HomeMy WebLinkAbout1961 Ordinance No. 015I
BY AUTHORITY
ORDINANCE NO. 15, SERIES OF 1961
AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF ENGLEWOOD, COLORADO, PAVING DISTRICT
NO. 11 BONDS AND PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON.
WHEREAS, Paving District No. 11, in the City of Englewood, Colorado, has been
d uly created by Ordinance No. 12, Series 1961, of aaid City, finally adopted and
approved on the 17th day of April, 1961: and
WHEREAS, Notice to Contr~ctors to 9ubmit bida for the construction ~o.f. the
i mprovements in said District has been duly publiahed and the contract for such
construction has been duly awarded to Peter Kiewit Sona' Company, of Denver,
Colorado: and
WHEREAS, Notice of the Sale of $300,000.00 of the bonds of said District
has been duly published and such bonds have been awarded to Boettcher & Co., &
Associates, of Denver, Colorado; and
WHEREAS, it is now necessary to provide for the iaauance of said bonds and
the form and payment thereof;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO:
Sect i on 1. By v i rtue and in pursuance of the lawa of th.State of Colprado,
th• Cha rter iat\d Ordinance No . 8 , S.ar .I •• l'>5C), o f aa !d City, bo'nda o f Pav i ng
Di s t r i c t No. 11 i n sa id Ci ty shall be issued for the purpose of paying for local
impcovements constructed in said Paving District. Said bonds shall be dated as
of July 1, 1961, and shall consist of 250 bonds in the denomination of $1,000
each, numbered 1 to 250, inclusive. Said bonds shall be payable to bearer and
shall be absolutely due and payable on July 1, 19;2, subject to call and prior
payment at par and accrued interest at any time after the date thereof upon thirty
dlys' notice published in the Englewood Herald and Enterprise.
Said bonds shall be subscribed by the Mayor, attested and countersigned by
the City Clerk and Treasurer, under the seal of the City, and shall be payable
out of monies collected from assessments to be levied for theimprovements con•
structed in said District and from funds hereinafter mentioned. Should any
officer whose signature or facsimile signature appears on said bonds or the
coupons thereto attached cease to be such officer before delivery of the bonds
to the purchaser, such s i gnature or facsimile signature shall nevertheless be
valid and sufficient for all purposes.
Said bonds shall bear interest payable semi-annually on the 1st day of
January and the 1st day of July each year as evidenced by two sets of coupons
to be attached to said bonds, such coupons to be siqned with the facsimile siqna•
ture of the City Clerk and Treasurer. Said interest coupons shall be desiqnated
"A" and "B", respect i vely. Coupons shall be attached to bonds numbered in the
followinq schedule showi ng interest rates and the number of "B" coupons to be
attached to each of said bonds, to-wit:
Bond Nos. Amount
1-75 75,000
76-125 50,000
126-163 38,000
164-188 25,000
189-213 25 ,000
214-238 25,000
239-250 12,000
126-250 125 ,000
"A" Coupons
From Date
To Maturity
2 3/4
3
3 1/4
3 3/8
3 1/2
3 5/8
3 5/8
"B" Coupons
From Date
To 7/1/62
2 , 1/4 D
Section 2 . Sa i d bonds and the coupons to be attached thereto shall be in
substantially the followinq form, to-wit:
STATE OF COLORADO
No •. ____ _
UNITED STATES OF AMERICA
CITY OF ENGLEWOOD
PAVING DISTRICT NO. 11
BOND
COUNTY OF ARAPAHOE
$1,000
The City of Englewood, in the County of Arapahoe and State of Colorado,
for value rece i ved, acknowledqes itself indebted and hereby promises to pay to
the bearer bereof t he pr i ncipal sum of
ONE THOUSAND DOLLARS
in lawful money of the United States of America, on the lat day of July, 1972,
subject to call and payment, however, at any time prior thereto, with interest
thereon from date until payment accordinq to the coupons attached hereto, pay-
able semi-annually on the 1st day of January and the lat day of July each year,
principal and interest beinq payable at the office of the City Treasurer, in
Enqlewood, Colorado, on presentation and surrender of the attached coupons and
this Bond as they severally become due or are called for payment.
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This Bond is issued for the purpose of paying the costs of street and
avenue improvements in Paving District No. 11, in the City of Englewood,
Colorado, by virtue of and in full conformity with the laws of the State of
Colorado, the Charter of said City and an ordinance of said City duly adopted,
approve, published and made a law of s•id City prior to the issuance hereof.
This Bond is payable out of the proceeds of apecial aaaeasments to be
levied upon real estate situate in the City of Engl.wood, Colorado, in Paving
District No. 11, specially benefited by said improvements, which assessments
so to be levied, with accrued interest, will be lien• on said real estate
in the respective amounts to be apportioned thereto and aaaesaed by an ordi-
nance of said City.
The Charter of said City provides: "Whenever a public improvement
district has paid and cancelled four-fifths of its bond• outatanding, and for
any reason the remaining assessments are not paid in time to take up the final
bonds of the district and interest due thereon, and there i• not safficient
money in said special surplus and deficiency fund, then the .City •hall pay
said bonds when due and interest due thereon and reimburae itaelf by collect-
ing the unpaid assessments due said district."
It is hereby certified and recited that the total issue of bonds o f said
City for said District, including this Bond, does not exceed the amount
authorized by law: that every requirement of law relating to the creation
of said Paving District No. 11, the making of said local improvements and
the issuance of this Bond has been fully complied with by the proper officers
of said City, and that all conditions required to exist, and things required
to be done precedent to and in the issuance of this Bond to render the same
lawful and valid, have happened, been property done and performed, and did
exist in regular and due time, form and manner, as required by law.
