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HomeMy WebLinkAbout1964 Ordinance No. 008- BY AU'l'llORift ORDIRANCE lfO. 8, SERIES OP 1964 Ml ORDillAllCB AUTHORIZING TBS ISSUAllCB OP CITY OP DIGLBWOOD, COLORADO, PAVING DISTRICT BO. 14 BOROS ARD PROVIDIBG POR '1'RB PA'YMBll'l' OP SAID BONDS AND THE IN'l'BRBST 'lllBRBOB. WBBRBAS, Paving Diatrict No. 14, in the City of Bnglawood, Colorado, has been duly created by Ordinance No. 4, Serie• 1964, of aaid City, finally adopted and approved on the 16th day of March, 1964: and WBBRBAS, Notice to Contractor• to aubmit bid• for the conatruction of the illprov .. enta in aaid Diatrict ha• been duly publiahed and the contract for such conatruction baa been duly awarded to Peter Kiewit SOna' Company, of Denver: and 1111BRBAS, Notice of the Sale of approximately $300,000 of the bonds of said Diatrict baa been ~ published and $250.000 of auch bond• have been awarded to J. K. Mullen Invea~pany. et al, of Denver1 and WBBRBAS, it ia now neceaaary to provide for the issuance of said bonds and th• form and payment thereof: 88 IT OltmINBD BY TBB CITY COUNCIL OF THE CITY OP BNGLBWOOD, COLORADO: Section 1. By virtue of and in purauance of the laws of the State of COlorado, the Charter and Ordinance No. 8, Series 1959, of Laid City. bonds of Paving Diatrict lfo. 14 in aaid City ahall be iaaued for the purpose of paying for local improvement• constructed in said Paving District. Said bonds shall be dated aa of June l. 1964. and ahall consist of 250 bonds in the denomination of $1,000 each, number • to 250, incluaive. Said bonds shall be payable to bearer and aball be ab80lutely due and payable on June 1. 19'5, subject to call and prior payment in direct numerical order at par and accrued interest at any time after the date thereof upon thirty daya' notice published in the Englewood Herald and Bnterpri••· &aid bonda ahall be aigned with the facsimile signature of the Mayor, attes- ted and count•r•igned by the .. nual signature of the City Clerk and Treasurer, and ... led with a facaimile of the seal of said City, and shall be payable out of 110niea collected from aaaeaamenta to be levied for the improvements constructed in aaid Diatrict and from fund• hereinafter mentioned. Should any officer whose aignature or facsimile aignature appear• on said bonds or the coupons thereto attached ceaae to be auch officer before delivery of the bonds to the purchaser, auch aignature or facaimile signature shall nevertheless be valid and auf f icient for all purpo•••· &aid bonda ahall bear interest payable aemi-annually on the lat day of June and th• lat day of Decellber each year •• evidenced by two sets of coupons to be attached to aaid bonda, such coupons to be signed with the facsimile signature of the City Clerk and Treasurer. Said interest coupons shall be designated •A" and •a•, reapectively. Coupons shall be attached to bonds numbered in the follow- ing ahcedul• ahowing interest rates and the number of "B" coupons to be attached to each of said bond•: ' .· ·.~. "A" Coupons Prom Date "B" Coupons Bond Boa. Amount To Matyrity Prom To 1 -75 $ 75,000 2 5/8" 7/1/64 12/1/64 $10.00 76 -115 40,000 2 7/~ 12/1/64 6/1/64 $ 2.00 116 -150 35,000 3 " 151 -180 30,000 3 1/8% 181 -205 25.000 3 1/8" 206 -230 25.000 3 1/4% 231 -250 20,000 3 1/4" Section 2. Said bonds and the coupon• to be attached thereto shall be in aubatantially the following form: STATS OP COLORADO Bo··------- UNITED STATES OF MERICA CITr OP ENGLEWOOD PAVING DISTRICT NO. 14 BOND COOll'l'Y OF ARAPAHOE $1,000 'ftle City of Englewood, in the county of Arapahoe and State of Colorado, for value received. acknowledges itself indebted and hereby promises to pay to the bearer hereof the principal sum of ONS 'ftfOUSAND OOLLARS .I I .I in lawful money of the United states of America, on the lat day of June, 1975, 8Ubject to call and payment, however, at any time prior thereto, with interest thereon •• evidenced by intereat coupon• deaignated •A" at the rate of per centum ( ~) per annum from date until payment, _pa __ y_ab...,1-.--... ---1--.-nn--u_a_l~ly on the lat day of June and the lat day of December each year, and additional intereat •• evidenced by intereat coupon• deaignated •a" for th• period of July 1, 1964, to June 1, 1965, incluaive, payable on December 1, 1964, in the amount of $10.00 and on June 1. 