HomeMy WebLinkAbout845 - AUTHORIZING Colorado Open Space Acquisition Refunding Bonds, series 2000 in the amount of $20,RESOLUTION NO. 845
SERIES 2000
A RESOLUTION CONCERNING THE PROPOSED CITY OF BOULDER,
COLOItADO OPEN SPACE ACQUISITION BONDS, SERIES 200Q IN A
PRINCIPAL AMOLJNT OF $20,095,000 AUTHORIZING THE OFFICIAL
NOTICE OF BOND SALE WITH RESPECT TO SAID 2000 BONDS;
PRESCRiBING CERTAIN DETAILS CONCERriING SAID PROPOSED SALE
AND SAID 2000 BONDS; APPROVING THE FORM OF A PRELIMINARY
OFFICIAL STATEMENT; AND PROVIDING THE EFFECTIVE DATE OF THIS
RESOLUTION.
WI-IEREAS, the City of Boulder, in the County of Boulder and State of Colorado (the
"City"), is a municipal corporation duly or~anized 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 "Cbarter"); and
WHEREAS, Section 97 of the City's Charter presently authorizes the City to issue bonds for
the acquisition of open space real property or interests therein payable from and pledging that portion
of the proceeds of the City's sales and use tax earmarked and committed for such purpose, without
an eiection, so lon~ as the projected avera~e annual debt service coverage shall be at least 1.35:I;
provided further, however, that refunding bonds may be issued without approval by vote of the
qualified electors of the City; and
WI~IEREAS, the Council deems it advisable and necessary to issue bonds of the City in an
aggregate principal amount of $20,095,000, designated Open Space Acquisition Bonds, Series 2000
(the "2000 Bonds"), to provide funds for the acquisition of open space real property or interests
therein, including all necessary incidental and appurtenant costs in connection therewith, and for
paying issuance expenses with respect to the 2000 Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
BOULDER THAT:
Section 1. The 2000 Bonds shall be, and the same hereby are ordered to be, publicly
soid; and the Council shall cause sealed bids to be received and to be opened publicly for the purchase
of the 2000 Bonds on March 21, 2000 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 shail notify the Director of Finance and Record of the City (the "Director of Finance
and Record") 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 Director of Finance and Record
are hereby authorized and directed to provide for the publication of the Oft'icial Notice of Bond Sale
in the (Boulder) Daily Camer•a at such times as they deem adequate to give reasonable notice of the
proposed sale, but no less than once after tbe date hereof and at least five days prior to Che sale date
hereinabove designated. The Oft'icial Notice ofBond 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 Director of Finance and Record, ex-officio City Clerk 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 Director of Finance and Record to indicate conclusively the
approval of any and all such changes:
(Form of Official Notice of Bond Sale)
OFFICIAL NOTICE OF BOND SALE
$20,095,000
City of Boulder, Colorado
Open Space Acquisition Bonds
Series 2000
(Payable from certain dedicated City of Boulder sales and use tax revenues and
additionally secured by a pledge of the full faith and credit of the City of Boulder)
PUBLIC NOTICE IS HEREBY GIVEN that the City Council of the City of Boulder (the
"Council" and "City," respectively), in the County of Boulder and State of Colorado, will, on
Tuesday, the 21 st day ofMarch, 2000, at the hour of 10:00 a.m., local time, in the Council Chambers,
Municipal Building, 1777 Broadway, Boulder, Colorado, receive sealed bids and publicly open the
same for the purchase of the bonds of the City, particularly described below:
BOND PROVISIONS
Issues. The City will issue its "Open Space Acquisition Bonds, Series 2000," in a principal
amount of $20,095,000 (the "2000 Bonds") pursuant to an Ordinance to be adopted by the Council
(the "Ordinance").
