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HomeMy WebLinkAbout1980 Ordinance No. 019.· • • • I ORD !NANCE NO. 19 SERIES of 1980 BY AUTHORITY COUNCIL BILL NO. 23 INTRODUCED BY COUNCIL MEMBER KEENA AN ORDINANCE AUTHORIZING THE ISSUANCE OF SPECIAL ASSESSMENT BONDS OF THE CITY OF ENGLE- WOOD, COLORADO, FOR PAVING DISTRICT NO. 27, FOR THE CONSTRUCTION AND INSTALLATION OF STREET PAVING, CURB AND GUTTER AND SIDEWALK IMPROVE- MENTS, IN SAID DISTRICT7 PRESCRIBING THE FORM OF THE BONDS1 AND PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON. WHEREAS, for the purpose of constructing and installing street paving, curb and gutter and sidewalk improvements, together with necessary incidentals on certain streetsand alleys, Paving District No. 27 in the City of Englewood has been duly created by Ordinance No. 8, Series of 1980, finally adopted and approved on May S, 19801 and WHEREAS, the city Council has determined that the portion of the cost of the construction and installation of street paving, curb and gutter and sidewalk improvements, together with necessary incidental costs, which ~ill be assessed against the property included within the district, shall not exceed the amount of $297,386, and that bonds of the City for the District should be issued in this amount1 and WH~REAS, in accordance with the City Charter and a resolution passed on June 16, 1980, the City Council has ad- vertised for the sale of Special Assessment Bonds and bonds in the amount of $297 ,386 have been awarded to Coughlin & Companv 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 OF THE CITY OF ENGLEWOOD, COLORADO: Section 1. Bond Details. By virtue of and pursuant to the Charter and the Laws of the State of Colorado, Special Assess- ment Bonds of the City of Englewood for Paving District No. 27 shall be issued for the purpose of paying for local improvements constructed in the District. The bonds shall be in the principal . .,,, amount of $297,386, shall be dated August 1, 1980, and shall consist of 298 bonds in the denomination of $1,000 each, numbered 1 to 298, inclusive, except that Bond No. 1 will be in the denomination of $386.00. The bonds shall be payable to bearer, and shall be due and payable on August 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 without redemption premium. Notice of such prior redemption shall be published in a newspaper of general circulation in Englewood, Colorado, one time at least 30 days p 'rior to the date of redemp- tion. 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 according to interest coupons designated •A•, payable on August 1, 1981 and semiannually thereafter on February 1 and August 1 each year, as follows: •A• Coupon Amount Bond Numbers Interest Rate 102,386 1 to 103, incl. 1.00 55,000 104 to 158, incl. 7.25 40,000 159 to 198, incl. 7.45 30,000 199 to 228, incl. 7.65 30,000 229 to 258, incl. 7.75 20,000 259 to 278, incl. 7.90 20,000 279 to 298, incl. 8.00 In addition to the •A" interest rate set forth above, all of the bonds bear additional interest evidenced by supplemen- tal interest coupons designated •e•, for the period from September 1, 1980 to the dates indicated below, or to the redemption date of the bond, whichever is the earlier date, such interest being payable on the same dates as the •A" interest coupons during said period of time: •e• Coupon For Period Bond Numbers Interest Rate to 1 to 103, incl. 4.00 9-1-80 t.o 2-1-81 104 to 158, incl. 4.00 9-1-80 to 2-1-81 159 to 198, incl. 4.00 9-1-80 to 2-1-81 199 to 228, incl. 4.00 9-1-80 to 2-1-81 229 to 258, incl. 4.00 9-1-80 to 2-1-81 259 to 278, incl. 4.00 9-1-80 to 2-1-81 279 to 298, incl. 4.00 9-1-80 to 2-1-81 -'L- ·. • • • ... The net effective interest rate of this issue of bonds • is s.2326 t 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 interest coupons 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 and the interest coupons to be attached thereto shall be in substantially the following form: I -)- (Form of Bond) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF ARAPAHOE No. CITY OF ENGLEWOOD PAVING DISTRICT NO. 27 SPECIAL ASSESSMENT BOND $ 386 $1,000 The city of Englewood, in the County of Arapahoe, s ate of Colorado, for value received, hereby promises to pay to the bearer hereof, out of the specia1 fund hereinafter designated, but not otherwise, the principal sum of THREE HUNDRED EIGHTY SIX DOLLARS ONE THOUSAND DOLLARS in lawful money of the United States of America, on the 1st day of August, 1990, 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 1980 to , 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 National Bank 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. This 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 time at least