HomeMy WebLinkAbout1987 Ordinance No. 028I
OY /\UTII ORI'l'Y
o nn1::.-\n Ct:: No . A_
Sl'H I I'S OF 1 987 COU NCIi. DILL No.33
I NT HODUC rn D'f fOUNC!L
MEH DER f,LO 0-,; l,4-·
(,,
AN OllD IN/\NC E /\UTII OR !Z I NG T II E I SSU/\N C E OF
SPEClA I. /\SS l::SS MENT DOND S IN TII E PR!N C IP/\L
/\M O UN T Of' S 506 ,0 00 Of T Iii ·: C ITY OF EN GI.Ei'/0 0 0,
COi.Oil ADO , FO R P/\VJN G "!S TR I CT NO . 32;
i'H ESCH I IIING TII E FOR M TIii:: OONDS , /IND
PHOVJ D I NG FO R TIil·: P /\YMl::N. , T II E DONDS /IND TII E
J ll'!'E ll ES I' T ll li llEON .
Wll EHE/1 5 , Lne C i ty Co u n ci l o f tho City of Engl e wood ,
C1..1 l 11 r <1.do , h ,1:;, by Or1 .:n a n cc No . 21, Se rie [: o f 1907 , finally pas s ed
c111d ,1do p t ed on Ap r il 20 , 1907, crc,,tc d Povinq Di s trict No. 32 ,
wi t hin th e City , f o r: th e p u rpose o( co nn tru c tin9 and in s talling
!jl t ,·t>L pa v i n g , c u r b c ncl gutt e r and sidcwillk improv e men t s , together
wiL h necessary i nci den t a l s on ce r-t a in s tr ee t s in the Ci t y ; and
\•IIIERE/1 5 , No tic e t o Con Lract o r:s to s u bmit bids for th e
co n s t ruc tion o f th e improv e me nt s in the Di s trict ha s been
~dv c r ti scd a nd bid s f o r suc h con s truc t ion were re c eived on ftay 11 ,
1 987 ; a nd
WflE RE/15 , He Ci ty Council ha s detenni ned that special
a i:~r~s me nt bo nd s of the __ City f o r tl1e Distr i c t s l1 ould be i ssued in
th •· ~mo unt of S~86 ,000 for the paymen t of part of suc h
en ,, ,tru e io n cos t; and
WH EREA S , in accordc,1ncc wit h t he Cit y Chart e r and a
,·eso lu ti o n passed on Apri l 6, 1 907 , the City Council h as
,1dv c cti s ed f or th e sale of Special As s e ssment Bond s and said bonds
i n th e amo u nt o f $586 ,000 hav e be en aw a rded to Kirchner Moore &
Co 1n pa ny, De nver, Co l o r ado; and
WIIERE /15 , i t i s n o w ncce s,; 1r y to provide fo r t he issuance
o f s uc h bond s and th e f o rm and pay 1cnt thereof ;
BE: IT ORDAINED OY TIIE: CITY CO UN C I L Of TIIE CITY OF
ENGL EI-.QO D, CO LORADO:
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Se c ion l. /\uthor ~:·ation dnd Bond Details. That by
v 1 rt u" of and pL1r s uanL to th r City Charter and the procedure
n ,dinanc <' ol Lhe CiLy (Chapter 12 of the Muni c i pal Code), Special
,\•,:;cssme nt ll o nd:; o( the City o( Englewood for Paving DistricL No.
3.
1 1 in c luclinq Lile "O" Interest C1..•rtif i cates (the "Oonds") sha l l be
, ·•~ucd (or Lht• purpose of paying part of the cost s of l oca l
1111 p 1 ,vcment s to b e constructed and in!Jtallc d in t h e District . The
!'"nd :; s hal l be in the prin c ip al amount of $586,000, d ,1 ted June l,
1
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07 , .ind be in t h e denominati on of S l ,000 each. The Bonds shall
110 i ss ued o nly a s f ully registered bonds witllOL't coupons a nd !iha ll
be due anrl pay<1bl c o n /\u 9ust I , 199U, s ubj ect to pr i or r edemptio n
in ~ccordancc with Sectio n 3 h ereof .
Th e Do ndn shall bear interest payable semiannua lly o n
e.ic h Fe bruary l and /\ugust l , com menc ing o n February 1 , 1 988 , as
f nl I o ws:
"A " Initia l In terest Am o unt Bo nd Numb e r s Rate
$201 ,00 0 R-1 thro ug h R-201 5. 7 0 % 1 00 ,000 R-202 t h ro ug h R-301 6. 2 5 85,000 R-302 t hroug h R-386 6 . 7 5 60 ,0 00 R-38 7 t h rn u g h R-4 4 6 7 .0 0 6 0,000 R-4 4 7 thro ugh R-5 0 6 7 . 2 5 40,00 0 R-507 through R-5 4 6 7 .50 40 ,000 R-5 4 7 thr ough R-5 8 6 7 . 7 5
I n add iti o n t o t he "A u interest r ate indicate d a bo ve ,
al 1 of th e JJon ds sha ll bear additional "B" i ntere st at the rat e of
2 .9% for t h e period fro m August I , 1987 t o r ebru a r v I, 1 988 , s uc h
"O" i n te,-cst bei ng payab l e o n Febru ary 1 , 1 988 .
Suc h "B" i nt e r est s h al.l be e v i de n ced by <1 n a p p r opriate
instrume n t , wh ic h s h al l be f u lly reg i s tered .
The maximum net cf f ect ive interest rate clL1th or i zed f o r
th i s i ss ue oE Bonds sh a ll be 12.00% per a nn um . The actual net
e l rcctive int erest rate i s 7.4 0291. per an n um.
Section 2 . Pa ym ent of Bo nds; Pa ying Ag en t a nd Bond
Reqistrar . Th e principa l of the Bo nds is p a y ab l e i n l a w f ul mo n e y
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o f Lhc tin i Le-::! Sta t es o f Amer i ca t o th e rcgi s l(•1·cd o wn er o [ eac h
:,on : upon rJ rescntation at the princii.,a J o (f 1cc o f The first
·:.it 1 0 11d) IJ.Jnk of En gle wood , in Eng l ewood , Co lor.ado , or its
·i1 11·c c~;sor , as paying agen t (th L: "Paying Agent "). Notwithst a nding
1ny Lh1 ng c onLainc d 1n this Ordinance o the cont rary , intere st on
.111y Bo n d i s payab le to the person in who!;e name such Bo r.d is
1,·q1 :,1crcd , nL his a ddr ess as i t appears o n th e rci:i i s tra t i o n b oo k s
1•1.11nt(1inc•d by or o n behalf of th e C ity by The f'ir st Nat ion a l Bank
1d [11q l cwo o 1..1, 111 t-:n glewood , Colo r ado , or i.ts successor , as Bon d
H<•1J1s 1.rar (L hc "Oo nd Registrar"), a t th e close oE businetis on the
f1I L,••'nLh (15th) day of the ca lendar mo nth nex t. preceding each
i nterc:_;L payment da te (th e "Reco r d Dnt e "), irrc ::;pective o f any
l r .in !.(cr or excha nge of s uc h llond s ubseq uen t to s uch Re co rd Date
.i11 d pri or t c suc h interes t payment date . Suc h p a ym en t shall b e
p,11d by check or d r af t o f th e Pay ing Agen t.
