its expense, will make available to the winning bidder, within seven (7)
business days after the award of the sale of the Series 2015 Bonds, up to 10 physical copies of
the Final Official Statement, and additional copies of the Final Official Statement may be
provided at the winning bidder's expense. The winning bidder must cooperate in providing the
information required to complete the Final Official Statement. The City will also provide the
Final Official Statement to the winning bidder in electronic form.
The winning bidder shall comply with the requirements of Rule 15c2 -12 and the rules of
the Municipal Securities Rulemaking Board.
Continuing Disclosure Undertaking. The City has covenanted to provide, in a timely
manner to the municipal securities information repository at http:Hemma.msrb.org, notice of the
occurrence of specified, material events and to provide certain financial information on an annual
basis as more fully set forth in the Preliminary Official Statement. Reference is made to the
Preliminary Official Statement for a more complete description of the City's continuing
disclosure undertaking obligations.
State Securities Laws. The City has taken no action to qualify the offer or sale of the
Series 2015 Bonds under the securities laws of any state. Should any such qualification be
necessary, the City agrees to cooperate with the winning bidder in such matters, provided that the
City reserves the right not to consent to service of process outside its boundaries and expenses
related to any such qualification shall be the responsibility of the winning bidder.
CUSIP Numbers. CUSIP numbers will be issued and printed on the Series 2015 Bonds.
Any error or omission in printing such numbers on the Series 2015 Bonds will not constitute
cause for the winning bidder to refuse delivery of any Series 2015 Bond. All expenses in
relation to obtaining the CUSIP numbers and printing of the CUSIP numbers on the Series 2015
Bonds shall be paid for by the winning bidder.
Legal Opinion, Series 2015 Bonds and Transcript. The validity and enforceability of
the Series 2015 Bonds will be approved by the City's Bond Counsel:
Kutak Rock LLP
1801 California Street
Suite 3000
Denver, Colorado 80202
(303) 297 -2400
FAX: (303) 292 -7799
www.kutakrock.com
The purchaser of the Series 2015 Bonds will receive a certified transcript of legal
proceedings which will include, among other items:
(a) a certificate of the City to the effect that, as of its date, the Preliminary
Official Statement was deemed final within the meaning of Rule 15c2 -12, except for the
omissions permitted under Rule 15c2 -12;
(b) a certificate executed by officials of the City to the effect that there is no
litigation pending or, to their knowledge, threatened affecting the validity of the Series
2015 Bonds as of the date of their delivery;
(c) a certificate of the City to the effect that, as of the date of the Official
Statement and at all times to and including the date of delivery of the Series 2015 Bonds,
the Official Statement did not contain any untrue statement of a material fact or omit any
statement of a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and
(d) the opinion dated the date of the delivery of the Series 2015 Bonds, of
Butler Snow LLP, Denver, Colorado, Bond Counsel to the City, to the effect that
although they have made no independent investigation or verification of the correctness
and completeness of the information included in the Official Statement, nothing that
came to their attention in rendering legal services in connection with the preparation of
the Official Statement causes them to believe that the Official Statement (excepting
financial, demographic, economic and statistical information, any forecasts, estimates and
assumptions, and any expressions of opinion, as to which they will express no belief), as
of its date, contained any untrue statement of a material fact or omitted to state any
material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading.
Certification of Issue Price. THE SUCCESSFUL BIDDER SHALL MAKE A BONA
FIDE PUBLIC OFFERING OF THE SERIES 2015 BONDS AT THE INITIAL OFFERING
PRICES AND SHALL PROVIDE THE RELATED CERTIFICATION DESCRIBED BELOW.
