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Home My WebLink About1981 Ordinance No. 001.. •• • • BY AUTHORITY ORDINANCE NO. l SERIES OF 1981 '-( /) COUNCIL BILL NO. 19 INTRODUCED BY COUNCIL MEMBER ... NEAL AN ORDINANCE AUTHORIZING THE ISSUANCE OF SPECIAL ASSESSMENT BONDS OF THE CITY OF ENGLEWOOD, COLORADO, FOR DOWNTOWN IMPROVEMENT DISTRICT NO. 1980-1, FOR THE CONSTRUCTION AND INSTALLATION OF A PARKING LOT IN THE 3400 BLOCK OF SOUTH LINCOLN STREET AND WALK- THROUGH IMPROVEMENTS AT 3448/50 SOUTH BROADWAY TO CONNECT WITH THE PROPOSED PARKING LOT IN SAID DISTRICT1 PRESCRIBING THE FORM OF THE BONDS; AND PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON. WHEREAS, for the purpose of constructing and installing a parking lot in the 3400 block of South Lincoln Street, and walk-through improvements at 3448/50 South Braodway to connect with the proposed parking lot, Downtown Improvement District No. 1980-1 in the City of Englewood has been duly created by Ordinance No. 35, Series of 1980, finally adopted and approved on October 6, 19801 and WHEREAS, the City Council has determined that the portion of the coat of th~ construction and installation of such improve•enta, together with necessary incidental coats, which will be assessed against the ·property included within the district, shall not exceed the amount of $398,800, and that bonds of the City for the District should be issued in this amount1 and WHEREAS, in accordance with the City Charter and a resolution passed on January 5, 1981, the City Council has ad- vertised for the sale of Special Assessment Bonda and bonds in the amount of $398,800 have been awarded to Kirchner Moore & Company 1 and WHEREAS, it is now necessary to provide for the issuance of the bonds and the form and payment thereof 1 BE IT ORDAINED BY THE CITY COUNCIL or THB CITY OF ENGLEWOOD, COLORADO: Section 1. Bond Details. By virtue of and purauant to the Charter and the Laws of the State of Colorado, Special Aaseas- ae n t Bonda of the City of ~nglewood for Downtown Improveaent .. . . • • • I District No. 1980-1 shall be issued for the purpose of paying for part of the coat of local improvements constructed in the ·District or for the reimbursement of costs already incurred. The bonds shall ~e in the principal amount of $398,800, shall be dated February 1, 1981, and shall consist of 399 bonds in the denomina- tion of $1,000 each, numbered 1 to 399, inclusive, except that Bond No. 1 will be in the denomination of $800.00. The bonds shall be payable to bearer, and shall be due and payable on August 1, 1992, subject to call and prior payment ~n any interest payment date, in direct numerical order, upon payment of par and accrued interest without redemption premium. Notice of such prior redemp- tion shall be published in a newspaper of general circulation in Englewood, Colorado, one time at least 30 days prior t o the date of redeaption. In addition, a copy of such Notice shall be mailed at the ti e of publication to the original purchaser of the bonds. The bonds shall bear interest according to interest coupons designated •A•, payable on August 1, 1981 and aemiannually thereafter on February 1 and August 1 each year, as follows: •A• Coupon Amount Bond Numbers Interest Rate 138,800 1 to 139, incl. 8.00• 80,000 140 to 219, incl. 8.00\ 50,000 220 to 269, incl. 8.20• $ 40,000 270 to 309, incl. 8.40\ 40,000 310 to 349, incl. 8.60• 25,000 350 to 374, incl. 8.75\ 25,000 375 to 399, incl. 8.90\ In addition to the •A• interest rate aet forth above, all of the bonds bear additional interest evidenced by aupplemen- tal interest coupons designated •e•, for the period from February 1, 1981 to the dates indicated below, or to the redemption date of the bond, whichever is the earlier date, such intereat b•ing payable on the same date• as the •A• intereat coupon• during said period of t i.Jle: -2 j ,,. • .• - •B" Coupon For Period Bond Nullbers Interest Rate to 1 to 139, incl. 3.00% Feb. 1, 1982 140 to 219, incl. 3.00% Feb. 1, 1982 220 to 269, incl. 3.00% Feb. 1, 1982 270 to 309, incl. 3.00% Feb. 1, 1982 310 to 349, incl. 3.00% Feb. 1, 1982 350 to 374, incl. 3.00% Feb. 1, 1982 375 to 399, inc l. 3.00% Feb. 1, 1982 The net effective interest rate of this issue of bonds is 9. 