HomeMy WebLinkAbout1983 Ordinance No. 030I
BY AUTHOf,lTY
ORDINANCE NO, '1:::10 SERIES of 1983 __ _
COUNCIL BILL NO, 37
INTRODUCED BY COUNCIL
MEMBER BILO
AN ORDINANCE AUTHORIZING 'l'HE ISSUANCE OF
SPECIAL ASSESSMENT BONDS OF THE CITY OF ENGLE-
WOOD, COLORADO, FOR PAVING DIS'rRIC 'l' NO. 29, FOR
THE CONSTRUCTION AND INSTALLATION OF STREET
PAVING, CURB AND GUTTER AND SIDEWALK IMPROVE-
MENTS, IN SAID DISTRICT1 PRESCRIBING THE FORM OF
THE BON DS ; AND PROVIDING FOR THE PAYMENT OF SAID
BONDS AND THE INTEREST THEREON.
WHEREAS , for the purpose of constructing and installing
street paving, cur b and gutter and sidewalk improvements, together
with necessary incidentals on certain streets, Paving Di strict No.
29 in the City of Englewood has been duly created by Ordinance No.
16, Series of 1983, finally adopted and approved on April 18,
1983; and
WHEREA S, the Ci t y Council has determined that the
cost of the construction and installation of street paving,
c ·,rb and gutter and side walk improvements, together with necessary
incidental costs , which will be assessed aga in s t the property
included wi thin the di str'c t, shall not exceed the amount of
$349,100 , and that bonds of the City for the District should
be issued in this amoun t: and
WHEREAS, in acco rd ance with the City Charter and a
resolution pass ed on May 16, 1983, the City Council has ad-
vertised for the sa l e of Specia l Asses smen t Bond s and said bonds
in the amount of $349,100 have been awarded to Hanifen, Imhoff
Inc .: and
WHEREAS, it i s now necessary to provide for the issuance
of said bonds and the form and payment thereof;
BE IT ORDAINED BY THE CITY CO UNCIL OF TUE CITY OF
ENGLEWOO D, COLORADO:
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Section 1. Bond Details. By virtue of and p ursuant
to the Charter and the Laws of the State of Colorado, Special
Assessment Bonds of the City af Englewood for Paving Di strict No.
29 shall be issued for the purpos f ,f paying for local improve-
ments con str~cted i n the District. The bond s shall be in the
principal amount of $349,100, shall be dated August 1, 1983,
and shall consist of 350 bonds in the denomination of $1,000
each e xce pt that Bond No. 1 shall be in the de nomination of $100 .
The Bonds shall be issued only as fully r egistered bonds witho ut
coupons and shall be due and payable on August 1, 1994, subject to
call and prior payment on any interest payment date, in direct
num erical order, upon payment of par and accrued interest.
Notice of such prior redemption will be given by the Bond Regis-
trar by mailing a copy of the redemption notice by first class
mail (postage prepaid) not more than 30 day s and not les s than 15
days prior to the date fixed for redemption to the registered
owner of each Bond co be redeemed in whole at the address shown on
the registration r.ooks maintained by the Bond Registrar . Failure
to give such nc,t ice by mailing to any Bondholder, or any defect
t herein, shall not affect the validity of any proceeding for the
redemption of other Bonds, All Bonds so called for redemption
will cease to bear interest after the specified redemption date
provided funds for their redemption are on deposit at the place of
payment at that time.
'!'he Bonds s hal I be a r interest payable semiann ua lly on
ea c h Feb ruary 1 and Aug ust 1, commencing on February 1, 1~84, and
shall matu re on August 1, 1994, as follows:
Interest ~!!! Bond Nubers Rate
$124,100 1 to 125 , incl . 7 .50\ 60,000 126 to 185, incl. 0.00~ 45,000 186 to 230, incl. 8,251 35,000 231 to 265, incl. 8. so, 35 ,0 00 266 to 300, incl. ·0. 751 25,000 301 to 325, incl. 8.8751 25 ,000 326 to 350, incl, 8 .875%
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In add ition to the "A" interest rate indicated above ,
Bonds num bered 1 to 350 i n clusive, shall bear additional "B"
inte r est for the period from September 1, 1983 to the dates
indicated below, or to the redemption date of the Bond, whichever
is the earlier date, such "B" interest being payable on the same
dates as the "A" interest, during said period of time:
"B" Interest For Period
Bond Numbers Rate To
1 to 125, incl. 4.001 2/1/84
126 to 185, incl. 4,001 8/1/84
186 to 230, incl. 3 .501 8/1/84
231 to 265, incl. 3.501 8/1/84
266 to 300, incl, 3,00 1 8/1/84
301 to 325 , i ncl. 3 .001 8/1/84
326 to 350, incl. 3.001 8/1/84
Such "B" interest shall be evidenced by an appropriate
in s t r ument, which shall be fully registered .