Upon award of the Bonds, the successful bidder shall advise the City and the Financial
Advisor of the initial reoffering prices to the public of each maturity of the Series 2015 Bonds
(the "Initial Reoffering Prices "). SIMULTANEOUSLY WITH OR BEFORE DELIVERY OF
THE SERIES 2015 BONDS, THE SUCCESSFUL BIDDER SHALL FURNISH TO THE CITY
A CERTIFICATE ACCEPTABLE TO BOND COUNSEL (A) CONFIRMING THE INITIAL
REOFFERING PRICES; AND (B) CERTIFYING (i) THAT THE SUCCESSFUL BIDDER
HAS MADE A BONA FIDE PUBLIC OFFERING OF THE SERIES 2015 BONDS AT THE
INITIAL REOFFERING PRICES; (ii) THAT A SUBSTANTIAL AMOUNT OF THE SERIES
2015 BONDS WAS SOLD TO THE PUBLIC (EXCLUDING BOND HOUSES, BROKERS
AND OTHER INTERMEDIARIES) AT SUCH INITIAL REOFFERING PRICES; AND
(iii) THE PRICES AT WHICH A SUBSTANTIAL PORTION OF EACH MATURITY OF THE
SERIES 2015 BONDS WERE SOLD TO THE PUBLIC (EXCLUDING BOND HOUSES,
BROKERS, AND OTHER INTERMEDIARIES). Bond Counsel advises that (A) such
certificate must be made on the best knowledge, information and belief of the successful bidder;
(B) the sale to the public of 10% or more in par amount of the Series 2015 Bonds of each
maturity at (or below) the Initial Reoffering Prices would be sufficient to certify as to the sale of
a substantial amount of the Series 2015 Bonds; and (C) reliance on other facts as a basis for such
certification would require evaluation by Bond Counsel to assure compliance with the statutory
requirement to avoid the establishment of an artificial price for the Series 2015 Bonds. Any
questions concerning such certification should be directed to Kutak Rock LLP, Bond Counsel.
Right to Modify or Amend Notice of Bond Sale. The City reserves the right to modify or
amend this Notice of Bond Sale and the Bid Form, prior to the bid date. If any modifications
occur, supplemental information with respect to the Series 2015 Bonds will be communicated by
posting on the PARITY website not later than 3:00 p.m., Mountain Time on the day preceding
the day on which proposals may be submitted, and bidders shall bid upon the Series 2015 Bonds
based upon the terms thereof set forth in this Notice of Bond Sale, as so modified by such
supplemental information.
Postponement of Sale. The City reserves the right to postpone the date and time
established for the receipt of bids. Any such postponement will be announced by posting on
PARITY prior to commencement of the bidding. If any date and time fixed for the receipt of
bids and the sale of the Series 2015 Bonds is postponed, an alternative sale date and time will be
announced at least one business day prior to such alternative sale date. On any such alternative
sale date and time, any bidder may submit bids electronically as described above for the purchase
of the Series 2015 Bonds in conformity in all respects with the provision of this Notice of Bond
Sale, except for the date and time of sale and except for any changes announced by posting on
PARITY at the time the sale date and time are announced.
By order of the City Council of the City of Boulder, Colorado, dated this 2 nd day of June,
2015.
By /s/ Matthew Appelbaum
Mayor, City of Boulder, Colorado
By Al Robert W. Eichem
Chief Financial Officer, City of
Boulder, Colorado
(End of Notice of Bond Sale)
Section 3. Bids for the Series 2015 Bonds shall be received at the time and place and in
the manner provided in the Notice of Bond Sale as herein prescribed.
Section 4. The Council hereby approves the distribution and use in connection with the
offering of the Series 2015 Bonds of the Preliminary Official Statement in substantially the form
presented to the Council at this meeting, with such changes therein, if any, as are approved by
the Chief Financial Officer or the City Attorney.
Section 5. The officers of the City and its financial advisor are hereby authorized and
directed to take all other action necessary or appropriate to effectuate the provisions of this
resolution. All action heretofore taken (not inconsistent with this resolution) is hereby ratified,
approved and confirmed.
Section 6. If any section, paragraph, clause or provision of this resolution shall for any
reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the remaining provisions of this resolution.
Section 7. This resolution shall take effect immediately upon its introduction and
passage.
INTRODUCED, READ, PASSED AND ADOPTED this V day of June, 2015.
[SEAL]
Attest:
B 2Zit, & 4 L
Mayor
By (
City Clerk