HomeMy WebLinkAbout1960 Ordinance No. 004Introduced as a Bill by Councilman Brownewell
BY AUTHORITY
ORDINANCE NO. 4, SERIES OF 1960
FOR AN ORDINANCE TO CONTRACT AN INDE8TEDNBSS ON BEHALF OF THE CITY OF
ENGLEWOOD, COLORADO, AND UPON THE CREDIT THEREOF BY ISSUING BONDS OF
SAID CITY IN THE PRINCIPAL SUM OF $1,000,000 FOR THE IMPROVEMENT AND
EXTENSION OF ITS WATERWORKS SYSTEM, PRESCRIBING THE FORM OF SAID BONDS,
AND PROVIDING FOR THE LEVY OF TAXES TO PAY THE BONDS AND THE INTEREST
THEREON.
WHEREAS, the City of Englewood, Arapahoe County, Colorado, now owns,
operates and maintains a system of waterworks for the purpose of supplying
said City and its inhabitants with water for fire and domestic purposes;
and
WHEREAS, it is necessary to extend and improve said waterworks system
in order to supply the said City and the inhabitants thereof with a proper
and adequate supply of water; and
WHEREAS, there are not sufficient funds in the treasury of said ·City
to provide for the necessary extensions and improvements to said water-
orks system, and the City Council deems it advisable and necessary to
issue negotiable bonds of said City in the amount of $1,000,000 for that
purpose; and
HEREAS, said amount of bonds, after public notice of sale, has been
awarded to California Bank of Los Angeles, California, et. al, the high-
est bidders, for cash at not less than par and accrued interest;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO:
Section l. That for the purpose of providing funds for the exten-
sion and improvement of the Englewood waterworks system, the City shall
issue negotiable coupon bonds in the principal sum of $1,000,000, each
to be designated "General Obligation Water Extension Bond", dated as of
March l, 1960, payable in lawful money of the United States of America,
consisting of 1000 bonds in the denomination of $1,000 each, numbered
l to 1000, inclusive, bearing interest payable ••mi-annually on the lst
day of March and the lst day of September each year, as evidenced by
interest coupons attached to said bonds, and maturing on March l, as
follows:
Amount Maturity Interest Rate
$40,000 1962 5.0
20,000 1963 5.0
20,000 1964 5.0
25,000 1965 5.0
35 ,000 1966 5.0
45,000 1967 5.0
55,000 1968 4.25
60,000 1969 3.75
65,000 1970 3.75
70,000 1971 3.75
75 ,000 1972 3.90
90,000 1973 3.90
90,000 1974 3.90
100,000 1975 3.90
100,000 1976 1.00
110,000 1977 4.00
Bonds maturing on or before March 1, 1970, shall be redeemable at
the option of the City six months prior to their respective maturity
dates at par, accrued interest plus a premium of six months' interest
at the rate specified in tne coupons attached to the bond or bonds being
called for redemption. Bonds maturing in the years 1971 and thereafter
shall be redeemable at the option of the City on March l, 1970, and on
interest payment dates thereafter in the inverse order of their numbers,
at par and accrued interest.
Said bonds and the coupons thereto attached shall be payable at the
office of th~~ity Treasurer, in Englewood, Colorado, shall be signed
by the MayoJt'qfaid City, attested and countersigned by the City Clerk
and Treasurer , under the official seal of said City, and shall be re-
corded in a book to be kept by said City Clerk for that purpose. All
coupons shall bear the facsimile signature of the Treasurer of said
City. 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 signature shall
nevertheless be valid and sufficient for all purposes.
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If the City shall elect to redeem any part or all of said bonds,
prior to maturity, notice thereof shall be given by publishing a
notice in a newspaper of general circulation in the City, and in a
newspaper of general circulation in Denver, Colorado. Such publica-
tions shall occur not less than thirty (30) days nor more than forty
(40) days prior to the time fixed for the redemption and payment of
such bonds. Copies of all such published notices shall be mailed by
the Treasurer of the City to the original purchaser of said bonds.
Section 2. That the said bonds and the coupons attached thereto
shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF COLORADO COUNTY OF ARAPAHOE
CITY OF ENGLEWOOD
GENERAL OBLIGATION WATER EXTENSION BOND
No. $1,000
The City of Englewood, in the County of Arapahoe and State of
Colorado, acknowledges itself indebted and hereby promises to pay to
the bearer hereof the sum of
ONE THOUSAND DOLLARS
on the lst day of March, 19 , with interest thereon at the rate of
per centum ( ') per annum, payable
s--e-m~i---a-n_n_u_a __ l~l-y __ o_n__,t~h-e--l~s_,...t--,.'day of March and the 1st day of September each
year, both principal and interest being payable in lawful money of the
United States of America, at the office of the City Treasurer, in
Englewood, Colorado, upon presentation and surrender of said coupons
and this Bond as they severally become due.
Bonds of this issue maturing on or before March 1, 1970, are re-
deemable at the option of the Ci ty six months prior to their respective
maturity dates at par, accrued interest, plus a premium of six months'
interest at the rate specified in the coupons attached to the bond or
bonds being called for redemption. Bonds of this issue maturing in
the years 1971 and thereafter are redeemable at the option of the City
on March 1, 1970, and on interest payment dates therea·fter in the in-
verse order of their numbers, at par and accrued interest.
This Bond is issued by the City Council of Englewood, Colorado,
for the purpose of supplying the City and its inhabitants with water
by extending and improving its waterworks system under the authority
of and in full conformity with the Constitution of the State of
Colorado, the provisions of Chapter 139, Article 32, Colorado Revised
Statutes 1953, the Charter of said City, and pursuant to an Ordinance
duly adopted, published and made a law of said City prior to the
issuance of this Bond.
