HomeMy WebLinkAbout1960 Ordinance No. 020Introduced as a bill by Councilman Brownewell
BY AU'IHOR ITY
ORDI NAN CE NO. 20, SE RIE S OF 1960
AN ORDINANCE /\U 'IHORI ZING TH E I SSUANCE OF CITY OF ENGLEWOOD, COLORADO,
PAVIN G DISTRICT NO . 10 BOND S AND PROVIDING FO R THE PAYMENT OF SAID BONDS
AND THE INTEREST THEREON .
•ffiEREA S , Pavinq Di str ic t No. 1 r·, i n the City of Englewood, Colorado,
has been du]y created by Or dinanc e 'J o. 15, Se ries 1960, of said City,
fi na llv adooted nnd approved o n th~ 18 th day of July, 1960; and
WHE REAS , Notice to Contractors to submit bids for the construction
of the improvements in said District has been duly published and the
contract for such construction has been duly awarded to Peter Kiewit Sons'
Company, of Denver; and
EREAC , Noti ce of the Sa le of $2 3 0 ,000 .00 of t he bonds of said
Dist1ict has been duly published and such bonds .bave _~een '.awarded to
Hanifer , Imhoff and Sam f ord, Inc. et al , of Denver; and
WHF.REAS , it is now necessary to provide for the issuance of said
bonds and the form and payme nt thereof;
BE IT ORDAINED BY THE CITY COUNCIL OF TH E CITY OF ENGLEWOOD, COLORADO;
Sec t ion 1 . By v irtue o f and in pursuance of the laws of the State
of Colorado, the Charter and Ordinance No. 8, Series 1959, of said City,
bonds of Pavina District No . 10 jn said City shall be issued for the pur-
ose of payinq for local i mprovements constructed in said Paving District.
Said bonds shall be dated as of September 1 , 1960, and sha l l consist of
230 bonds in the denomination of $1 ,000 e ach, numbered 1 to 230, inclusive.
c a id bonds shall be payable to be arer and shall be absolutely due and
payabl e on Se ptember l , 19 71, subject to call and prior payment at par and
accrued interest at any time af ter the date thereof upon thirty days'
notice published in the Enqlewo od Hera ld and Enterprise.
Said bonds shall be subscribed by the Mayor, attested and countersigned
by the City Clerk and Trea s u rer, under the seal of the City, and shall be
payable out of monie s collected from assessments to be levied for the
icprovements constructed i n said Di str i ct and from funds hereinafter men-
tioned . Should any o ffi cer whose si g nature or facsimile signature appears
on said bonds or the coupons thereto attached cease to be such officer
before delivery of the bonds t o the purchaser, such signature shall
nevertheless be valid a nd sufficient for all purposes.
Sa id bonds shall bear i nt erest payable semi-annuall y on the 1st da y
of March and the 1st day o f Se ptember ea ch year as evidenced by two sets
of coupons to be at tach ed to s a i d bonds, such coupons to be signed with
the f acs imile sionature of the City CJ erk and Treasurer. Sai d interest
roupons shall be desiqnat e d "A" a nd "B", respectively. Coupons shall be
att ach ed to bond s numbered i n the fo]lowing schedule showing interest rates
and the number of "B" col1po ns to be a ttached to each of sa i d bonds, to-wit:
Bonds Nos .
J -b9
70 -lL,
1 16 -lSl
1 57 -20C
201 -23C
mou nt
69,000
4 6 ,0CO
41,00
44 ,000
30,000
"A" Coupons
From Date
To Maturity .
:H
:3 ~ ,.
:3 'J/4
4
4 ~
"B" Coupons
From Date
l 3/4 to 9-1-61
entire issue
Se ct ion 2. Said bonds and the coupons to be attached thereto shall be
in substantia lly the followi nq f orm, to-wit:
STATE OF COLORADO
No ------
UNITED STATES OF AMER ICA
CITY OF ENGLEWOOD
PAVING DISTRICT NO. 10
BOND
COUNTY OF A RAPAH~
$1,000
The City of Enalewood, in the County of Arapahoe, and S tate of
Colorado , for va lue rec ei ved, acknowledge s itself indebted and hereby
promises to pay to the bearer h e r e o f th e principal sum of
ONE THOU SAN D DOLL ARS
29 F~
in lawful mone y of t he Un ited S tat e s of America, on the 1st day of Sept ember,
1 971 , subject to call and p a ym e nt, however, at any time prior thereto,
with i n tere s t there on fr om date unt i l payment according to the coupons
attached here to, payable s emi -annu ally on the 1st day of March and the
1 st day of Se pt e mber each year , p ri nc jpal and interest beinq payable at
the o ffi c e o f the City Trea surer, i n Enq lewood, Colorado, on presentation
and s u rr e n der o f the a tt a ch e d coupons and this Bo n d as they severally
become due or ar e called for . payment.
