HomeMy WebLinkAbout1976 Ordinance No. 032•
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INTRODUCED AS A b I L ~ BY CGUNCJlM AN CLAYTO N
BY AU':"HORITY
OP.DilJA NCE NO . 32 , S;.;.RIES OF 1:,7 6
AH OR DINA NCE IMPLE~E Ni 1NG ARTICLE XX, SECTION
6 OF THE CONSTIT UT I ON 0? THE STATE OF COLORADO
A~D AR T ICLE X, PART III OF THE HOME RULE CHARTER
OF THE C ITY OF ENGLEIWO O, COLORADO, BY ESTAB-
L I SH! G SP ECIFIC REQUIREMENTS, LI:1ITATIONS AND
P ROCED URES FOR ISSUANCE OF REFUNDING BONDS OF
SAID CirY .
WHEREAS, the City of Engle wood, Arapahoe County, Colo-
ra d o , (the •city"), was duly organized and created, pursuant to
th e Constitution and general laws of the State of Colorado in the
year 1 90 3 , and continued to operate as such until the year 1958
whe n s a i d City b e came a home rule city governed by a City Charter
(t h e •ch arter•) ad o pted pursuant to Article XX, of the Constitu-
t i on of the State of Colorado ; and
WHEREAS , sai d City has, from time to time, incurred
certa i n bonded indebtedness pursuan t to said Constitution, laws
and the City Charter; and
WHEREAS , situa t io n s have in the past occurred, and
wi ll likely continue to occur in the future, in whi c h it i s
ne cess ar y , des i rable or appropriate to refund and r estruc ture one
or o r e i ss ues or parts of such 1ssues of bonded indebtedness;
WHEREAS, Article XX, Secti on 6 of the Colorado Con-
s t i tution provid e s in part, as follows:
"From and after the certifying to and
filing w ith the Secre tary of State of
a charter framed and approved in reason-
able c o nformity with the provisions
of this article, su ch city or town, and
the citizens there o f , sha ll have the
powers set out in sec tions 1, 4 and 5 of
this article , and all other powers nec-
essary , requisite or proper for the
governme nt and administ ration of its local
and r.i unicipal matters, including power
to l e gislate upon , provide, regulate
conduct and control:
. . . . .
"e . The issuance , refunding and l iquida-
t ion of al l kinds of municipal obliga-
tions, in c luding bonds and other obliga-
tions of park , water and local improve-
me nt d istric t s;
"It is the intention of this article
to grant and confi r m to the people of
a l l municipalities coming w i thin i ts
prov i s ion s the full right of sel £-govern-
ment in both local and municipal matters
and the enumeration herein of certa in
p o we rs s ha ~l not b e cons tru e d to de ny such
ci t ie s and towns, and to the people
th e r e of , any right or power esse nti a l or
p r ooe r to the full e xer cise of suc h
r i g ht
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"T he statu t es of the State of Colorado,
s o far as applicabl _, shall continue to
apoly to su c h citi e .;; and towns, except
insofa r as superccdej by the charters of
suc h cities and t o Nns or by ordinance
passed pursuant to such Charters.•:
and
WHEREAS , the Ch.arte r, Arti c le X, Part III, Section
106, provides as follows :
"106 . Refu n ding Bond s .
"Counci l may authori ze, by ordinance,
without an elect ion, issuance of refunding
bonds for the purp o.;;~ of paying outstand-
ing bonds of the City .•; and
WHEREAS, it is necessary and appropriate that specific
rcquir ments , lioitations and proce dures be made for refunding
of bonded indebtedness;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
£ GLE 000 , COLORADO:
Sectio n l. That, except as hereinafter specifically
provided to the contrary, bonded i:'lde btedness of the City shall
be refunded in accordance with the Cons titution and laws of
the State of Colorado, and the Charter of the City, as the same
now exist and ma y, from time to time, be amended. General obliga-
tion bonds of the City may be re~unded, and general obligation
refunding bonds issued for
Article 21, Part 2, C.R.S.
odified •
the pur pose , as provided in Title 31,
1973, as amended, and as hereinafter
Section 2. That the separ a te requirement of a determina-
tion and a certificate thereof required by C.R.S. 1973, Sections
31-21-202 and 31-21 -205, .:is am nded, s hall not be applicable to
the . iss uance of refunding bonds of the City. The ordinance
authorizing the r efunding bonds shall constitute the determination
of the amount of the refunding bonds to be issued and the lack of
necessity of an election.
Section 3. That no bonds may be refunded under the
provisions of this Ordinance unless the holders thereof volun-
tarily surrender said bonds for inmediate exchange or immediate
pay ent or unless said bonds either mature or are callable for
redeoption prior to their maturity under their ter•• within twenty-
five (25 ) yearn from the da te of is s uance of the refunding bonds,
and provisions shall be made for paying, or redeeming, and discharg-
ing all of the bonds refunded within said period of time. To the
extent that the provi s ions of Sec ion 31-21 -2ll (8), or any other
provision of otherwise applic.:ible law, wo uld require a shorter
period or limit suc h r fun:Hng to bo nds maturing or being redeem-
able wi hin a s horter tir.ie, said provisions shall be inapplicable
to he issu ance and refunding of bon ds by the City, and the
provisions of this Sec ion 3 shal l con trol and go vern .
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Section 4. Th<.1t r 0 fund1n h nd i sti u d pursuant to
this Ordinance may be exchanged for bonds being refunded or shall be
sold in accordance with the provisions and requir ments of Section
110 of the Charte r.
S e c ion 5. Ratification and Approval of Prior Action.
That all actions heretofore taken by the off ice rs and members of
the City Council, not inconsistent with the provisions of this
Ordinance relating to the authorization, sale , issuance and delivery
of refunding bonds , be and the same are hereby ratified, approved
and confirmed.
Section 6 . Severabili!_y. That should any one or more
sections or parts of this Ordinance be adjudged unenforceable or
invalid, such judgment shall not affect, imp air or invalidate
the reoaining provisions of this Ordinance , it being the intention
that the various provisions hereof are severable.
Section 7. Repealer. All Ordinances or puts thereof
in conflict with this Ordinance are hereby repealed, but this
action shall in no way operate to r evive any ordinance previously
repealed.
Section 8. Hearing. In accordance with Section 40
of the City Charter, the City Council shall hold a public hearing
on the Ordinance, before final passage thereof, on Mo nda¥• the
..l.L day of July , 1976, at 7:30 P.M.
Section 9. Recording and' Authentication. This Ordi-
nance as adopted by the City Council, shall b e numbered and record-
ed, and the adoption and publication shall be authenticated by the
signature of the Mayor of the City and the Director of Finance,
ex-officio City Clerk , by affixing the sea l of the Ci ty and by a
Certificate of Publication. Thi s Ordinance shall b ecome effective
thirty (30) days after publication following final passage.
Introduced , read i1 : full and passt>d on first readir.g on the
6th day o f Ju y, 1976.
Published as a B!ll for an Ordinance on the 7th day or
J ly. 1976.
Re ad by tJ le and passed on final reading 0 n the !9th day
of ly . 197 6.
Pu blished by j tle as rrdlnance No. 32 , Series of 1976 , o n
the 21st day cf July, 1 9 76.
ATTI:: T:
foregoing
passed on
Se rjes of
J , herety certjfy that the aLove and
is tri.:e , ac cu1 ·ate and ccrri::·lete cq:y cf the Ordinance ,
final r eacl i r.c; <".n d p ub li:;i1ed by tit.le-a:: C'1 ·c]jri:J1 .ce !Jo . 3?,
19 76 .
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