HomeMy WebLinkAbout1972 Ordinance No. 019I
I
I
ur.aou«: 11• AS A BILL BY ccx-=w sew.
BY Atn'K>Rl'l'Y
Om>DIMCB II>. 19 , SBUBS OP 1972
All Oll>DIMCS AtmlOUZDIG '1'llB ISSUUICB OP SPBCIAL ASSESSMENT BONDS OP THE
cm OP DIGL8f000, COLOMDO, IOR PAVDIG DISTRICT II). 211 PRESCRIBD«'a THE
POlll OP ftB m, AllD Pa:JVIDDIG POR THB PAYlmHT OP THB BONDS AND THE
Drnaft 'lllB ...
.. IBAS, for the purpoH of oonatructing and iutallin9 certain street and alley
illpzoil 1au, together with aec•ary incidental illprav•••nt•, Paving District No. 21 in
the City of BnglellOOC! •• been crated by Ordlmnce No. 7 Serie• 1972, finally passed
and adapted on Pebrmry 22, 19721 and
llllBIBAS, by Ordinance No. 9 Seri•• 1972, finally pa••ed and adopted on
llarc:b 20, 1972, the following •tr•t •• deleted from the list of •treeta and alleys to be
illprov..Sa
South -reon Stnet between Girard Avenue and Ba•t ffaapden Avenue1 and
-RBAS, llotice to Contzacton to •ubmit bids for the construction of the improvements
in aid Diatrict ba• been duly publiabed and the contract for such construction has been aw.rded
to Bua• & Co., Inc., Bnslewood, Colozado1 and
.. m.s, llotice of &ale of f511,000 of Special ABH•wnt Bonds for said Diatrict
ba• bem ~ly pabli.W and the contract for the ale of the bond• ba• been awarded to
IChclmer, lloore and Co9!DJ and Banifen, Imhoff 5 s..ford, Inc. 1 and
WBBlmAS, the City Council ba• deteaained that the cost of the conatruc~ion of improve-
ments, together with neces•ry incidental C09ta, aball not exc•d the &Jm>unt of $ 610,102.41 ,
and that bon4• of the City for aid Di•trict should be i••ued in the &Jm>Unt of $511,0001 and
-IBAS, it is now nece••ry to provide for the i••uance of aaid bonds and the foEm
and payment thereof I
BB 1T OlmUllBD BY TllB CITY oomlCIL OP '1'llB CITY OP BllGLBllOOD, COLORADO:
Section 1. By virtue of and pursuant to the Laws of the State of Colorado, the
a.rter and Cbaptar 14 of the llunicipal Code of the City, Special AB•e••ment Bonda of the City
of Bngleuood for Paring Diatrict No. 21 sball be i••ued for the purpose of paying for local
illprou 1 1au to be coaatracted in •id Paving District. The bond• shall be in the principal
waant of f511,000, •ball be dated June 1, 1972, and conaiat of 511 bonds in the denomination of
fl,000 •cb, mmbue4 l to 511, inclusiw. The bonds shall be payable to bearer and shall be
a.. and paJabl• on June l, 1983, subject to call and prior payment in direct nUID8rical order
OD uy interest paymnt date, upan pa,_at of par and acczued intere•t. Notice of such prior
ncSellptioD sball be publiabect in a newpaper of gwzal circulation in Englewood, one time at
1-st thirty (30) daya prior to the date of redmmption. In addition, a copy of such Notice
8ball be -iled to the original purcbaMr of the bonda, at the time of •uch publication.
Section 2. said bonds shall bear intere•t •• evidenced by "A" coupons attached to
aid bonda, payable on June l, 1973, and semi-annually therMfter on June 1 and December 1
•cb 79Arc •• followas
"A" .., .... AIDJft ImBRBS'l' MD -
1 to 210, incl. $210,000 3.75'
211 to 287, incl. 77,000 4.00,
288 to Ml I incl. 56,000 4.20,
3" to 389, incl. 46,000 4.40,
390 to 435, incl. 46,000 4.60,
436 to 475, incl. 40,000 4.80'
476 to 511, incl. 36,000 s.oo,
In addition to the •A• intere•t rate Ht forth above, •id bonds shall bear additional
intenst aa evidenc."e4 by supplwntal coupon• deaignated •a• payable on June 1, 1973, at
tbe zate and for tbe period from July 1, 1972, to the date• indicated below, •• follows:
BOii) ---
l to 511, inclusiw
•a•
Dnmft..,.