It is hereby certified and recited that all the requirements of
law have been duly complied with by the proper officers of said City
in the issuance of this Bond; that the total debt of the City, includ-
ing that of this Bond, does not exceed any limit of indebtedness pre-
scribed by the Constitution or laws of the State of Colorado, and that
provision has been made for the levy and collection of an annual tax
on all the taxable property in said City sufficient to pay the interest
on and principal of this Bond when the same become due.
The full faith and creaiL Oi ~h~ ~ity of Englewood, Colorado, are
hereby pledged for the punctual payment of the principal of and interest
on this Bond.
IN TESTIMONY WHEREOF, the City Council of the City of Englewood,
Colorado, has caused this Bond to be signed by the Mayor of said City,
attested and countersigned by the City Clerk and Treasurer, sealed
ith the seal of the City, and the coupons hereto attached to be
signed with the facsimile signature of the City Treasurer, as of the
lst day of March, 1960. 0 ~ n
( S E A L )
ATTESTED~IGNED:
/~,;..-J~.~
-Mi §'o"r""" ~ ,.,.
;""·_,. ...
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(Form of Coupon)
No. $ ___ _
March On the 1st day of September, 19 , unless the bond to which
this coupon is attached has been called for prior redemption, the City
of Englewood , in the County of Arapahoe and State of Colorado, will pay
to bearer
DOLLARS
in lawful money of the United States of America, at the office of the
City Treasurer , in Englewood, Colorado, being six months' interest on
its General Obligation Water Extension Bond, dated March 1, 1960,
bearing
No.
(Facsimile Signature)
City-Treasurer
Section 3. When said bonds have been duly executed, the City
Treasurer is hereby directed to deliver said bonds to the purchasers
thereof on receipt of the agreed purchase price therefor. The proceeds
of said bonds shall be used for the purpose of extending and improving
the waterworks system of said C 1 ty, and for no other purpose whatever .
but neither purchasers of said bonds nor the aab&e.uent holder of any
of them shall be responsible for the application or disposal by the City,
or any of its officers, of any of the funds derived from the sale thereof.
Section 4. The interest to become due on said bonds on September
1, 1960, and , if necessary, on March l, 1961, shall be advanced from the
water or other available fund of said City. For the purpose of reimbursing
aaid fund and of meeting the interest accruing on said bonds promptly
and as the same thereafter becomes due, and for the purpose of providing
for the ultimate payment and redemption of said bonds, there shall be
levied on all the taxable property in said City, in addition to all
other taxes, direct annual taxes in each of the years 1960 to 1976,
inclusive, sufficient to make such reimbursement and pay the interest
on and principal of said bonds as the same become due and payable,
respectively.
Said taxes , when collected, shall be deposited in a special fund
to be known as "City of Englewood Water Extension Bond Fund , 1960",
and such Fund shall be applied solely to the purpose of the payment of
the interest on and principal of said bonds, and for no other purpose
whatever until the indebtedness so contracted under this Ordinance,
both principal and interest, shall have been fully paid, satisfied
and discharged , but nothing herein contained shall be so construed as
to prevent the City from applying any other funds or revenues that may
be in the C i ty Treasury and available for that purpose to the payment
of said interest or principal, as the same respectively mature, and
upon any such payments, the levy or levies herein provided may there-
upon to that extent be diminished. The sums herein provided to meet
the interest on said bonds and to discharge the principal thereof when
due , are hereby appropriated for that purpose, and said amounts for
each year shall also be included in the annual budget and the appro-
priation bills to be adopted and passed by the City Council of said
City in each year, respect~vely.
Section 5. It shall be the duty of the City Council of said City,
annually, at the time and in the manner provided by law for levying
o~ner ~i~y ~axes, if such action shall be necessary to effectuate the
provisions of this Ordinance, to ratify and carry out the provisions
hereof with reference to the levying and collection of taxes; and
said City shall levy, certify and collect such taxes in the manner
provided by law for the purpose of creating a fund for the payment of
the principal of said bonds and interest thereon, and such taxes, when
collected, shall be kept for and applied only to the payment of the
interest on and principal of said bonds, as hereinabove specified.
Section 6. All ordinances or parts thereof, in confilct with this
Ordinance, are hereby repealed.
Section 7. After said bonds are issued, this Ordinance shall be
and remain irrepealable until said bonds and the interest thereon shall
have been fully paid, satisfied and discharged.
Section 8. This Ordinance, immediately on its passage, shall be
recorded in the Book of Ordinance kept for that purpose, authenticated
by the signatures of the Mayor and Clerk, and shall be published as re-
quired by law.
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Section 9. This Ordinance shall take effect thirty days after
publication following final passage.
INTRODUCED As a Bill this 1st day of February, 1960.
( S E A L ) ·~r~,.£ /.°' or ~ ~ ATTEST:
, ,·
FINALLY ADOPTED
erk ·--!::-/ ___ _
AND ~OVED this 15th day of February, 1960.
( S E A L )
.,,,,.-
ATTEST: ----:> -~
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' 'Ci 'If Clerk' 7
I, B. O. Beausang, City Clerk-Treasurer, City of Englewood, 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 lst day of February, A.D. 1960, and that at least 7 days after
above publication as a bill, the above ordinance was approved, adopted and
ordered published in said legal newspaper by the City Council at a regular
mee,ing held on the 15th day of February, A.D. 1960, as Ordinance No. 4,
Series of 1960, of said City.
ATTEST:
----==") ---~
SEAL
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