For the payment of this Bond and the interest thereon, the City pledges
all of its lawful corporate powers •.
IN TESTIMONY WHl::JUroF, the City ot Englewood ha• cauaed thia Bond to be
subscribed by its Mayor, attested and countersigned by its City Clerk and
Treasurer under the seal of the City, and the interest coupons hereto attached
to be signed with the facsimile signature of the City Clerk and Treasurer, as
of the lat day of July, 1961.
( S E A L)
ATTESTED AND COUNTERSIGNED:
City Clerk and Treasurer
NO. A ___ _
NO. B-._ __
MAYOR
(Form of Coupon)
$ __
$ __
On the 1st day of J!{l~~Y·19~' the City of En9lewood, in the County
of Arapahoe and State of Colorado, will pay to the bearer
-----------~DO.LLARS
-----------~DOLLARS
in lawful money of the United States of America, at the office of the City
Treasurer, in Englewood, Colorado, being interest then due on its local im-
provement bond issued for the construction of local improvements in Paving
District No. 11, Englewood, Colorado, provided the Bond to which this coupon
is attached shall not have been theretofore called for payment or paid.
Attached to Bond dated July 1, 1961, bearing
No •. ___ _
(Facsimile Signature)
City Clerk and Treasurer
Section 3. The proceeds of said bonds shall be applied only to pay the
costs and expenses of constructing the improvements in said District and all
other costs and expenses incident thereto. In the event that all of the
proceeds of said bonds are not required to pay such costs and expenses, any
remaining amount shall be p'id into the special assessment fund for the pur-
pose of paying the principal of and interest on said bonds.
Section 4. Said bonds and the interest thereon shall be paid from
special assessments to be levied on the real property in said District, from
he Surplus and Deficiency Fund of said City and from any other available
funds of the City. When there is on hand a sufficient amount to pay six
months' interest on outstanding bonds of said District, the City shall call
for payment of outstanding bonds in numerical order with funds available
therefor.
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Section 5. After the expiration of the period §or cash payments of
assessments in full, the City shall pay each year not less than 10% of the
total amount of bonds of said District outstanding after the payment of bonds
with the proceeds of such cash payments of assessments in full.
Section 6. That in accordance with Section 108 of theCharter of said
City, whenever there is a deficiency in the fund of said Improvement District
to meet payment of outstanding bonds and interest thereon, such deficiency
shall be paid out of the special Surplus and Defir.iency Fund of said City.
Whenever said District has paid and cancelled four-fifths of the bonds issued
therefor and for any reason the remaining assessments are not paid in time
to take up the final bonds of the District and interest due thereon, and
there is not sufficient money in said Surplus and Deficiency Fund, then the
City shall pay said bonds when due and interest due thereon and reimburse
itself by collecting the unpaid assessments due said District.
Section 7. If it shall be necessary to advance money to maintain cur-
rent payments of interest and equal annual payments of the principal amount
of the bonds issued for said District, the City Council shall levy annual
taxes on the taxable property within the City not exceeding two mills in any
one year and shall apply the proceeds of such taxes for said purpose. In
lieu of such tax levies, the Council may annually transfer to such special
fund any available money of theCity, but in no event shall the amount trans-
ferred in any one year exceed the amount which would result from a tax
levied in such year as herein limited. Such tax levies or transfers of funds
may be made in accordance with and pursuant to Section 109 of the Charter
of said City.
Section 8. Should any part or provision of the Charter of the City of
Englewood, Colorado, or this Ordinance, or any part or provision of an or•
dinance or the charter of any other City in the State of Colorado having
substantially similar terms and provisions as those contained in the Englewood
Charter or this Ordinance, ever be judicially dtermined to be invalid or
unenforceable, such determination shall not affect the remaining parts and
provisions of the Englewood Charter or this Ordinance, the intention being
that each part and provision of the Charter and this Ordinance is severable.
All ordinances or parts thereof in conflict with this Ordinance are
hereby repealed.
Section 9. Thia Ordinance, after its final passage, shall be recorded
in a book kept for that purpose: shall be authenticated by the signatures
of. the Mayor and City Clerk: shall be published as provided in the Charter
of th• City1 and after becoming effective, shall be irrepealable until the
bonds of said District shall be paid in full.
Section 10. A public Hearing on this Ordinance will be held in the
Council RoOll o t the City Hall on Monday, the 5th day of June, 1961, at the
hour of 8100 "''cloclt P. M.
Section 11. 'fhi• Ordinance shall take effect thirty days after pub-
lication following fin al paaaage.
IHTRODUCID AllD RBAD Thia 15th day of May, 1961.
CW~£.~
ATTEST:
r rMayor -----(:/'
City Clerk
FINALLY ADOPTED AND APPROVED Thia 5th day of June, 1961.
~~.~
ATTEST:
rayor -----~ -o
City Clerk
I, B. o. Beausang, City Clerk-Treasurer, City of Engl.wood, County of
Arapahoe, State of Colorado, do hereby certify that the above and foregoing
ordinance was introduced, read, passed and ordered published as a bill in the
Englewood Herald and Enterprise at a regular meeting of the City Council held
on the 15th day of May, A.D. 1961, and that at least 7 days after above publi-
cation as a bill the above ordinance waa approved, adopted and ordered published
in said legal newspaper by the Council at a regular meeting held on the 5th day
of June, A.O. 1961, as Ordinance No. 15, Series of 1961, of said City.
ATTEST:
City Clerk-Treasurer
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