HomeMy WebLinkAbout1982 Ordinance No. 032ORDINANCE NO, J/
SERIES OF 198~
BY AU'rHOl\lTY
A BILL FOR
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COUN CIL BILL NO . 36
INTRODUCED BY COUNCIL
MEMBER FITZPATRIC K
AN ORDI NANCE AUTHORIZING THE ISSUANCE OF SPE CIAL ASSESSMEN 'r BONDS
OF TH E CI TY o ;,• ENGLEWOOD, COLORADO, FOR PAVING DISTRICT NO. 2 8, FOR
THE CON STRUCT ION AND INSTALLATION OF s•rREET PAVI NG, CURB AND GUTTER
AND SIDEWALK IMPROVEMENTS, TOGE TH ER WITH NECESSARY INCIDENT ALS ON
CER'fAIN STREETS WITHIN Pl\VING DISTRIC1' NO. 2 0 ; PRE SC RIBING TH E FORM
OF THS Bu NDS; AND PROVIDING FOR THE PA YMENT OF SAID BONDS AND THE
I N'rEP.E T THEREON ,
WHEREAS, for the purpose of cc,1structing and in'sta lling
s r.~et paving, curb and gutter and sidewal k improvement&, together
wit h necessary incidentals 0 11 certain streets wi t hin P a ving
Dis t rict No. 28, Paving District No. 28, i n the City o f Englewood
has been duly created by Ordinance No. 22, Series o f 1982, finally
adopted and approved on May 17, 1982; and
WHEREAS, the City Counc i l has determined tha t the
po rtion of the cost of the construction and ins ·:al lation o :' c~ch
improvements, together with necessary incid ental cos .:s, wh icl, ... 11
bG assessed against the property included within the Distn .:c,
shall not exceed the tllllount of $472,600, and that bono.; of t he
City for the Dist ,ict should be issued in this amount; and
WHEREAS, in accordance with the City Charter and a
resolution pa ssed on June 28 , 1982, th e City Council has a d-
vertised for the sale of Special Assessment Bonds and bonds
in the amount of $472,600 have been awarded to Kirchner Moor e
__ ..;;;:a~n~d_C=om=p~a~ny.._ _______ ; and
WHEREAS, it is now necessary to provide f o r the isauance
of the bonds and the form and payment thereof;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CIT¥ OF
ENGLEWOOD, COLORADO:
Section 1, Bond Details, By virtue o f and pursuant to
the Charter and the Laws of the State of Colorado, Special Assess-
ment Bonds of the City of Englewooo for Paving Di s trict No. 28
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sha ll be issued for tht! purpose of· _paying for part of the cost of
local improv e ments to be constructed in the District or for the
reimbursement of cost s a lready incurred. The bond s '\;l1ull be in
the principal amount of $472,600, shall be dated August 1, 1982,
and shall consist· of 473 bon:ls in the denomination o't $1 ;000 each,
numbe red 1 to 473, inclusive, except that Bond No. 1 will b e in
the denomination of $600.00. The bonds shall be payable to
bearer, and shall be due and pay ab le on Augu st 1, 1993, subject to
call and prior payment on any interest payment dat e, in direct
nume ri ca l order, upon payment of par and accrued interest without
r ed~m ption premium. Notice of such prior redemption shall be
p ub,i shed in a newspaper of general circulation in Englewood,
Colo rado, one time at least 30 days prior to the date of redemp-
tion . In addition, a copy of such Notice shall be mailed at the
time of publication to the original purchaser of the bonds .