The maximum net ef fective interest rate of thi s i s sue of
Bonds shall be 9.34903% per ~nnum .
Section 2, Paying Agent and Bond Registrar . The
pr i nc ipal o f t he Bond s s hall be payabl e in law f ul mon e y of the
Unit ed States of America at The First National Bank of Englewoo d,
in Engl e wood, Colorado, (the "Bond Registrar") or its successor to
the registered owner of each Bond upon presentation thereof.
No twithstanding anything contained in this Ordinance to the
co ntr a ry , inte r es t on the Bonds s hall be payable to the person i n
whose na me s uch Bond is registered, at his or her address as it
a ppear s on th b registration books maintained by or on behalf of
th e Ci ty , a t t he clo se of business on the Record Date , such date
be i ng t he f ifteenth (15th ) day of the calendar month ne x t preced-
ing t he int ere s t pa yment d a te , irre spe ctive of any transfer or
e xch an g e of s uch Bond s ub s equ e nt to such Record Date and prior to
su c h i nt e r es t paym en t date. Such payment s h~ll be paid by check
or draft of the Bo nd Registr a r .
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Section 3. Exe cut ion ot Bonds, The Bonds shall be
signed with the facsimile signature of the Mayor, sealed with a
facsimile of the seal of the City, and attested by the facsimile
signat ure of the Director of Finance, ex-officio City Cle r k-
Treasurer. Should any officer whose facsimile signature appears
on said Bonds cease to be such officer before delivery of the
Bonds to the purchaser, such facsimile signature shall neverthe-
less be valid and s ufficient for all pu'rposes.
Section 4. Form of Bonds'.
substantially the following form:
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The Bond s shall be in
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No, R-__ _
( Form of Bond)
( Front of Bond)
UNITED STATES OF AMERICA
STATE OF COLORADO
COUNTY OF ARAPAHOE
PAVING DISTRICT NO, 29, SPECIAL ASSESSMENT BOND
$ __ _
The City of Englewood, Ara P,ahoe County, Colorado, for
value received, hereby promises to \lay out of the special fund
hereinafter designated, but 1ot otherwise, to _________ _
, or regi s tered assigns, tlie princi-
pal sum of ONE THOUSAND DOitARS in lawful money of the United
States of America , on the 1st day of Au g us t, 1994, and in lik e
~anner to pay interest on such principal amount (computed on the
basis of a 360 day year or twelve 30-day months) from the inte res t
pa yment date next preceding the date of registration and authe nti-
cati o n of this Bond, unl ess t his bond is registered and authenti-
cat ed prior to February 1, 1984, in which event thi s bond sh all
bear interest from Augu s t 1 1 1983, at t he rate of _______ _
per centum ( __ %) per annum , commencing
on Feb r uar y 1 , 1984 and s e miannua ll y thereafter o n February l and
August l each year, until such p dncipal amo unt is paid, unles s
thi s Bond shall have be en previously ca lled for redemption and
p ay ment s h all hav e been duly ma d e or p rovided for. Principal o f
this Bond i s payable in lawful money of the United States of
Ame ri c a at Th e Fi r s t National Bank o f Engl e wood , in Eng l e wood,
Colo rado, as bond registra r and paying agent (the "Bon d Regis-
tr ar"),
Th i s Bo nd i s su b ject to call and redemption in direct
numerica l o rder of the issue of which i t i s one, on any interest
payment da t e, up o n payment of par and accrued interest to th e date
of r ed emp t i o n . Pay me nt o f each installme nt of i nterest shall be
mad e to t he registe re d owner hereof whose name shall appear on the
reg ist r at i o n books o f the City maintai ned by the Bond R~gistrar at
the c lo s e of busine s s on the 15 th day of t he calendar month next
preceding the intere st payment date and sh a l l be paid by check or
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dr aft of the Bond Re~istrar mailed to such registered owner at his
or her address as it appears on such registration books or at such
other addre ss as may be furnished in writing by such regi stered
owner to the Rond Registrar.
