HomeMy WebLinkAbout1977 Ordinance No. 012..
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INTRODUCED AS A SILL BY COUNCIL ME i1BER Sovern
BY AUTHORITY
ORDINANCE NO. -1.Z_
SERTES OF 1977
AN ORDINANCE AUTHORIZING THE ISSUAt~CE OF
SPECIAL ASSESSMENT BONDS OF THE CITY OF ENGLE-
WOOD, COLORADO, FOR PAVING DISTRICT NO. 24, FOR
THE CONSTRUCTION ANO INSTALLATION OF STREET
PAVING, CURB AND GUTTER AND SIDEWALK IMPROVE-
MENTS, IN SAID DISTRICT; PRESCRIBING THE FORM OF
THE BONDS; ASD PROVIDING FOR THE PAYMENT OF SAID
BONDS ANO 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 streets, Paving District
No. 24 in the City of Englewood has been duly created by Ordinance
No. ~-6~ of said City, finally adopted and approved on April 4,
l 'J77; 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
$ 55.000.00 , and that bonds of the City for said Oistr ict should
be issued in this amount; and
WHEREAS, in accordance with the City Charter and a
resolution passed on April 4, 1977, the City Council has ad-
vertised for the sale of Special Assess:nent Bonds and said bonds
in the amount of $ 55,000.00 have been awarded to First
National Bank of Englewood ; and
WHEREAS, it is now necessary to provide for the issuance
of said bonds and the form and payment thereof;
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. 24
shal 1 be issued for the purpose of paying for local improvements
constructed in the District. The bonds shall be in the principal
u1ount of S 55,000.00 , shall be dated June l, 1977, and shall
consist of _2L bonds in the denomination of $1, 000 each, nu in bered
1 to 55 , inclusive. The aonds shall be payable to bearer, and
shall be due and payable on June l, 1987, subject to call and
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prior pay;:ient on any interest payment date, in direct numerical
order, upon payment of par and accrued interest. Notice of such
prior redemption shall be published in a newspaper of general
circulation in Cnglewood, Colorado, one time at least 30 days
prior to the date of redemption. In addition, a copy of such
Notic e shall be ~3ile~ at the time of publication to the origin3l
purchaser of the aonds.
The uo~ds shall bear interest at the rate of 5-1/4%
per annum, p3yable on June 1, 1978, and se:ni-annually thereafter
on June 1 and Dece:nber 1, each year.
The net effective interest rate of this issue of Bonds
is 5 1/4 \ 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 shal l be signed with the facsimile signature of the
Mayor, attested and countersign ed by the manual signature of
th~ 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 accordin~ to their import.
Should any officer whose manual or facsimile signature
appears on said bonjs or the coupons attached thereto cease to be
such officer before delivery of the bon ds to the purchasei, such
anual 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 th~reto shall be in
substantially the following form:
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5rAT£ OF COL0R ADO
No.
(Form of Bond)
UNITED STATES OF AMERICA
CITY OF E~GLEWOOD
PAVI~G DISTRICT NO. 24
SPECIAL A SSESSM E~r BOND
COUUTY OF ARAPAHO£
$1,000
The City of Englewood , in the County of Arapahoe,
State of Colorado , for value receive d, hereby promises to pay to
the bearer her eo f, out of the special fund hereinafter designated,
but not otherwise, the principal sum of
ONE THOUSA~D DOLLARS
in lawful mone y o f the United States of America, on the 1st day
of'Jun e, 1987, with interest thereon at the rate of five and
one-four th per centum (5-1/4\) per annum from date until payment,
payable on June 1, 1978 and semi-annually thereafter on June l and
Dece~be r l each ye5r, both principal and interest bein3 payable at
The First Nation al Sank of Englewood, in Englewood, Colorado, upon
presentati on and surrender of the attached coupons and this Bond
as they sever ally become due or are called for payment.
This Bond is subject to call and redemption in direct
nu erical order of the issue of which it is one, on any interest
pay ent d ate, upon payment of par and accrued interest to the
date of redemption . Notice of such prior redemption shall ~e
~ublishe d in a news~3per of genera l circulation in the City,
one tirne at least thirty ( 30) days prior to the date of redemp-
tion.
This Bond is issued for the purpose of paying the
costs of constructing and installi ng street paving, curb and
gutter and sidewalk improvements, together with necessary in-
cidenta ls i n Paving District No. 24, in the City of Englewood,
C-:>lora:fo, by virtu e of and in full conformity with the Constitu-
tion and Laws of the State of Color ado, the Charter of the City,
and an Ordinan ce of the City duly ad0 pted, approved, published and
ade a la ~ of c aid City pri or to the issuJnce hereof.