T h e bonds shall be ar inte Lest accor ding to interest
coupons designated "A", payable on February 1, 198 3 and semi-
. annually t hereafter on Feb ru ary 1 and August 1 each year, as
follows :
"A " Coupon
Amount Bond Numbers Int erest Rate
$162,600 1 to 163, incl. 12 .00%
8 5,000 164 to 24 8, incl. 10 .2 5
65 ,000 24 9 to 313, i ncl . 1 0 .75
45,000 314 to 358, incl. 1 1. 00
45 ,000 359 to 4 0 3, incl. lJ . 50
35 ,00 0 404 t o 438 , incl. ] ] . ~,,:,
35,000 439 to 4 7 3, 'incl. 12 .00
In add i ti on to the "A" in tere st r ote set f ort., above,
a l l of the bonds bear additional inter est evidenced by supplemen-
tal inte rest coupons designated "B", for the period fro m September J ,
1982 to the da t e s indicated below , or to the redemption date of
th e bond, whi chever is th·e earlier J~te, su ch intere~t being
pay able on the same dat<:s a s the "A" interest co u90n s du-ring s aid
p eriod of time:
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"B11 Coupon For Period
Bond Numbers Interest Rate to
1 to 163, incl. 2 .25i 0 -1 -u'J
164 to 248, incl. 2 .25 8-1 -83
249 to 31 3, incl. 2,2 5 8-l,-83
31 4 to 358, incl. ?. • 2 5 8-1 -8 )
359 to 403, incl. 2 .25 8-1-83
404 to 438 , incl. 2.25 8-1-83
439 to 473 , ir,:,l. 2.25 8-1 -83
The net effectiv~ ·interest ra te of this issue of bonds
is 12 . 06 377 % per annum.
The principal of and interest on said bonds shall be
payat •'c at The First National Bank of Englewood, in Englewood,
Colorac..o .
S e ction 2. Execution of Bonds and Interest Coupons .
The bonds shall be signed with the facsimile signature of the
Mayor , atte sted and countersigned by the manual signature of the
Director of Finance, ex-officio City Clerk-Treasurer, wit h a
facsimile of the se~l of th e City af f ixed thereto, and the inter-
e s t c oupo n s attached shall be sign ed with the facsimile signature
of the Di rector of Finance , ex -officio City Clerk-Treasurer. When
issue d as aforesaid a s part of said bonds, t he intt-resL c o ,1pon s
sha i l be the binding obligations of the City according to their
import.
Should any officer whose manual or fa csimile signatu r e
appears on said bonds or th e co upon s attached thereto cease to be
su c h o ffice r befo r e delivery _ of th e bo nd s to the purchaser, s uc h
man u a l or facsimile s ignature shall nevertheless be valid and
s u ffici e nt for all purposes.
Section 3. Fo rm of Bond a n d Intere st Coupons . The
bo n ds and t he interest coupons to be attached' thereto shall be
in substantially the follo wi ng f orm:
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(Form of Bond)
UNITED STATES OF AMERICA
STATE Of COLORADO COUN'l'Y (Jr' AHAPAHO E
No .
CITY OF ENGLEWOOD
PAVING DISTRICT NO. 28
SPECIAL ASSESSMENT BOND
$ 600
$1,000
The City of Englewood, in the c· ,inty of Arapah oe ,
State o f Colorado , for value received, hereby promises to pa y to
the bearer hereof, out of the special fund hereinafter designated,
bu t not othe rwise, the principal sum of
SIX HUNDRED DOLLARS
ONE THOUSAND DOLLARS
1n lawful money of the United State s of Americd, on the 1st da y
of Aug us t, 1993, with interest thereon at the rate of
per centum I per annum f rom date unL1l payment,
a s evidenced by in te rest coupons designated "A", payable on
Feb r uary 1 , '98 3 and semi-annually th erea ftec· on February 1 and
Au g u s t each year , and additional in te r est evid e nced by s upple-
mental int erest coupons designated "B", for the period fr om
19 8 2 to , 198 _, o r to the redemption date of
this Bon d, whi chever is th. rlier date, such intere st being
p a y ab e on t h e same dates a s the "A" interest coupons duri ng s aid
pe .. iod of time. Both pri ncipal and inte re s t are pay abl e at Th e
Fi r st National Ba nk of En glewood, in Englewood, Col o r ad o, upon
pr e s e nt ation and surrender of t he at t a ched coupons and th i s Bc.nd
as they severally become due or a r e called for payment .