This Bond is issu ed for the purpose of paying the
costs of constructing and installing s treet paving, curb a nd
gutt e r and sidewalk improvements, together with necessary in -
cidentals in Paving Dist rict No. 29, · in the City of Englewood,
Colorado, by virtue of and in full conformity with th e Constitu-
tion and Laws o f the State of Colorado, the Charter of th e City,
and an Ordinance of the City duly adopted, approved, published and
made a law of said Ci ty prior to the issuance hereof,
Payment of this Bond and the interest thereon shall
be made from, and as s e cur ity for such payment there is ple dged,
a spec ial fund designated as "Paving Di s trict No. 29 Bond and
Int e rest Fu nd", which Fund shal l contain initially any monies
in the constructi on account remaining after the cost of improve-
ments has been paid in full and thereafter t o contain the proceeds
fr om special as s essme nt s to be levied against th e p r operty in-
cluded withi n t he Di st rict and s pecially benefit ed by th e con -
struction and in stallat i on of improvements therein. The as sess-
ments t o be l e vi ed wil l con st itute a lien on and against each lot
or t r act of land i n t he re spective am ounts to be apportioned by ar.
ordin ance of the City,
In ad di tion, i n accorda nce with the City Charter, a nd
the Ordinance autho rizing the issuance of thi s Bond, when ever
four -fif ths (4/5) of th e bonds of this issue have been paid and
c a nce lled , and for any reason the remaining assessments are not
paid in time to take up the remaining bonds and the interest
thereon , then t he City shall pay said bonds wh e n due and the
inter est d ue there on and reimburse itself by collecting t.he
unpai d assessments due the District.
This Bond does not const it ute a debt _o f the Ci ty of
Engle wood wi th in the meaning of any constitutional, statutory
o r c hart er limitation or provision, and shall not be considered
o r held to be a general obligation o f th e City .
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It is hereby certified and recited that all requirements
of law have been fully complied with by the proper officers of the
City i n the issuance of this Bond, and that the total 3mount of
t his issue does not exceed the co s t and expense of said improve-
ments or any limitation prescribed by law.
For the payment of this Bond and the interest thereon
the City pledges all of its lawful corporate powers.
REFERENCE IS HEREBY MADE TO , FUR'fHER PROVISIONS OF 'fllIS
BOND SET FORTH ON THE REVERSE HEREOF WHICH FURTHER PROVISIONS
ShALL FOR ALL PURPOSES HAVE THE SAME EFFF-CT AS IF FULLY SET FORTH
IN THIS PLACE.
This bond shall not be valid or become obligatory fo r
any purpose or be en ti t l ed to any sec uri ty or benefit under the
Ordinance authorizing this bond until the certificate of authen-
tication hereon shall have been signed by the Bond Regi s trar.
IN WITNESS WHEREOF, the Ci ty of Eng le wood has caused
this Bond to be e xecuted in its name by the facsimile signature of
the Mayor , sealed with a facsimile of the cit y seal, and attes ted
by the facsimile signature of the Direc tor of Finance, ex-offi cio
City Clerk -Tr easu rer, al l as of t~e 1st day of August, 1983.
(FACSIMILE
S E A L )
ATTESTED:
(Facsimile Si9nature)
Director of Fi nance ,
ex-officio City Clerk-Treas urer
CI'I''i or ENG LEWOOD '
STAT E OF COLORADO
By : _~(_F_a_c_s .. ic:cm_i:::1-::ec-S_i_g_n_a_t_u_r_e~) __
Mayor
!Form of Trustee 's Certificate of Authentication]
CERTIFICATE OF AU THENTICA TI ON
This Bond is on e of the Bonds of the issue d e scribed in
the within men tioned Bond ~rdinance.