Forni, Dutes Hurl Maturities. The 2000 Bonds will be issued as fully registered bonds
without coupons and shall be executed and delivered only in global book-entry form registered in the
name of Cede & Co., as nominee of The Depository Trust Company ("DTC"), New York, New
York, acting as securities depository of the 2000 Bonds. The 2000 Bonds maybe purchased in the
denominations of $5,000 and any integral multiples thereof. The 2000 Bonds will be dated March
15, 2000. Interest will be payable on the 2000 Bonds on each February 15 and August 15,
commencing February 15, 2001. The 2000 Bonds will mature on August 15 in the designated
amounts and years as follows:
Date Maturing Amounts
(August IS) Maturing
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2001 $ 245,000
2002 730,000
2003 775,000
2004 820,000
2005 870,000
2006 920,000
2007 965,000
2008 1,015,000
2009 1,070,000
2010 1,125,000
2011 1,185,000
2012 1,250,000
2013 1,320,000
2014 1,390,000
2015 1,470,000
2016 1,555,000
2017 1,645,000
2018 1,745,000
It is permissible for the Purchaser to specify that any 2000 Bonds maturing on August 15,
2011 through August 15, 2018 be designated as one or two term 2000 Bonds as described herein.
See "-Term Bonds; Mandatory Sinking Fund Redemption" below.
Bnok Entry. The City's financial advisor will make arrangements for custodial deposit of the
2000 Bonds with The Depository Trust Company, New York, New York. The 2000 Bonds will
therefore be registered in the name of Cede & Co., as nominee of The Depository Trust Company,
which will act as securities depository for the 2000 Bonds. Ownership interest in the 2000 Bonds will
be transferred only pursuant to the "Book-Entry-Only-System" of The Depository Trust Company
in a denomination of $5,000 or any integral multiple thereof, as described in the Official Statement
prepared by the City with respect to the 2000 Bonds. After the initial deposit ofthe 2000 Bonds with
The Depository Trust Company, they may not be removed from such custodial deposit, transferred
or exchanged except as provided in the Ordinance.
Interest Rates and Limitations
1. It is permissible to bid different or "split" interest rates for the 2000 Bonds; provided,
however, that only one interest rate shall be specified for any maturity for any one series of the 2000
Bonds.
2. Each rate stated must be in a multiple ofone-eighth (1/8) orone-twentieth (1/20) of
one percent (1%) per annum.
3. The maximum interest rate named for any 2000 Bond shall not exceed the minimum
interest rate named for any other 2000 Bond of the same series by more than three percent (3.00%)
per annum.
4. A zero rate of interest may not be designated.
5. Each 2000 Bond will bear interest from its date to its stated maturity at the interest
rate stated in the bid.
6. Bids may not provide for registered supplemental or "B" coupons or interest rates.
Purpose of Issue. The 2000 Bonds are authorized to be issued for the acquisition of open
space real property or interests therein, including all necessary incidental and appurtenant costs in
connection therewith, and for paying issuance expenses with respect to the 2000 Bonds.
Optional Redemption. The 2000 Bonds maturing on and after August 15, 2011 will be
callable for redemption at the option of the City on August 15, 2010 and on any date thereafter, in
whole or in part, and if in part in such order of maturity as the City shall determine and by lot within
a maturity, in the manner designated by the hereinafter defined Paying Agent, at a redemption price
equal to the principal amount thereof plus accrued interest to the redemption date.
Term Bond; Mandatory Sinking Fund Redemption. A bidder may request that any 2000
Bonds maturing on August 15, 2011 through August 15, 2018 be designated as one or two term
bonds. Each of such term bonds will be subject to mandatory sinking fund redemption in the same
amounts and on the same dates as the 2000 Bonds would have matured if they were not included in
term bonds. 2000 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 Indenture. Any election to designate
2000 Bonds as being included in a term certificate must be made in the Official Bid Form available
to the City. See "TERMS OF SALE-Bid Proposals."
