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HomeMy WebLinkAbout1971 Ordinance No. 016Introduced •• a Bill by councilman Kreiling BY AUTBORITY ORDillAllCB RO. 16, SBRIBS 1971 All ORDillABCB AU'l'llORIZIBG '1'BB ISSUAEB OP CI'l'Y OP BllGLBlfOCI>, COLORADO, PAVIS DISTRICT BO. 20 BOllDSs PRBSCRIBillG '1'BB PORN OF THE BOllDS, AID> PROVIDIBG POR TBB PAYMBll'l' OP TllB Bom>S AllD '1'BB Ilft'BRBS'l' 'l'RBU:OB. WBBRBAS, for the purpo•• of con•tructing and in•talling certain . •tr .. t and alley illprove .. nt•, together with nece•••ry incidental improvement•, Paving Di•trict llo. 20 in the City of Englewood ha• been created by Ordinance llo. 7, Seri•• 1971, finally p•••ed and adopted on March 15, 1971: and WBBRBAS, llotic• to contractors to submit bid• for the construction of the improvement• in ••id Di•trict has been duly publi•hed and the contract for •uch con•truction ha• been awarded to Burks & Co., Inc, of Denver, Colorado: and WBBRBAS, llotic• of Sale of $427,000 of bond• for ••id District has been duly publi•hed and the contract for the ••le of the bond• baa been awarded to Th• Pir•t Rational Bank of Bnglewood and 'fh• Pir•t Rational Bank of Denver: and WBBRBAS, the City Council ha• determined that the coat of the construc- tion of improvements, together with nece•••ry incidental coats, shall not exceed the amount of $584,644.00, and that bond• of the City for said District should be i•aued in the amount of $427,0001 and WBBRBAS, it i• now necea•ary to provide for the issuance of said bond• and the form and payment thereof: BB I'f ORDADIBD BY '1'BB CI'l'Y COUBCIL OP '1'BB CI'l'Y OP BBGLEWOOD, COLORADO: Section 1. By virtue of and pur•uant to the Law. of the State of Colorado, th• Charter and Chapter 14 of the Municipal Code of the City, bonds of th• City of Bnglewood, Colorado, in the principal amount of $427,000 for Paving Di•trict llo. 20 in •aid City, •hall be i••ued for the purpose of paying for local illprov-..nt• to be con•tructed in •~id Paving Di•trict. The bonds •hall be dated •• of June 1, 1971, and •hall con•i•t of 427 bonds in the denomi- nation of $1,000 each, numbered 1 to 427, inclu•ive. The bonds shall be payable to bearer and ahall be due and payable on June l, 1982, •ubject to call and prior payment in direct numerical order on any inter••t payment date, upon pay119Dt of par and accrued intereat. llotic• of •uch prior redemption shall be publiahed in a n9W8paper of general circulation in Bnglewood, one time at least thirty (30) day• prior to the date of redemption. In addition, a copy of s~ch llotice •hall be .. iled to the original purcha•er of the bonds, at the time of auch publication. Section 2. Said bond• •hall bear intere•t •• evidenced by "A" coupons attached to ••id bond•, payable on June 1, 1972, and ••mi-annually thereafter on June 1 and December 1, each year, •• follow•s "A" Bond lumber• Am:>unt Intere•t Rate 1 to 170, incl. $170,000 3.40% 171 to 230, incl. 60,000 3.70% 231 to 273, incl. 43,000 4.00% 274 to 307, incl. 34,000 4.25" 308 to 341, incl. 34,000 4.50% 342 to 371, incl. 30,000 4.75" 372 to 401, incl. 30,000 5.00% 402 to 427, incl. 26,000 5.00% In addition to the "A" int•r••t rate ••t forth above, said bonds shall bear additional int•r••t •• evidenced by aupplemental couponti designated "B" payable on June 1, 1972, at the rate and for the period from July 1, 1971, to the date• indicated below, •• follow•s annua. Bond 19!b!r• •a• Intereat Rate 1 to 170, incl. 3.25" 1i1--.-ai8y-'""'· aa1--.-aiaT-'•el. a~--.-aeiy-iael. i88----i41y-'••'· i4a-.. -ai1T-'••'· aia--.-481y-'8el. 48i-tae-41iy-,ael. "B" Interest To from to 7/1/71 6/1/72 ~· net effective int•r••t rate of this issue of bonds is 3.25" per ~· principal of and interest on said bond• shall be payable at the Pir•t Rational Bank of Englewood, in Englewood, Colorado. I •• I I •• I Said bond• ahall be aigned with the facaimile aignature of the Mayor, •••led with a facaimil• of the •••l of aaid City, atteated and countersigned with th• manual aignatur• of the Director of Finance, ex-officio City clerk, and the intereat coupon• attached thereto ahall be aigned with the facaimile aignature of the Director of Finance. When iaaued aa aforeaaid •• part of said bonda, the intereat coupon• ahall 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 intereat coupon• attached thereto ceaae to be such officer before delivery of the bonds to the purchaaer, auch manual or facsimile signature shall neverth•l••• be valid and aufficient for all purpo•••· Section 3. 