Loading...
HomeMy WebLinkAbout1989 Ordinance No. 022ORDINANCE NO. d J-.. SERIES OF 1989 BY AUTHORITY COUNCIL BILL NO. 26 INTRODUCED BY COUNCIL MEMBER HATHAWAY AN ORDINANCE AUTHORIZING THE ISSUANCE OF SPECIAL ASSESSMENT BONDS IN THE PRINCIPAL AMOUNT OF $705,000 OF THE CITY OF ENGLEWOOD, COLORADO, FOR PAVING DISTRICT NO. 33; PRESCRIBING THE FORM OF THE BONDS, AND PROVIDING FOR THE PAYMENT OF THE BONDS AND THE INTEREST THEREON. WHEREAS, the City Council of the , ot Englewood, Colorado (the "City"), has, by Ordinance No. 36, Series ot 1988, finally passed and adopted on November 21, 1988, created Paving District No. 33, (the "District") within the City, f or the purpose ot constructing and installing street paving, curb and gutter and sidewalk improvements, together with necessary incidentals on certain streets in the City; and WHERE!.:;, ilotice to Contractors to submit bids f or the construction of the improvements in the' District has been advertised and bids for such construction have been received; and WH EREAS, the City Council has determined that special assessment bonds ot the City for the District should be issued in the amount of $705,000 for the payment of part of such construction cost; and WHEREAS, in accordance with the City Charter and a resolution passed on April J, 1989, the City Council hl\li advertised for the sale of special assessment bonds in the ~.:r,ount of $705 ,000, and said bonds have been aw~rded to Hanifen, Imhoff Inc ., Denver, Colorado; and WHEREAS , it is now necessary t o provide for the ir.,uance of the bonds and t.he form and payment thereof; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO: -l - Section 1. Authorization and Bond Detail•• By virt:-..a of and punuant to th• city c:-,arter and the procedure Ordinance of the City relating to local improvement di•trict• (Title 11, Chapter 2 of th• Municipal Code), Special A•••••m•nt Bond• of the City for Paving District No. 33, (the "Bonda") ahall be iHued for the purpose of paying part of the costs of local improvement• to be constructed and installed in the District. The Bond• ahall be in the principal amount of $705,000, dated July 1, 1989, and be in the denomination of $5,000 each. The Bonda ahall be iaaued only aa fully registered bonds without coupons and ahall be due and payable on August 1, 2000, subject to prior redemption in accordance with Section 3 hereof. The Bonds shall bear interest payable semiannually on February land August leach year, commencing February 1, 1990, as follows: Initial Interest Amount Bond tlumbers Rate $240,000 l through 48 6.851 120,000 49 through 72 6.9·0 105,000 73 through 93 7.00 70,000 94 through 107 7.00 70,000 108 through 121 7.00 50,000 122 through 131 7.05 so,ooo 132 through 141 7.10 The maximum net effective interest rate authorized for this issue of Bonds shall be 12.00, per annum. The actual net effective interest rate is 7.208 % per annum. Section 2 . Payment of Bonds; Paying Agent and Bond Registrar. The principal of the Bond s is payable in lawful money of the United States of Arneri :.:a to the registered owner of each bond upon maturity or prior redemption and presentation at the principal office of The First National Bank of Englewood, in Englewood, Colorado, or its successor , as paying agent (the "Paying Agent"). Notwithstanding anythi ng cor.tained in this Ordinance to the contrary , interest on any Bond is payable to the person in whose nane such Bond is registered, at his address as it -2 - appear ■ on the registration book■ maintained by or on behalf ot th• City by Th• Fir ■t National Bank of Englewood, in Englewood, Colorado, or it ■ ■ucce ■■or, a ■ Bond Ragiatrar (the "Bond Registrar"), at th• cloH of budnas ■ on the fiftHnth (15th) day o.f the calendar month next preceding each interest payment date (the "Record Data"), irreapactive of any tranafar of such Bond ■ubsequant to auch Record Data and prior to such intaraat payment date, Such payment shall be paid by check or draft of the Paying Agent mailed on or before the interest payment data to such registered owner. It the date for making any payment or performing any action hereunder shall be a legal holiday or a day on which the principal office of the Paying Agent or Bond Registrar is authorized or required by law to l'emain closed, such payment may be made or act performed on the -next succeeding day which is not a legal holiday or a day on which the ~~incipal office ot the Paying Agent or Bond Registrar is authorized or required by law to remain closed. The principal of and inter,est on th,. Bonds