HomeMy WebLinkAbout1980 Ordinance No. 006. .
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ORDINANCE NO. 6
SERIES OF 1980
BY AUTHORITY
COUNCIL BILL NO. 9
INTRODUCED BY COUNCIL
MEMBER FITZPATRICK
AN ORDINANCE AUTHORIZING THE ISSUANCE OF SPECIAL ASSESSMENT BONDS
OF THE CITY OF ENGLEWOOD, COLORADO, FOR PAVING DISTRICT NO. 26,
FOR CONSTRUCTING AND INSTALLING STREET PAVING, CURB AND GUTTER AND
SIDEWALK IMPROVEMENTS IN SAID DISTRICT; PRESCRIBING THE FORM OF
T HE BONDS; AND PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE
I TEREST THEREON.
WHEREAS, for the purpose of constructing and installing
street paving, curb and gutter and sidewalk improvements, together
with necessary incidentals on certain streets, Paving District
No. 26 in the City of Englewood has been duly created by Ordinance
No. 14, Series of 1979, of said City, finally adopted and approved
on April 2, 19791 and
WHEREAS, the City · Council" has determined that the
cost of the construction and installation of the street paving,
curb and gutter and sidewalk improvements, together with necessary
incidental costs, which will be assessed against the property
.included within the district, shall not exceed the amount of
$100,600, and that bonds of the City for said District should
be issued in this amount: and
WHEREAS, in accordance with the City ~harter and a
resolution passed on April 14, 1980, the City Council has ad-
vertised for the sale of Special Assessment Bonds and said bonds
in the amount of $100 ,600 have been awarded to
Kirschner, Moore and Company, Denver, Colorado : and
WHEREAS, it is now necessary to provide for the issuance
of said bonds and the form and payment thereof 1
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
E t GLE~OD, COLORADO:
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Sect i on 1. Bond Details. By virtue of and pursuant
to the Charter and the Laws of the State of Colorado, Special
Assessment Bonds of the City of Englewood for Paving District No.
26 shall be issued for the purpose of paying for local improve-
ments constructed in the District. The bonds shall be in the
principal amount of $100 ,600, shall be dated June 1, 1980, and
shall consist of 101 bonds in the denomination of $1,000 each,
nunt>ered 1 to 101, inclusive, except that Bond No. 1 will be in
the denomination of $600. The bonds shall be payable to bearer,
and shall be due and payable on June 1, 1990, subject to call
and prior payment on any interest payment date, in direct numeri-
cal order, upon payment of par and accrued interest. Notice of
such prior redemption shall be published in a newspaper of general
circulation in Englewood, Colorado, one time at least 30 days
prior to the date of redemption. In addition, a copy of such
Notice shall be mailed at the time of publication to the original
purchaser of the bonds.
The ·bonds shall bear interest as evidenced by "A"
interest coupons attached to said bonds, payable on June 1, 1981,
and semi-annually thereafter on June 1 and December 1, each year,
as follows:
Bond Numbers Amount "A" Interest Rate
1 to 35, incl. $34,600 8.50%
36 to 53, incl. 18,000 8.50%
54 to 65, incl. 12,000 8.50%
66 to 75, incl. . 10,000 8.50%
76 to 85, incl. 10,000 8.50%
86 to 93, incl. 8,000 8.50%
94 to 10 l, incl. 8,000 8.50%
In addition to the "A" interest rates set forth above,
bonds numbered _1:.. to 10\ inclusive, shall bear additional int~rest
as evidenced by supplemental coupons designated "B", payable on
the same dates •s the "A" interest/coupog! the rate and for the
period from June 1 , 1980 to the date indicated below, or to
the payment date of the bond, whichever is the earlier date, as
follows:
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Bond Numbers "B" Interest Rate "B" Intere·st To
1 to 35 , incl. 3 1/2% Dec. 1, 1981
36 to 53 , incl. 3 1/2 % June 1, 1982
54 to 65 , i ncl. 3 1/2 % June 1, 1982
66 to 75 , incl. 3 1/2 % June 1, 1982
76 to 85 , incl. 3 1/2 % June 1, 1982
86 to 93 , incl. 3 1/2 % June 1, 1982
94 to 101 , incl. 3 1 /2 % June 1, 1982
The net effective interest rate of this issue of bonds
is 10. 33414 % p er annum.
The principal of and interest on said bonds shall be
payable at Th e F i rst National Bank of Englewood, in Englewood,
Colo r ado.
Sect ion 2. Execution of Bonds and Interest Coupons.