Th e princ ipal of and interes t on Lh e Bonds sha l l be paid
in acco rdan ce wit h terms o f a 11 0ond Pa yi ng Agent a nd Regist ra r
A()rccmcnt
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betwee n the City and Th e Fir s t Nati o nal Ba nk of
En g l e wood , in Eng lewood, Colo r ado .
Sect ion 3 . Pri o r Hc dempLi o n . The Bond s are subject to
C d l l a nd prior pay me nt on a ny int erest p ayment date (wh et her
mq11 cys f o r such c all o r pri or payment a r c der ived from a ssessme nt s
whic h hc1ve bee n pa id or a r e proc eeds o f b o nds whi c h may be i s s ued
Lo r c (u n cl th e Oo nd s -pro vid e d , h owever , t h <1t refun di ng bond
p1 occcd~; s lrnll n ot be u sed t o ca ll the Oo nds priv!" t o Augu s t 1,
19U1J), in direct numeri c al o r d 0r ,
inL c rc :..;t , M,..,ti..:e of s uc h p ri o r
upo n payment of pa r a nd ac c rued
redemptio n will be given by the
ll o llll Reyi~Lr ar by ma i ling a cop y of t h e rede mption noti ce by first
c l a,;s 111ail (postag e prepaid) n o t l ess than 1 5 days prior to t he
d.i ll ' fixed f o r red e mpt ion , to the r e gi s tered owner 0 f each Oo n d t o
1,,, re deem ed at th e addre ss s h o wn on t h e regis trat ion b ooks
111.<i:1 tained by or o n be ha lf o f the Cit y by the Bond Reg i s trar .
l•'iiilurc to give s uch notice by mail ing t o any Oondown er, o r any
def.c c t ther ei n, shall no t affect the validity of any proceeding
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for. the t·cdemp ti u n of other: Bo n ds . Al 1 Bo n ds so cal l ed for
100empt i on will cease to be ar i n t eres t a f ter· t h e spec if ied
: i •dempLi o11 da t e , pt·ov i ded funds f o r th eir r cdcm pt :on a re on
!lcpos it at t he plac e of payment at t h at t i me .
Sect i o n 4 . Fann i.nd Execution ot Dond~.
·cha I I IH' sig ned wit h the facsi•ile or ma n u al slq nn tut e of t he
'I ,y o:, sca lPd wi Lh a t acs imi l c o t· manual impressio n of the s ea l of
th•• C ity, attest.eel with the facsi mile or manual s ignatute o f he
c·1 t y Cl erk, and countersig n ed wi th t h e fac !J irni l e or ma n u al
•;1,Jnc1Lure c( the Di r-ector of F in ance. S h ou l d ,1 ny officer wh os e
I rl cs imil~ at manual :;ignature a p pears on t he Do n ds cease t o be
•ouch of(i c ct· hc f ore d elive ty of th e Bonds to the p urchas ec , suc h
f ,11·•,i rnile or ma nu a l s i gn at u re s t1a l l ne v e t·th e l ess b e va lid a nd
•,11 1 I i c icnt. f.o t al l p urposes .
Th e Bo r1d s s ha l l t;e i n s ubstant i a l l y th e ~a ll o w ing form :
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lronn c-f Bond]
!Fr on t o t Bo nd]
UNITED STATES Or AMERICA
ST ATE Or CO LORADO
COUNTY Or ARAPAIIOE
L ITY OF E NGLEWOOD
S l, 000
PAVING DISTRICT NO . )2, SPEC IAL ASSESSMENT BOND
"A"
I N'l'ERE S",' RA TE MA T URITY DATE
AUGUST l, l 990
l'l<I NC IPAL AMOUNT : ONE T HOUS AND DOLLARS
OR I GINAL
ISSUE DATE
JUNE 1, 1907
Th e City of Englewoo d , Arapahoe Cou n ty, Colorado, for
value received , h ereby pr omis es to pay o ut of the specia l fund
hr-n•inaftcr desig n ated , Uut not otherwi se , t o t h e registered o wn er
n,1m c d above , or regi s t ered a ss-ign s , o n th e ma tu rit y date specified
abo ve , the pri n cipal amoun t snccificd a b ove . In l ike ma nn e r the
ri ty promises t o pay i n terest o n s uch p rin cipal a mou n t (compu t ed
n n Lhe basis of a 360-da y year of twe l ve 30-day mo nth s ] from the
interest p ayme nt date next preceding the datP. of registration and
dnt ll cnL i c atio n o f this Bond , u n l ess t h i s Oond is r egistered and
.1 11th"nti c ated prior to February 1 , 19 88 , i n wh i ch even t t his Bond
:;h,d 1 be ur interest f r om Ju n e 1 , 1987 , at th e "A" int erest rate
per annum spctified a b o v e , payab l e semi a n nua l ly o n Fe b ruary 1 a nd
/\11 q11 s L l ~a ch year , ccmm e n c i ng o n febr u a r y t, 1988 , un t il s uc h
1,r i 11 c iµ~l a mourt is pa i d , un l ess th i s Bnnd sha ll ha v e b ee n
pr e vi o u s l y ca t l ci f o r redempti on a n d payme n t s hall h ave been du ly
p111v1ded for or made . ln addition to th e "/\" int eres t r a t e set
l n rth above , this Bo n d sha l l bear s upp l eme n tal "B" interest , at
Lh c rat e o( 2 . 9t per a nnum, for the period f rom Au g u st 1 , 1 907 , t o
Fehn1ary l , 1988 , payab l e o n Feb n 1a r y l, 198 8 , S u c h 11 8" int erest
s h nl l be e v ide n ced by o n e or more separa t e in st r ume nt s whi c h s ha l l
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!i,· I ul ly rey1~ ered . If the date for making any p,1 ymcnt shall be
,1 \,·q(il h o liday o r ;1 day on whi ch bi!.nr'in') inst iluL1 011s in D3>nvcr ,
,·r:>10 1 ,Hlo , ,1re authori zed or requ11c<1 by law to rcm cdn c l 0sed , such
p.1y1nenL m...iy h1' madl.? o n Lhe next s u c c eedi n g d.:iy whi c h i s not a
1,·q,d huli1.L1y or.-a day on whi c h s uch banking institution s are
.111l h <H"izcd :>1 required by law to remain c losed . The prin cipal o f
1 Iii -; Bo nd 1 :; payable 1n lawf ul mo n ey o f t l1 e Un1Lcd Sta tes of
1\1111·1 ll'd to Lt1e reg i stered o wn er 11pon presentat i o n at Th e Fir st
fl,1t 10 11 ,1I Bdnk of f.n9lewood, in Englewood , Co lorado, or its
•,ut:c\.!~;so r , o'\S Pay1ng Agent .