Date of Regi st ration
and Auth entication : THE FIRST NATIONAL BANK OF
ENGLEWOOD, as.Bond Registrar
By ~A_u_t~ho_r_1~,-e~d---=-O~ff7 1~c-e_r ____ _
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( Back of Bond)
ADDITIONAL PROVISIONS
When th e Bonds are called for r e demption, notice thereof
identifying the Bonds to be redeemed will be given by the Bond
Registrar by mailing a copy of the redemption notic e by first
c lass mail (po s t age prepaid) not mare than 30 days and not less
than 15 days prior to the date fi x~d for redemption to the regis-
t ered own e r of each Bond to be redeemed at the addr e ss shown on
the registra tion books mai ntained by th e Bond Registrar. Failure
to gi ve su ch no tice by mailing to any Bondholder, or any defect
therein, sha ll not affect the v a lidity of any proceeding for th e
redem ption o f o the r Bonds. All Bonds so called for redemption
will cease to bear interest after the specified redemption date
prov ided fun d s for th e ir red empt io n a re on d e posit at the place of
payme nt at th at time.
I f the date f or payment of th e principa l o f or interest
on th is Bon d shall be a Sat.urday , Sunday, legal holiday or a day
on which banking i nst itution s i n the city where th e corpo rate
tru st off ice of th e Bond Reg i st r a r i s locat e d a re a uthorized b \'
law or executive ord er to close , then the date fo r s uch payment
shall be the next succeeding da y which is not a Saturday, Su nda y ,
legal holida y o r a day on which such banking insti t utions are
a ut horized to cl ose, and payment on such da te shall have the same
force a nd effect us if made on t he ~o mi na l date of pa ymen t.
The Bonds are issuable onl~ in th e form of registered
bo nds without coupons in th e denomination of $1,000 each.
The I ssue r and the Bond Registrar shall not be required (a) to
issue or transfe r any Bonds during a period beginning at t he
opening of busin ess on the f iftee nth ( 15t h ) d ay o f th e cale ndar
mo nth next preced ing any interest payment dat e or during t h e
period beginnin~ on any d ate of selection of Bonds t o be redeemed
a nd ending at the c lose of bus in ess on the int eres t pay me nt d ate
or day o n 1<h ic h th e applicable notic e of redemp tion is given or
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(b) to t ra ns f e r any Bond s s ele cted or called for redemption in
wh ole o r in par t . Th e City and th e Bond Regi s tra r ma y deem and
treat th e registe red owner hereof as the abs olu te owner h e r eof
( wh e ther or not this Bond sh a ll be overdue) for the purpo se of
r e c e ivi ng p a ym e n t of or o n account of principal her eo f and int e r -
es t due he reon and for all other purposes, and n e ither the Cit y
n o r t he Bon d Re gi s trar s hall b e af fe ct e d by any notic e to th e
con t r a ry.
The Bond i s t r a n s f e rable by · th e regi s t e r e d own e r hereof
in pe rso n o r by h is or h e r a t torney duly authorized in writing, at
the p r i nc i pa l o f f i ce of the Bond Re •Jistrar, but only in th e
ma nner, subje ct t o the l i mi tations and upon payment of th e charg es
prov i clcd i n the Bond Ord in ance , and upon s urrend e r and cance lla-
tion of th i s Bond . Upo n s uc h t ran s f e r a ne w Bo nd or Bond s of th e
same mat u rity a nd of aut hori zed d e nom ina tion or de nom in at i ons , fo r
the same agg r egate pri ncipal am o un t, will be iss ued to t he tran s -
feree in exch ang e t he r efor . Bo nd s ma y b e t ra n sfe r red upon the
regi st ra t io n b ooks upon de li ver y t o th e Bo nd Regis trar of th e
Bonds , a ccompa n ied b y a w·ri tt e n i n s trum e nt o r i n st ru me n ts of
transfer in fo r m and with guaranty o f s ign a t u r e sa t isf act o r y t o
the City An d th e Bon d Registra r, duly executed by t h e o wn er of
the Bo nds to b e tra n sferred or his a t tor n e y-in-f ac t o r leg a l
rep r es,s ntat i ve , cont ai n ing written i nstructions as to t he detail s
of t he transfer of s uch Bo Pds , a lo n g wit h t he so ci a l securit y
number or fede r al employer ide ntificati on n umb e r o f s uc h tra n s -
[eree and , if such tran sf eree is a tr us t, t he nam e an d so c ial
security numbe r of th e set t le r of the propos ed tra nsferee. In all
cases of the tran sfe r of a Bon d, the Bo nd Regi st r ar sh all enter
t he transfer of ownersh ip in the re g ist r at i o n books a nd s ha l l
a•ithenticate and deliver in t he n am e o f t he t r ansfere e o r tran s -
ferees a ne w f u ll y regi s t e r e d Bond in th e same denomination of the
same ma t u rity , seque n t i al numb er , a nd in te r est r ate for th e
principal amount which the reg i s t e r ed own e r is e n t itled to recei v e
at the earliest p r ac t ica bl e time. The City s hall pay f o r an y
tra n sfe r fee r equired by the Bond Regi s t ,a r relati ng t o the
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tran s fer of the Bond or Bonds. The sequential numbers shall
remain the same ( i.e. R-1 will be reissued as R-lA, then R-lB,
etc.) following each transfer of ownership and all bonds shall be
issued only in the denomination s of $1 ,000 each.