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P.lyrn en t of this Dond and t h e int e r s l t he r eon s h al l
be .. de from, and as security for such pay:nent there is pledged,
a ~p 1al fund d~s1~n ted as the "Paving District ~o. 24 Bond
and Interes t Fund•, whi ch Fund sha ll contai n initially any monies
in the construction account rcmainin:i after the cost of improve-
ents has been paid in full and thereafter to contain the proceeds
fro s;:>ec i al
elude:! within
.Jssess:nent£ to be
the District and
levied against the property in-
s;:>ecially benefited by the con-
struction an d installation of imp rove::ients therein. The assess-
Qents to be levied will constitute a lien on and against each lot
or tract of land in the respective a:nount s to be a;:>portioned by an
ordinance of the City.
In addition, in accordance with the City Charter,
henever four-fifths (4/5) of the bonds of this issue have been
;>aid and cancelled , and for any reason t:-ie re111aining assess-
ents are not paid in time to take up the remaining bon ds a~d the
interest thereon, then the C ity sh a ll pay said bonds when due and
the interes t due thereon and reianburse itself by collecting the
unpaid assessraents due the distri ct.
This Bond doe s not cons titute a debt of the City of
Engle wood within t he meaning of any constitutional, statutory
or chart er limitation or provision , and shall not be considered
or held to be a g~neral obligation of the City.
It is hereby further cer tified and recited that all
requirements of law have been fully col!l;:>lied with by the proper
officers of the City in the issua nce of this Bond, and that
the total amount of this issue does not exceed the cost and
expense of said improvements or any limitation prescribed by
la111.
For t he payment of this Bond and the interest th e reon
the City pledges all of its lawful corporate powers.
I:J TESTIMONY WHER EOF , The City of Englewood has :::a4sed
this 9ond to be s ig ned with the facsimil e signature of the Mayor,
attested a nd countersigned by the manual signa ture of the Director
of Finance, ex-officio City Clerk-Tre asurer, with a facsimile of
the seal of the City affix ed hereto, and the interest coupons
a tached heret o to be signed with t he facsi~ilc signature of the
Director of Finance, as of the lst day of June, 1977.
(FACSIMIL E)
(SE AL)
ATTEST:
(Hanual Si~n~~a~t~u~r~e~>~~~~
Direc t o r of f1na ~c
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CITY OF ENGLEWOOD, COLORADO
By~~~-''~F~a~c~s=-=-i~m~i~l~e=--5::....:;i~q~n~a~t~u~r~e~l~~~
Mayor
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(form of Interest Cou p ons )
No. s -----
June,
Un the 1st day of DecC'r.ib r , 19 __ unle s s the Sond to
whi ch this coupon is att<?chcd has been c alled for prior reder.ip-
t1on, the City of Englc\o·ood , in the County of Arupahoc and State
ot Col orado, wi ll pay to bea rer the umount shown hereon in law-
ful ~oney of the United States of Ar.ierica, so lely ou~ of the
sp~cial fund ref re c d to in the Dond to wh i ch this coupon is
~ttachcd, at The first National Bank of Eng le\•ood, in Englewood,
Colorc:do, being interest then due on its Special J\ssess::ient
Bond for Paving Distr 1ct No. 24, d ated Jun 1, 1977, bearing
No.
(facsir.iile Sionature)
Dir ector of Finance
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Se c Lion '1. Disoo~it ion of Bond Proceeds. The proceeds
of s aid bonds shall b e ap plie d only to pay the costs and expenses
of const ructing <Jnd instal 1 ing ionprovements in said District and
all other costs and e x pens es i ncident thereto. In the event that
all of the proceeds of said bonds are not required to pay such
cos ts and expenses, any re :nai ning a:nount shall be paid into the
s;:>eci al assessm e nt fun d for the purpose of callin g in and pay in;
the principal of and interest on said bonds. Neither the pur-
cha5e rs of sai d bonds nor any subsequent holder of the same shall
be responsible for the a pplicati on of the proceeds of said bonds
by the City or any of its officers.
1\l l or any p ort ion of the bond proceeds may be
te:nporaril y investe d or reinvested, pending such use, in securi-
ties or oblig ations which are lawful investments for such munici-
palities i n the State of Colorado. It i s hereby covenanted and
agre ed by the City that the temporary investment or reinvestment
of th e bond proceeds, or any portion thereof, shall be of such
natu re and extent , and for su ch period, that the bonds of the City
shal l not become "arbitrage bond s" within the meanin9 of Section
l03(c) of the Internal Reven ue Code, and pertinent regulations,
a~d such proceeds, if s o invested or reinvested, shall be subject
to the limitations and restr icti ons of sa i d Section l03(c), as the
sa e now exis~s or may later be amended, and shall further be
subject to any applicable regulations of the Internal Revenue
Service .