Tender for 2000 Bonds. Ifthe City provides funds to pay the principal of and interest on the
2000 Bonds prior to the date such 2000 Bonds are subject to optional redemption (i.e., August 15,
2010) as described above, and the City offers to purchase all of the 2000 Bonds at a purchase price
consented to in writing by the registered or beneficial owners of 90% or more in aggregate principal
amount of the 2000 Bonds then outstanding, then all other registered or beneficial owners of 2000
Bonds will be deemed to have tendered their 2000 Bonds for purchase at such price, whether or not
actually tendered, and upon deposit of moneys sufficient to purchase all 2000 Bonds, interest on the
2000 Bonds will cease to accrue and the 2000 Bonds shall no longer be deemed outstanding.
Place of Payment. Principal of the 2000 Bonds will be payable to the registered owner (i. e.,
Cede & Co.) upon presentation and surrender ofthe 2000 Bonds at the office of U. S. Bank National
Association at its operations center in St. Paul, Minnesota as paying agent (the "Paying Agent").
Interest on the 2000 Bonds will be payable by check or draft of the City mailed on the interest
payment date to the registered owner thereof (i.e., Cede & Co.) as of the close of business on the
Record Date (the February 1 or August 1 next preceding such interest payment date). All payments
ofthe principal of and interest on the 2000 Bonds shall be made in lawful money ofthe United States
of America.
Security. The 2000 Bonds will be payable from, and will constitute a first and prior (but not
exclusive) lien on all Net Pledged Revenues (hereinafter defined) and moneys on deposit in the Bond
Fund established and continued by the Ordinance. Net Pledged Revenues shall mean the revenues
derived from the City's levy and collection of a 0.40% and a 0.33% sales and use tax on the purchase
price of tangible personal property or taxable services sold or purchased at retail after deduction of
refunds required or permitted bylaw under the Boulder Revised Code, 1981. As additional security
for the payment of the principal of and interest on the Bonds, the City will pledge the full faith and
credit of the City.
Additional Bonrls. 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 thereon of the 2000
Bonds. There are presently no other bonds outstanding which are secured by a lien on the Net
Revenues.
Authorization. The 2000 Bonds are authorized to be issued by the Constitution of the State
of Colorado, by the Charter of the City and laws of the State of Colorado, and by the Ordinance.
TERMS OF SALE
Birl Proposals. Any bidder is required to submit an unconditional and written bid for the
entire issue, specifying the interest rate or rates and specifying the prices at which the bidder will
purchase the 2000 Bonds, which price shall each be at or above par plus accrued interest. The bid
form attached hereto must be used. Each bid must be in a sealed envelope addressed to:
Ms. Cappie I. Fine, Office ofDirector of Finance and Record, City ofBoulder, Municipal Building,
1777 Broadway, Boulder, Colorado 80302.
Good Faith Deposit. A good faith deposit (the "Deposit") in the form of a certified or
cashier's check or a financial surety bond (the "Financial Surety Bond") in the amount of $400,000,
payable to the order of the City ofBoulder, Colorado, is required for each bid to be considered. If
a check is used, it must accompany each bid. If a Financial Surety Bond is used, it must be from an
insurance company licensed to issue such a bond in the State of Colorado, and such bond must be
submitted to the City or its financial advisor prior to the opening of the bids. The Financial Surety
Bond must identify each bidder whose Deposit is guaranteed by such Financial Surety Bond. If the
2000 Bonds are awarded to a bidder utilizing a Financial Surety Bond, then that purchaser (the
"Purchaser") is required to submit its Deposit to the City or its financial advisor in the form of a
cashier's check (or wire transfer such amount as instructed by the City or its financial advisor) not
later than 3:30 p.m, M.S.T, on the next business day following the award. If such Deposit is not
received by that time, the Financial Surety Bond may be drawn by the City to satisfy the Deposit
requirement. No interest on the Deposit will accrue to the Purchaser. The Deposit of the Purchaser
will either be applied to the purchase price of the 2000 Bonds or returned to the Purchaser on the
closing date upon payment of the full purchase price of the 2000 Bonds. In the event the Purchaser
fails to honor its accepted bid, the Deposit will be retained by the City. Deposits of all bidders other
than the Purchaser shall be promptly returned to each such bidder.
