HomeMy WebLinkAbout1975 Ordinance No. 025·. . ,
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.DrTRODUCED AS A 111!.L BY COUNCIL MDIBER __ c_l_a--=-y_t_o_n _____ ,
BY AUTHOIUTY
ORDIJiANCE NO. .:z..s, SERIES or 1975
A.'f ORDINANCE AUTHORIZING TH!! ISSU1'NCE or SFECIAL ASSl!!SSMDT .
BONDS OF THI!! CITY OP l!!NGLl!!WOOD, COLORADO, FOil PAVINr. DISTRICT
NO. 22, FOR THI!! CONSTRVCTJON AHO INSTALLATIOM or S'l'REET
PAVING, CURB AMO GUT'n!l ~ SIDEWALK IMPROVEMENTS, IN SAID
DISTRICT, PRESCRIBitlG THI!! FORM or THE l!IOllD5r AND PllOVIDDIG
P'Oll THE PAYMENT OF SAID BONDS AND THE Ilft'EllEST THEREOll.
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WllEREAS, for the purpose of constructing and install-
ing •treet paving, curb and gutter and aidevalk improvements,
together with necessary incidental• on certain streets, Paving
District No. 22 'in the City ~f Englewood has been duly created
by Ordinance No. 7-1975 of said City, finally adopted and
approved on March 17, 1975; and
WHEREAS, Notice to contractors to submit bids fQr
th• construction of the improvements in said District has
been duly published and the bids for the construction work
were opened on April 28, 1975; and
WHEREAS, the City Councii bas determined that the
coat of the construction and installation of the •treet pav-
ing, curb and gutter and sidewa.lk improvements, together with
Aecesaary incidental costs, shall not exceed the amount of
$ Ji73,00Q. and that .bond• of the City for said District should
be issued in this amount; and
WBEREAS, ln accordance with the City Charter and a
resolution pasaed on April 7, 1975, the City Council haa
advertised for the •a.le of Special Assessment Bonda and said
bonds have been awarded to Kirchner, Moore and Comoany,
Denver , Colorado 1 and
WHEREAS, it is now necessary to provide for the
issuance of said bonds and ~e 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
Assessment Bond• of the City of Englewood for Paving District
No. 22 shall be issued for the purpose of paying for local im-
provements constructed in the District. The bonds shall be in
the principal amount of $473,00~ shall be dated June 1, i975,
and shall consist of 473 bonds in the denonaination of-$1,000
each, numbered l to 473 , inclusive. The Bonda shall be payable
to .bearer, ana shall be due and paya~le on Ju~e 1, 1986, subject
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to c•ll and prior p•ymcnt on any intere•t payment date, in
direct nu."'ICrical order, upon payment of par and accrued in-
tere•t. Notice of such prior redemption •hall be published
in a newspaper of 9eneral circulation in Englewood, Colorado,
one time at lea•t 30 day• prior to the date of redemption.
In addition, a copy nf such Notice ahall be mailed at the
time of publication to the original purchaaer of the Bonds.
The Bonds shall bear interest a• evidenced by
•A• coupon• attached to s•id bonds, payable on June 1, 1976,
and aeai-annually thereaftor on June l and December 1, each
year, as follow•s
•A• Coupon
~nt !lend Number• Intere•t Rate
f198 ,ooo l to 198 , incl. 5S
10,000 199 to 268 , incl. 5 3/llS so.ooo 269 to 318 ,incl. 61
115 .. ooo 319 to 363 , incl. 6\S
•e.ooo 3611 to .403 , incl. 6.401
35,000 404 to 4 38 ,. incl. 6.601
35,000 439. to 473 ,incl. 6.751
In addition to the •A• intereat rate aet forth
above, bonda numbered _1_ to 473 , inclusive, shall bear
additional interest as evidenced by aupplemental coupons
designated •a•, for the period from July 1, 1975 to
the dates indicated below, payable on the same dates as
th• •A• interest coupon• during •aid period of time, as
follow•:
Bond Number•
·1 to 198, incl.
199 to a68 , incl.
269 to 318 ,incl.
319 to 363 .,incl.
364 to 403 , incl.
404 to 438 , incl.
}39 to 473, incl.
••• Coupon
interest Rate
31 to 12-1-76
2\S to 12-1-76
2S to 12-1-76
1 3/41 to 12-1-76
1.601 to 12-1-76
1.40S to 12-1-76
l.25S to 12-1-76
Th• net effective intereat rate of this i••ue of
Bonds is 1. 07 t per annwn.
The principal of and intere•t on said bonds shall
be payable at The First National Bank, in Englewood, Colorado.
Section 2. Execution of Bond• and Interest coupons.