1965, in the amount of $2.00, all auch principal and intereat being payable at the Pirat Rational Bank of Englewood, in Sngl8WOOd, Colorado, on preaeaution and aurrender of the attached coupons and thia Bond •• they aeverally become due or are called for payment. !'bi• Bond i• iaaued for the purpoaa of paying the coats of atreet, avenue, and alley iaprov ... nt• in Paving Diatrict &o. 14, in the City of Englewood, Colorado, by virtue of and in full conformity with the laws of the State of COiorado, the Charter of aaid City and an ordinance of aaid city duly adopted, approved, publiahed and made a law of aaid City prior to the iaauance hereof. fti• Bond i• payable out of the proceed• of apecial aaaeaamenta to be levied upon real ••tat• aituate in the City of Englewood, Colorado, in Paving Diatrict llo. 14, apecially benefited by aaid improvementa,,,which ••••••manta so to be levied, with accrued intereat, will be lien• on aaid real eatate in the respective amounts to be apportioned thereto and aaaeaaed by an ordinance of said City, and, if neceaaary, from the Surplu• and Deficiency Pund heretofore created purauant to th• Chart•••., aid Ci ty. !'be Charter of aaid city provides: •Whenever a public improvement district haa paid and cancelled four-fifth• of it• bond• outatanding, and for any reaaon the r ... ining ••••• ... nt• are not paid in time to take up the final bond• of the diatrict and inter••t due thereon, and there i• not aufficient money in said apecial aurplu• and deficiency fund, then the City ahall pay aaid bond• when due and in- terHt due thereon and reimburae itaelf by collecting the unpaid aaaeasmenta due aaid diatrict. • It i• hereby certified and recited that the total i••ue of bonds of aaid City for aaid Di•trict, including thi• Bond, doe• not exceed the amount authorized by law: that every requirement of law relating to the creation of said Paving Diatrict Ro. 14, the ~ing of aaid local improvement• and the issuance of this Bond ha• been fully complied with by the proper officer• of aaid city, and that all condition• required to exiat, and thing• required to be done precedent to and in th• iaauance of thia Bond to render the aame lawful and valid, have happened, been properly done and performed, and did exiat in reqular and due time, form and manner, •• required by law. Por the payment of thi• Bond and the intereat thereon, the City pledges all of ita lawful corporate power•. Df TBSTIMOllY WBBRBOP, the City of Englewood ha• caused this Bond to be signed with the facaimile aignature of it• Mayor, atteated and counteraigned by the manual aignature of the City Clerk and Treaaurer, aealed with a facsimile of the corporate aeal of aaid City, and the intereat coupon• hereto attached to be signed with the facaimil• aignature of the City Clark and Treaaurer, aa of the lat day of June, 1964. (PACSDULB) ( 8 B A L ) ATJ'BSTBD AID> ODUHl'BRSIGRBD: (Do not •-1cmJ City Cler1f an(! Treaaurer Ro. A __ _ llo. ·--- (Pacaimile Sign•tur•) Mayor (Porm of Coupon) $ ___ _ $ ___ _ On the lat day of o.~=.r• 19 , the city of Englewood, in the County of Arapahoe and State of ColoraCJo, wilTPay to the bearer DOLLARS DOLLARS --~--~------~--~----~- in lawful ..,ney of the United State• of America, at the Pirat Rational Bank of Bnglewood, in 8ngl.wood, Colorado, being intereat then due on its local improve- .. nt bond iaaued for th• conatruction of local improvement• in Paving District llo. 14, Bnglewood, COlorado, provided the Bond to which this coupon i• attached ahall not have been theretofore called for payment or paid. Attached to Bond dated June 1, 1964, bearing llo ·----------(Facaimila Signature) City Clerk and Treasurer ·:~ section J. The proceeds of said bonds shall be applied only to pay the costs and expell8ea of constructing the improvement• in said District and all other coats and expenses incident thereto. In the event that all of the proceeds of .. 