The bonds shal l be s i gned with the facsimile signature of the
Mayor, attest ed and countersigned by the manual signature of
the Director o f Finance, ex-officio City Clerk-Treasurer, with
a facsimile of t h e seal of t p e City affixed ~hereto, and the
interest coup ons attached shall be .signed with the facsimile
signature of th e Director of F i nance. When issued as aforesaid as
part of said bo n ds, the interest coupons shall be the binding
obligations of the City accord i ng to their import.
Shou ld any officer whose manual or facsimile signature
appears on sai d bo n ds or the coupons attached thereto cease to be
such officer bef ore delivery of th e bonds to the purchaser, such
manual or facsimi le signature shall nevertheless be valid and
sufficient for a l l purposes.
Secti on 3. Form of Bond and Interest Coupons. The
bonds and the int eres t cou pons to be attached thereto shall be in
substantially th e following f orm:
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STATE OF COLO RADO
No.
(For m of Bond)
UNITED STATES OF AtlERICA
CITY OF ENGLE\«)QD
PAVING DISTRICT NO. 26
SPECIAL ASSESSHENT BOND
COUNTY OF ARAPAHOE
$600
$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
SIX HUNDRED DOLLARS
ONE THOUSAND DOLLARS
in lawful mo ney of the United States of America, on the 1st day
of June, 199 0, w i th i nterest thereon as evidenced by interest
coupons desi gnated "A" at the rate .of per
centum ( \) per annum from date until payment, payable on
June 1 , 1981 , and semiannually thereafter on June 1 and December 1
each year, and additional interest as evidenced by interest
coupons designated "B" at the rate of per centum
( \) pe r annum, for the period from 1, 1980 to
1, 1 9~, inclusive, or to the payment date of this Bond,
whichever is t h e earlier date, and payable on the same dates as
the "A" interest coup on s dur i ng s aid period of time. Both princi-
pal and interest are payable at The First National Bank of Engle-
wood , in Englewood, Colorado, upon presentation and surrender of
the attached coupons and this Bond as they severally become due .or
are called fo r payment.
This Bond is subject to call and redemption in di re ct
numerical orde r of the issue of which it is one, on any interest
payment date , upon payment of par and accrued interest to the
date of redempt i on. Notice of such prior redemption shall be
published in a newspaper of general circulation in the City,
one time at l east thirty (30) days prior to the · date of redemp-
tion .
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• This Bond is issued for the purpose of p.aying the
costs of constructing and installing street paving, curb and
gutter and sidewalk improvements, together with necessary in-
cidentals in Paving District No. 26, in the City of Englewood,
Colorado, by virtue of and in full conformity with the Constitu-
tion 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 prior to the issuance hereof.
Payment of this Bond and the interest thereon shall
be made from, and as security for such payment there is pledged,
a special fund designated as the •Paving District No. 26 Bond
and Interest Fund•, which Fund 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 assessments to be levied against the property in-
cluded within ·the District and specially benefited by the con-
struction and installation of improvements therein. The assess-
ments to be levied will constit.ute a lien on and· against each lot
• or tract of land in the respective amounts to be apportioned by an
ordinance of the City.
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In addition, in accordance with the City Charter, the
ordinance authorizing the issuance of this Bond prdvides that
whenever four-fifths ( 4/5) of the bonds of this issue have been
paid and cancelled, and for any reason the remaining assess-
ments 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.
This Bond does not constitute a debt of the City ~f
Englewood within the meaning of any constitutional, statutory
or charter limitation or provision, and shall not be considered
or held to be a general obligation of the City.
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 issue does not exceed the cost and expense of said improve-
ments or any limitation prescribed by law.
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For 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 fac.simile 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
1st day of June, 1980.
(FACSIMILE)
( S E A L )
ATTESTED AND COUNTERSIGNED:
(Manual Signature)
Director of Finance
ex-officio City Clerk-Treasurer
CITY OF ENGLEWOOD, COLORADO
By~~---<~F_a_c_s_i_m_1_·1_e~_S_i~g_n_a_t_u_r_e~>~~~
Mayor
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(Form of Interest Coupons)
No . $ ----
June,
On the 1st day of December, 19_, unless the Bond to
which this 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 money 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 BanJt of Englewood, in Englewo~d,
Colorado, being interest then due on its Special Assessment
Bond for Pavi~g District No. 26, dated June 1, 1980, bearing
No.
(Facsimile Signature)
Director of Finance
ex-officio City Cler~-Treasurer
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Secti on 4. Disposition of Bond Proceeds. The proceeds
of the bonds shall be applied only to pay the costs and expenses
of constructi ng and installing improvements in said District and
all other cos ts and expenses incident thereto. In the event that
all of the pr oceeds of the bonds are not required to pay such
costs and expenses, any remaining amount shall be paid into the
special asses sment fund for the purpose of calling in and paying
the princip al of and i nterest on the bonds. Neither the pur-
chasers of th e bonds nor any subsequent holder of the same shall
be responsible for the application of the proceeds of the bonds
by the City or any of its officers.