This Bond i s i ssued fo r t h e purpos e of payinq the costs of street
~nd al l ey improvemen ts in Pav i n q Di str i ct No. 10 i n the City of Enqlewood,
Colorado , b y virtue of a nd i n f u l l confirmit y with the laws of the State
of Colorado , the Charter o f said Ci t y and an ordinance of said city duly
adopted , appr oved, pub li shed and made a law o f said City prior to the
is s uance here o f .
Thi s Bond is pa y a ble ou t o f the proceeds of special assessments to
be l e vied u pon real esta te s i tuate i n the City of Englewood, Colorado,
in Pav inq District No . 10 , spec i al ly benefited by said improvements,
which a ss e ss m~nts s o t o b e le v ied, wi th accru e d interest, will be liens
on sa id real estate i n the r espect i v e amounts to be apportioned thereto
and ass e s sed b v a n o r d i nanc e o f sa i d City.
The Ch a rter o f sa id Ci t y prov i des: "Whenever a public improvement
dis t rict h a s paid a nd canc el led f our-f ifths of its bonds outstandinq, and
for any re a son the r e mai n i na a ss e s sm e n ts ar e not paid i n time to take up
the •inal bonds o f the d i st ri ct and int e rest due thereon, and there is
n o t s ufficient mo ne y i n sa i d s pe c ial surplus and deficiency fund, then
he ~i t y sha ll pa y said bo nds wh e n du e and interest due thereon and re-
i mburse i tsel f b v coll e cti n o t he un p a i d assessments du e said d i str i ct."
It is h e r e b y ce rt i fie d a nd r e c i t e d that the total issue of bonds of
said Cit y for said Di st ri c t , i nc lud i n q this Bond, does not exceed the
amo u nt author i zed by law; tha t e v e r y requirement of law relatino to the
cre ation of sa i d Pa v i nq Di s tric t No. 10 , the makinq of said local improve-
ment s a nd the is s ua nc e o f t h i s Bond has been fully complied with by the
proper officers of sa i d Ci t y , and that all condition s required to exist,
and t hing s req uired to b e d o ne pre c e dent to a nd in the issuance of t hi s
Bond to rend er the same lawfu l and va li d, hav e happened, been properly
done and performed , a nd d i d ex i st i n reqular and due time, form and
ma n ner , a s req uire d b y law.
For the pa vrn e n t of this Bond and th e interest thereon the Cit y
p l edges al l o f i ts l aw ful corporate p ow e rs.
IN TE STIMONY WH EREOF , t he Ci t y o f Enqlewood has caused this Bond
to be s ub s cribed b v i ts Ma y or, attested and countersigned by its City
Cl erk and Treas u rer u nd er t he s ea l o f the Cit y , and the interest coupons
h e reto attached to b e s i q n e d wi th t h e fa csimile siqnature o f the Cit y
Cl erk and Tre a surer , a s o f t he 1st day of September, 1960.
/~~ ay r
E l\ L) ~-
'E ~TF.D J\ND-C-qUNTIR S J GNF.D : ,,
\ ~ .
(Form of coupon)
o . A $ __ _
$ __ _ No . B ----
On the 1 st da y o f P Pn t~~E~r, 19 , the Cit y of Enolewood, i n the
Count v of Ar apahoe a nd S t a t e of Colorado, will pa y to the beare r
DOLL ARS
~----~------------------~
DOLL AR S
i n ]awful mone v o f th e Uni t e d S ta te s o f America, at the office of the Cit y
T re~sur er , in ~n nlP.w o o d , Colo rado, bei n q interest then due on its local
i m pr o v e m~nt vond i ssu~d f o r the c o ns truct i on of local improvements in
a v inq Dis t ric t No . 10 , En qlewood, Col orado, provided the Bond to which
h i s c ou~o n j s a ttac hP d shall n ot ha v e b e en there tofore called for payment
o r oa i d . .,tt ~ch~d to Bo nd dated Se ptembe r 1, 196 0 , bearing
o . ____ _
(Facs i mil e S ignature)
Cl t ---Y---clerk-ana Treasurer
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Se ction 3 . The proceeds of said bonds shall be applied onl y to pay tre
costs and e xpen ses o f constructinq the improvements in said District and all
other costs and expense s 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 paid into the special assessment fund for the pur-
pose of pay i na the principa l of and interest on said bonds.
