Mayor Hancock Announces Issuance of Denver Mini Bonds

Mayor Hancock Announces Issuance of Denver Mini Bonds

DENVER – Mayor Michael B. Hancock today announced a unique investment opportunity to Colorado residents by issuing $12 million in Denver Mini-Bonds beginning Aug. 4, 2014. Made possible by the 2007 Better Denver Bond Program, the bonds will be offered only to Colorado residents to fund critical improvements to Boettcher Concert Hall, the McNichols Building and the Central Denver Recreation Center, three outstanding city cultural and recreation facilities.

To alert the public of this opportunity, Mayor Hancock released
a vintage style video that harkens back to the old “Buy U.S. Victory Bonds” newsreels.

“As we look to complete the final phases of the Better Denver Bond program, we wanted to offer this unique opportunity for Colorado residents to personally invest in our arts and cultural facilities,” Mayor Hancock said. “Places like Boettcher Concert Hall and the Central Denver Rec Center help create livable communities, and the resources provided through the Denver Mini-Bonds will ensure a vibrant future for these institutions.”

Denver Mini-Bonds will be available to order during the five business days between Monday, Aug. 4, and Friday, Aug. 8, or until they sell out.

The bonds are one of the most traditional investments around, and at $500 each, Denver Mini-Bonds are an affordable, tax-free investment that give average citizens the opportunity to invest in their capital city facilities.

"This is a unique investment opportunity for Colorado residents because of the relatively small denominations," said Cary Kennedy, Deputy Mayor and the city’s Chief Financial Officer. "The bonds are being offered at a very attractive rate."

Denver’s General Obligation bonds, including 2014 Mini-Bonds, are considered to be one of the safest investments around. They are AAA-rated; the highest rating awarded by Moody’s, Standard and Poor’s, and Fitch.

Colorado residents can buy the 2014 Denver Mini-Bonds in denominations of $500, up to $20,000 per registered bond owner. Bonds maturing in 2023 will grow to $750 – an annual tax-free yield of 4.38 percent. Bonds maturing in 2028 will grow to $1,000 – an annual tax-free yield of 4.89 percent. There are $6 million in Mini-Bonds available in each maturity, and once those are sold, no more will be available.   

Since voters approved the Better Denver Bond Program in 2007, the city has invested more than $538 million in restoring, refurbishing and replacing city infrastructure.

Orders may be made online at
www.denvergov.org/minibond, in person at Vectra Bank, 1650 S. Colorado Blvd., or by regular mail. Orders will generally be filled on a first-come, first-served basis.

Learn More About 2014 Denver Mini-Bonds

Interested residents
may get more information about Denver Mini-Bonds and/or an order form online at www.denvergov.org/minibond. Investors who want information sent to them may call 720-865-7154 and leave their name and contact information when prompted.

*
For most initial purchasers, interest on the bonds (the difference between the initial purchase price of $500 and the $750 or $1,000 payable at maturity) is totally free of federal and Colorado income taxes. See the Official Statement section titled “TAX EXEMPTION” for a detailed explanation.

The bonds are offered only pursuant to the Official Statement. Each prospective purchaser of the bonds should obtain and read carefully the entire Official Statement before deciding whether to purchase the bonds. This announcement does not constitute an offer to sell or the solicitation of an offer to buy the bonds described above


Posted on Jul 24, 2014 (Archive on Aug 24, 2014)
Posted by mikestrott  Contributed by mikestrott
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