thirty ( 30) days prior to the date of redemp- tion. -4- • • • • • • ... Thia Bond is issued for the purpose of paying part of the coat of constructing and installing street paving, curb and gutter and sidewalk improvements, together with necessary in- cidentals in Paving District No. 27, 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 ade 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 •Paving District No. 27 Bond and Interest Pund•, which Pund shall contain initially any monies in the construction account remaining after the coat of improve- ents ha• 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 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-fifths . ( 4/5) of the bonds of th is issue have been paid and cancelled, and for any reason the remaining 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 its elf by collecting the unpaid assessments due the District. This Bond does not constitute a debt of the City of 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. -5- '. 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 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 1st day of August, 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_ac_s_i_m_i~l~e __ S_i_g~n_a_t_u_r_e~) ____ _ Mayor • • -6-- ... • • • (Form of Interest Coupons) No. $ ___ _ February, On the 1st day of August, 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 Bank of Englewood, in Englewood, Colorado, being interest then due on its Special Assessment Bond for Paving District No. 27, dated August 1, 1980, 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 constructing and installing improvements in the District and all other costs and expenses incident thereto. In the event that all of the proceeds of said bonds are not required to pay such costs and expenses, any remaining amount shall be paid into the special assessment 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 holder 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 u~e, in securi- 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 port ion thereof, sh al 1 be of such nature and extent, and for s~ch period, that the bonds of the City shall not become •arbitrage bonds• within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, and pertinent regulations, and such proceeds, if so invested or reinvested, shall be subject to the limitations and re•trictions of said Sect·ion 103(c), and pertinent regulations as the same now exists or may later be amended. Section s. Paving District No. 27 Bond and Interest Fund. Tfie bonds and the interest thereon shall be payable solely from the local improvement fund, designated as the "Paving District No. 27 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 there- after to contain the proceeds from special assessments 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 months' interest on outstanding bonds for the District, -8- • • .· the City shall call for payment, on the next interest payment 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 bond• 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- ents of assessments in full, the City shall, to the extent possible, pay each year not leas than lOt 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-fifths (4/5) of the bonds of this issue have been paid and cancelled, and for any reason the re- maining aesessments 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 completion 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 included within the special improvement district and specially benefited by the construction and installation of such improvements, in ac- cordance with law and the Charter of the City. -~- ..... Section 8. Severability. That if any one or more sections or parts of this Ordinance shall be adjudged unenforce- able or invalid, such judgment shall not affect, impair or in- validate the remaining provisions of this Ordinance, it being the intention that the various provisions hereof are severable. Section 9. Repealer. All Ordinances or parts thereof in 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 bonds and 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, July 21, 1980. Section 12. Publication and Effective Date. This Ordinance after its final passage, shall be numbered and recorded, •. • and the adoption and publication shall be authenticated by the sig~ature of the Mayor and · the Director of Finance, ex-offici'o • City Clerk-Treasurer, and by the Certificate of Publication. This ordinance shall become effective thirty (30) days after publica- tion following final passage. IN~RODUCED AND READ This 7th day of July, 1980. ( S E A L ) ~~ ~Mayor RE AD BY TITLE AND PASSED ON FINAL READING this 21st day of July, 1 980. ATTEST: £,,-v ;t.' @d';t_ t Mayor -10-•