Section 4. Said bonds and the interest thereon shall be paid from
specia l assessments to be levied on the real property in said District,
from the Surplus and Deficie ncy Fund of said City and from any other avail-
able fund s of the City . Whe n there is on hand a sufficient amount to pay
six month s' intere st on outstanding bonds of said District, the City shall
call for payment of outstandino bonds in numerical order with funds avail-
able therefor .
Section 5 . Af ter the expiration of the period for cash payments of
assessments in full , the City sha l l pay each year not less than 103 of the
total amount of bonds of sa i d District outstanding after the payment of
bonds with the pro ceeds of such cash payments of assessments in full.
Section 6 . That in accordance wit h Section 108 of the Charter of said
City , wh e n e v er there is a deficiency i n the fund of said Improvement District
to meet payrr.ent of outstanding bonds and interest thereon, such deficiency
sha ll be paid out of the spe cial Su rplus and Deficiency Fund of said City.
•/henever said Distric t h as 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 there•
on, and there is not su fficie nt money i n said Surplus and Deficiency Fund,
then the City shall pay said bonds when due and interest due thereon and
reimburse itself by coll ectinq the unpaid assessments due said District.
Se ction 7 . If i t shall be necessary to advance money to maintain
current payments of i nterest and equa l annual payments of the pr i ncipal
amount of the bonds i ssued f or said District, the City Council shall levy
annual t axe s on the taxable property within the City n o t exceeding two
mill s in any one year and shall appl y the proceeds of s uch taxes for
sa i d purpose . In lieu of s uch tax l evies, the Counci l may annually trans-
fer to s uch special fu nd a n y availa ble money of the City, but in no event
sha ll the amount tran s fe rred in any one year exceed the amount which would
result from a tax lev ied in such year as herein limited. Such tax levies
or tran s fers of funds may be made i n ac cordance with and pursuant to
~~ction 109 of the Charter of sa id City .
Section 8 . Sh ould any part or provision of the Charter of the City
of Englewood , Col orado, o f this Ordinance, or any part or provision of an
ordi nanc e or t he charter of any other City in the State of Colorado hav-
ing substant :ally simi l ar terms and provisions as those contained in the
Englewood Charter or this Ordi nanc e , e ver be j udicially determined to be
invalid or unenforceable , such det ermina tion shall not affect the re-
mainino parts and prov i sions of the Englewood Charter or this Ordinance,
the i ntention being that each part and provision of the Charter and this
Ordinance is severable •
.. 11 ordinances or parts thereof in conflict with this Ordinance are
hereby repealed .
Se ction 9 . This Ordi nanc e , af ter i ts final passage, shall be recorded
in a book kept fo r th at purpo se; shal l be authenticated b y the signatures
of the Mayor a nd City Cl erk ; sh all be published as provided in the Charter
of the City ; and after becomi n g effecti ve, shal l be irrepealable until the
bond s of sa i d District sha ll be pa i d in full.
Section 10 . A public hearinq on this Ordinance will be held i n the
Co u ncil Ro om of the Cit y Hall on Mo nday , the 15th day of August, 19 60, at
the hour of 8:00 o 'clock P . M.
Se ct ion 11 . This Or d i nance sha ll take effect thirt y days after pub-
lication followina fi na l pa ss aae .
INTRODUCED AND READ This 2nd day of Au g ust, 1960.
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2 97
FINALLY ADOPTE D AND APPR OVED This 15th day of Au9ust, 1960.
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I, B. 0 . Beausat(q, Cit y Clerk-Treasurer, Cit y of Englewood, County
of Arapaho e , State o f Colorado, do hereby certify that the above and fore-
oing ordinance was introduced , read, passed and ordered published as a
bi ll in the Englewood Herald and Enterprise at a regular meetinq of the
Citv Council held on the 2nd day of Augu st, A.D. 1960, and that at least
7 da y s aft er above publication as a bill the above ordinance was approved,
adopted and orde red published i n sa i d leqal newspaper by the Cit y Council
at a recrul a r mee t i na held on the J5th day of Auqust , A.D. 1960, as
Ordinanc e No. 20, S erie s of 1960. of said City •
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