HomeMy WebLinkAbout1976 Ordinance No. 001. •
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I ft::; A 6 LL BY caJNCIDWl ~
SY Al.J'!HCJU'!Y
Ol1>DWlC:E MO. _1_, S1!lUE'3 c:ii;' 1976
AN ORDINANCE TO CONTRACT AN INDEBTEDNESS
ON BEHALF OF THE CITY OF ENGLEWOOD, COLORADO,
AND UPON THE CREDIT THEREOF BY ISSUING GENERAL
OBLIGATION BONDS OF THE CITY IN THE PRINCIPAL
AMOUNT OF $2,225,000, FOR THE PURPOSE OF CON-
STRUCTING A RESIDENCE STRUCTURE OF APPROXI-
MATELY 104 UNITS, FOR THE ELDERLY; PRESCRIBING
THE FORM OF SAID BONDS AND PROVIDING FOR THE
LEVY OF TAXES TO PAY THE BONDS AND THE INTEREST
THEREON, AND PROVIDING OTHER DETAILS IN CONNEC-
TION THEREWITH. .
WHEREAS, the City Council ha• previou•ly deterained
that there i• a need for adequate houaing facilitie• within
the City for elderly, low income, re•ident•1 and
WHEREAS, the City Council ha• further determined
that it i• nece••ary and fea•ible to con•truct a r••idence
atructure of approximately 104 unit•, to be located at Ea•t
Ployd Avenue and South Lincoln Street1 and
WHEREAS, the e•timated co•t of auch con•truction
i• $2,225,0601 and
WHEREAS, it i• the intent of the City that the hou•ing
project will be operated and maintained by the Englewood Hou•ing
Authority pur•uant to an agreement to be entered into between
the City and the Authority1 and
WHEREAS, at a apecial municipal election duly called
and held in the City of Englewood, Colorado, on Tue•day,
December 23, 1975, the qualified re9istered,electora of the City
approved the que•tion of isauing general obligation bond• of
the City in the principal amount of $2,225,000 for the purpo••
of constructing a residence structure of approximately 104
unit•, for ~he elderly; and
WHEREAS, a notice of sale of bond• has been advertised
in accordance with the provisions of the City Charter1 and
WHEREAS, bonds for the above purpo•e in the principal
amount of $2,225,000 have been awarded to United California
Bank and Assoc. the best bidder for •aid bond•1 and
WHEREAS, the City Council ha• determined at thi• time
to authorize the issuance of bonds in the principal amount
of $2,225,000;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY or
ENGLEWOOD, COLORADO:
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Section 1. Bond Details. That for the purpose of
constructin9 a re s idence structure of approximately 104 units,
f or the elderly, the City shall issue it• general obligation
n e 9otiable coupon bonds in the principal amount of $2,225,000,
e ach to be desi9nated •ceneral Obli9ation Housing Bond, Series
1976 ••
The City Council has determined that the issuance of
general obligat i on bonds in the amount of $2,225,000,
will be wi thin the debt limitation, as set fo~th in Section
104 of the City Charter, which provides that the total out-
•tandin9 general obligation indebtedness of the City, other
than f o r water bonds, shall not at any time exceed three per-
cent (lt) of the assessed valuation of the taxable property
vithin the City as shown by the last preceding assessment
for tax purposes.
The Bonds shall be dated February 1, 1976 and
consist of 445 bonds in the denomination of $5,000 each,
numbered 1 to 445, inclusive. The net effective interest rate
of this issue of bonds is 6.549 t per annum. Interest shall
be payable on June 1, 1976, and semi-annually thereafter on
the lat day of June and the lat day of December each year,
as evidenced by interest coupons attached to said bonds,
and the bonds shall mature serially on December 1, as follows:
Amount Maturity Interest Rate
$ 35,000 1977 7.50t
40,000 1978 7.50t
40,000 1979 7.SOt
45,000 1980 7.SOt
50,000 1981 7.SOt
$ 50,000
60,000
60,000
65,000
65,000
$ 75,000
80,000
85,000
90,000
100,000
$ 105,000
115,000
120,000
130,000
140,000
$ 145,000
160,000
175,000
195,000
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
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7.SOt
7.501
7.SOt
7.50t
7.SOt
7.50t
6.JOt
6.25t
6.25t
6.30t
6.50t
6.SOt
6.SOt
6.75t
6.75t
6.75t
6.75t
6.00t
6.00t
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Bonds maturing on or before December 1, 1985,
s hall not be redeemable prior to their re•pective maturity
dates. Bonds maturing in the year• 1986 and thereafter,
•hall be redeemable at the option of the City on December 1,
1985, and on any interest paylftl!nt date thereafter, in inverse
nWMlrical order, upon payment of par, accrued interest and a
preaiwa of 1-1/2\ of principal.