29464% per annum. The principal of and interest on said bonds shall be payable at The First National Bank of Englewood, in Englewood, Colorado. Section 2. Execution of Bonds and Interest Coupons. The bonds shall be signed with the facsimile signature of the Mayor, attested and countersigned by the manual signature of the Director of Finance, ex-officio City Clerk-Treasurer, with a facsimile of the seal of the City affixed thereto, and the inter- est coupona attached shall be signed with the facsimile signature • of the Director of Finance. When issued as aforesaid as part of said bonds, the interest coupons shall be .the binding obligations of the City according to their import. • Should any officer whose manual or facsimile signature appears on said bonds or the coupons attached thereto cease to be such officer before delivery of the bonds to the purchaser, such · manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. Section 3. Form of Bond and Interest Coupons. The bonds a~ the interest coupons to be attached thereto shall be ' in substantially the following formz 3 • • • . .. (Form of Bond ) UNITED STATES OF AMERICA ,' STATE OP' COLORADO COUNTY or ARAPAHOE No. CITY OF ENGLEWOOD DOWNTOWN IMPROVEMENT DISTRICT NO. 1980-1 SPECIAL ASSESSMENT BOND $ 800 $1,000 The City of Englewood, in the County of Arapahoe, State of Colorado, for value received, hereby promises to pay to the bearer hereof, out of the special fund hereinafter designated, but not otherwise, the principal sum of EIGHT HUNDRED DOLLARS ONE THOUSAND DOLLARS in lawful money of the United States of America, on the 1st day of August, 1992, with interest thereon at the rate of per centum <~~~> per annum from date until payment, as evidenced by interest coupons designated •A•, payable on August 1, 1981 and semi-annually thereafter on February 1 and August 1 each year, and additional interest evidenced by supplemental interest coupons designated •B•, for the period from 1981 to , 198_, or to the redemption date of this Bond, whichever is the earlier date, such interest being payable on the same dates as the •A• interest coupons during said period of time. Both principal and interest are payable at The First Nation- al Ban>t of Englewood, in Englewood, Colorado, upon presentation and surrender of the attached coupons and this Bond as they severally become due or are called for payment. Thia Bond is subject to call and redemption in direct numerical order of the issue of which it is one, on any interest payment date, upon payment of par and accrued interest to the date of redemption. Notice of such prior redemption shall be published in a newspaper of general circulation in the City, one ti• at least thirty ( 30) days prior to the date of redemp- tion • -4 • .•.. .,,,.. I Thia Bond ia iasued for the pu~pose of paying part of the coat of constructing and installing a parking lot in 'the 3400 block of South Lincoln Street, and walk-through improvements at 3448/5~ South Broadway to connect with the proposed parking lot, together with neceaaary incidental coats, or for the reim- bursement of coats already incurred, in Downtown Improveme"t District No. 1980-1 in the City of Inglewood, Colorado, by virtue of and in full conforai ty with the Conati tut ion and Laws of the State of Colorado, the Charter of the City, and an Ordinance of the City duly adopted, approved, published and made a law of said City pr ior to the issuance hereof. Payment of this Bond and the interest thereon shall be made from, and aa security for auch pay .. nt there is pledged, a special fund designated aa Downtown Improvement District No.1980-1 Bo nd and Interest Fund" Mhich rund shall contain initially any monies in the construction account remaining after the cost of improve- ments has been paid in full and thereafter to contain the proceeds from special assess•nta to be levied against the property in-• • cluded within the District and apecially benefited by the con- struction and installation of improv ... nta therein. The assess- ments to be levied will constitute a lien on and against each lot or tract of land in the respective amounts to be apportioned by an ordinance of the City. In addition, in accordance with the City Charter and the Ordinance authorizing . the issuance of this Bond, whenever four-f if tbs ( 4/5) of the bonds of this iaaue have been paid and cancelled, and for any reason the remaining aaseasments are not paid in ti e to take up the remaining