This Bond i s su bject t o call and redemption in dir ect
nUJnerical or de r of the i s s ue o f which it i s on e , on any interest
payment date, u po n pa yme n~ of par and ac cr ued interest to t h e
date of redemption. Notice of su c h prior redemption shall be
p uolish ed in a news p ap er of gen era l circulat i o,, in t he City ,
one time at least thirty (30) d ays prio r tc, th e date of J·ede mp -
tion .
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This Borid is issued fo r · the purpose of paying part of
the cost of constructing and installing street pavin~, curb and
gutter and sidewalk impro vements, together with necessary inciden-
tals on certain s treets within Paving Di s trict No. 26, in the City
of Englewood, Colorado, by virtue of and in full conformity with
the ~~nst lL ution and Laws of the State of Col orado , the Charter of
the c~ ty. and 11n Ordinance of the City duly adopted, approved,
p.L I,,: t)(l ond made a law ot •a«:: Ci t y prior t·o the issuance
Payment of · this Bond and th e inter est thereon sha l l
be ma de .. rom, and as security for such payment there is pledged,
a special fund designated as "Paving District No. 28 Bond and
In terest Fund", which Fund sha ll contain initially any monie s in
the construction account remain i ng after the cost of improvements
has been paid in full and thereafter to cont ain the proceeds from
special assessments to be levied against the propert y included
within the District a nd specially benefited by the construction
and installation of improvements therein. 'J'h e assessments to be
l evied will constitute a lien on and against each lot or tract of
l and in the respective amounts to be apportioned by an o rd inan c e
c,f the City.
In addition, in accordance with the City Charter and the
Ordinance authorizing the i ssuance o f this Bond, whenever four-
fift h s (4 /5 ) of the bonds of this issue have been paid and
cancelled, and for any reason the remaining assessments are not
paid in time to take up the . remaining bonds and the interest
thereon , then the City shall pay said bon d s when due ond the
interest due thereon and reimburse itself by collect Ing the
unpaid assessments due the District.
This Bond does not constitute a debt or an indebtedness
of t he City of Englewood within the meaning of any co nstitutional,
statuto r y or charter limitation or provision, and shall not be
consi dHed or held to be a general obligation of the City. '!'he
p a yment of this Bond and the intere st thereon i s no1: seucred by an
encumbran ce, mortgage or other pledge of property of th e City
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ex c e pt for such special assessments and othel· monies pledged for
,n e p~yment of bond &, as set forth above. No property of the
Ci ty , s ubject to said exception, shall be lia!:>le to bte forfeited
vr ak en in payment of the bonds.
It is hereby certified and.recited that all requirements
of law have been fully complied with by the proper officers of the
Ci t y in the issuance of this Bond, and that the total amount of
t ~i s i ssue does not exceed the cost and expense of said improve-
mtnts or any limitation prescribed by law.
For the payment of this Bon d and the interest thereon
the City pledges a l l of its lawful corporate powers.
IN TESTIMONY WHEREOF, The City of Englewood has caused
thi s Bond to be signed wit h the facsimile signatur e of the May o r,
att ested and countersigned by the manual signatur e of the Director
of Fi nance, e~-officio City Clerk-Treasurer, with a facsimile of
t he seal of t h e Ci ty affixed hereto, and the interest coupo ns
a tt ached hereto to be signed with the fa c simile signature of the
Di r e c t or of Finance, e x-officio City Clerk-T reas u r c:r , as of the
1s t d ay o f August, 1982.
(HC S!MILE I
( S E A L )
ATTES TED AND COUNTERS IGNED:
(Manual ·s ign ature)
Direc tor of Flnance
e x-o fficio Ci ty Clerk-Treasur er
By
CI1'Y OF EN GLE WOOD , COL ORADO
(Facsimile Signat ure)
Mayor
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(Form of r~t.erest Coupons)
No .. • $ ___ _
February,.