Notice of prior redemption shall be given by pub-
lication at least one time in a newspaper hav!ng general
circulation in the City of Englewood, not le•s than thirty
(30) day• prior to the date of redemption, and notice shall
al•o be given by mailing a copy of the notice by registered,
first class mail, to the original purchaser of tha bond•, at
least thirty (30) days prior to the date of redemption.
The bonds and the interest coupons attached thereto
•hall be payable in lawful money of the United States of
America, at the First National Bank, Englewood, Colorado.
Section 2. Form and Execution of Bonds and
Interest Coupons. The bonds shall be signed with the facaimile
signature of the Mayor of the City, with the facsimile of
the aeal of the City affixed thereto, and attested by the
manual signature of the Director of Finance, ex-officio
City Clerk-Treasurer. The interest coupons attached to said
bond• shall bear the facsimile signature of the Director of
Finance, and when issued as aforesaid as part of said bonds,
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 interest coupons
attached thereto cease to be such officer before delivery of
the bonds to the purchaser, such manual or facsimile signature
shall neve rtheless be valid and sufficient for all purposes.
The bonds and interest coupons attached thereto
shall be in substantially the following form:
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STATE OF "COLORADO
(Form of Bond)
UNITED STATES OF AMERICA
CITY OF ENGLEWOOD
COUNTY or ARAPAHOE
GENERAL OBLIGATION HOUSING BOND, SERIES 1976
No. $5,000
The City of En~lewood, in the County of Arapahoe,
State of Colorado, acknowledges itself indebted and promiaea
to pay to the bearer hereof the principal aua of
FIVE THOUSAND DOLLARS
on the lat day of December, 19~, with intereat thereon at
the rate of
per centua <~~~~-') per annum, payable on June 1, 1976,
and semi-annually thereafter on the lat day of June and the
lat day of December each year, both principal and intereat
being payable in lawful money of the United State• of America,
at the First National Bank, Englewood, Colorado, upon presen-
tation and surrender of said coupons and thi• Bond aa they
aeverally become due.
Bonda of this issue maturing on or before December l,
1985, are not redeemable prior to their respective maturity
dates. Those bonds maturing in the years 1986 and thereafter,
ahall be redeemable at the option of the City on December l,
1985, and on any interest payment date thereafter, in .inverse
nuaerical order, upon payment of par and accrued interest.
llotice of such prior redemption shall be given in the time and
aanner set forth in the ordinance authorizing the issuance of
this bond.
This Bond is issued by the City Council of the City
of Englewood, Colorado, for the purpose of constructing a
residence structure of approximately 104 units, for the elderly,
under the authority of and in full conformity with the Con-
stitution and Laws of th State of Colorado, the home rule
Charter of the City, and pursuant to an Ordinance duly
adopted, published and made a law of the City prior to the
issuance of this Bond.
It is hereby certified and recited that all the
requirements of law have been duly complied with by the
proper officers of the City in the issuance of this Bondi that
the total debt of the City, including that of this Bond, does
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not exceed any limit of indebtedness prescribed by the Con-
stitution or Laws of the State of Colorado or the Charter of
the City; and that provision has been made for the levy and
collection of an annual tax on all the taxable property in
the City sufficient to pay the interest on and principal
of this Bon d wh e n the sa me become due.
The full faith and credit of the City of Englewood,
Colorado, are hereby pledged for the punctual payment of the
principal of and interest on this Bond.
IN TESTIMONY WHEREOF, the City Council of the
City of En9lewood, Colorado, has caused this Bond to be signed
with the facsimile signature of the Mayor of the City, sealed
with a facsimile of the seal of the City, attested by the
manual signa ture of t he Director of Finance, ex-officio City
Clerk, and the interest coupons attached hereto to be siqned
with the fac s imile signature <>* the Director of Finance, as of
the lat day )f February, 1976.
(FACSIMILE)
( S E A L )
ATTEST:
(Manual Signature)
Director of Finance
ex-officio City Clerk
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CITY OF ENGLEWOOD, COLORADO
By~~__,<~F~a~c~s~i~m~i~l~e;.....;;;S~i~g~n_a_t_u_r~e~>~~
+tayor
(Form of Intereat Coupon)
No. $ ____ _
~::....~e.