Tax Status. Kutak RockLLP, Denver, Colorado, bond counsel, will opine that under existing
laws, regulations, rulings and judicial decisions, the interest on the 2000 Bonds (a) is not includible
in gross income for federal income tax purposes and is not includible in gross income for Colorado
income tax purposes, (b) is not includible in alternative minimum taxable income for the purpose of
the Colorado alternative minimum tax and (c) is not a specific preference item for purposes of the
alternative minimum tax provisions contained in the Internal Revenue Code of 1986, as amended (the
"Code"); however, such opinion will also state that interest on the 2000 Bonds will be included in the
adjusted current earnings of certain corporations, and such corporations are required to include in
the calculation of alternative minimum taxable income 75% of the excess of each such corporation's
adjusted current earnings over its alternative minimum taxable income (determined without regard
to this adjustment and prior to reduction for certain net operating losses); and that the opinions
described in clauses (a) through (c) above are subject to continuing compliance by the City with the
covenants regarding federal tax law contained in the Ordinance and that failure to comply with such
covenants could cause interest on the 2000 Bonds to be so included in federal and Colorado gross
income retroactive to the date of issue ofthe 2000 Bonds. Bond counsel's opinion will also state that
the accrual or receipt of interest on the 2000 Bonds may otherwise affect the federal income tax
liability of the recipient, and that the extent of these other tax consequences will depend upon the
recipient's particular tax status or other items of income or deduction. If, prior to the delivery of the
2000 Bonds to the successful bidder therefor, the income received by private owners of obligations
of the same type and character as the 2000 Bonds shall be includible in gross income for federal or
State of Colorado purposes, the successful bidder, at its election made prior to the tender by the
Council of the 2000 Bonds for delivery, may be relieved of any obligation under the contract to
purchase the 2000 Bonds. In such case, the contract to purchase all the 2000 Bonds shall terminate,
and the deposit accompanying the Purchaser's bid will be returned to the Purchaser upon written
request therefor. Any such option shall be exercised by a letter addressed to the Director of Finance
and Record and bond counsel, and deposited in the United States mails, as first-class mail, postage
prepaid.
Sale Reservations. The City reserves the privilege:
(a) of waiving any irregularity or informality in any bid;
(b) of rejecting any and all bids for the 2000 Bonds; and
(c) of reoffering the 2000 Bonds for sale in any manner permitted by law.
Option to Bid llrth or llrthout Bond Insurance. The City has received a commitment to
issue a bond insurance policy insuring the 2000 Bonds (the "Bond Insurance") from
(the "Bond Insurer"). Bidders may contact the city's financial advisor for
information on the premium.
Each bidder may bid on the 2000 Bonds with or without the Bond Insurance for the entire
issue. Such election shall apply to all, and not part, of the 2000 Bonds, and shall be indicated on the
Official Bid Form. If Bond Insurance is selected by the bidder, the bidder shall be responsible
for paying, and legally obligated to pay, the Bond Insurance premium in immediately available
funds at the time of the closing for the 2000 Bo~-ds. If Bond Insurance is elected by the winning
bidder, the 2000 Bonds shall only be rated by Moody's Investors Service and Standard & Poor's
Ratings Service, a division of The McGraw-Hill Companies, Inc.
Basis of Ativarrl: The 2000 Bonds, subject to such sale reservations, shall be sold to the
highest responsible bidder, and to the best advantage ofthe City. The highest bid shall be determined
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by computing the actuarial yield on the 2000 Bonds (i.e., using an actuarial or True Interest Cost
method) for each bid received, and an award will be made (if any is made) to the responsible bidder
submitting the bid that results in the lowest actuarial yield on the 2000 Bonds. "Actuarial yield" on
the 2000 Bonds as used herein means that yield which, ifused to compute the present worth as ofthe
date of the 2000 Bonds (i.e., March 15, 2000) of all payments of principal and interest to be made
on the 2000 Bonds from their date to their respective maturity dates (including mandatory sinking
fund redemption dates, if any) using the interest rates specified in the bid, produces an amount equal
to the aggregate principal amount of the 2000 Bonds plus any premium bid and any accrued interest
to be paid. Such calculation shall be based on a 360-day year and a semiannual compounding
interval. If there are two or more equal bids for the 2000 Bonds and such equal bids are the highest
responsible bids received and for not less than the principal amount of the 2000 Bonds and accrued
interest, the Council of the City shall determine in its discretion which bid will be accepted.