'lhe bond• and intereat coupons to be attached thereto ahall be in aubatantially th• following form: S'l'Aft OP COIDRADO Bo. (Porm of Bond) UBJ:TBD STA'l'BS OP AMBRICA Cift OF EllGLBWOa> PAVIBG DIS'l'IUCT RO. 20 BOJID COUlft'Y OF ARAPAHOE $1,000 'lh• City of Englewood, in the county of Arapahoe and State of Colorado, for value received, hereby promi••• to pay to the bearer hereof, out of the apecial fund or fund• hereinafter deaignated but not otherwise, the principal aum of OD 'l'BOUSAllD DOLLARS in lawful money of the united Stat•• of America, on the lat day of June, 1982, with intereat thereon •• evidenced by intereat coupon• designated "A" at the rat. of per centum (__") per annum from date until payment, payable on June l, l972, and aemi-a'iiiiiiiily thereafter on the lat day of June and the let day of December, each year, and additional intereat as evidenced by intereat coupon• deaignated "B" at the rate of per centum ( ") per annum for th• period from l, 1971 to 1, 19 , incluaive, payable on , both principal and intereat being payable at the rlrat Rational Bank of Englewood, in Bnglewood, Colorado, upon preaentation and aurrender of the attached coupons and thi• Bond aa they severally become due or are called for payment. 'lhi• Bond i• aubject to call and redemption in direct numerical order of the iaaue of which it i• one, on any intereat payment date, upon payment of par and accrued intereat to th• date of redemption, upon notice published in a newapaper of general circulation in the City of Englewood, Colorado, as more particularly ••t forth in the Ordinance authorizing tbis Bond. I - 'lbi• Bondi• iaaued for the purpose of paying the coats of .constructing and inatalling atreet and alley improvements in Paving District No. 20, in the City of Englewood, Colorado, by virtue of and in full conformity with the Conatitution and Law. of th• State of Colorado, the Charter of said City, Chapter 14 of the Municipal Code, and an Ordinance of the City duly adopted, approved, publiahed and made a law of ••id City prior to the issuance hereof. 'l'hi• Bond and the interest thereon are payable solely out of the pro- ceed• of apecial ••••••menta to be levied upon real estate situated in the City of Bngi.wood, Colorado, in Paving Diatrict Ro. 20, specially benefited by said improv ... nta, which ••••••menta ao to be levied, with accrued interest, will be lien• on aaid real eatate in the reapective amounts to be apportioned thereto and ••••••ed by an ordinance of the City, and, if neceasary, from the Surplus and Deficiency Fund heretofore created purauant to the Charter of said city. 'l'h• Charter of aaid City provide•: "Whenever a public improvement diatrict haa paid and cancelled four-fifth• of it• bonds outstanding, and for any reaaon th• remaining ••••••ment• are not paid in time to take up the final bond• of the Diatrict and intereat due thereon, and there is not sufficient money in aaid apecial aurplua and deficiency fund, then the City shall pay said bond• when due and intereat due thereon and reimburae itself by collecting the unpaid ••••••ment• due aaid diatrict". It i• hereby certified and recited that the total isaue of bonds of the City for aaid Diatrict, including thi• Bond, do•• not exceed the amount authorized by lawi that every requirement of law relating to the creation of Paving Diatrict &o. 20, th• conatruction of aaid local improvements and the iaauance of thi• Bond ha• been fully complied with by the proper officers of aaid City, and that all condition• required to exiat and things required to be done precedent to and in the iaauance of this Bond to render the. same lawful and valid, have happened, been properly done and performed, and did exist in regular and due ti .. , form and manner, •• required by law. Por the payment of thi• Bond and the intereat thereon, the City pledges all of it• lawful corporate powers. IR 'l'BSTDIQBY WBBRBOP, the City of Bnglewooc:l has caused this Bond to be •igned with th• fac•imil• •ignature of it• Mayor, attested and countersigned by th• 11Bnual •ignature of th• Director of Finance, •••led with a facsimile of the corporate •••l of th• City, and th• intere•t coupons attached hereto to be •igned with the fac•imil• •ignature of the Director of Finance, as of the lat day of June, 1971. (PACSIIULB) (SBAL) AiiBSTBD ARD COUftBRSIGllBD: <Do _not aign} DIRBCTOR ar P-IDBCB llo. A --- llo. B --- CITY OP B&GLEWOCB>, COLORADO By: (Fac•imile Signature) MAYOR ' (Porm of coupon) $ __ _ $ __ _ June, On th• lat day of December, 19 ___ , the City of Bnglewood, in the county of Arapahoe and State of Colorado, will pay to the bearer the amount shown hereon in lawful money of the United Stat•• of America, at the First Rational Bank of Bnglewood, in Bnglewooc:l, Colorado, being intereat then due on its local illprovement bcind i••-4 for tbe '*-•~~ ··td ~1oct1'1 '! illpSOY-Dt• ·:tD Paving · ... ·. Diabift a. •20. ·8Dglewooe._~co&orlldo• :psovicJM the Bolad .!t:o:wlitall ~l• ~aoapen is •tt•ebed •ball not.. 1aa .. Ileen ~ od&ea . for :,.ymn~ oc paid attached to Bond dated June 1, 1971, bearing llo. (Facaimile Signature) DIRBC'l'OR OP PIBMK:B Section 4. '1'he proceed• of aaid bond• ahall be applied only to pay the coat• and expen••• of conatructing the improvements