All or any portion of the bond proceeds may be
temporarily i nvested or reinvested, pending such use, in securi-
ties or obliga t i ons which are lawful investments for such munici-
palities in t h e State of Colorado. It is hereby covenanted and
agreed by the Ci ty that the temporary investment or reinvestment
of the bond proceeds, or any portion thereof, shall be of such . .
nature and ex tent, and for su~h period~ that the bonds of the City
shall not be come "arbitrage bonds" within the meaning of Section
lOJ(c) of th e Internal Revenue Code of 1954, as amended, and
pertinent re gulations, and such proceeds, if so invested or
reinvested, s hall be subject to the limitations and restrictions
of said Section lO~(c ), and pertinent regulations as the same now
exists or may later be amended.
Sect ion s. Paving District No. 26 Bond and Interest
Fund . The b onds and the interest thereon shall be payable
solely from th e local improvement fund, designated as the "Paving
District No . 26 Bond and Interest Fund", which shall contain
initially any monies in the construction account remaining
after the cos t of improvements has been paid in full and there-
after to con t ai n the proceeds from special assessments to be
levied against t h e property w i thin the District and specially
benefited by the construction of improvements therein.
When there is on hand a sufficient amount to
pay six month s' interest on outstanding bonds for the District,
the City shal l call for payment, on the next interest payment
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date, outstanding bonds in direct numerical order with funds
available therefor. Notice of call and redemption shall be given
by advertisement one time in a newspaper having general circula-
tion in the City, at least thirty (30) days prior to the date
of redemption. The notice shall specify by number the bonds
called, and all such bonds shall be paid in their direct numerical
order. The holder of any such bonds may at any time furnish his
or her post office address to the Director of Finance, and in such
case a copy of the advertisement shall be mailed to the bond-
holder, at such address, on or about the day of such publication.
After the expiration of the period for cash pay-
ments of assessments in full, the City shall, to the extent
possible, pay each year not less than 10• of the total amount of
bonds outstanding after the payment of the bonds with the proceeds
of such cash payments of assessments in full.
Section 6. Additional Security for the Payment of
Principal and Interest. In addition, in accordance with the
City Charter, whenever four-tifths (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 Costs. The City Council
covenants that upon completion of the local improvements, or upon
comp let ion from time to time of any part thereof, and upon ac-
ceptance thereof by the Council, or whenever the total cost can be
definitely ascertained, it will cause a statement showing the
total cost of the · improvements to be prepared and filed in the
off ice of the Director of Finance. The City Council shall further
cause assessments to be levied against the property ineluded
within the special improvement district and specially benefited by
the construct ion and installation of such improvements, in ac-
cordance with law and the Charter of the City •
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Section 8. Severability. That if any one or more
sections o r parts of this Ordinance shall be adjudged unenforce-
able o r invalid, such judgment shall not affect, impair or invali-
date the remaining provisions of this Ordinance, it being the
intention t hat the various provisions hereof are severable.
Section 9. Reeealer. All Ordinances or parts thereof
in conflict with this Ordinance are hereby repealed.
Section 10. Ordinance Irresealable. After said bonds
are issued , this Ordinance shall be an remain irrepealable until
said bonds a nd the interest thereon shall have been fully paid,
satisfied and discharged.
Section 11. Hearing. In accordance with Section 40
of the City Charter, the city Council shall hold a public hearing
on this Ordinance, before final passage, at 7:30 P.M. on Monday,
May 5, 1980 .
Section 12. Publication and Effective Date. This
Ordinance, a fter its final passage, shall be numbered and recorded,
and the adop tion and publication shall be authenticated by the
signature of the Mayor and the Director of Finance, ex officio City
Cl erk-Treas urer, and by the Certificate of Publication. This
Ordinance sha ll become effective thirty (30) days after publication
following fi na l passage.
Int roduced, read in full, and passed on first reading
on the 21st d a y of April, 1980.
P ublished as a Bill for an Ordinance on the 23rd day
of April, 19 80 and the 30th day of April, 1980.
Re ad by title and passed on final reading on the 5th
day of May, 1 980.
P ublished by title as Ordinance No. 6 , Series of
1980, on the 7th day of May, 1980. ~~~
Attest: ~&~ ayor
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I, Gary R. Higbee, ex officio City Clerk-Treasurer of the
City of Englewood, Colorado, do hereby certify that the above and
foregoing is a true, accurate and complete copy of the Ordinance
passed on fina l reading and published by title as Ordinance
No. 6 , Se r i es of 1980 .
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