bond• and the interest thereon, then the City shall pay said bond• when due and the inte eat due ·thereon and reimburse itself by collecting the unpaid asaeasmenta due the District. Thia Bond doea not conatitute a debt or an indebtedness of the City of Inglewood within tb• .. aning of any conatitutional, statutory or charter liaitation or provision, and ahall not be cont;idered or held to be a . general obligation of the City. The payment of this Bond and the interest thereon is not aeucred by an enc uabranc e, mortgage or other pledge of property of the City -5 -. · .. • • • .. / except for such special assessments and other monies pledged for the payment of bonds, as set forth above. No property of the City, subject to said exception, shall be liable to be forfeited or taken in payment of the bonds. It is hereby certified and recited that all requirements of law have been fully complied with by the proper officers of the City in the issuance of this Bond, and that the total amount of this iaaue does not exceed the coat and expense of said improve- ments or any limitation prescribed by law. ror the payment of this Bond and the interest thereon the City pledges all of its lawful corporate powers. IN TESTIMONY WHEREOF, The City of Englewood has caused this Bond to be signed with the facsimile signature of the Mayor, attested and countersigned by the manual signature of the Director of Finance, ex-officio City Clerk-Treasurer, with a facsimile of the seal of the City affixed hereto, and the interest coupons attached hereto to be signed with the facsimile signature of the Director of Finance, ex-officio City Clerk-Treasurer, as of the lat day of February, 1981 • (FACSIMILE) ( S E A L ) ATTESTED AND COUNTERSIGNED: -6 CITY OF ENGLEWOOD, COLORADO By~ __ __.(_F_a_c_s_i_m_i~l_e __ S_i_g~n_a_t_u_r_e_) ____ ~ Mayor ... : . • • • (Form of Interest Coupo~s) No. $ ___ _ . February, On the lat day of August, 19 , unless the Bond to which thi• coupon is attached has been called for prior redemp- tion, the City of Englewood, in the County of Arapahoe and State of Colorado, will pay to bearer the amount shown hereon in law- ful aoney of the United States of America, solely out of the special fund referred to in the Bond to which this coupon is attached, at The First National Bank of Englewood, in Englewood, Colorado, being intere•t then due on its Special Assessment Bond for Downtown Improvement District No. 1980-1, dated February 1, 1981, bearing No. (Facsimile Signature) Director of Finance ex-officio City Clerk-Treasurer -7 . - ... . . Section 4. Disposition of Bond Proceeds. The proceeds of said bonds shall be applied only to pay the costs and 'expenses • of conatructing and installing improvements in the District and all other coats and expenses incident thereto. In the event that all ot the proceeds of said bonds are not required to pay such costs and expenses, any remaining amount shall be paid into the special aaaessment fund for the purpose of calling in and paying the principal of and interest on said bonds. Neither· the pur- chasers of said bonds nor any subsequent h~lder of the same shall be responsible for the application of the proceeds of said bonds by the City or any of its officers. • • All or any portion of the bond proceeds may be temporarily invested or reinvested, pending such use, in secur i- ties or obligations which are lawful investments for such munici- palities in the State of Colorado. It is hereby covenanted and agreed by the City that the temporary investment or reinvestment of the bond proceeds, or any portion thereof, shall be of such nature and extent, and for such period, that the bonds of the City shall not become •arbitrage bonds• within the meaning of Section 103(c) of the Internal Re~enue Code of 1954, as amended, and pertinent regulations, and such proceeds, if so invested or reinvested, shall be subject to the limitations and restrictions of said Section 103(c), and pertinent regulations as the same now · exists or may later be amended. Sections. Downtown Improvement District No. 1980-l Bond and Intereat Fund. The bonds and the interest thereon shall be payable solely from the local improvement fund, designated as the •Downtown Improvement District No. 1980-1 Bond and Interest Fund•, which shall contain initially any monies in the construction account remaining after the