1d bonds are not required to pay such coats and expenses, any remaining amount aball be paid into the special aaaeaament fund for the purpose of calling in and paying the principal of and interest on said bonds. section 4. Said bond"6nd the interest thereon shall be paid from special ••••• .. enta to be levied on the real property in said District from the Surplus and Deficiency Pund of said City and from any other available funds of the City •. When there ia on band a sufficient amount to pay six months' interest on out-·· atanding bonds of said District, the City shall call for payment of outstanding bond• in numerical order with funds available therefor. section 5. After the expiration of the period for cash payments or assess- lleftta in full, the City shall pay each year not l••• than 107' of the total amount of bonds of said District outstanding after the payment of bonds with the proceeds of auch cash payments of aaaeaamenta in full. Section 6. '!'hat in accordance with Section 108 of the Charter of said City, ~ever there ia a deficiency in the fund of said Improvement District to meet payllellt of outatanding bonds and intereat thereon, auch deficiency shall be paid out of the special Surplus and Deficiency Fund of said City. Whenever said District baa paid and cancelled four-fifth• of the bonds issued therefor and for any reason the r ... ining aaaeaamenta are not paid in time to take up the final bonds of the Diatrict and intereat due thereon, and there ia not sufficient money in said Sur- plua and Deficiency Pund, then the City shall pay ••id bonds when due and interest due thereon and r•illbur•• itself by collecting the unpaid aasesaments due said Diatrict. section 7. If it shall be neceaaary to advance money to maintain current payment• of interest and equal annual payments of the principal amount of the bonds laaued for said Diatrict, the City council shall levy annual taxes on the taxable property within th• City not exceeding two mill• in any one year and shall apply the proceed• of aucb tax•• for said purpose. In lieu of such tax levies, the council .. y annually transfer to such special fund any available money of the City, but in no event shall th• amount transferred in any one year exceed the -.ount which would reault from a tax levied in such year aa herein limited. Such tax levies or transfer• of funds may be made in accordance with and pursuant to Section 109 of th• Charter of aaid City. section e. Should any part or provision of the Charter of the City of Bngl...ood, COlorado, or this Ordinance, or any part or provision of an ordinance or th• charter of any other City in the State of COlorado having substantially aimilar terms and provisions aa those contained in the Bngl8'110od Charter or this Ordinance, ever be judicially determined to be invalid or unenforceable, such deteraination shall not affect the remaining parts and proviaions of the Englewood Charter or this Or dinance, the intention being that each part and provision of I the Charter and this Or dinance ia aeverable. All ordinances or part• thereof in conflict with thi• Ordinance are hereby repealed. Section 9. 'l'hia Ordinance, after it• fainal paaaa9•, shall be recorded in a book kept for that purpoae: shall be authenticated by the signatures of the Mayor and City Clerkr ahall be published as provided in the Charter of the City: and after becoming effective, shall be irrepealable until the bonds· of said District shall be paid in full. Section 10. A public Hearing on thia Ordinance will be held in the Council ltOOl8 of the City Ball on Monday, the 18th day of May, 1964, at the hour of 8:00 P.M., and Rotice of auch Hearing i• hereby authorized to be given by publication once in the Bnglewood Herald and Enterprise in its iaaue of May 8, 1964. section 11. Thi• Ordinance shall take effect thirty days after publication followin9 final passage. DiRODUCBD ARD RBAD Thi• 4th day of May, 1964 PIQJ.t.y ADOPrBD AllD APPROVBD Thi• 18th day of May, 1964. Mayor Aft88T1 I, B. o. Beauaang, C~Clerk-Treaaurer, City of Englewood, County of Arapahoe, 11 State of COlorado, do he~y certify that the above and foregoing ordinance waa ~ introduced, read, passed and ordered published aa a bill in the Bngl8'1100d Herald and \ Snterpri•• at a regular meeting of the City council, held on the 4th day of May, A.D. :_ 1964. at th• same meeting a public hearing on the above ordinance was set to be held prior to the final consideration of the same and notice published of said hearing, ... that at least 7 days after above publication aa a bill the hearing was held and the above ordinance waa approved, adopted, and ordered published in said legal news- paper by the City council at a regular meeting held on the 18th day of May, A.D. 1964, •• Ordinance llo. 8, Seri•• of 1964, of said City.