shall be paid in accordance with the terms of a "Paying Agent and Registrar Agreement" between the city and the Paying Agent/Bond Registrar. section 3. Prior Redemption. The Bonds are subject t .o call and prior payment on any interest payment date (whether moneys for such call or prior payment are derived from assessments which have been paid or are proceeds o f bonds which may be issued to refund the Bonds), in direct ~umerical order, upon payment oi par and accrued interest. Notice of such prior redemption will t.e given by the Bond Registrar by mailing a copy of the redemption notice by first class mail (postage prepaid) not less than thirty (JO) days nor more than ninety (90) days prir· to the date fixed for reaemption, to the registered owner of each Bond to be redeemed at the address shown on the registration books maintained by or on behalf of the City by the Bond Registrar. Failure to give such notice by mailing to any registered owner, or any defect •• 3 - therein, ■hall not affect t '.;r, validity of any procHding for the redemption of other Bondo, .-..• to which no such failure or defect exist ■. All Bond ■ ■o c6ll ■d for redemption will caa ■a to bear interest after th• ■pacified redemption data, provided fund ■ for their redemption are on deposit at the place of payment at that time . Section 4. Form and Execution of Bonds. The Bonds shall be signed with the facsimile or manual ■ignature of the Mayor, sealed with a facsimile or manual impression of the seal of the city, attested with the facsimile or manual signature of the city Clerk, and countersigned with the facsimile or manua l signature of the Director of Finance . Should any officer whose facsimile or manual signature appears on the Bond• cease to be such officer before delivery of the Bonda to the purchaser, such facsimile or manual signature shall nevertheless be valid and sufficient for all purposes. The Bonds may contain a reproduction of the opinion of nationally recognized munic i pal bond counsel as to the Bonds and 4 certification of such opinion by the City Cle~k of the City. The Bonds shall be in substantially the following form : -4 - No. R-__ _ [Form ot Bond) [Front ot Bond) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF ARAPAHOE CITY OF ENGLEWOOD $5,000 PAVING DISTRICT NO. 33, SPECIAL ASSESSMENT BOND INTEREST RATE MATURITY DATE AUGUST l, 2000 REGISTERED OWNER: PRINCIPAL AMOUNT: FIVE THOUSAND DOLLARS ORIGINAL ISSUE DATE .JULY l, 1989 The City ot Englewood, Arapahoe County, Colorado, !or value received, hereby promises to pay out ot the special fund hereinafter designated, but not otherwise, to the registered 1,,wner named above, or registered assigns, on the maturity date speci.'ied above, the principal amount specified above.·· In like manner the City promises to pay interest on such principal amount (compu,:ed on the basis of a 360-day year of twelve 30-day months) from the interest payment date next preceding the date of registration and authentication of this Bond, unless this Bond is registered and authenticated prior to February l, 1990, in which event this Bond shall bear interest from July l, 1989, at the interest rate per annum specified above. Interest on this Bond is payable semiannually on February l and Au ust l each year, commencing February l, 1990, u11til such principal amount is paid at maturity or upon prior redemption. The principal of this Bond is payable in lawful money of the United States of America to the registered owner upon maturity or prior redemption and presentation at the principal office of The First National Bank of Englewood, in Englewood, Colorado, 01 · its successor, as Paying Agent. -5 - Payment of each in ■tallment of intereat ■hall be made to th• registered owner hereof who ■■ name ■hall appear on the registration books of t he City maintained by or on behalf of the city by The First National Bank of Englew ood, in Englewood, Colorado, or its succesaor, as Bon,, Regi ■trar, at the c l ose of business on the fifteenth (15th) day of the calendar month next preceding each interest payment date (the "Record Data"), and shall be paid by check or draft of the Paying Agent mailed on or before the interest payment data to such registered owner at his address as it appears on such registration books. It the date for making any payment or performing any action shall be a legal holiday or a day on which the principal office of the Paying Agent or Bond Registrar is authori zed or required by law to remain closed, such payment may be made or act performed on the next succeeding