P.J ym ent o f each in sta llment of intere s t s h a l l be made to
1 IL,· rP.g i s ter ed ow n e r he r eo f wh ose n ame s h all appear o n the
11•q1 ~trat i on books of th e City mai ntai ned by or o n b e half of the
C 11 \' t,y The First Nat io n al Bank of Engl e wood , i n Eng l ewood ,
1 ·r ,ln 1 ,1 d o , or 1 ts s ucces sor , as Bo nd Reg i s tr a r , at the c l ose o f
tni,;i ncss o n th e fif tee nth (1 5t h) day of th e cil lendar month n ext
prccedin9 each in t eres t payment date (th e 11 Re cord Date"), and
slla l l be p a id by check or draft o f the Payi n g Agent mailed t o such
rcuistered o wner at hi s addr ess as it appe a r s on s uc h registratio n
b ook n .
Bond~ of t hi s i ss ue , o f whi c h t his Bond is o ne, are
~;1 1l))C C't r.o ca l l a n d t)rior payme nt o n a ny int e r est payme n t dat e
(wile h er mo n e y s for s uc h call r1nd prior paym e n t a r e derived tram
,1•;:;cs !:i mo nt s whi c h have been paid or are proceeds o f bonds which
m.iy be i ssue d to r e fu n d said Oonds -provided , however , that
refunding bo nd pm· ,,e ds shall not b e used to call Bonds of t h is
i i~s uc prior t o Au g ust 1, 1 989), in direc t num er i cal order, upo n
p ,1ymo 11t o f p ar a n d accr u ed int erest. No tice of pr ior rede mpt ion
~;l1nll be given b y mai ling a copy of the r edemp tio n notice not l ess
th L1n (ifteen (1 5 ) days prior to the date fi xe d f or r e de mpt ion , to
t h,· reg i s t ered owner of t hi s Bond at the ad d ress s hown o n the
t·L''J i st r atio n b ooks ma intaine d by the Bo nd Regis t rar , in the manner
s et fo ,·t h in th e autho d z in9 Bond Ordi n ance. All Bo nd s c alled fo r
r ede mption will cease to bear i n terest after th e spec ified
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, cdcmptio n dat e , provided fund s for their rndemption are o n
d~pos it at th e pl ace of paymen t at that time.
REFERENCE I S HEREBY MADE TO FURTHER PROVISIONS OF THI S
IION D SE T FOJlT fl ON T HE REVER SE HEREOF, IIHI CH FURTHER PROVISION S
•;lfAl.1. F Oil ALL PUllPOS ES \!AVE T \IE ~AME EF F ECT AS IF FULLY SET FOllTH
IN 1'111 S PL/ICE .
Thi s Bo nd s h a ll n oL be valid o r become ob ligato ry for
e ll\' pu,·pos e or b e entitl ed t o a ny sec urity o r benef i t under th e
""Lho ,·izinu llond O r di nan ce un Lil the ce rtifi ca te of authentica tion
hereon s ha ll hav e been s igned by th e Bo nd Registrar.
iN TE S TrMONY WHERE OF , the City o f t:ngl e wood, Col o rado ,
h .1s c au sed thi s Bo nd to be exe c uted in its name with th e facsimile
,;iq n atu rc of the Mayor , sea led wi t h a facsimile c f t h e City seal ,
.1 11 c,;t ed with the facsimile s ign a ture of th e •city Clerk , and
,·,,untersig ne d with the fac s imil e sig n ature of t h e Director of
Fin,rn cc , al l as of the 1st day of J u ne , 1987 .
(FIICSHITLE
S E A L )
ATT ESTE D :
n y : __ --'(-'-F-'-a--'c'-'s_1cc· m~i l~e_S-'--i g.,_n_a-'t-'u-'r--'e--') __
City Clerk
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CITY OF ENGLE II OOD , IIRAPIIII OE
COU NTY, COLORADO
By : __ _;(:..;Fc:a:.;c:..s:..1::.:· m::..1:..· l:..e::_::...:.Si,,.g.::n.::a..::t..::u..::r..::e-..,) __
Mayor
CO UNTERSIGNED:
By : __ --'(...,F,,a_c_s_"imc'-i'-'l'-e'--'s,,.:..1· 9-;.,.;n.::a..::t.::u.:.r..::e..,_) __
Director of Fi nan c e
[Fot'Tn of Bo nd Registrar's CeLtificate of Auth en t ica t ion}
CERTIFICATE OF AUT HENT I CAT I ON
This Bond i s o n e of <h e Bonds o f t h e issue descri b ed in
the within mentioned Bo nd Ordi n 1 nce .
D.1te of Rcqistra ti o n
.111 d Au lh cnt i cat ion:
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The Fi ~s t Na ti ona l Ba n k o f
En gle wood,
Englewood , Co l o r ado ,
a s Bond Regist r ar
By : -----;A-:-u:-;t:-;1:-:,o:-,-:--. ,-· ,-e:-d:;-cS;;-,-i g~n-=a-=t -:o-ry:--
I
(Da ck o f Bon d )
AI:'D I T !ON AL PROVI S !OtlS
This Oo nd i s o ne of a series agg regatin g Fiv e Hun d r e d
E1q hty S ix Thousa nd Do ll ars (S506,000) par val ue , all of like
d.1 Le, prin cipal a mo unt , maturity da t e , •e nor , and e ff ect excep t as
, ., 11111111Je r and interes t ratn , 1ss u et1 by th e City o f En g lewo od , in
Lh~ Cou 11L y of Arapa h oe and S tate o f Colorado , f o r the purpose o f
p .oy i ng p ,11t o f th e costs o f co n s tructing a nd in st alling s treet
p<1ving , c urb a nd gu tt er and s idewalk improv e me nt s , together with
IH'ccss at'y i n c ident al s , in Paving Distr i c t No. 32 , in t he City of
1:11~l e wo od , Colo rado . The Dond i s i ss ued und er the Auth ori ty of
t he City Charte r , Lhe procedure Ord inan ce o f the City adop t ed
p11 1·su ant Lo the City Chart er (Chapter 12 o f th e Municip al Co de)
.r11d Lhe Ord inance author izing the i ss uan ce o f Dond s of th e City
cluly ad o pte d , appr o ved , pu bli s hed a nd made a law of said City
pr i o r to t h e i ss uanc e h ereo f . Pursuant t o Chapter 12 of t h e
Munic ip al Co de , such recita l shall conclusive·ly impart full
comp lian ce with all of
i ss ued con taining such
the provisions
recital shall
thereof , and all bond3
c a use wh at soev er after be inconte sta ble
their de liv ery for
r ec it ed , certif ied, and warranted that all of the requireme n ts of
Lw hav e been fully <::o mp l i ed with by th e pr ope r offi c ers in
i c.,;uing this Dond.