1.2,
•••
ImBmT TO
rrom To
7-1-12 6-1-73
The net effectiw interest zate of thia iasue of bond• i• 4.72934 'per ann\DI.
'l'be principal of and interest on •id bond8 sball be ,.yabl• at th• Pir•t National Bank
of BnglellOOC!, in Bnglewod, Colorado.
,
&aid bonda aball be aigned with the facaillile aignature of the Mayor, sealed with a
facaiaile of the -1 of •id City, atteated and counteraigned with the manual signature of
tbe Director of Pinance, ex-officio City Clerk, and the intereat coupons attached thereto
aball be aiped with the facaillil• aignature of the Director of Pinance. When issued as
afoneai4 u part of •id baada, the intereat coupana aball be the binding obligations of
1:be City according to their illport.
Sbaal.4 any officer waoee •nual or facaiaile aignature appear• on aaid bonds or the
intenat coupons attached thereto cea• to be •uch officer before delivery of the bonds to
1:be pmcbaAr, ncb mn•l or facaiaile aignature shall nevertheleaa be valid and sufficient
for all JNrDOMa.
lectian 3. '!be bonds and intere•t coupons to be attached thereto •hall be in sub-
8taDtlally 1:be following foma
nAft °' a>IDMDO
llo.
(Poza of Bond)
UNITED STATES OP AllBRICA
CITY OF BllGLBllOOD
PAVING DISTRI~ llO. 21
SPBCIAL ASSESW 80HD
COUlft'Y OP ARAPAHOE
$1,000
The City of Bngl..ood, in the County of Ara119boe and State of Colorado, for value
Z9Geiwd, hereby praaiaea to gay to the bearer hereof, out of the apecial fund or funds
banlmfter clui9nated bat not otbend.M, the principal aua of
ORB TllOOSAllD DOU.US
in lawful llGDe7 of tbe united State• of llllerica, an the lat day of June, 1983, with intereat
tbeE9GD aa eridenced by interest coupons deaignated •A• at the rate of-----------
------------per centwa ( •> per annua frcm date until p&Jllellt, and
adtitl.oml lntenat •• evidence4 by interest coupana deaignated •a• at the rate of------
per centwa ( •> per annm for the period frm 1,
'!"19"""'7"""'2-to---------.... l-, 19 , inclusive, all such intereat payable an Jwa l, 1973 and aml-
amnally thereafter an the lat day of June and the lat day of Decellber each year, both principal
and intezeat being pa,able at the Pirat *tional Bank of Englewood, in Bnglewood, Colorado, upcn
p.r••tatian and aarrender of the attached coupon• and thla Bend aa they aeverally became due
or are called for payment.
Thia Bond la aubject to call and redemption in direct nmaerical order of the issue of
tlbicb it la one, an any intereat payment date, upon payment of par and accrued interest to the
date of ~1 ftlan, vpan notice publiabed in a nenpaper of general circulation in the City of
Bnglewood, COlozado, a• more 119rticularly At forth in the Ordinance authorizing thla Bond.
Thia Bond la laaued for the purpose of payilMJ the coat• of conatructing and inatallinq
atzeet and alley illpEOVll IDU in Paving District Mo. 21, in the City of Bnglewood, Colorado, by
ri.rtm of and in full confomity with the Canatitution and Law of the State of Colorado, the
a.rter of •14 City, Chapter 14 of the Municipal Code, and an Ordinance of the City duly adopted,
AJIPZ'OVecl, pubU.abed and •de a law of •id City prior to the i•auanc• hereof.
Tbi• Bond and tbe intenat thereon are payable solely out of the proceeds of special
a••••rnta to be lwied upon real estate aituated in the City of Bnglewood, Colorado, in Paving
Dlat:rict R:>. 21, specially benefited by •14 illprov•1nta, which •••••~t• ao to be levied,
vitb aoczued intenat, will be liena an said real eatate in the reapective &llOWlts to be apportioned
thereto and a•w-4 by an ordi•nce of the City, and, if necea•ry, from the Surplus and Deficiency
PUDd beretofore cnated panmnt to the Charter of •id City.
The Charter of Mid City provideaa "Whenever a public illpro~nt district has paid
and mnc:elled four-fiftl9 .,f it• bond• outat:anding, and for any reason the rw.inin9 assessments
an not paid in time to take up the final bonds of the Diatrict and intereat due thereon, and
there la not auf ficient llGDeY in •id special aurplua and deficiency fund, then the City shall
pay •14 bond• when due and intenat due thereon and reimburae itaelf by collecting the unpaid
a•••wta due said dlatrict•.