(Form of Transfer)
ASSIGNMEN'r
FOR VALUE RECEIVED, the undersigned sells, assigns and
transfers unto ____________________ _
PLEASE INSERT SOCI AL SECURITY OR OTHER
IDENTIFYING NUMBER OF AS SIGN EE
(Name and ·Addre ss of A~s 1gn ee)
the within Bond and does he re~y irrevocably c onstitute and appoint
The Fi rst National Bank of Englewood or its successor as Bon d
Re gi strar to transfer the said Bond o n the books kept for regis-
tration thereof with full powe r of subs titution in the p remises.
Dated: ________________ _
S ign atu re gu aran te e d:
(Bank , Trust Company of Firm)
NOTICE: The signature to this assignment
must corres pond with the name o f the
registered owner as it a ppears upon the
face of the within Bond in every
particular, without alteration or en-
largeme nt or any change whatever.
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Section 5, Authentication, No Bond shall be valid or
obligatory for any purpose or be e ntitled to any security or
benefit under this Ordinance unl ess and until a certificate of
authentication on ~uch Bond substantially in the form hereinabov e
set forth shall ha va been duly executed by the Bond Registrar, and
such executed cer~ · f icate of Bond Registrar upon any such Bond
shall be conclusive uv idence that such Bond has b~cn authent i cated
and delivered under this Ordinance. •foe Bond Registar 's cer tifi-
cate of authentica tl n on a ny Bond s hall be deemed to have been
executed by it if signed by an authorized officer or signatory of
the Bond Registrar , but it shall not be necessary that the sa.ne
o ff icer or signatory sign the certificate of authentication on al l
of the Bonds issued hereunder,
Se~tion 6 . Delivery of Bo nd s . Upon the execution and
delivery of thi s Ordinance , the City shall execute and deliver
to the Bo nd Registrar, and the Bond Registrar shall authenticate
the Bonds and deliver them to the purch,Jsers thereof as directed
by the City .
Section 7, Registration an d Tran sfe r of Bond s; Persons
Treated as Owners, (a) The Bond Registrar sha ll maintain the
books of the City for the registrat ion of o wn ership of each Bond
as provided in this Res olution. The Bond Registrar sha ll accept a
Bo nd for registration of ownership only if ownership thereof is to
be registered in t he name of an indi vidual , a corporation, a
partn e r sh i p or a tru s t , a nd o nl y upon r eceipt of th e nam e and
ad d r ess of each owner , the social security number of each indivi-
dual , t he tax ide ntifi cation numbe r of each corporation, partner-
ship or t ru st a nd the soc ial s ecurity numbers of the settle r and
beneficiarie s of each trust .
(b) Bends may be transferred upon the regi st ration book s
upon delivery of t he Bonds to the Bo nd Registrar, accompanied by a
written i nstrumen t or instruments of transfer in form a nd with
gua ra nty of sig nat u r e s ati s facto r y t o the City a nd th e Bond
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Registrar, duly executed by the owner of t he Bonds to be trans-
ferred or his attorney-in-fact or legal representative , containing
written instructions as to the details of the transfer of such
Bonds, along with the social security number or federal employ e r
id e ntification number of such transferee and, if such transferee
is a trust, the name and social se curity number of the settlor of
the proposed trans f eree, In the event that a Bond is to be
r egis tered in t he name of a nominee , the requisite information
shal l be provid e d for the principal rather t han such nomine e . No
transfer of any Bond shall be effe ctive until entered on the
registration books.