value . It
for any
is he reby
Payment of thi s Do n el a nd t he interest the reon s hall be
111.Jd e from , and a s sec u rity for suc h payme n t t h ere is pledged, a
specia l fund designated as "Pav ing Di s trict No . 32 Bond and
Interest Fund", whi c h F ,.nd s hall contain iritially any mo n eys in
the con str u ction acco unt remaining af t er th e cost o f improv e men ts
ha s been p aid i n full and thereafter t o co nt ai n the proceeds fr om
s p ec i a l assessme nt s to be levied against the property in c luded
wi thin the Di s trict and s p ec i a ll y be ne fited by th e construction
and in sta llati o n of improvements ther e in . The assessments to be
l e vied will con s tituL e a lien o n a n d agai n st each l ot or tract of
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land i.n the respective amo unts to be apportion d by an ot~dinance
o f the City . Put·s u i\nt to the City Chartet·, .ind th e Ordinance
.1uL h o riz i ng the i ss u a nce of this Bond , when eve r fou t·-f i ft h s ( 4 /5)
i)I t h e Bo nrl s of th is issu e have been paid and c,1nce ll ed, a n d for
.,ny te ,1 so n the remaining assessment.:;; arc n ot pair! in time to take I
11p t he fi n al Bond s and interest the reon , then th e C it •· shal l pay
••.d t! Bo nd s when d u e and inte rest due thereon and re;,_ ~·irse itself
hy col lcctin~ th e un paid .:isse ssmcnts rlue the Dis tt·i ct .
It i s l1ereby certified a ncl ,·ec i ted that t he to t a l i ss ue
of Bo nds of th e Ci t y fur th e Di str-ict , includ i ng this Bond , does
noL exceed the amo unt aut horized by l a w; that e v ery req ui rement of
l r1w t·eJa t i n <J to the creation of Pavin g Di s trict No. 32 , the
,~o :1 st r:uction of sa id local improv eme n ts , a nd the i s suance of this
11nnd has been f:ully complied wit h by th e p ro p er of f i cers o f th e
f"i Ly , and that all co ndit ions required to exis t a nd thi ngs
r c qui r<?d t o be do n e pr-e ced e n t to a nd in th e iss uanc e o f t hi s Bo n d
to t·enoet· t h e same l a wf ul a nd va li d , have h a ppe ned, been pr-op er-l y
d o ne and pet·fot·med , and did ex i st i n r-egular and due time, for-m,
a nd ma nner , as req uired b y l a w .
'!'hi s Bond d oes n ot const itut e a debt or an indebtedness
of th e City of Eng l e wood wit h in th e mea ni n g of t h e City Cha rter ,
o r any con sti tuti o n a l or sta t ut or-y limitat ion or provi s i o n, a nd
s h al l not be co n s id ere d or h eld to be a ge neral ob l igatinn of the
Th e paym e nt of thi s Do nd c.1nd the int eres t thereon is n ot
~;ecu !·c cl by an e n cumbran ce , n1 or-tg age , or o the r p l e dge of p ro perty
\)l the City exce pt for s uch specia l assessment s a nd oth er mo ne y s
pl edged for th e p a yment of Bo n ds , as s e t fot·th a bove . No p t·operty
n E the City , s ubjec t to s uch exce ption , s h aH be liabl e to be
forfeited or t a ke n in p ayme n t of the Bonds .
Fo r t he paym e nt of this Bo n d and t he int erest the,·eo n ,
the City pled ges to e xercise a ll o f it s l aw fu l corporate powecs to
co llect tho a ssessmen ts.
Th e Ci ty a nd the Bo nd Registrar sha l l not be requ ired to
iss u e or transfer a ny Bond s : ( l) d u r ing a p er iod b eg inn ing o n th e
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Hcc.:otd Ddte a nrl e nUi ng at t he c l ose of b u s in oss o n th e ensuing
1 n : ci ~s t payme nt da te, or ( 2) du r in g the p eriod beginning o n any
iidLL" r>f se l ec tion of Bo n ds to be redeemed and e nding 011 the day o n
whi c h the ... 1ppli c a ble n otic e o f rede mp tion i s given. Th e Bond
Ht"•q1s L 1.ar s hall n o t be requ ired to t ra n s f et· a ny Bon d s se l ected or:-
c,1 1 lL"d fat· t-edemption , in wh ole or in p art . Th e Ci ty, th e Payin g
Aq<.•111, a nd he Bo nd Registrar may deem a nd t rcu t th e r:-egistet-cd
o wn c , o f any Bo n d as th e absolut e o wne r th eLco f f or al 1 pucpose s
(w h et h er o ,· not ~uch llo ncl s hall be ov erdue) and any n ot i c e to the
ro nt,ar y s hall not be binding upon the Ci ty , t he Payin g Ag e nt , or
th e Bo nd Registrar .
Thi s Bo nd i s tran s f e ra b l e by the reg i s ered own e r he reo f
in perso n o r by hi s attoLn e y d uly aut hori ze d in wt·iting, at the
111 in r:ipa t of fi ce o f t h e Bo nd Registrar , hut only in the manner:,
••uh j ct to t h e limitati o n s , and upon p ayme nt o f th e c hat·ges
p rovided in the authorizing Bond Ordinance and u pon su!:"renjer and
c an ce llati o n o f this Bo nd. Thi s Bo n d may b e t ra n s ferred 1 pa n the
rngi st t·a tion books upon d elivery to the Bo nd Registrar o f thi s
13ond , accompanied by a wr:-itt e n i nstt·ume n t or ins t r uments of
tt·ansfcc in fonn and with guat·anty of s i g n a tut·e s ati s fa c tor·y to
th~ Oond Registrar , du ly executed by the o wn er of thi s Dond or hi s
,,tto cn e y-in -fa c t or l ega l re pr ese ntat i ve , containi ng wcitten
in st tu c tion !I a s to the detail s of th e t r-a nsfer of the Bo nd, along
with the soc ial sec ut·ity n lE.lber ot· f ed eral e mp l oye r identificati o n
n umber.:-o f s u c h t ra n s fere e . In th e event of th e t r:ansfer o f thi s
Bo nd , the Bo nd Regi s tra r shall ent er the transfer of o wneLs h ip in
the ,·eri i s tration bo o ks and sha ll authenticate and delive r i n th e
name of the trans f e ree o r tra nsf erees a n e w ful l y r e gi s tered Bond
or Bo nds o f autho r ized denoin · nations of the same matu rity a nd
intet es t rat e f or the agg L gate principal am o unt ~hich th e
,·c ~is tered ow ne r i s entitl ed t o receiv e at t :1~ ear l iest
pcacti c able time. The 0o nd Reg i s trat· may charge the ow n,c o f th is
Bo n d fot-every s u c h tLansfer an a mount s u fficie n t to r-eimburse it
-6 0 -
t o: 1 s reasonable f ees and for any tax oi-Other 9overr.m en,.,1
c h ,>:o e tcquired to be pa id ::th Pspec t to such transfer.