:':'.: ~ : s-: ==-:· c! :>e:e::.::ie:, :t_, =less the B:z:d
~ tdii ==--:.; . .;..s =~-;.·:::. :..i ~~~~dted, ;.! rede~le, ~ t.ee:l
called for prior r e d e ~p ticn, the City of Englewood, in Use
County of Arapahoe, State of Colorado, will pay to bearer
the amount shown h ereon in lawful money of the United States
of America, at the First National Bank, in En9lewood, Colorado,
bein9 interest then due on its General Obli9ation Housin9
Bond, Series 1976, dat d February 1, 1976, bearin9
No.
(Facsimile Signature)
Director of Finance
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Section 3. Disposition of Bond Proceed•. When
the bonds have been duly executed, the Director of Finance i•
hereby directed to deliver the bonds to the purchaaer thereof
upon receipt of the agreed purchase price therefor. The pro-
ceeds of the bonds shall be used only for the purpoae of
constructing a reside nce structure of approximately 104 unit•,
for the elderly, and for paying the costs and expen••• in-
curred incidental to th e issuance of said bond• and for no
other purpose whatever.
All or any portion of the bond proceed• may be
temporarily inve sted, or reinvested, pending auch uae, in
securities or obligations which are lawful inveatment• for
such municipalities in the State of Colorado. It i• hereby
covenan ted and agreed by the City that the tellporary inveat-
ment or reinvestment of the bond proceeds, or any portion
thereof, shall be of such nature and extent, ~d for aueh
period, that the bonds of the City shall not be or becoae
•arbitrage bonds" within the meaning of Section 103(d) of
the I n tern al Revenue Co de, and pertinent regulation•, and
such pro cee ds, i f so in v e sted or reinvested, shall be
subj ect to the limitations and restrictions of aaid Section
103(d), as the same now exists or may later be amended, and
shall furt he r be sub j ct to any applicable regulation• of the
Internal Re v en ue Servi ce.
Neither th e purch ser of the bpnds or the aubaequent
hold r of any o f them shall be responsible for the application
or d ispos l by the City, or any of its officera, of any of
the fund s derived from the sale thereof.
Section 4. Payment of Principal and Interest. If
necessary, the inte r est du e on said bonds on June l and
December l, 197 6, may be a dvan ce d from any available funds of
the City, or from the roce ds of the bonds authorized by
th is Ordinance. For tic purpose of reimbursing said funds
and paying the inte r est on said bonds as it shall thereafter
beco due and providing for the ultimate payment of the
bonds, h re sh 11 b levied on all the taxable property in
the City, in addi t ion to all other taxes, direct annual
taxes in ach of the ye ars 1976 to 1999, inclusive, without
l i ita ion as to ra e o r amount, sufficient to make such
r ei ursemc nt and a y he inte rest on all of the bonds
outstanding , and th principal thereof, as the same
become du and payable , re s cctively .
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Section 3. Disposi tion of Bond Proceeds. When
t h bonds have b en duly executed, the Director of Finance is
her by directed to deliver the bonds to the purchaser thereof
upon receipt of the agree d purchase price therefor. The pro-
ceeds of the bonds shall be used only for the purpose of
constructing a residence structure of approximately 104 units,
for the elderly, and for paying the coats and expenses in-
curred incidental to the is suance of said bonds and for no
other purpose whatever.
All or any portion of the bond proceeds may be
temporarily invested, or reinvested, pending such use, in
securitie s or obligations which are lawful investments for
such municipalities in the State of Colorado. It is hereby
covenanted and agreed by the City that the tetllporary invest-
.. nt or reinve s tment of the bond proceeds, or any portion
thereof, shall be of such nature and extent, ~d for such
period, that the bonds of the City shall not be or become
•arbitrage bonds" within the meaning of Section 103(d) of
the Internal Revenue Code , and pertinent regulations, and
such proceeds, if so invested or r ei nvested, shall be
subject to the limitations and restrictions of said Section
lOJ(d), as the same now exists or ma y later be amended, and
shall furt he r be sub j ct to any applicable regulations of the
Internal Re venue Servi ce.
Neither the purchaser of the bpnds or the subsequent
holder of any of them shall be responsible for the application
or disposa l by the City, or any of its officers, of any of
the funds derived from the sale th e reof.