( c) I n all cases of t he transf er of a Bond, the Bond
Regi s trar sha ll e nter t he t r a nsfe r of own ership in th e registra-
tion books and shall authentica t e and deliv er in the nam e of th e
tran sfe ree or transferees a new fully r e gistered Bond in the
denomin ation of $1 ,0 00 , of th e same matu rit y, sequ e ntial number
a nd interest rate, whi c h the registered o wner i s entitled to
r eceive at the earl i est p r acticable time in acco r dance with the
provis ions of this Ordinance, Ther e shall be no transfer fee
charged by the Bond Reg i s trar for such tran s fer .
(d) '!'he Ci t y and Bo nd Registrar sha ll not be required
( i ) to issue or transfe r any Bonds during a pe riod beginning at
the cl ose of bu s in ess on the fiflee nth (15th) da y of the calendar
month next precedi ng either any interest payment date or any date
of select i on of Bon ds to be redeemed a nd e nding at the c lose of
business on the interest pa ym ent dat e or da y on whi ch the applic-
able notice of rede mpt ion is given, or (ii ) to t ransfer any Bon ds
selected o r called for redemp tio n in whole or in part.
(e) New Bonds delivered upon any transf e r shall be valid
spec ia l obliga tions of the City , evidencing the same de bt a s the
Bonds sur rend ered , s hall be se cured by this Ordinance and shall
be enti tl ed to all of th e s ecurity and be ne fits hereof to th e same
extent as th e Bo nd s surre ndered .
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(fl The City, Bond Registrar and any additional paying
agent or bond r egistrar may treat the registered owner of any Bond
as the absolute owner there of for all purposes, whether or not
such Bond shall be overdue, and any notice to the contrary shal l
not be b indi ng upon the City or the Bond Registrar .
Section 8, Destruction of Bonds . Whenever any Bond
shall be delivered to the Bond Registrar for cancellation pursuant
to this Ordinance and upon payment of th e principal amount
and interest represented thereby or for transfer , such Bond sha ll
be cancelled and destroyed by the Bond Regiotrar and counterparts
of a certificate of destruction evidencing ~uch destruction sh all
be furnished by the Bond Registrar to the City,
Section 9, Disposition of Bond Proceeds, The proceeds
of the bonds shall be applied only to pay the costs and expe nses
of constructing and i nstalling improvements in said Di strict and
all other costs and expenses incident thereto, In the eve nt that
all of t ,1 e proceeds of the bonds are not requ ir ed to pay su ch
costs anc' expenses , any remaining amount shall be paid into the
special •ssessment fun d fo r th e pur pose of calling in and paying
the principal of and int e r est on t h e bo nd s. Neith er the pur-
chasers of the bonds nor any subsequ e nt holder of the same shall
be respo n sible for the application of the proceeds of the bonds
by t he City o r any of its officers .
All o r an y p o rtion of the bond proceeds may be
temporarily inve sted o r rein v csLed , pe nding s uc h use, in Gec uri-
ties or obligations which are lawful i nv es tments for such munici-
palities in the State of Colorado, It is here by covenanted and
agreed by the City that the t empo,ary investment or reinvestment
of the bond proceed s, or any portion thereof , shall be of such
natu re and exte nt , and fo r such period, that the bo nd s of the City
shall not become "arbitrage bonds" within the meaning of Section
10 J(c ) of the In t ernal Revenue Cod e of 1954, as amended, and
pertinent regulations , and such proceed s , if so inv es t e d or
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reinvested , shall be subject to the limitations and restric t ions
of s aid Section 103(c), and pertinent regulation s as t he sam e no w
exi s ts or may later be amended,
Sect i on 10, Pa ving District No, 29 Bond and Inte r es t
~-The bonds and the interest thereon sha l.l be p ayable
solely f r om th e local improvement fund, designated dS th e "Paving
District No, 29 Bo nd and Interest Fund ", whi c h sha ll c ontain
initially any mo nies i n the const r uct i on account remaining
after the co s t of imp r oveme nt s ha s bee n pa id in fu ll and there-
after to contain the proceeds fr om speci a l assessme nts to b e
levied against the property within the Distr ict and s pecially
be ne fited by th e constr uction of impro veme n t s therein,
Wh e n the re is on hand a suffici e n t amou n t to
pay six months ' intere s t on o utstanding bo nd s for the District ,
th e City shall cal l fo r paym e nt, on t h e n e xt i ntere s t p a ym e nt
dat e , o utstanding bond s in direct numerical o rd er with funds
a vai lable therefor.