day which is not a legal holiday or a day on which t~-,rincipal office of the Paying Agent or Bond Registrar is authorized or required by law to remain closed. Bonds of this issue, of which this Bond is one, are subject to call and prior payment on any int.erest payment data (whether moneys for such call and prior payment are derived from assessments which have been paid or are proceeds of bonds which may be issued to refund said Bonds), in direct numerical order, upon payment of par and accrued interest. Notice of prior redemption shall be given by mailing a copy of the redemption notice, not less than thirty (30) days nor mor e then ninety (90) days prior to the date fixed for redemption, to the registered owner of this Bond at the address shown on the registration books maintained by the Bond Registrar, in the manner set forth in the authorizing Bond Ordinance . All Bonds called for redemption will cease to bear interest after the specified re·· ~mption date, provided funds for their redemption are on deposit at the place of payment at that time. REFERENCE IS HEREBY MADE TO FURTHER i ROVISIONS OF THIS BONO SET FORTH ON THE REVERSE HEREOF, \THICH FURTHER PROVISIONS -6 - SHALL FOR ALL PURPOSES KAVE THE SAME EFFECT AS IP FULLY SIT FORTH IN THIS PLACE. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the authorizing Bond Ordinance until the certificate of authentication hereon shall have bean signed by the Bond Registrar. IN TESTIMONY WHEREOF, the City Council ot the City of Englewood, Colorado, has caused this Bond to be executed in its name with the facsimile signature of the Mayor, sealed with a facsimile of the City seal, attested with the facsimile signature of the City Clerk, and countersigned with the fac ■imila signature of the Director of Finance, all as of the 1st day of July, 1989. (FACSIMILr S EAL ) ATTESTED: By:--~< F~a=-c='sr.i~m"'i"'l'-=e'-"'S-c'i__.9""n"'a""tu-=r=-e=-).__ City Clerk ~,TY OF ENGLEWOOD, ARAPAHOE COUNTY, COLORADO By: __ ..,_( F=-a=-c=-s=-i:::m:::ai:::l:..:e:...:S:..:i:.::a91.ens::ac.:ts::u.=.r:::.eL.) _ Mayor COUNTERSIGN.ED: By :--,-;( F='ar-'c"'s"'i::;111::.:i:.:l:.:e;....;;S,=i'i!g::,:n=-a-=tu=-r=-e:a.l,___ Director of Finance [Form of Bond Registrar's Certifi cate of Authentication] CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds of the issue described in the within mentloned Bond Ordinance. Date of Registration and Au t hentication: The First National Bank of Englewood, Englewood, Colorado, as Bond Registrar By: --A'""u""'t'"'h_o_r_i~' z-e-d~. ~s~l_g_n_a_t_o_ry __ _ -7 - e [Back ot Bond] ADD!TIONAL PROVISIONS This Bond is one ot a sari•• aggregating Saven Hundred Five Thouac.nd Dollars i$705,000) par value, all of like data, principal amount, maturity data, tenor , and affect except as to number and l.ntarest rate, issued by the City of Englewood, in the county ot Arapahoe and State of Colorado, tor the purpose of p aying part or the costs of constructing and installing street paving, curb and gutter and sidewalk improvements, together with necessary incidentals, in Paving District No. 33, in the City or Englewood, Colorad,>. The Bond is issued under the authority of the City Charter , the procedure Ordinance of the City relating to local improvement districts adopted pursuant to the City Chartar (Ti ':.le 11, Chapter 2 of the Municipal Code) and the Ordinance authorizing the issuance of Bonds of the City duly adopted, approved, published and made a law or said City prior to the issuance hereof. PUrsuant to Title 11, Chapter 2 of the Municipal Code, such recital shall conclusively impart ~ull compliance with all of the provisions thereof, and all bonds issued containing such recital shall be incontestable for any cause whatsoever attar their delivery for value. It is hereby recited, certified, and warranted that all of the requirements or law have been fully complied with by the proper officers in issuing th _s Bond . Payment of this Bond and the interest thereon shall be made from, and as security tor such payment there is pledged, a special fund designated as "Paving District No. 33 Bond and Interest Fund", which Fund shall contain initially any moneys in the construction account remaining after the cost of i mprovements has been paid in full and thereafter to cor .ta i n the proceeds from special assessments to be levied included withi n the District and against the real property specially benefited by the construction and installation of improvements therein. The assessments to be r.evied will constitute a lien on and against -8 - each lot or