-6 I -
I
I
[Ponn nf Tra n sfer)
A SS I GNMENT
FOR VALUE RECE I VE D, t h e un dersig n e d se lls , a ss ign s , and
L 1ans l cts unt o ----------
:;oc J/\1. ~ECUH ITY OR PEDER/IL EMPLOYl'R
IIJEN T I F I C/\T!OJJ NU MBER O F /\SS !GN SE
(Nam~ a n d Addre ss of Assig n ee )
th e within Bo n d and d oes he r e b y i r r e v ocab l y co n st itut e and a ppoint
, a tto t·ney, t o t r ansfer said Bo n d o n t h e b o o ks:---;k:-e::cp::-;:-t --,f'=occ,:--. -=r::e:-:g::c1"s°'t:-:r=-a=ti o n t h ereof
wit h fu ll pow ct· of s ub s ti t ution in t he p r emi ses .
Llated : ------------------
S igna t ure o f Re gist e t·ed Own e r:
NOTICE : T h e sig natur e to thi s
,1 ss i g nmcn t mLJ S t c or:-r-e spo nd wi th th e
n ame · of t he reg i s t ere d own er-as it
appe ars u po n th e face of th e within
no nd in eve ry pa r ticu l a r-, with o ut
a l tera ti o n o r e n lacge me n t ot· a n y
c hange wh a t eve L
S ignature g uar a nt eed :
(Ba nk , Tru st Comp any , or Firm)
-6 2 -
UNI TED S TATE S OF AMERI CA
S TII T E OF COLO RAD O
CO UNTY Of A RAPA HOE
CITY Of' ENGLE lvOOD
PAVIN G DI STRICT NO. )2 , S PEC IAL ASS ESSHEN T BON D
"O" INTERE S T CF:R'r!rT CATE
Hl:r; I ST E RED OWNER:
Th e City o f Eng lewood , Ar a pa~l oc Cou nty , Col o rado { the
"Cit y "), h e r e by p r o mi ses to pay t o th~ registered owner named
,1bo v c , or r c yi s t e red ass i gns , the amo•int r e pr ese r1t ed as "B"
ir1t cres t o n the o ut standing principa l amount of th e Spe cial
Ass e ssme n t ll o nds of the City for Pa ving Dis tri c t No . 32 , dated
,Jun e 1 , 1987 , i s sued i11 th e princ ipa amo unt of $58 6 ,000 (the
"ll o nd s " I numbe r ed R-1 through R-586 , at the rate o f z,,q\ per
,111 n um, fo! the period from Augu s t 1, 1987 , to Feb r ua ry 1 , l 9~8J
Til e "D" int erest s hall o e pay ab le o n ·Februa ry 1, 1 981T . :,u c h
i 11 1 ~r e st s h a ll be comp ut ed on the basis o f a· lf,O-day year of
t.w<• I ve 30-day months , from the i n t e ... est payment date nex t
pre c edi ng th e d ate of r eg istration a nd authe n ticat i on of t h i s
Ce rtificate , un l ess t h i s Certif i c ate is reg i stered and
a u thenticated prior to February 1, 1988, in which e ve nt this
Ce rtificate s h all re pr ese nt interest fro m August l, 1 987 , at t h e
rate s et forth above .
Th e Bonds and th e "B" interest the r eon repre se nted by
thi s Cert ifi ca te h a ve been authorized by a n Or d i n a n ce finally
pa ssed and adopted by t h e City on June 1 , 1 987 . Th e Bonds are
!.$s ued as full y regi s tered bo nd s , a nd mat ur e , bear int erest , a nd
arc s ubject to red e mp tio n, a ll a s spe <.:ifi ca lly set forth i n th e
,1ut h or izing Bo n d Ordi n a n ce c i ted above . Not i ce o f prio r
r uJ e mption of th e Bonds s h a ll be giv e n by Th e Fi rst Nat i o n al Ba n k
o l Eng l e wood , in En g l e wood , Colorado (the "Bo n d Reg i s tr ar"), by
111i1 il 1n g ,1 co py of t he redemption notice , not l ess th an f iftee n
( I 5 1 day8 p rio r to t h e date fix e d fo r r er,emp ti o n, to th e
regis t ered ow n er of this Cert ificate at the a d dres s s how n o n t he
reg i st ratio n b ooks ma i ntained by the Bond Reg i strar , as mo r e
p artic ularly se t f ort h in t h e Bond Ordina n ce.
Th e "B" i n tere st o n sa i d Bo n ds represe nt ed by this
ce rtificate sha l l be p ayab le by th e Bo nd Reg i s tr ar t o the
r e gi s t e red o wner hereo f , i'.t h i s address as it appear s on the
r egi s tr a t i o n books mai n t a i ~ed by or o n beh a l f of t h e City , a t t h e
c l os e of business o n the i'.eco r d Dat e , s uch da t e b ei ng the c l ose of
bu s iness on th e fi f teen\ h ( 15) d a y o f t h e ca l e nd ar mo nth n ext
pr ece ding the in terest pa .'ment d ate ; s uch payme n t s h a ll be pa i d by
c hec k or draft o f th e Bond Regis tr a r .
-6 ) -
The Bond Registrar shall ma int a in th e b ooks o f t:,e Ci ty
10 1 Lh e t-egistration of ownership o f each Oo nd an d th i s "B"
I n ctcst Cet tifi c at e , a s prov i ded by the Bo nd Ordi nan ce
,iu t hOl izing the i ss uance of sa id Bo nd s .
REFE RE NCE I S liEREll i MAD E TO fURTHER PRO\ IS I ONS Of THI S
C'EllT I F ICATE ATTACHED HERET O , W:1!Cii fU RTHE,l PROV I S I ONS S HALL FOR
Al.I. PURPOSES HAVE THE S AME EFrECT AS IF FULLY SET fORTli IN T HI S !'I.A CE .
T1,i s Certif i ca te sha ll n ot be va lid or bec om e ob ligato ry
f o1 .,ny p u rpose o r be enti t l ed to a ny s c c-ur:i ty or be ne fit un d er
L il e !lo n e! Or dina nce author i z ing this Cen i f i cate until t h e
c~,tifi c ate o f auth e ntication h ereo n s hal l h ave be en signe d b y the !l o nd Hcgistrar.
IN TESTI MO NY WH EREOF , t h e Ci ty Cou n cil of the Cit y o (
1:nrJlcwoo d, Arapahoe Cou nt y, Color-ado ha s c aused thi s Certificat e
1 0 be e xecuted in its n ame with the man ual oi.· facsimile s igna tu re
,q the Ma yo r· of t:.h e City, sealed with a manual or-f acsimile o f th e
•,,,,,J o f t he City, atteste d wit h the ma nua l or facsimil e signa tue e
o l t.hc City Cl eek , a,.d counters i gned with the manual o r f ac simile
:; 1c1n c1 t ut·c of th e Di rec tr,r of F'i nance , a s o f t he 1st day of Jun e, 19 0 7 .
( S F. A L I
ATTE S TED:
CITY OF ENGLEWOOD,
ARAPAHOE cou~•T y, COLORADO
!1y :(Manua _ or Facsimil e Signature) By:(Manu al or Fac si mile Sig n a tur e)
City Clerk Mayor
CO UN T ERSIGNED:
By: (M a nu al or Facs im i l e Signature )
Di rec tor of Fin an ce
-6 4 -
CERTIF !CATE OF AJTIIENTICA1.'!0N
"B" Interest C, This
P.v idcnci ng t he
O~0inancc .