Af ter t he expira t i o n of the period for cash pay-
me n ts of assessments in full , th e City s ha ll, t o the e xt e n t
p,:,s s i ble , pay each y~ar not le ss th a n 1o i of th e tot a l amou nt of
bon d s outs tand ing af t e r th e payment of the bonds with th e proceeds
o f su ch c a sh pa ymen t s of a sses sments in f ull.
Sect i o n 11, Addi t ional S e curity for th e P ayme nt of
Princi pal and Interest , I :· addition , in accordance wi th t he
Ci t y Cha r ter , wheneve r fo u r -fifth s (4/5) of the bonds of this
issue ha ve been pa id a nd c ancell e d , and fo r any reason the r e -
mai n i ng asses sm ents are not pa id in time to take up the remaining
bonds and the in terest th e reon , then the City shall pay sa id bon d s
wh e n due and t h e interest due thereon and reimburse i ts el f by
collec t ing t he unpa i d as se s s ments due the district,
Sectio n 12 . Asse s sment o f Cost s . The Cit y Council
covenants that u po n co mpl e tio n of the local improvements, or upon
complet i on (rom t im e to t i me of any part thereof , and up?n a c-
ceptance thereof by t he Co un c il, or whe never th e total co a t ca n be
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definitely asc e rtained, it will cau se a statement showing the
tot al co st of th e i mprovements to be prepared and filed in the
off ice of the Director of Fina nce . The City Council shall further
cause assessme n ts to be l e v i ed against th e property includ ed
wi thi n the special improvement district and specially benefited by
th e construction and in s tallation of s uch improvem e nt s , in ac-
cordance with law an d th e Chart e r of the City.
Section 13 . Se verabil i ty. That if any one or more
sections or part s of this Ordinance s h a ll be a dj udged unenforce-
able or invalid, such judgment shall not a f f eet , impair or in-
validate the remaining provisions of thi s Ordinance, it being th e
intention th at t h e va ri ous provision s hereof are se ver ab l e.
Section 14. Repealer . All Ordinances or parts thereof
in conflict with this Ordinanc e are hereby repea l ed .
Section 15 .
are iss ued, this Ordinance shall be and remain i rr epea labl e
until said bo nd s and the interest thereon s ha ll hav e be bCI fully
paid, s atisfied and discharg,ed.
Ordinance Irrepe alable. After said bonds
Section 16. Hearing . In a ccord a n ce with Sectio n
40 of the City Charter , the City Counc il s h a ll hold a publ i c
hearing on t his ordinance, before final passage , at 7:30 P.M. on
'i' esda y, July 5 , 1983 .
Section 17.
Ordinance after its final passage , shal l be number ed and recorded,
and the ado p tion and publication s hall be au t hent i cated by the
signature of the Mayor and th e Director of Finan ce , e x-of f icio
City Clerk-Treasurer , and by the Certificate of Pub licat ion . This
Publication and Effe ctive Date . This
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ordinan ce shall become e ff ective t h irty (30) day s af ter publicatio n
followi ng f inal passage.
Introduc ed , read in full, an d passed on first reading
on t he 20th day of June , 1983.
Publ i shed a s a Bill for a n Ordinance on the 22nd day
of June , 1983 .
Read by title and passed on fin al reading on the 5th
day of July , 1983.
Published by t itle as Ordinance No,,JQ_, Series of
1983, on the ~ day of July, 198 3 .
;.3th
?'.. c[@tw'
'~. Otis, Ma yor
Attest:
t , Gary IL Hi g bee , ex off icio Ci t y Clerk-'l'reasurer of
the City of Englewood , Colorado, herebJ certi fy that the above
and fore going is a true , accurate , a n~ c omp lete copy of the
Ordinance No ._i.lQ_, Series of 19 83.
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