The Bonds shall be signed with the facsiaile •i9nature of the
Mayor, attested and countersigned by the manual •ignature of
the Director of Finance, ex-officio City Clerk-Treaaurer,
with a facsimile of the seal of the City affixed thereto,
and the interest coupons attached shall be •igned with the
facsimile si9nature of the Director of Finance. When issued
as aforesaid as part of said bonds, the intere•t coupons shall
be the bindin9 obli9ations of the City accordin9 to their import •
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Should any officer whose m~nual or facsimile signature
a ppears en said bonds or the coupons attached thereto cease
to be such officer before delivery of the bonds to the
purchaser, such manual or f~csimile signature shall neverthelesa
be valid and sufficient ~ar all purposes.
_Section 3. Fonn of Bond and Interest Coupons. The
bonds and the interest coupons to be attached thereto shall
be in substantially the following form: .
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(Form of Bond)
UNITED STATES OF AMERICA
STATE OF COLOPADO COUNTY OF ARAPAHOE
Jllo.
CITY OF ENGLEWOCI>
PAVING DISTRICT NO. 22
SPECIAL ASSESSr-:Di"T BOND
$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 sWll of
ONE THOUSAND DOL~RS
in lawful J11C>ney of the United State• of America, on the lat
day of June, 1986, with intereat thereon aa evidenced by
interest coupons designated •A• at the rate of
-----------------per centwn ( •> per annum
from date until payment, payable on June 1, 1976 and semi-
annually thereafter on June 1 and December 1 each year, and
additional interest on bonds numbered to ____ , inclusive,
of tbi• issue, as evidenced by interest coupon• designated •B•
at the rate of
per centua
1, 1975 to
________ ,) per annWll for the period from ------
1, 197_, inclusive, all such interest
payable on t.he saae dates as the •A• interest coupons during
said period of t~, both principal and interest being payable
at Th• Pirst Bational Bank, in Englewood, Colorado, upon pre-
sentation and surrender of the attached coupons and this Bond
as they severally become due or are called for payment.
Thi• Bond i s subject to call and rede111ption in
direct numerical order of the issue of which it is one, on
any interest payment date, upon payJnent of par and accrued
interest to the date of redemption. Notice of such prior
rede mption shall be published in a newspaper of general cir-
culation in the City, one time at least thirty (30) days prior
to the date of redempt i on.
Thi• Bond is is s ued for the purpose of paying the
coats of constructing and installing street paving, curb and
gutter and sidewalk i~provements, together with necessary in-
cidentals in Paving District No. 22, in the City of Englewood,
Colorado, by virtue of and in full conformity with the Constitution
and Laws o! the State of Colorado, the Charter of the Ci.ty, and
and Or dinance of the City duly adopted, approved, published and
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made a law of said City prior to the issuance hereof •
Payment of this Bond and the intere•t thereon shall
be DAde from, and as se curity for such pay .. nt there is pledged,
a speci4l !und designated a~ the •pavin9 District No. 22 Bond
and Interest Fund•, which Fund shal! contain initially uy
1110nies in the construction account re .. ining after the cost
of i•provements has been paid in full and thereafter to contain
the proceeds from special assessment• to be levied against the
property included within the District and specially benefited
by the construction and installation of improvement therein.
The asaesslllent• to be levied will constitute a lien on and
against each lot or tract of land in the respective amount•
to be apportioned by an ordinance of the City.
The Charter of the City provides: •Whenever a Public
lllprovement District has paid and cancelled four-fifths (4/5)
of ita bonds outstanding, and for any reaaon the remaining assess-
aent• are not paid in time to take up the final bond• of the
diatrict and interest thereon, then the City shall pay saia
bonds when due and interest due ther~on and reimburse itself
by collecting the unpaid asse•sment• due said district•.
Thi• Bond does not constitute a debt ·of the City
of l!nglewood within the meaning of any constitutional, statutory
or charter limitation or provi•ion, and •hall not be considered
or held to be a general obligation of the City •
It ia hereby further 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 aJDOunt of this isaue doea not exceed the
coat and expense of said improveaent• or any limitation pre-
scribed by law.
For the payment of this Bond and the interest thereon
the City pledges all of its lawful corporate powers •
. IN T~STIHONY WHEREOF, The City of Englewood has caused
this Bond to be signed with , the facsimile signature of the
Mayor, attested and counteraigned by the manual aignature of
the Director of Finance, ex-officio City Clerk-Treasurer, with
a facsimile of the seal of the City affixed hereto, and t:he
interest coupons attached hereto to be signed with the facsimile
signature of the Director of Finance, as of the lat day of June,
1975.
(FACSIMILE)
(SEAL)
ATTEST&
(Manual Signature)
CITY OF ENGLEWOOD, COLORADO
By (Facsimile Signature)
Mayor
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(Form of Interest Coupons)
$ ___ _
June,
On the 1st day of December, 19_, unless the Bond to
which this coupon is attached has been called for prior
rede111ption, the City of Englewood, in the County of Arapahoe
and State of Colorado, will pay to bearer the amount shown
hereon in lawful money of the United States of America,
solely out of the speci~l fund referred to in the Bond to
which this coupon is attached, at The First National Bank,
in Englewood, Colorado, being interest then due on its
Special Assessment Bond for Paving District No. 22, dated
June 1, 1975, bearing
No.