11 D" interest de scr i b • · ,:;ic ate is the instt·ument
i i1 t~,e within menti oned no nd
Da t e of Re g istrati o n
.ind Authenticati o n
By:
-65 -
The Fir st National Bank o f
Englewood
Eng l ewood, Co l orado , as Bo n d
Registrac
Authorized S ig na toty
I
ADDIT I ONA L PR OVI S I ONS
Th e C ity a nd th e Bo nd R~g i st rar s ha ll n ot be r eq u ired t o
i~s ue ot tr a nsfer a ny Cer tifi ca t e d u ri ng a p er i o d beginnin g a t th e
l.'l os c o f b u s i n ess o n th e f iftee nt h (15th) day of th e c alend ar
mo nt h n e xt p te ce d i n g a ny int eres t p ayme nt dat e a n d e n ding a t t h e
c l os l • o ( bu s inClss o n t h e int ere st p ayme n t da t e . Th e City , the
l k>tll1 lk •i,i s tt.at , a n d t h e Payi n g Ag e n t may de e m and t reat th e
i cq 1:;t c1.ccl o wner h e t·eof as t he ab so lute o wn e r h e reo f (whe t he r or
no t thi s Cct t i f i catc s h a l l be o v er d ue ) for t he pu r p os e o f
Le l'L•i vi ng p ayme n t of o t· o n account o f th e in teres t repr ese n ted
hetc hy a nd f ot a ll o thct· pu r pos e s , a n d neith er th e Ci t y, t he Bo nd
Hc g is t ril r , n o r. t he Priy inq Age nt s h a l l b e a ffe c ted b y any n ot i c e to
th e co nLtaty .
Thi s Ce r tifi c at e i s t r a n s f era~l e b y t h e reg i stered ow n e r
l1 c tco f in pe r so n o r b y h is att o r n e y d uly a utt,or ized in writing , at
the p rin ci p al off i c e o f t he Bo n d Reg ist rar , b ut o nl y in th e
m.-1 nne r , s u bject to th e limit a ti o ns , and upo n payme n t of the
\·h,1rges pr ovid e d h e t:e in, and upo n s u r c e ndc r a nd c an c el la tion o f
t hi s Ce rt ifi cate . Thi s Certif i ca t e may b e t ra nsf e n ·e d u po n t h e
, ,•g i s t r at i o n book s upon de live ry t o th e Bo nd Regi s tra r o f th e
Cer tif i c a t e , ac co mpa ni ed by a writ t e n in s tr um e n t of t ran s fer in
f onn a nd with g u a ra nt y o f s ig na t u re s ati s f act ory t o t he Bo n d
llc(Jis trar·, d uly e xec u ted b y t h e ow n er of th e Cert i f i cat e to be
tra n sfer t ·e d o r h i s atto r n e y-in-fact or l e ga l r e pr e s entat iv e ,
co nta inin q wri t t e n in st r uc ti o n s as t o t h e d e ta i ls of t h e t r a nsf e r
of s uc h CeL ti ficate , a l o ng wit h t h e soc i a l security n l.a'l\b e L or
f e dera l e mp l o yer ide n t i fic a ti o n numbe t· o f suc h tra n s f eree . I n all
~ases o f th e t ra n s fet· of a Cer tifi ca t e , th e Bond Regi s t r a r s ha ll
e n t e r t h e t t·a n s fer o f o wn e r s hi p in th e Legi s trati o n b ooks and
!i hal l a u t he n t i cate and d e l i v e r in the nam e o f th e tran s f e ree or-
Lransfe r ee s a n e w fully r e gi s t er e d Cer t if i cate or Certif ic ates of
lh c s ame i n t e res t rate wh i ch th e ceoist ered own ec is e ntitl e d to
tccei ve at the ear l iest p racti c able ti.me . Th e City or-Bo n d
Hcgis tra r may c h arge th e o wner o f thi s Cer ti f i c ate fo r ~very s uc h
tr a ns fer o f a Certif i ca te a n a mo unt suf fi c i ent t o reimbu r se it f or
its t·easo nabl e fe es a nd fo r a ny ta x ot· o t he r gov e rnme n t a l c ha rge
r eq u ire d t o b e paid wi t h t·es pe c t t o su c h tnrn s f e C".
-6 6 -
ASSIGNMENT
FOR VALUE RECElVED, the undersigned sells, assigns and
1 ! ansfe :.s unt o
•;OCIA I. S ECUR IT Y OR FEDERA L EMPLOYER
IDE NT I F I CATI ON NU MDER OF ASSIGNEE
(Name and Addres s of Assignee)
I h e within "B" Intere st Certificate and does hereb•t irrevocably
,·qnst itut e and appci nt
, a ttorn e y to transf er sai-<i
Ce-,-t~i~f~i-c_a_t_e--o-n-:t~h-e-b,-o-o~k-s----,k_e_p_t,-~f-o-r reqistration thereof with full
p o wer of s ub s titution in th e premises.
Dated: -------------
S iqnature of Registered Owner:
NOTICE: The sig nature to this
a s signment must con:·espond with the
n,:ur.e of th e registet"ed own er as it
, ppears u po n the face of the within
Ce rtifica te in every par-ticular,
without alteration or enlat"gement or
a 11y cha ng e whatever.
S i g nature guarantee d:
(!lank , Tt·ust Company , or firm)
-6 7 -
I
I
Sectio n 5 . Authentication.
oh l1ga t o t·y for any pu cpose or be entitled to any secutity o t
t.icn fit under this Ordinance unles s and unti l a cettificate of
au thentication o n such Bo nd substantially in the f onn hereinabovc
se t r o nh s hall h ave be en du ly exec u ted by the Bond Regist rar , and
~;11c h exec ut ed cer tificate of the Bond Registr-ar upon any such Bond
!;h.tl I be con c lusive evic1£:-nc e that suc h Bond ha s bee n authenticated
No Do n rt shall be v al >d o ,
ctnd de } iv ctcd under this Ot ·d in an c c.
The Bond Registrar 's
ce rtificate o f authent i cat i on on a ny Bond s ha ll be deemed to hav e
heen exec u t ed by it i f s igned by an authorized officer or
s i g nat o r·y o f the Bond Registrar, but it s hall not be ne cessary
that the s ame of fice r o r s ignatory s ign the cer ti ficate of
,iuthc nticatio n on a ll of the Do nrl s iss ued here un de r .
Sectio n 6 . Delivery o f Bond s. Up o n the adoption of
t hi s Ord in a n ce , the City sha ll exec ute the Bonds and del iv er them
l o the 13o n d Reg i s trar , an d the Bond Reg'str ar sha ll auth e c,ticat e
the Bo nds a nd delive r them to the p u rchaser thereof as di r ected by
the City .