No Sale Below Par or Discount or Commission. The 2000 Bonds shall not be sold by the
City at less than their principal amount and accrued interest thereon to the date of their delivery, nor
will any discount or commission be allowed or paid on the sale of the 2000 Bonds; provided that the
foregoing provision shall not preclude original issue discount so long as the total purchase price paid
by the Purchaser to the City is at least equal to the par amount of the 2000 Bonds plus accrued
interest.
Time of Award. The City shall open the bids at the time hereinabove specified. It intends
to determine the highest responsible bid which is to the best advantage of the City and to award the
2000 Bonds or reject all bids for the 2000 Bonds by action ofthe Council at a meeting to be held not
later than 24 hours after the expiration of the time herein specified for opening bids. Such meeting
is currently scheduled for 7:00 p.m., local time on March 21, 2000.
Offering Price and Yields. On the date herein stated for opening bids, the successful bidder
shall notify the Director of Finance and Record in writing of:
(a) the initial offering price of the 2000 Bonds to the public (excluding bond
brokers and other intermediaries) at which a substantial portion of the 2000 Bonds of each
maturity were sold, and
(b) the initial offering yield to maturity for each maturity of the 2000 Bonds in a
stated percentage for the Council's use in making any necessary arbitrage bond investment
yield calculations for federal income tax purposes, and shall furnish to the Director of Finance
and Record, ex-officio City Clerk a copy ofthe successful bidder's reoffering yield production
printout with respect to the 2000 Bonds.
In addition, the successful bidder will be required to sign and deliver an exhibit to the no
arbitrage certificate of the City with respect to the public offering price and yield of the 2000 Bonds,
in form and substance required by the City's bond counsel.
Manner and Time of Delivery. The deposit of the successful bidder shall be credited to the
Purchaser at the time of delivery of the 2000 Bonds (without accruing interest). If the successful
bidder for the 2000 Bonds fails or neglects to complete the purchase of the 2000 Bonds within three
days after the 2000 Bonds are made ready and are tendered by the City for delivery, the amount of
this deposit shall be forfeited (as liquidated damages for noncompliance with the bid) to the City,
except as hereinafter provided. In that event, the City may reoffer the 2000 Bonds for sale. The
Purchaser shall not be required to accept delivery of any of the 2000 Bonds if they are not tendered
for delivery within 60 days from the date herein stated for opening bids; and if the 2000 Bonds are
not so tendered within said period of time, the good faith deposit shall be returned to the Purchaser
upon its request and without interest. Unless the City shall otherwise notify the Purchaser, the 2000
Bonds will be tendered to the Purchaser for delivery on Apri125, 2000.
Payment and Place o/'Delivery. The successful bidder shall be required to make payment
of the balance due for the 2000 Bonds by wire transfer in immediately available funds to an account
designated by the City. Such balance of the purchase price, including any premium, must be paid in
such immediately available funds and not by any waiver of interest, nor by any other concession as
a substitution for such immediately available funds. The successful bidder shall be required to accept
delivery of the 2000 Bonds at the office of The Depository Trust Company in New York.
CUSIPNumbers. CUSIP numbers shall be printed on the 2000 Bonds at the expense of the
City. If an incorrect number is imprinted on any 2000 Bond or if a number is not printed thereon, any
such error or omission shall not constitute cause for the successful bidder to refuse delivery of any
2000 Bond.
Legal Opinion, 2000 Bonds and Transcript. The legality of the 2000 Bond issue will be
approved by the firm of Kutak Rock LLP, 717 Seventeenth Street, Suite 2900, Denver, Colorado
80202, whose unqualified approving opinion, together with the 2000 Bonds, a certified transcript of
the proceedings, including a certificate stating that there is no litigation pending affecting the validity
of the 2000 Bonds as of the date of their delivery, and other closing documents, will be furnished to
the Purchaser without charge by the City.