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--~<Facsimile Signature)
Director of Finance
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Section 4. Pisposition of Bond Proc~ The pro-
ceeda of said bonds shall be applied only to pay the costs
and expenses of constructing and inst•llin9 improvement•
in ••id Distric and all other costs and expense• incidont
thereto. In the event that all of the proceeds of said
bonds ar~ not required tA pay such cost• and expensea,·any
remaining amount shall be paid into the special assessment
fund for the purpose of calling in and paying th• principal
of and interest on said bonds. Neither the purchaser• of
said bonds nor any subseguent holder of the same shall be
responsible for the application of the proceeds of said
bunds by the City or any of its officer•.
All or any portion of the bond proceeds may be
teaporarily invested, or reinvested, pending such use, in
securities 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 temporary investment
or reinvestment of the bond proceeds, or any portion thereof,
shall be of such nature and extent, and 1or such period,
that the bonds of the City shall not become •arbitrage bonds•
within the meaning of Section 103(d) of th• Internal
Revenue Code, and pertinent regulations, and such proceeds,
if so .invested or reinvested, shall be subject to the limitations
and restrictions of said Section 103(d), as the same now
exists or may ~ater be amended, and shall further be subject
to any applicable regulations of the Internal Revenue Service.
Section s. Paving District No. 22 Bond and ~nterest
Fund. The bonds and the interest thereon shall be payable
•olely from the local improvement fund, designated as the
'Paving District No. 22 Bond and Interest Fund, which sha.11
contain initially any monies in the construction account re-
maining after the cost of improveJnenta has been paid in full
and thereafter to contain the proceeds from special assess-
ments to be levied against th• 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 bontsa for the District,
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
g i ven by advertisement one time in a newspaper having general
circulation in the City, at least thirty (30) day' prior to
the date of redemption. The notice shall specify by number
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the bonds called, and all such bond• ahall be paid in their
direct numerical order. The holder of any auch bonds may
at any time furni~h hie or her poet office addreaa to the
Director of Finan=e, and in auch caae a copy of the advertise-
111ent shall be mailed to th• bondholder, at auch addreaa,
on or about the day of atch publication.
After the expiration of the period for caah
payments of ass~ssments in full, the City shall, to the extent
poasible, pay each year not le•• than ·1ot of the total amount
of bonds cutstanding after the payment of the bonds with the
proceeds of such cash payment• of ••••••menta in full.
Section 6. Additional Security for the Payment of
Principal and lnterest. The Charter of the City provide• as
follows: "Wh~never a Public Improvement Diatrict ha• paid
and cancelled four-fifths (4/5) of it• bond• outstanding,
and for any reason the remaining •••e•amenta are not paid
in ti .. to take up the final bond9 of the dietrict and in-
terest thereon, then the City shall pay said bonds when d~e
and interest duo thereon and reimburse itself by collecting
the unpaid aasessments due aaid diatrict•.
Section 7. Assessment of Coats. The City Council
covenants that upon completion of the local. improvement•, or
upon completion from time to time of any part thereof, and
upon acceptance thereof by the Council, or whenever the total
coat can be definitely ascertained, it will cause a atatement
ahoving the total cost of the improvement• to be prepared
and filed in the.office of the Director of Finance. The City
Council shall further cause asaessmenta to be levied against
the property included within the special improvement district
and specially benefited by the construction and installation
of such improvements, in accordance 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 unen-
forceable or invalid, such judgment shall not Affect, impair
or invalidate the remaining provisions of this Ordinance, it
being the intention that the various provisions hereof are
aeverable.
Section 9 . Repealer. All Ordinances or parts
thereof in conflict with this Ordinance are hereby repealed •
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Section 10. Ordinance Irrepealuble. After said
bonds are issued, this Ordinance shall be and remain irrepealable
until said bonds and the interest thereon shall hftve been
fully paid, •atisf ied an4 discharged.
Section 11. ~earing. 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 19, 1975.
Section 12. Publication and Effective Date. This
Ordinance, after its final passage, shall be nwnbere4 and
recorded, and the adoption and publication shall be authenticated
by the signature of the Mayor and t:he Director of Finance,
ex-officio City Clerk-Treasurer, and by the Certificate of
Publication. Thi• ordinance shall become effective thirty
(30) days after publication following final paaaage.
Introduced, read in full and passed on first reading on the
5th day of May, 1975.
Published as a Bill for an Ordinance on the Ith day of May, 1975.
Read by title and passed on final reading on the 19th day of
May, 1975 •
Published by title as ordinance llO. ~. Series of 1975,
on the 22nd day of May, 1975.
ATl'EST :
Jlu_,,i!)~ 1
ex officio Ci~Treasurer
foreqoinq
passed on
Series of
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I, !Carl Nollenberger, do hereby certify that the above and
is a true, accurate and complete copy of the ordinance,
final readinq and published by title as Ordinance No. .;;S,
1975.
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