Sectio n 7 . Regist ra tion and Tra nsfer of Bonds; Perso ns
Treated as Owners . Th e Bond Reg i strar s hall maintain th e books of
the Cit y for th e registration of ownership of each Bond as
pr·o vid ed in this Ordi n ance. Bo nd s may be t ransferred upon the
t·eg istr·at i on books upon delivery of th e Bonds to the Bond
i{t.?r:J i s t rac , accompan ied by a written i n str-ument or i n strume nts of
t r·ansfer· in fo rm and with g ua ranty of s ignature satisf actocy to
the Bond Re-gist rar, d ul y executed by th e owner o f the Bond s to be
transfer-red or hi s attot·ney-in-fact or l eaa l r-epresentative ,
co ntaininq writte n inst ructions as to the detai ls of the transfer
of s uc h Oond s , a l ong with t he social security number or federal
employer id e ntification number· of s uch transferee. No transfer of
,,ny Bo nd shal I be effectiv e until e nt ered o n th e r·eg ist ra tion
b ooks.
In all cases of the tran s fer· of a Bond, the Bond
Regis tcar shall e nter the trans fer of ownership in t he
-68 -
tegis t ra ti o n books a nd s hall authe nti ca te and de liv er i n t he nam e
o f the tra n sferee or t ra n s f eree s a n e w fully re gi s te re d Bo nd o r
Bo nds of author-iz e d d e nomi nat i o n s o f the s ame maturi t y a nd
in t r1est rate f or th e aggrega t e pr in c ipal am o un t whi c h the
11..•q1 s t Prcd owner i s e nti t l ed to r-ece ive a t t h e ear liest
pt~c ti cab l e time i,, a cco rd a nce with th e pro vi s i o n s o f thi s
Ordinance . Th e Bo nd Regis t r a r ma y ch arg e t he o wn e r: o f s uc h Bo nd
1 0 1 cvecy s uc h t r a nsfer of a Bo nd an am o un t s u f f icie nt t o
t•e imbut·se it for its reaso nable fees a nd f or a ny tax o r o ther
9o vctnmcnta I ch r·ge t·e qui re d to b e pa i d with r-e s pe c t t o su c h
t r·c n s [c1:-.
Th e Ci ty a nd Bo nd Re gi s tr a ,· sha ll n o t be nquired to
i ss ue o,· tra ns fer a ny Bond s : ( 1) d u r ing a p e riod beginning o n the
llcco,·d Date a n d e nding at th e close of bu s ine ss on the e nsuing
interes t pa ym e nt d at e , o r (2) dut·ing the p e ri o d beginni n g o n a n y
ela t e of sel e c tion o f Bond s to b e r ede em e d and e nd ing on the d ay on
wh i c h the a pp li ca bl e no tic e o f r e de mpti o n i s given. The Bo n d
Reg i st ra r s ha ll n o t b e require d t o t r ansf e r a ny Bonds s elected or
c a ll ed f oi· r-ede mpti o n, in wh o l e or in part.
Ne w Bo nd s delivered upon any tran s f er s hall be va l id
s pecia l o bli g ation s of th e City, evid e n c ing the same obligatio n as
t h e Bo n ds sur r e nde red , shall be secut·e d by this Ordinance, and
s h a ll b e entitl e d to all of the s e curity a nd benefits hereof to
t he s ame e xt e nt as the Bond s surre nder-e d.
Th e City, the Pa y in g Ag e nt, and the Bond Re g istra r may
rloem and trea t th e r e gi s t ered o wner· o f any Bond as the abs ol ut e
o wne r th ereof for a ll purp os es (w h e th e r or no t suc h Bond sha ll be
ove rd u e ), a nd any n o tice t o t he con ti-ary shall not be binding upon
t h e City , the Pay ing Agent, or th e Bo nd Re gistrar.
Sec ti o n 8 . Des truc tion of Bo nd s . Wheneve r a ny out-
the Bond Registra r·
and upon payment of
sta nding Bond s h a ll b e deliv e rnd t o
c,1nc e ll at i o n pur-s uan t t o thi s Ot·dinance
pr in cipa l am ou n t a nd intere st r e pres e nted
o utstanding Bond sha ll b e delivered to
the reby, or whenever
for
th e
any
for th e Bond Registrar
-6 9 -
I
!i\ns f e r pursuant to t he provisions he r eof, such Bond s hi1ll be
c.1n cc llcd an d des t royed by th e Bo nd Regi st ra r and count e rparts of
,, cet ificat e o f d es truction eviden c i ng such destruc tion s hall be
fu1 n1s hc d by the Bo n d Registrar t " the Ci t y.
Section 9 . Lost Oonds. Any Bond that i s l os t, s t o len,
d1•ia1 oycd , oe mutilated may be replaced or p aid by the Bond
H,•q i~t 1·n r in a cco rd anc e with cind s ubj ec t to the li mitatio ns of
.ip pl i c1i b l c l a w. Th e appli ca n t for a ny s uch re pl acement Bo nd s hall
pn s t. s uc h s e c ul"ity , pay s uc h co s ts , a nd prese nt s u c h p roof of
o wn •,s hp and l o ss a s may be r eq u ired by applicab le law, or in the
;lt >!ience o( s p e c ifi c r eq ui rements, a s may be r eq uired by t h e Bond
H,•q is Lr ot·.
Sect i on 10. Disposition and Investment of Bond
!.:.• """"ds . The Bo nd s shall be i ssued and so ld for the purpose of
p ,1yina parL of t he costs and ex p e nses o f constructing and
in s tal ling improveme nts in said Di str ict and all othet· costs and
a xp e ns cs incide nt there to. ln the event th a t all of the p rocee ds
o f th e Bonds a r e no t required to pay such co s ts and expenses, any
rc1n ai ning amount s hall be paid into the bond and interest fund as
rn ov i ded in Sectio n 13 hereof, for th e purpose o f calling in and
pay ing the principal of and interest on the Bond s. Neither the
o rig ina l purchaser of the Bonds nor any subsequent owners shall be
,,•spo n sib le for the application or disposal by the City or any of
iL s o fficers of the funds d erived fro m the sale thereof.
All or any porti o n of the Bond proceeds may be tempo-
rac il y inves ted or reinvested, pend ing s uch u se , in securities or
oblig atio ns whi c h are lawful i nvestments . It is hereby covenan ted
a n d agreed by the City t ha t it will no t make, or permit to b e
made, a ny u se of the or igina l proceeds of the Bond s , o r o f any
mo n ey s treated as proce e ds of the Bonds with in the me ani n g o f th e
I nternal Re venue Code of 1 986 , as amended (the "C ode") and
app licable reg ulations, ruling s , and decisio ns , or tak e , permit to
be take n, or fail to take any act ion, which would advernely affect
the excl usion fr o m gross income of the interest o n the Bo nds und er
-70 -
!;Pct.i o n 1 0 3 o f the Code and applicable reg ulations, lulings, and
Tl1e ,e i s l1e rcby ctentecl a Rebate Fund which sh 11 be
1",t.\l1 l ishccl a s a book accoun t a nd maintai ned by the City. The
1·1 I)' covenan t s Lo pay from suc h Fund from time t o ti.me all amount s
11 'qlii ::rd to be rebated to the United States pu rs uant to Section
l •l H(,) o f the Co d e and a ny temporal·y , proposed, o t final Tr e asury
H,•q ul.1ti o n s as may be ap pli ed t o tho Bo nds from time to tim e .