Financial Advisor. U. S. Bancorp Piper Jaffray Inc. is acting as financial advisor to the City
in connection with the issuance of the 2000 Bonds. Pursuant to its contract with the City, it is
required to submit a bid to purchase the 2000 Bonds.
Rule 1 Sc2-12 Compliance. The City covenants and agrees to enter into a written agreement
or contract, constituting an undertaking to provide ongoing disclosure about the City, for the benefit
of the owners of the 2000 Bonds on or before the date of delivery of the 2000 Bonds as required by
Section (b)(5) of Securities and Exchange Commission Rule 15c2-12 (17 CFR § 240.15c2-12) (the
"Rule"), which undertaking shall be a part of the Ordinance and in the form summarized in the
Preliminary Official Statement. The form of the Preliminary Official Statement has been approved
by the Council, The City has not previously failed to supply any annual financial intention as required
under the Rule.
The Preliminary Official Statement which will be delivered pursuant to the sale of the 2000
Bonds is, except for Permitted Omissions (as defined below), final as of its date, within the meaning
of the Rule, and the information therein is accurate and complete except for the Permitted Omissions.
"Permitted Omissions" shall mean the offering prices, interest rates, selling compensation, delivery
date, ratings, any other terms required by the City to be specified in the competitive bid, the identify
of the underwriters and other terms of the 2000 Bonds depending on such matters, all with respect
to the 2000 Bonds.
To enable the successful bidder to comply with the Rule, after the award of the 2000 Bonds
and within seven business days following receipt by the City of written advice from the successful
bidder of the full name or names of the successful bidder (if the same cannot be readily ascertained
from the Official Bid Form submitted thereby), the offering prices ofthe 2000 Bonds and the amount
of selling compensation realized, the City will furnish thereto, in reasonable quantities as requested,
copies of a final Official Statement. Failure by the successful bidder to provide (or delay by the
successful bidder in providing) such information will prevent the City from furnishing such Official
Statement as described above, and the City shall not be responsible or liable in any manner for the
accuracy of the information provided by the successful bidder or failure to furnish such Official
Statement as described above which results from a failure by the successful bidder to provide the
aforementioned. information within the time specified. The City will deliver to the successful bidder
at closing a certificate stating that to the best of its knowledge, the information included in the Official
Statement does not contain any untrue statement of a material fact and does not omit to state a
material fact necessary to make the statements made therein, in light ofthe circumstances under which
they were made, not misleading.
Information. This Official Notice of Bond Sale and a Preliminary Official Statement relating
to the 2000 Bonds may be obtained from Mr. Jonathan Heroux, U.S. Bancorp Piper Jaffray Inc.,
Suite 2100, 1050 Seventeenth Street, Denver, Colorado 80202, (303) 820-5808, or from
Ms. Cappie I. Fine, Office of the Director of Finance and Record, City of Boulder, Municipal
Building, 1777 Broadway, Boulder, Colorado 80302, (303) 441-3014.
By order of the City Council of the City of Boulder, Colorado, dated this 7th day of
March, 2000.
By /s/ Will Toor rV~-'~ ~'~
Mayor
By /s/ Cappie I. Fine
Director of Finance and Record
(End of Form of Official Notice of Bond Sale)
Section 3. Bids for the 2000 Bonds shall be opened at the time and place and in the
manner provided in the Official Notice of Bond Sale as herein prescribed.
Section 4. The Council hereby approves the distribution and use in connection with the
offering of the 2000 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 Director of
Finance and Record or the City Attorney.
Section 5. The Official Bid Form in substantially the following form is hereby approved,
with such changes thereto as the Mayor and the Director of Finance and Record shall approve
consistent with changes to the Official Notice of Sale.