cost of improvements has been paid in full and thereafter to contain the proceeds from special assess- ments to be levied against the property within the District and specially benefited by the construction of improvements therein. When there is on hand a sufficient amount to pay six aonths' interest on outstanding bonds for the District, -8 . . . • • • .. the City ahall call for payment, on the .. next interest payment date, outatanding bonds in direct numerical order with funds available therefor. Notice of call and redemption shall be given by advttrtiaeaent one ti• in a newspaper having general circula- tion in the City, at least thirty (30) days prior ~o the date of redeaption; The notice shall specify by number the ·bonds called, and all such bonds shall be paid in their direct numerical order. Th• holder of any such bonds may at any time furnish his or her poet office addresa to the Director of Finance, and in such case a copy of the advertisement shall be mailed to the bond- holder, at auch address~ on or about the day of such publication. After the expiration of the period for cash pay- me n ta of aaaesaaenta in full, the City shall, to · the extent poaaible, pay each year not leas than lOt of the total amount of bonds outatanding after the payment of the bonds with the proceeds of such cash pay .. nts of aasesamenta in full. Section 6. Additional Security for the Payment of Principal . and Interest. In addition, in accordance with the City Charter, whenever four-fifths (4/5) of the bonds of this issue have been paid and cancelled, and for any reason the re- maining assessments are not paid in time to take up the remaining bonds and the interest thereon, then the City shall pay said bonds when due and the interest due thereon and reimburse itself by collecting the unpaid assessments due the district. Section 7. Assessment of Costa. The City Council covenants that upon completion of the local improvements, or upon completion from time to time of any part thereof, and upon ac- ceptanc thereof by the Council, or whenever the total cost can be definitely ascertained, it will ca~ae a statement showing the total coat of · the improvements to be prepared and filed in the office of the Director of Finance. The City Council shall further cause aaaeaaments to be levied against the property included within the special improvement district and apecially benefited by the construction and installation of such improvements, in ac- cordance with law and the Charter of the City • .. . • Section 8. Severability. That .. ..! any one or more sections or parts of this Ordinance shall be adjudged unenforce- able or invalid, such judgment shall not affect, impai~ or in- validate the r•maining provisions of this Ordinance, it being the intention that the various provisions hereof are severable. Section 9. . Repealer. All Ordinances or parts thereof ~n conflict with this Ordinance are hereby repealed. . Section 10. Ordinance Irrepealable. After said bonds are issued, this Ordinance shall be and remain irrepealable until said bond• and the interest thereon shall have been fully paid, satisfied and diacharged. Section 11. Bearing. In accordance with Section 40 of the City ·Charter, the City Council shall bold a public hearing on this ordinance, before final paaaage, at 7:30 P.M. on Monday, January 19, 1981. Section 12. Publication and Bffective Date. This Ordinance after its final passage, •hall be numbered and recorded, • and ~he adoption and pUblication •hall be authenticated by the signature of the Mayor and the Director of Finance, ex-officio City Clerk-Treasurer, and by the Certificate of Publication. This ordinance shall become effective thirty (30) days after publica- tion following final paaaage. • Introduced, read in full, and passed on first reading on the 5th day of January, 1981. Published as a Bill for an Ordinance on the 7th day of January, 1981. Read by title and passed on final reading on the 19th day of January, 1981. Published by title as Ordinance No. on the 21st day of January, 1981. Attest: -e~o~r~ -10- 1 , Series of 1981, I, Gary R. Higbee, ex officio City Clerk-Treasurer of the City of Englewood, Colorado, hereby certify that the foregoing is a true, ac curate and complete copy of the Ordinance passed on final read ing and published by title as Ordinance No. 1 Se r ies of 198 1. -11-