Sec t.i o n 11. In contestable Recital in Bond s . In
ac c o rda n ce with Sec ti o n 12-1-13 of the Municipal Code of the Ci ~.y ,
,•ac h bo n d s h a ll rec ite that it i s issued under the Auth ocity o f
th e Ci ty Charter a nd the pr occd u t·e ot·dinanc e o r ordina n c es adopted
p ur ·s uant to the Cit y Charter; s uch recital shall conclusive ly
impa r t full comp li a nce with all of tho provis ion s there o f, and al l
bo nds i ss ue d contain in g s uch l·ccita l s hall be incont estab l e for
.1ny cau &c whatsocvel· afteL th e i r de.livery fat· value .
Sect i on 1 2 . Limitation of Action. In accot·da n ce with
Sec tion 1 2-1-12 of Chapt e r 12 of th e Municipal Code, any person
(il ing with the City ro und! at the time of the hearing o n the
c.:rcat ion of th e district a complaint, protest , or objection , shall
have the dght, within thirty ( 30) days after the final passage of
th e ordinance creating the district or the ot·dinance authorizing
t he i ss uance of bonds , to cc:mmence an action or suit in any t..ourt
o f competent jurisdi c tion to cot·rect Ot" set aside any
dcte nnination by the City Council or questioning the authori ty or
p r oceed ing s taken by the City Council relating to the creation of
the Distt"ict, th e issuance of bonds , the method of assessment, at"
th e c c nstruction of impLovement s .
Sec tion I 3. Paving Dist,·ict No. 32 Bond and Int erest
~-The Bond s and the int erest thereor. shall be payable so l e ly
f rnm the loca l improvement fund, designated as the "Paving
Di s tt·ict No. 32 Bond and Interest f'und", which shall contain
1n1t 1a lly uny mo neys in the construction account remainino aftet"
the cost of improvements ha s b ee n paid in full and thernaftet· to
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cnnt a in t he proceeds f r om s pec i a l assessments to be lev ied a g ai n sL
the p ro pe rt y wi thi n t h e Di s t r i c t nd spec i a ll y be n e f ite d by t h e
con :;t:.uc t i on of improveme n ts t he r ein .
Whe n th ere i s o n h a nd a s uf f i c i ent am ou n t to pay
•;ix mont hs ' i nteL·cst o n o u tsta n d i ng Bonds f or th e Di strict , t h e
c·1 1 y s ha ll ca l l for p a ym e nt, o n th e n e xt in teres t pa yme n t date ,
•11 11 st and i nq Bonds i n di r ec t nume r ical ord e r with f u n ds av a i l .J b l e
, tic, e f o 1 ,
AftcL t he exp i rat i o n o f th e period f or cas h
p 11ymcnts of asses s me nt s in fu l l, th e City s hall, t o th e e x te nt
p oss i b l e , p a y eac h y e a r not l es s th a n 10% of the t o t a l am o un t o f
Bo nd s o uts t a nd i ng a fter the payment o f th e Ilon d s with the p rocee d s
o l s uc h c a s h p d yme n ts o f a ssessme nt s i n full.
Section H. Addition a l Sec urity fo r· t he Payment of
111 i n c ip a l .:i.n d In teres t. ru rs uan t t o t he CitJ Cha r ter, wh e n ever
r m it·-f i f th s (4 /5 ) of t h e Bo nd s o f thi s i ss u e have been paid and
c a n ce ll e d , a n d Ear a n y r e a so n th e remaining assessme nt s are not
pa id i n tim e to t ak e up t he fi i'l al Bonds and interest ~:-,=,reo n, then
th e City s h a ll p a y said Bo nd s wh e n du e and inte r e st du e t h ereo n
and re i mb u rse i tse lf by coll ect in g th e unpaid as s essments due the
Di stric t .
Sec ti o n 1 5 . As ses s ment of Costs . Upon completion of
th e l o ca l imp r o veme nt s , or u pon completion from time t o time o f
r1n y p art ther P.o f , a n d upon a cc eptance th ere of by the Coun c i 1, or
wh enev er the total c o s t ca n b e definite l y a s c e rta in ed , it will
ca u se a s tateme nt s h o win g the tota l co st of the improvement s to b e
rre par e d a nd f.i led in the offic e o f th e Di c ector· of finan c e. Th e
C ity Co uncil s hall fu r th er ca u se a ssessme nt s to be l e vi e d agai n st
t he p rop er ty i nc luded within th e Di s t r i c t and s pe cia lly benefited
by t h e c o n s tt·u c ti o n and i ns t a llati o n of s u c h improveme nts, in
a cco r d a n ce with law
Sect i o n 1 6 . All Ordina n ce s or t ·eso l utio ns,
or p arts th e r eof in c onflict h e r e with a re h ere by r e pealed.
-7 2 -
Section 17. Severability. Sho uld a ny one or more
s~cL i o ns or provision s of thi s Ord in a nce be j ud i c ially dete rmined
inv,11 id o r u nen forc eab l e, s uch dete r mi na tion shall n ot affec t,
impL11r or invalidate the rema ining pr ov isions h ereof , the
inl t•11t i o n being that th e var i ous p r ov ision s hereof are seve rabl e .
Sectio n 18. Ordina nce In·e pealab l e . Afte r sa id Bond s
ate i ss ued, this Ord i nan ce s hall be an d r e main i rrepe alable until
sa id Bond s and the interest thereo n s h a l l hav e bee n fully pai d ,
s atisfied a nd disc h ar g ed.
Sectio n 19. Publi cat ion and Effective Date. Th i s
Ordina n ce after it s fi nal pa ssage, s hall be num be r ed a nd rec orded,
a nd the adoption and pub li cat i o n sha ll be a uth e nticated by t h e
sig natures of the Mayor and the City Clerk , and by the Certificate
o ( Publi ca t io n . Thi s ord i n a nce s h all become effec tive t hir ty (30)
d ays af ter publicat ion foll ow ing f i nal passage .
Introd uced , read in full , a nd passed on firs t readi n g on
the 1 8th d ay o f May , 1987.
Publi she d a s a Bi ll for an Ordi n ance on the 20th day of
Ma y, 1907.
Read by ti tl e a nd pas sed o n final readi n g on the 1st
dciy o f J un e , 1987.
Pu blished by title as Ordinance No. _.Jt_, Serie s of
1Y87, on th e 3rd day of June, 1987.
l~ucr ishia A. El li s
D0p uty Ci ty Cle r k
Mayor Pro Ter.,
I , Loucri s hia A. Elli s , Dep uty City Clerk of the Ci ty
of Eng l e wood, Co lorado, here by c er tify t ha t th e abov e a n d for e-
goi ng is a tru e copy of the Ordin~nce passed on fi nal read i n g
and pub li s he d bJ title a s Or din ance No . ff , Series of 1987,
on the 3rd day of Jun e , 1 987 . --
~ft}u4~. tffr~s
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