HomeMy WebLinkAbout1958 Ordinance No. 025BY AUTHOR ITY
OilDINANC£ NO . 25 SER IES OF 1958
AN ORDINANCE AUTUOH IZING THE I SSUANCE OF CITY OF ENGLEWOOD, COLORADO, PAV-
ING DISTRICT NO . 8 BONDS AND PROV IDI NG FOR THE PAYMENT OF 3AID BONDS AND
INTEREST THEREON.
WHE REAS, Paving District No . 8 in the City of Englewood, Colorado,
has been duly create d by Ordin ance No . 16 of said City, finally adopted and
aoproved on the 2nd day of June, 1958; and
WHEREAS, Notice to Contractors to s ubmit bids for the c onstruction
of the improvements in said District has been duly published and the contract
for such construction has been duly awarded to Peter Kiewit Sons' Co. of
Denver, Colorado; and
WHE REAS, Notice of the Sale of $210 ,0 00 oi the bonds o f said Di s-
trict has been duly published and such bonds have been awarded to Boettcher
and Company and Associates , o f Denver, Colorado; and
WHEREAS, it is now necessary to pr ovide for the issuance of said
bonds and the form and payment thereof;
THEREFORE, BE I T ORDA I NBD BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO:
Section l. By vir t u e of and in p ~rsuance of the laws of the
State oi Colorado and the Charter of said City, bonds o f Paving Di strict
No . d in said City shall be iss u e d for th e purpose of paying for local
improvements constructed in said Paving District. Said bonds shall be
dated September 1, 1958, and s hall consis t of 210 bonds in the denomina-
tion of $1 , 000 each , numbered 1 to 210 , inclusi ve. Sai d bonds sh all be
payable to bearer on September 1 , 1 969 , su bject to call and prior pay-
ment at any time after the date thereof.
· Said bonds shall be su b scribed by the Mayor, attested and counter-
signed by the C i ty Clerk and Treasurer under the seal of the City and shall
be payable out of monies colleqte d from assessments to be levied for the
improvements constr u cted in said Di strict .
Said bonds shal l bear interest p ayable semi-annually on the 1st
day of March and the lst day of S e ptember each year as evidenced by two
sets of coupons Lo be attached to said bonds, such coupons to be signed
with the facsimile signature of the City Clerk and Treasurer. Said in-
terest coupons s11al l be designate d 11 A: and 11 B 11 , respectively. Bonds
numbered 1 to o2, inclusi v e , shall have onl y two 11 A" coupons attached
thereto, representing inter es t t o Se pt ember 1, 195 9 . Coupons shall be
attached to bonds numbered in the following schedule showing interest
rates and the number of 11 B" coupons to be attached to said bonds, to-wit:
Bond Nos . Amount 11 A" Coupons "B 11 Coupons ----
1-52 :i;s2,oou 2 -3/4% to 9/1/59 only 1 @ 3-1/4% to 3/1/59
53 -d4 32,0UO 3% to maturity 2 @ 3% II 9/1/59
85-105 21,000 3 -1/8% II II 4 @ 2-7/8% II 9/1/60
lOti -126 21,000 3 -1/4% " II 6 @ 2-3/4% II 9/1/61
127-159 33,000 3 -1/2% II II 6 @ 2-1/2% II II
160-189 30 ,00U 3-3/4% II II 6 @ 2-1/4% II II
190-210 21,UOO '1% II II 6 @ 2% II II
S ection 2 . Said bonds and the coupons to be attached thereto
shall be in substantially the follo wi ng form , to-wit:
STAT F COLORAD
No.
UN I TED STATES OF AMERICA
C ITY OF ENGLEWOOD
PAV I NG DISTRICT NO.
BON D
COUNTY OF ARAPAHOE
$1,00 0
The City of Englewood , in the County of Arapahoe and State of
Colorado, for value received, ac~nowledges itself indebted and hereby
promises to pay to the bearer hereof the s u m of
ON~ THOUSA ND DOLLARS
in lawful money of the United St ates of America, on the 1st day of Septem-
ber, 1969, subject to call and payme nt, however, at any time prior thereto,
with interest thereon from date u ntil pa yment, as evidenced by the coupons
attached hereto, payable se11li-annually on the first day of March and the
first day of September each ye a r , principal and i ntere st b ei ng payable at
,,
I
I
•
the office of the Cit y Treas ur er on p resentation and surrender of the
attached coupons and this Bond as they severally become due or are
called for payment.
This Bond is issued f or th e p urpose of paying the cost ~f street
improvements in Paving Di str ic t No . ~, in the City of Englewood, Colorado,
by virtue of and in full coniormity with the laws of the State of Colorado,
the Charter of said C i ty , and an ordinaQce of said City duly adopted,
approved, published and made a law of s aid City prior to the issuance
hereof .
This Bond is paya b le out of the proceeds of special assessments
to be levied upon real est at e si tuate in the City of Englewood, Colorado,
in said Pav ing District No . ~, specially ~nefited by said improvements,
hich assessments so to be l e v ied , with accrued interest, will be liens
on said real estate in th e resp e ctive amounts to be apportioned thereto
and assessed by an ordinance o f said Cit y.
The Charter of sai d City provides : ''Whenever a public improve-
ment district has paid and cance lled four -fifths of its bonds outstanding,
and for any reason the remaining as s es sments are not paid in time to take
up the final bonds of the d istrict and interes t due thereon, and there is
not &ui fic ie nt money in s aid special surp lu s and deficiency fund, then
the City shall pay said b onds when due and interest due thereon and re-
imburse itself by collecting the u npaid asse ssments due said district.''