On the 1s t day of August, 19 __ , unle ss t he lc!ona t o
wh ich this coupon is attached has been called for prior redemp-
tion , the City of Englewood, in the County of Arapahoe and St ate
of Colo rado, wil l pay to bea rer the amount 8hown h e reon in law-
f ul money of the Unit ed State s of America , s o lely out of the
special fu nd referred to in t he Bond to which this coupon is
attached, at The First Nati onal Bank of Englewood, in Englewood,
Colorado, being interest then due on i s Special Assessm en t
Bond fo r Pavi ng Di st rict No. 28, dated l,uy us t 1, 1982 , bearin'.J
No .
(Facsimile S i g nature)
Director o f Finance
e x-o(ficio Cit y Clerk-T c easurer
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Section 4, Dispositi on cif Bo nd Proceed s. •rh e proceeds
of said bonds shall be applied on ly to p~y t he c o sts and expenses
of . constr ucting and i n stall iny impro vement s in the u!,;trict a nd
all other costs and expenses incident t he reto. In the ev e nt that
all of the proce~ds of said bonds ~re not requi r ed to 'pay such
costs and expe n ses , any remaining amoun t shall be paid into the
spec i a l ass e ssment fund for the purpose of alling i n and p ayin g
the principal of and interest on said bonds. Neith e r the pur-
cha se rs of said bond s nor any· s u bseq uent hol der al the same s hall
be respo nsible for the a ppl ica Li o n of the proceed s of said bonds
by the Ci ty or any of it s officers.
All or any portion of the bond proceeds ma y be
temporarily invested or reinvested, pending such use , in sec uri-
ties or obligations which are lawful inve stme nts for s u c h munici-
palities in the State o f Color ado. It i s hereby covenanted and
agreed by the City that the t ~mporary investment or reinvestment
of th e bond proceed s , or any portion thereof, shall be o f suc h
n at u re and exten t, and for such period, t hat thtc bond s of tlie City
:.:~.all not become 11 a r bitrage bond s" within the mea ni ng of Secti on
10 3 (c) of the Internal Revenue Co d e of 1 954, as amend e cl, a nd
p ert inent regulations, and s u ch p rr,ceeds, if so i nve sLec1 o r
reinvested, shall be subje c t t o the limitations and r estric t ions
of sa i d Section 103(c), and pe rtiner.t re~ulations a s the same now
xists o r ma y later be a me nded,
Sect ion 5. Pavi ng Distri ct No, 2 8 llor,d and Intere st
Fu nd. The bonds a nd the interest the reon sha ll be pa yable solely
from the local imp rov ement fund, designated as t he "?av 1ng Di s-
trict No, 28 Bo nd and Interest Fu nd ", wh ich s h all c ont ai n 1ni t ial -
!y any monies in the construction account re1nai11ing a ft er the cost
of imp rovements ha s been paid in full a nd there afte r to contain
the proceed s fror s pecial assessments to be levied against the
p rop er ty within the District an d specially benefi ted by the
construction of imp r ovements therein .
Wh e n the re is on hand a s uff ic .i-.,nL amount to
pay six months' inte rest on ou t stand ing bonds for the lli.s t ri c t,
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the City shall call f or payment, ·on the next interest payment
d ate , outstanding bonds in dir ect numeric"l order with funds
~vailable therefor . Notice of c"ll and r e d emption sh~!J be given
by advertisement one time in a newspaper having general circula-
tion in the City," at least thirty po) days prior' to the date
of redemption. The notice shall specify by number the bondti
called, and all such bonds shall be paid in their direct numer i cal
order. The holder of any su ch bonds may at any time furnish his
o r he r po s t office addre s s to ·t he Director o t Finance , and in s uch
case a copy of th e advertisement shall be mailed to the bo nd -
hold er, at such address, o n or abr: the day of such publicatioo .
After the expiration of the period f or cash pay-
:ne 'c s of asses sments in full, the City shall, to the extent
po L i hl e , pay each year not les s than 10% of the total a mount of
bo ne'. outstanding after the payment of the b .1ds with the proceeds
of such cash payments of assessments in full .
