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HomeMy WebLinkAbout1959 Ordinance No. 021BY AtrrHORITY ORDINANCE NO. 21 SERIES OF 1959 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF ENGLEWOOD, COLORADO, PAVING DISTRICT NO. 9 BONDS AND PROVIDING FOR THE PAYMENT OF SAID BONDS Ain THE INTEREST THEREON. HEREAS, Paving District No. 9, in the c ~ty of Englewood, Colorado, has been duly created by Ordinance No. 17 of said City, finally adopted and approved on the 4th day of May, 1959; and WHEREAS, 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, Colorado; and WHEREAS, Notice of the Sale of $220,000.00 of the bonds of said District has been duly published and such bonds have been awarded to Boittcber and Company et al, of Denver, Colorado; and HEREAS, it is now necessary to provide for the issuance of said bonds and the form and payment thereof; THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO: Section 1. By virtue of and in pursuance of the laws of the State of Colorado and the Charter of said City, bonds of Paving District No. 9, in said City, shall be issued for the purpose of paying for local improvements constructed in said Paving District. Said bonds shall be dated July l, 1959, and shall con- sist of 215 bonds in the denomination of $1,000 each, numbered l to 215, in- clusive. Said bonds shall be payable to bearer on July 1, 1970, subject to call and prior payment at any time after the date thereof. Said bonds shall be subscribed by the Mayor, attested and counter- signed 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 the improve- ments constructed in said District and from funds hereinafter mentioned. Said bonds shall bear interest payable semi-annually on the lst day of January and the lst day of July each year as evidenced by two sets of coupons to be attached to said bonds, such coupons to be signed with the facsimile signature of the City Clerk and Treasurer. Said interest coupons shall be de- signated "A" and "B", respeatively. Bonds numbered l to 64, inclusive, shall have only four "A" coupons attached thereto, representing interest to July l, 1961. Coupons shall be attached to bonds numbered in the following schedule showing interest rates and the number of "'B" coupons to be attached to said bonds, to-wit: Bond Nos. Amount "A" Coupons "B" Coupons 1-64 $64,000 3-1/4% to 7/1/61 only l @ 2-3/4% to 1/1/60 65-107 43,000 3-1/2% to maturity 3 @ 2-1/2% to l/l/61 108-128 21,000 3-3/4% " " 4 @ 2-1/4% to 7/1/61 129-145 17,000 4% " " 6@ 2% to 7/1/62 146-160 15,000 4% " " 8@ 2% to 7/1/63 161-215 55,000 4 -1/4% " II 10 @ 1-3/4% to 7/1/64 Section 2. S4id bonds and the coupons to be attached thereto shall be in substantially the following form, to-wit: STATE OF COLORADO No. UNITED STATES OF AMERICA CITY OF ENGLEWOOD PAVING DISTRICT NO. 9 BOND COUNTY OF ARAPAHOE $1,000.00 The City of Englewood, in the County of Arapahoe and State of Colorado, or value received, acknowledges itself indebted and hereby promises to pay to the bearer hereof the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America, on the 1st day of July, 1970, subject to call and payment, however, at any time prior thereto, with interest thereon from date until payment, as evidenced by the coupons attacbed hereto, payable semi-annually on the first day of January and the first day of July each year, principal and interest being payable at the office of the City Trea- surer on presentation and surrender of the attached coupons and this Bond as they severally become due or are called for payment. 201 This Bond is issued for the purpose of paying the cost of street improvements in Paving District No. 9 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, approved, published and made a law of said City prior to the issuance hereof. This Bond is payable out of the proceeds of special assessments to be levied upon real estate situate in the City of Englewood, Colorado, in said Paving District No. 9, specially benefited by said improvements, which assess- ments so to be levied, with accrued interest, will be liens on said real es- tate in the respective amounts to be apportioned thereto and assessed by an ordinance of said City. The Charter of said City provides: "Whenever a public improvement district has paid and cancelled four-fifths of its bonds outstanding, 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 suf- ficient money in said special 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." It is hereby certified and recited that the total issue of bonds of said City for said district, including shis Bond, does not exceed the amount authorized by law; that every requirement of law relating to the cre- ation of said Paving District No. 9, the making• of said local improvements, and the issuance of this Bond has been •ully complied with by the proper of- ficers of said City, and that all conditions required to exist, and things required to be done precedent to and in the issue of this Bond to render the same lawful and valid, have happened, been properly 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 WHEREOF, the c~ty of Englewood has caused this 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 1st day of July, 1959. ( S E A L ) ATTESTED AND COUNTERSIGNED: City Clerk and-Treasurer No. A ----- Mo. B On the 1st day of will pay to the bearer Mayor (Form of Coupon) $ ___ _ $ ----January July , 19 , the City of Englewood, Colorado, DOLLARS -~~~~~---~~-~-~~ 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 local improvement bond issued for the construction of local improvements in Paving District No. 9 , Englewood, Colorado, provided the Bond to which this coupon is attached shall not have been theretofore called for payment or paid. At- tached to Bond dated July l, 1959, 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 paid into the special assessment fund for the purpose of paying the principal of and interest on said bonds. I I I 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 the 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. Section 5. After the expiration of the period for 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 ibe accu>rdanee nwdith \..Sec~ioil n iOl c of ~ aae Ob11-rtet s of said-Ct.t,, c wbenever u tb~re .. is a . ste:fiaienpJ[y ina the y fund ,,of said I11pD0Yement District to meet payment of outstanding bonds and interest thereon, such de- ficiency shall be paid out of the special Surplus and Deficiency 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 current payments of interest and equal annual pa1ments 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 levie•, the Council may annually transfer to such special fund any available money of the City, but in no event shall the amount transferred 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. All ordinances or parts thereof in conflict herewith are hereby repealed. In the event that any part or provision of this Ordi- nance should be judicially held invalid or unenforceable, such ruling shall not affect the remaining parts and provisions of this Ordinance, the inten- tion being that each part and provision is severable. Section 9. This Ordinance, after its final passage, shall be recorded in a book kept for that purpose; shall be authenticated by the sig- natures of the Mayor and City Clerk; shall be published as provided in the Charter of the City; and after becoming effective, shall be irrepealable un- til the bonds of said District shall be paid in full. Section 10. A public hearing on this Ordinance will be held in the Council Room of the City Hall on Monday, the 1st day of June, 1959, at the hour of 8 o'clock P.M. Section 11. By reason of the fact that the completion at the earliest possible date of the improvements in said District and contemplated by this Ordinance is necessary to the immediate preservation of the public property, health, peace and safety, it is declared that an emergency exists and that this Ordinance shall take effect on its final passage. INTRODUCED AND READ THIS 18th day of May, 1959. 203 Passed on Final Reading by the City Council of the City of Englewood, Colorado, this 1st day of June, A.D. 1959, and ordered published in full in the Englewood Herald and Enterprise. ZJ5'.f./ Mayor A'CTEST: I