It la hereby certified and recited that the total i•au• of band• of the City for said
Dbtrict, includilMJ thla Bond, dou not exceed the amount authorized by 1aw1 that every require-
...t of law relatin9 to the cr•tion of Paving Diatrict Mo. 21, the conatruction of said local
impmu 1nta and the ~ of tbia Band ha• been fully ccmplied with by the proper officers
of •14 City, and that all conditiana required to exiat and thing• required to be done precedent
to and in the i•auance of tbia Bond to render the --lawful and valid, have happened, been
properly done and perfozmed, and did exist in regular and due time, font and -nner, as required
by law.
Por the paymnt of tbia Bond and the intereat thereon, the City pledges all of its
lawful c:orpomte power•.
D TE8'1'DCmr mm>r, the City of BDJlewood ha• caused this Bond to be signed with
the facaiaile aignature of its Mayor, atteated and counteraigned by the mnual signature of
the Director of Ptnance, .. led with a facaiaile of the corporate seal of the City, and the
~.-.. ·
\
I
....
I
,"'
11
';,
I
I
iDtanft ~· attacbed bento be •icJned with the faceiail• eiqnature of the Director of
Pi.•nce, a• of tbe let day of June, 1972.
(J'ACSDID..B)
( SB AL )
AftBS'l' am O>UWtBllSI.GllBDs
(llanual Siqmtun)
Director of Pt.mnce
llo.
CITY <1' BNGLn«X>D, COIDMDO
Bys (Pacaiaile Signature)
Mayor
(PODI of Intere•t Coupon•)
June,
$ __ _
on the lat day of Decmber, 19_, the City of Englewood, in the County of Arapahoe
and State of Colorado, will pay to th• bearer the amount ehown hereon in lawful 1DC11ey of the
united State• of 11119rica, at the Piret Hatioaal Bank of Englewood, in Englewood, Colorado,
belng intereat then due on ita Special Aa•••wnt Bond ieeued for the conetructlan of local
illprovrnznta in PavincJ Dietrict llo. 21, Englewood, Colorado, provided the Bond to which this
coupan i• attacbed aball not have been theretofore called for payment or paid. Attached to
Band dated June 1, 1972, bearing llo. •
(Pac•iaile Signature)
Director of Finance
Section 4. The proceeda of Mid bonda ahall be applied only to pay the coats and expenses
of caaatructlng tbe illprov1a1nta in Mid Diatrict and all other co•ta and expen•e• incident thereto.
ID tbe evmt that all of the pEOC•da of •id bonda are not required to pay •uch coats and expenses,
any ~i.ni.ng uount 8ball be paid into the epecial aaHewnt fund for the purpose of calling in
and siaying tbe princisial of and intere•t on Mid band•. Neither the purcha•er of said bonds nor
tbe nbaequent bolder of any of ti... aball be reaponaible for the application or disposal by the
City or any of ita officer• of the fund• derived from the •le thereof.
The proc••d8 of the bond8 herein authorised ahall be uHd only for the purposes recited
aboft1 prorided, boiMver, that any portion of the bond proceeds •Y be temporarily invested pendinq
8ucb UM in HCUriti•• or obligatiolul which are lawful investments for aunicipalitiea in the State
of Colorado. The t pe>rary inYe•t:ment of the bond proceed•, or any portion thereof, shall be of
Reh nature and extent, and for aucb period, that the bonda of the City shall not be or beccme
ubltrage band• within the •••ning of Section lOJ(d) of the Internal Revenue Code, and pertinent
ftC)Ulatione, aal mch proc•ed8, if •o inve•ted, ahall be aubject to the limitations and restrictions
of •id Section 103 (d) (4) , a• tbe --now aiet• or •Y later be amended, and shall further be
Abject to any applicable regulationa of the Internal a.venue Service.
Section 5. said banda and the intereat thereon ahall be paid solely from special aaaeaa-
-.ta to be lnied OD the real property in •id Di•trict •pecially benefited by the construction
of uea:ov 11 rnta tbenin, and from the Special Surplua and Deficiency Pund of the City, authorized
by the Charter of tbe City for the purpoee of ac!clitianally •ecuring the payment of outstanding
band• and lntere•t due thereon.