Section 4. Payment of Principal and Interest. If
nece ssary, the intere s t due on said bonds on June l and
December l, 1976, may be advanced from any available funds of
the City, or from the proceeds of the bonds authorized by
this Ord ina n c e. For the purpose of reimbursing said funds
and paying the intere st on said bonds as it shall thereafter
become due and provid in g for the ultimate payment of the
bonds, th •re shall b levied o n all the taxable property in
the City, in ad dit ion to all other taxes, direct annual
taxes in ach of the ye a rs 1976 to 1999, inclusive, without
limitation as to rate or amoun t, sufficient to make such
reimburs em e nt an d pay he inte rest on all of the bonds
outstan ding , and th principa l thereo f, as the same
b ecome due and pay a ble, respec t ive ly •
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Said taxes, when collected, shall be deposited in
a special fund to be d e signated as the •city of Enqlewood,
Hou s ing Bo n d Fund, 1 97 6" and such Fund shall be applied
solely to the purpo se of the payment of the interest on and
principal of said Bonds and for no other purpose whatever,
until the bonds authorized by this Ordinance, both principal
and interest, shall have been fully paid, satisfied and dis-
charged. Nothing herein contained shall be so construed as
to Pii"event the City from applying any other funds or revenues
that may be in the City treasury and available for that
purpose to the payment of said bonds and the interest thereon,
and upon the application of such funds or revenues as aforesaid,
the levy or 1 vies h e r in provide d may thereupon to that extent
be diminished. It i s anticipated that the income and revenue
from the housing project, including payment! made by the
Department of Housing and Urban Development pursuant to an
annual contributions contract, will be used, to the extent
possible, toward the p a yment of the principal of and interest
on the s~ries 1976 Bonds authorized herein.
The awns h e rein provided to pay the interest on
said bonds and to d i s c harge the principal thereof when due,
are here by appropr iated for that purpose, and said amounts
for each y e ar shall al so be included in the annual budget and
the appropriation bill s to be adopted and passed by the City
Council of the City i n e ach year, respectively •
It shall b e the duty of the City Council of said
City, annually, at th e time and in the manner provided by
law for l e vying oth er Ci ty t a xes, if su~h action shall be
necessary to effectuate the provisions of this ordinance, to
ratify and carry out the provisions hereof with reference to
the levying and collect i on of taxes; and such taxes, when
collected, shall be k e pt for and applied only to the payment
of the i n te re s t on a n d principal of said bonds, as hereinabove
specif ied.
Section 5. Sc v e rability. That if any one or more
sections or p a rts of th i s Ordinance shall be adjudged un-
enforceabl e or inva li d, such judgment shall not affect,
impair or i nvalidate t he remaining provisions of this
Ordinance , it b e ing the intention that the various provisions
hereof are severabl e .
Section 6 . Rep e aler. All ordinances or parts
thereof i n c o nflict wi th this Ordinance are hereby repealed.
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;:,ec t 1 7 . Cttf!nnnc lrTCr>ealab le. Arter sa1d t-<nfs are
ls t..rd, his Ordinance cti.aJ 1 b em renatn 1rrepealable until said bords
Dr tt. j n':£:l '' .h r r n <·t·· l.! t c::: teen ~11~ paid, satisfied am dis-
Charr,ed.
Sec fon 8. llearj In accordance dth Section 1·0 of the
City Chart r , th C1 y Council thall r.old a public hear11'f; on this
Ordinance, efor final pas <~ 01 r.·o roa..v , cTllnJary 19, 1976.
after 1 r f'inal ra~:;ag • shall b . r.umbet•ed rud reccrded, am the adoption
Section 9 . F\;b l ication arrl Fffect1ve Date. 'lh18 Ordinance,
arrl fAJ licb t10n t hall b~ authen t ~cated by the Si,Qnature Of the Mayor am
the Director vf' P !nar:e , x-offic o City Clerk, am by the Certificate
of Putllca tion. '!M ... ordina.r.c shall beccrn effective thirty (30) days
at'ter p.rt;Ucallon f o l101<d 111· ~l pas::~e .
ln rod11ced , read in ful l , em passed on first read~ on
the 5th day Of Zant.iar-J , 197€.
fu 11shed as a 1J .i. for . ~Unanc on th 7th dey cf
Ja.ruary . 1976.
Read by title arrl passed on f inal recdirg on the 19th day
or Jan.iary , 1976.
Pu 11shed by tJtle as Ord inanc e No . _1_, &,ries or 1976, on
the 21s t day Of cTanuary 1 1976 .
AT!FST:
i 1. ·' ·~, x o 'k ~o J .Y C rJ.:-'!'rcasurer of the
, O] r ·cco , t l'« y C 1 •'y tt.ct the above arxi forego1ng
am corr;l ~ c y o <'roinar1cP No. _J_, Series of
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