in said District and all other co•t• and expen••• incident thereto. In the event that all of the proceed• of ••id bond• are not required to pay auch coets and expenses, any r-ining B110unt •hall be paid into the epecial ••••••ment fund for the purpoee of calling in and paying the principal of and inter••t on eaid bond•. &•ither the purchaaer of aaid bond• nor the aubaequent holder of any of them shall be reaponaible for th• application or diapoaal by the City or any of its officers of the fund• derived from the ••l• thereof. !'he proceed• of the bond• herein authorized ahall be used only for the purpo••• recited abover provided, however, that any portion of the bond proceed• .. Y be te11pe>rarily inveated pending auch uae in aecuritiea or obliga- tion• which are lawful inveatment• for municipaliti•• in the State of Colorado. !'he te11pOrary inveatment of the bond proceed•, or any portion thereof, shall be of auch nature and extent, and for auch period, that the bonds of the City ahall not be or become arbitrage bond• within the meaning of Section 103(d) of the Internal Revenue Code, and pertinent regulations, and auch proceeds, if so inveated, ahall be aubject to the limitation• and reatrictione of said Section 103(d) (4), ••the aame now exiata or may later be amended, and shall further be aubject to any applicable regulation• of the Internal Revenue Service. Section 5. Said bond• and the intereat thereon ahall be paid solely froa apecial ••••••menta to be levied on the real property in ••id District apecially benefited by the conatruction of improvement• therein, and from the Special Surplua and Deficiency Pund of the City. When there ia on hand a aufficient ..,unt to pay •ix month• intereet on outatanding bonds of said Diatrict, th• City ahall call for payment, on the next interest payment date, outatanding bond• in direct numerical order with fund• available therefor. Section 6. After the expiration of the period for cash payments of •••••• .. nta in full, the City ahall, to the extent posaible, pay each year not l••• than l°" of th• total amount of bond• of aaid District outstanding after the payment of the bond• with the proceeds of auch cash payments of assessments in full. Section 7. '1'hat in accordance with Section 108 of the Charter of aaid City, whenever there ia a deficiency in the fund of said Improvement Dis- trict to meet payment of outetanding bond• and interest thereon, such deficiency ahall be paid out of th• apecial aurplua and deficiency fund of aaid City. Whenever th• Diatrict ha• paid and cancelled four-fifths of the bond• iaaued therefor and for any reaaon the remaining ••••••manta are not paid in time to take up the final bond• of the Dietrict and interest due thereon, and there i• not aufficient money in said apecial aurplus and deficiency fund, then the City ahall pay aaid bonds when due and intereat thereon and reimburse itaelf by collecting the unpaid asaessmenta due said District. !I ~. I I I Section e. If it •hall be nec•••ary to advance money to maintain current payment• of intere•t and equal annual payment• of the principal amount of the bond• i••u•d for •aid Di•trict, the city council •hall levy annual tax•• on the taxable property within the city not exceedinq two mills in any one year and •hall apply the proceed• of •uch taxes for said purposes. In lieu of •uch tax levie•, the council may annually transfer to such special fund any available money of the city, but in no event •hall the amount transferred in any one year exceed th• amount which would re•ult from a tax levied in such year a• herein limited. such tax levie• or tran•f•r• of funds shall be made in accordance with and pur•uant to Section 109 of the charter of the city. Section 9. All ordinance•, or. parts thereof in conflict herewith are hereby repealed. 'l'hi• Ordinance, after it• final paeaaqe, shall be recorded in a book kept for that purpo••, •hall be authenticated by the aiqnatures of the Mayor and Director of Pinance, ex-officio City Clerk, and shall be published in a newapaper bavinq general circulation in the City. Section 10. 'l'hat if any one or more part• or provisions of this Ordinance ahould be judicially adjudged invalid or unenforceable, such judqment 8hall not affect or impair the remaininq provisions hereof, the intention beinq that each of the provi•ion• hereof are ••verable. Xntroduced, read in full and pa•••d on first readinq this 10th day of Jlay, 1971. 1971. Publi•hed a• a Bill for an Ordinance this 12th day of May, 1971. Read by title and paaaed on final readinq on the 24th day of May, Publi•hed by title aa Ordinance Ro. 16, Series of 1971 on the 26th day of Jlay, 1971. &ua~ '11A~R - AftBST1 I, Stephen A. Lyon, do hereby certify that the above and foregoinq i• a true, accurate, and complete copy of an Ordinance paaaed..,,.,.-jinal readinq and publi•hed by title •• Ordinance Ro. 16, Seri•• of 1971.