It is here by certified and recite d that the total issue o f
bonds of said City for said Di strict, including this Bond, doe s n ot ex-
ceed the amount authorized by l aw; that every r equiremen t of law relat i ng
o the creation of sai d Paving District No. 8 , the making of sa i~ local
iillprove1aents, and tne issuance of this Bond , has been fully comvl ied with
by th~ iJl'O}.)Cr oificel's of s a id Cit y, and that all conditions required to
exist, and things re4uired to be don e pre cedent to and in the issue o f
this Bond to render the sau1e lawf ul and valid, have happened, been pro-
erly done and pe rfor med , and did exist in regular and due time, form
and manner . as reuuired by law .
For the pa yment of this Bon d and the in t e rest thereon, the City
ledges all o~ its lawlul corporate power s .
IN TESTIMONY WHEREOF , T he City of Englewood has caused this
Bo nd to be s ubscribed by its Ma yor, attested and countersigned by its
City Clerk and Treas urer, under the seal of the City, and the interest
coupons hereto attached to be signe d with the f acs imile signature of
the City Clerk and T reasurer, as of the 1st day of S eptember, 1 958 .
Mayor
( S E A L )
ATTESTED AND COUNT£RS I GNED :
CTty-Clcrk and Treas ur er
(Form of Coupon)
No . A $ ---
No . B $ ---
n the 1st day o f ~~~I~mb er 1 9~-' the City of Englewood,
Colorado , will pay to the b e arer '
DOLLARS
DOLLARS
in l aw ful money of the United S tates of America , at the office of the
City T reasurer, in Bnglewood, Color ado, bein g six months' interest on
its local improvement bond issued f or the c onstruction of local impro-
vements in Paving D ~strict No . 6 , E n gl ewood, Colorado, provided the Bond
to which this coupon is attached s hall no t have be e n theretofore called
for pay1nent or paid. Attached to Bond dated S eptember 1, 1958, bearing
No .
(Facsimile s ~gnature)
crrycrerl<ana~reasurer
125
Section 3 . The proceeds of said bonds shall be applied only
Lo pay the costs and expenses of constructing the improvements in said
Distri ct 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.
Sec tion 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 S urplus and Deficiency Fund of said City and
from any other available fun ds of the City. When there is on hand
a sufficient amount to pay six mo nth s ' interest on outstanding bonds
of said District, the City shall call for payment outstanding bonds
in nu merical order with funds available therefor.
Section 5. After the expiration of the period for cash
payments of assess1nents in full, the City shall pay each year not
less than 10% of the total amount of bonds of said Di strict out-
standing 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 the
Charter of said City , whenever there is a deficiency in the fund of
said Improvement District to meet payment of outstanding bonds and
· 'erest thereon, such deficiency shall be paid out of the special
S urplus and Deficiency Fund oI said City. Whenever said District
1as paid and cancelled four -fifths of the bonds issued therefor
and for any reason the re1naining assessments are not paid in time
to take up the final b onds 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 re i mburse itself by collecting the unpaid assessments
due said District .
Sect ion 7 . If it shall be necessary to advance money to
ma i ntain current payments of inter est and equal annual payments of
the principal amount 0£ the bonds issued for said District, the
City Council shall levy annual taxes on the taxable property with-
in the City not exceeding two mills in any one year and shall apply
the proceeds of s uch taxes for said purpose. In lieu of such tax
levies, the Council may ann ually transfer to s uch special fund any
available money of t he City, but in no event shall the amount trans-
erred in any one year excee d the amount which would result from a
tax l e vied in such year as herein limited. Such tax levies or
transfers of funds may be made in accordance with and pursuant to
Section 1 09 of the Charter of said City.
S ection d . All ordinances or parts thereof in conflict
herewith are hereby repealed. In the event that any part or pro -
vision of this Ordin ance s hould be judicially held invalid or un-
enforceable, such r uling sh all not affect the remaining parts and
revisions of this Ordinance, the in tention being that each part
and pro visio n is se v er able.
Sec tion 9 . T his Ordinance , after its fin al passage shall
be recorded in a book kept for that purpose; sh all be authenticated
by the signatures of the Mayor and City Clerk; shall be published
as provided in the Charter of said City; and after beco ming effec -
ive, sh all be irrepealable until the bonds of said Di strict sh all
be paid in full .
Sec tion 10 . A public hearing on this Ordinance will be
ield in the Council Koo m of the City Hall on T ue sday , the 2nd day
oI Seotember, at the hour oi d:OU o'clock P. M.
Sec tion 11 . By reason of the f act that the completion at
the earliest possible date of the improv ements described in and
contemplated by this Ordinance is necessary to the immediate pre -
serva tion of the public safety, it is declared that an emergency
exists and that this Ordinance sh all take effect five (5) days
after its final p ublication.
INTR ODUCED AND READ This 18th day of August , 19 58
~ ('
/J.: • ..,..~( ' ', '_·
~-Mayor-~ ~ T
(SEii.L)
11Tl'£Sf:
, ....
••
I
(ro aooear in fi nal p ublication)
F I NALLY ADOPTBD AND APPROVE D This 2 n d day of September, 1958.
/ . [ .~,1_s: ~L
Mayor '
( S E A L )
AT'f..!:ST :
.>""--
r
I, J. L . Barron, City Clerk of the City of Englewood,
Colorado, do hereby certify t hat the above and foregoing Ordinance
was introduced and read in full and orde red published as proposed
Ordinance fer the 111eeting of August 1 8 , 1058, and September 2, 1958,
eld by tl1c City Council of the C i ty of Englewood , Colorado on said
dates and sa111c was p ubli s hed in the Englewood Herald and Enterprise ,
Sep tember 1 , 1 953 , as Ord inance No. 25, S eries of 1 958 .
127