-..n then 18 OD hand a auff icient amount to pay •ix months interest on outstanding
band• of •14 Diatriat, tbe City 8ball call for paJmDt, an tbe next intereat payment date, out-
st.aadtng baa48 in direct n ... rical order with funda a•ilabl• therefor. Notice of call and
nd pt;ion 8ball be 9iwn by adftrti••••nt one tim at l••t thirty (30) days prior to the date
of ~, in a newpaper having general circulation in the City of Englewood. The notice
aball apecify by m-Nr the bond• called, and all •uch bond8 ahall be paid in their direct numerical
ozder. The holder of any •uch bonda -y at any tim furniah hi• or her post off ice address to the
Dlzector of Ptmnoe, and in 8uch ca• a copy of the notice aball be •iled to the bondholder, at
ncb acklr .. , an or before the date of publication.
Section.6. After th• expiration of the period for ca•h payments of aases&Mnts in
full, the City aball, to the extent pos•lble, pay each year not leas than 10' of the total
..aunt of band• of Mid District outatandinCJ after the payment of the bonds with the proceeds
of aucb cub pa,_it• of ••-menta in full.
Sectlcn 7. That in accordance with Section 108 of th• Charter of said City, whenever
tben is a deficiency in the fund of Mid lllprov1•1nt District to wt payment of outstandinq
tland• and interest themon, such deficiency aball be paid out of the Special Surplus and
Deficiency fund of Mid City. ......,,.r the District ba• paid and cancelled four-fifths of
the balwJa issued therefor and for any i.80D the rwininCJ •••••wnt• are not paid in time
to tab up the final bond• of tb• District and intenat du• thereon, and there is not sufficient
..-y in Mid Special Suzplua and Deficiency fund, then the City shall pay said bonds when due
and interest tbenon and nillburH itHlf by collectinCJ the unpaid aaaeaaments due said District.
section 8. If it aball be neceaMzy to advance money to •intain current payments of
intenat and equal annual pa,_ita of the principal UIOUDt of the bonds issued for said District,
the City Council aball lny annual tam on the taxable property within the City not exceedinq
two .Ula in any cne year and aball apply the proc-48 of such taxes for said purpose. In lieu
of aucb tax levi•, the Council -Y annually transfer to such special fund any available money
of the City, bat in no evmt 8ball the ..:Nnt transferred in any one year exceed the amount
tlbicb would result from a tax levied in such year •• herein liaited. Such tax levies or transfers
of funds 8ba11 be •de in accordance with and parauant to Section 109 of the Charter of the City.
Section 9. '1'be City Council covenants that upon C011Pl•tion of the local improvements,
or vpm CC111Pleti.on from time to time of any part thereof, and upon acceptance thereof by the
Coancil, or wbmever the total cost can be reliably a•certained, it will cause a statement
8bowiD9 tbe total coet of the illpzov1•1nta to be prepared and filed in the office of the City
Clem. 'ftae City c.ouncil aball further c:auae aaHawnta to be levied against the property
iDcladed within the special illprov•••nt district and specially benefited by the construction
and inatallatlcn of such illprov1•1nta, in accordance with law and the Charter of the City.
Sectlcn 10. All ordinances, or parts thereof in conflict herewith are hereby repealed.
'1'b1a Ordinance, after it• final paaMge, aball be recorded in a book kept for that purpose, shall
be authenticated by the aignatuna of th• Mayor and Director of Finance, ex-officio City Clerk,
and 8ball be publi9be4 in a newapaper having general circulation in the City.
section 11. That if any one or 110re parts or provision• of this Ordinance should be
jadicially adjadged inwlid or unenforceable, such judgment shall not affect or impair the
~iDilMJ pmri.ai.ona hereof, the intention being that •ch of the provisions hereof are severable.
Introduced, rMd in full, and paaHd on first reading on the lst day of May, 1972.
Published aa a Bill for an Ordinance on the 4th day of May, 1972.
-d by title and paaHd on final rMding on th• 15th day of May, 1972.
Pabli.W by title •• Ordinance Mo. 19 , Series of 1972, on the 18th day of
May, 1972.
~~-
Mayor -
Attests
I, Williaa L. llCDivitt, do beEeby certify that the above and fore9oinq is a true, accurate,
and CG111Plete copy of an Ordinance, passed on final readinCJ and published by title as Ordinance
llo. 19 , S.ri• of 1972.
~"~" Ex Officio City Clerk
I
I
I