Section 6. Additional Security for the Payment nf
Pr i n cipal and Interest. In add ition, in acco r d a n c e with the
Ci ty Chor te r , when e ver four-fifths (4/~) o f the bonds o f th i s
is£ut hav e be en pa i d a nd cancelled, and f or a ny r eason the r e·-
main ing a sses s men t s a r e no t pai d i n ti me l:o take up t.he r ~1,1c.1i r1iny
b~nds a nd t he interest there o n, then the City sha ll pay said bonds
when d ue and the i n tere s t du e thereon and re i mb~r s ~ i tse lf by
coll e cting t he unpaid assessments due the dis r i ct.
Section 7 . Assessment of Costs, The City ':o u11 c il
cov e na nts th~t · up on completion of the l o c a l improv e ments, o r upon
c omplet i on from time to time of any pa r t ther eo f , and upon ac-
ce ptance th e r eof by the Council, or whe neve r the total co s t can be
d e fini t ely a sc e r tain e d, it wi l l c~use a s t a tem ent sh owing the
to t al co st of t he imp r oveme nts to be prepared 'and filed in th e
of f i c ~ o f th e Dir ec tor o f Finance . Tn e City Council shall further
cause asses s ments t o be levied again s t t h e propert y included
with in t he s pec ial improvement distr i ct and s pe c ially benefited by
-..:.he: con s truc t ion an d installa tio n of s uc h imp r ov€mcnt s ; in ac-
co rdance wit h l aw an d the Charter o f t he Cit y .
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Section O, Severabili~y. '!'hut Jt a11y , on~ ur more
sections o r parts of this Ordin ance sh all be adjud ged unenforce-
able or in va l id, such judgm ent shall not II ff ect, ini_..i i r or in-
val i date the remaining provisions of this Ordinance, it being the
intention th<.1t t h e various provisions hereof are severable.
Section 9. Re pealer . All Or.~inances 01: par ts thereof
in confl ict with this Ordinance are .hereby repealed.
Section 10. Ordinance I rrepea:tab le. After said bonds
are issued, this Ordinan c e shall be und remain irrepe ala ble
u ntil said bo nds and the• interest thereon shall hove been fully
paid, sati sfied and discharged.
Section 11 . Hearing. In accordance with Section
40 of the City Charter, t he City Council shall hold a pub lic
hea ring
Monday,
on this ordinance, befor e final pas s age, at 7: 30 P.M. on
ilPQIISl· L• 19 8 2 •
Section 12, Publication and Effe c tive Date . This
Ordinance after its final passage, shall be numbered and r ecorded ,
and the adoption and publication shall be authent i cated by the
si gna tu r e of the Mayor and the Director of Finance, ex-officio
City Cl erk-Treas ur er, and by the Certificute of Publication. '!'his
o rd in ance shall become effective thi rty (30) days after publ ica-
tion follo wi ng fin a l pas sag e .
In troduce d , re ad in f ull , and pa s sed 011 fi rst r cu,lin y u11
the 1 2 th day o f J u ly, 19 8 2.
Pu blished a s a Dill f o r an Ord inance o n Lhe 1 4 th dd y o f
July , 1982 .
Re a d by ti t le and pa~s ed on fin al re a di ng on che 2nd day
of Au gu st , 1 982 .
Pul J.li s he d by t itle a s Orcll n uncl· Nu . .JL Serlc:~ uf 1 ~8 2 ,
on the 4th da y of Au g u s t, 1982 .
At t es t:
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I, Gary TL Hiqbee , e x officio C'i t.y Clcr k-'l'r ca s u , e r .. r t·J w
Ci ty of Englewood , Col orado, her e by certify that the· fo reg o i n q is
a true , acc urate, and comple te copy -o f the Onlinun c·t• p,7H l >L~tl 1111
fi nal r eadin g and pub li s h e d by titl e as Ordinance No .dL__,
Series of 1 982. I
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