Section 5.
Fund. The bonds and
solely from the local
Paving District No. 24 Bond and Interest
the inte rest thereon shall be payable
improvement fund, designated as the "Paving
District Ho. 24 Bond and Inter es t Fund", which shall contain
initi ally any monies in the construction account remaining
after t he cost of im?rovements has been paid in full and there-
after to contain the pro ceeJs f rom specia l assessments to be
levied against t he p:operty within the District and specially
benefited by the const r uc t ion of imp rovements therein.
Wh n there is on hand a sufficient amount to
pay six mon ths' in t erest on outstanding bonds for the District,
the Ci ty shal l call for payment, on the next interest payment
date, outstanding bonds in direct nu merical order with funds
available there for. No tice of call and redemption shall be given
by advertise:nen t one time in a newspaper having general circula-
tion in the City, at leas t thirty (30) days prior to the date
of rede~ption . The notice shal l s pecify by number the bonds
called, a nd all such bon ds shall be paid in their direc~ numerical
order. The holder of any s~ch bonds may at any time furnish his
or her ?OS t office address to the Di r ec tor of Pinance, and in such
case a copy of the advertise~ent sh all be mailed to the bond-
holder , at ~u ch address, on or about the day of such publication.
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l•ft e r th e ex;>irat ion of the period for cash pay-
ent s of as sc s :;:n ents in full, the City shall, to the extent
possi ble, pay e ach year no t less than 10\ of the total amount of
bonds outstandin~ after t h e payment of the bonds with the proceeds
of s u c h cash pay ments of a ssessments in full.
Section 6. Additional Securitv for the Payment of
P r i n c !~a 1 a n d I n t e r e s t . I n ad d i t i o n , i n a c c o c d a n c e w i t h the
City Charter, whenever four-fifths (4/5) of the bonds of this
issue have been paid and cancelled, and foe any reason the re-
ma i nin g assessments are not paid in time to take up the remaining
bonds and the interest thereon, then t he City shall pay said bonds
when due and the interest due thereon and reimburse itself by
collec ting the unpaid asse s sments due the district.
Section 7. Asses s ment of Costs. The City Council
covena nts that upon completion of the local improvements, or upon
co pl et ion from t i me to t irne of any part thereof, and upon ac-
ceptanc e thereof by the Council, or whenever the total cost can be
defini tely a sc ertained, it wil l cause a statement showing the
t o tal cost o f t he imp r ove:nen t s t o be p r e pa red and filed in the
office of t he Direc tor of Finance. The Ci ty Council shall further
cause ass e s sm ents to be levied against the property included
within t h e s p e c ial im prov e:n ent d i s t rict and specially benefited by
the cons truction and installation of such improvements, in ac-
cordanc e wi t h law and the Ch arter of the City.
Section 8. Severabili!_.y. That if any one or more
sections or parts of this Ordinance shall be adjudged unenforce-
a bl e or invalid, such judgment shall not affect, impair or in-
valida te the remai ni ng pro vi s io n s of this Ordinance, it being the
inten tion that the vari o u s p r ov is i ons hereof are severable.
Se::~i on 9. Reoea l e r. All Ordrn nces or parts thereof
in con f lict with this Ordinance are hereby repealed.
Section 10. Ordinance Irreoealable. After said bonds
are i ss u ed, th is Ordinanc e s ha l l b e and remain irrepealable
until sai d b onds a nd the interest there o n s hall have been fully
pa i d, satis f i ed a nd disch a r ged.
S e c t ion 11. Hearing. In accordance with Section
4 0 of th e City Charter, the City Council shall hold a public
hearing on th is ord i n ance, before final passage, at 7:30 P.M. on
Honday , May 1 6 , 19 7 7.
Section 1 2. Publication and E f fective Date. This
Ord i nance a ft e r its final p a s s a ge , shall be numbered and ~ecocded,
and th e a do p t ion a nd publication shall be authenticated by the
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signilturc of the Mayor ilnd the Director of Fin<ince, ex-officio
City Cle rk-T rea s urer, end by the Certificate of Publication. This
ordinan c e sh all beconc cffecti\•c thirty (30) days after publica-
tion follo wing finul pussege .
lNTROOUCCD AND RE AD
(SEA L)
'A h/-~'12
Dir cc~~
•ru ;~.;y PASSED AIJD AD
(SE AL)
AT'I'EST:
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16th day of May, 1977.
7/ ~
t·:ayor ,-~
publication following first
publication following final