OFFICIAL BID FORM
$20,095,000
City Of Boulder, Colorado
Open Space Acquisition Bonds
Series 2000
Ms. Cappie I. Fine
Office of the Director of Finance and Record
City of Boulder
Municipal Building
1777 Broadway
Boulder, CO 80306
Dear Ms. Fine:
For $20,095,000 of your legally issued City of Boulder, Colorado Open Space Acquisition
Bonds, Series 2000 (the "2000 Bonds"), described in the Official Notice of Bond Sale dated March
7, 2000, included with the Preliminary Official Statement of the City of Boulder, Colorado (the
"City") pertaining to the 2000 Bonds, which Notice is by reference made a part hereof, we will pay
you par plus a premium of $ plus accrued interest to date of delivery to us for said 2000
Bonds to bear interest and mature as follows:
Maturity Interest
(August 15) Amount Rate
10
2001 $ 245,000
2002 730,000
2003 775,000
2004 820,000
2005 870,000
2006 920,000
2007 965,000
2008 1,015,000
2009 1,070,000
2010 1,125,000
2011 1,185,000
2012 1,250,000
2013 1,320,000
2014 1,390,000
2015 1,470,000
2016 1,555,000
2017 1,645,000
2018 1,745,000
ova
Check one of the following (if none is checked, 2000 Bonds shall all be serial certificates):
All serial certificates
All serials for the years 2000 through 2010, and one term bond for the years
through .All other years shall be serial bonds.
All serials for the years 2000 through 2010 and two term bonds for the years
through _ and through
Check one of the following (if none is checked, the 2000 Bonds shall be uninsured):
Bond Insurance for Entire Tssue
No Bond Insurance for Entire Issue
Our calculation (which is not a part of this bid) of the actuarial yield from the above,
computed from the date ofthe 2000 Bonds (March 15, 2000) and giving effect to mandatory sinking
fund redemption and assuming semiannual compounding, as set forth above, is:
Actuarial Yield (as defined under
"BASIS OF AWARD" in the Official
Notice of Sale):
Prior to our accepting delivery of said bonds, you agree to furnish a certified transcript of all
legal proceedings requisite to their issuance and delivery, including a signature and no-litigation
certificate in the customary form evidencing the legality of said bonds and the security provisions
relating thereto inform satisfactory to Kutak Rock, Denver, Colorado, whose unqualified approving
legal opinion in the customary form shall accompany said bonds at delivery. You also agree to
provide us with a reasonable quantity of final Official Statements within seven business days from the
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date this bid is accepted, and we hereby request of such final Official Statements.
These bonds are to be delivered to us on or about April 25, 2000.
The cost of typing the 2000 Bonds for delivery in book-entry form at The Depository Trust
Company and the fees of the approving attorneys will be paid by the City.
Unless we have provided for use of a Financial Surety Bond to evidence our good faith
deposit, we herewith hand you a cashier's check or certified check for $400,000 as evidence of our
good faith in complying with the terms and conditions of this proposal which is to apply as partial
payment (without interest thereon) for said 2000 Bonds when the legality of same has been approved,
and to be forfeited as fully liquidated damages should we fail or refuse to take up said 2000 Bonds
as above provided. Said check is to be returned to us (without interest thereon) if this proposal is not
accepted, or if the above attorneys should decline to approve the legality ortax-exempt status of the
issue and as otherwise described in the Official Notice of Sale. If in lieu of said check, we furnished
a Financial Surety Bond, we agree to furnish the required deposit no later than 3:30 p.m. M.S.T. on
the day following acceptance of our bid, in accordance with the Official Notice of Sale. This offer
is for immediate acceptance unless otherwise specified above.
We understand that U. S. Bancorp Piper Jaffray Inc. is acting as financial advisor to the City
in connection with the issuance of the 2000 Bonds and that, pursuant to its contract with the City,
it is required to submit a bid to purchase the 2000 Bonds.
Dated this 21st day of March, 2000.
Respectfully submitted,
By
(Firm Name)
By
Name
Title
The foregoing proposal accepted by the City Council as the governing body of the City this
21st day of March, 2000.
By ^"~~
Mayor
Section 6. 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.
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Section 7. 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 8. This resolution shall take effect immediately upon its introduction and
passage.
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