tract ot land in the reapectiv• amount ■ to be apportioned by an ordinance or th• City. Pursuant to th• City Charter, and the ordinance authorizing the isauance ot this Bond, whenever tour-fifths (4/5) of the Bonda of this issue have ~~en paid and cancelled, and for any reason the remaining a•••••ment ■ are not paid in time to take up the final Bond ■ and intere ■t thereon, then the City sht,11 pay said Bonds when due and interest due thereon and reimburse itself by collecting the unpaid assessment• due the District. It is hereby certified and recited that the total issue of Bond ■ ot the City for the District, including thi• Bond, doe ■ not exceed the amount authorized by law; that every requirement of. law relating to the creation ot Paving District No. JJ, the construction of ■aid local improvements, and the issuance of thfo Bond has been fully complied with by the proper officers of the City, and that all conditions required to exist and things required to be done precedent to and in the issuance of this Bond to render the same lawful and valid, have happened, been properly done and performed, and did exist in regular, and due time, form, and manner, as required by law. This Bond does not constitute a debt or an indebtedness of the City of Englewood within the meaning of the City Charter, or any constitutional or statutory limitation or provision, and shall not be considered or held to be a general obligation of the City. The payn,ent of this Bond and the interest thereon is not secured by an encumbrance, mortg11ge, or other pledge of property of the City except for such special assessments and other moneys pledged for the payn,ent of Bonds, as set forth above. No property of the City, subject to such exception, shall be liable to be forfeited or taken in payment of the Bonds. For the payment of this Bond and the interest thereon, the City pledges to exercise all of its lawful corporate powers to collect th9 assessments against the real property included within the District and specially benefited by the construction ar · -9 - installation of improvement•, and take all necHn :y action to collect any a•••••m•nt• that are in default, Th• City and Bond Registrar shall not be required t1,, issue or transfer any Bonda: (a) during a period beginning at the close of business on the R~cord Date and ending at the ~pening of business on the first business day following the ensuing interest payment date, or (b) during the period beginning at the opening of business on a date forty-five (45) days prior to the date of any redemption of Bonds and ending at the opening o! business on the first business day following the day on which the applicable notice of redemption is mailed. The Bond Registrar shall not be required to transfer any Bonds selected or called for redemption. The City, the Paying Agent, and the Bond Registrar may deem and treat the registered owner of any Bond as the absolute owner thereof for all purposes (whether or not such Bond shall be overdue) and any notice to the contrary shall not be binding upon the City, the Paying Agc,1t, or the Bond Registrar. This Bond is transferable by the registered owner hereof in person or by his attorney duly authorized in writing, at the principal offi:e of the Bond Registrar, but only in the manner, subject to the limitations, and upon pa}'J\1ent of the charges provided in the authorizing Bond Ordinan~e and upon surrender and cancellation of this Bond. This Bond may be transre-rrl!d upon the registration books upon delivery to the Bond Registrar of this Bond, accompanied by a written instrument or instruments of transfer in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the owner of this Bond or his attorney-in-fact or legal representative, containing wr .'tten instructions as to the details of the transfer of the Bond, al,:>ng with the social security number or federal employer identification number of such transferee. In the event of the transfer of this Bond, the Bond Registrar shail enter the transfer of ownership in the registration books and shall authenticate and deliver in the name of the trans(eree or transferees a new fully re~istered Bond -10 - or Bond ■ of authorized denoaination ■ of the intere ■t rate for the aggregate principal registered owner i ■ entitled to receive ■aae maturity and amount which the at the earliHt practicable time. Th• Bond Registrar may charge the owner of thi ■ Bond for every ■uch transfer an amount ■ufficient to reilllbur ■• it for its rea ■onable f••• and for any tax or other governmental charge required to be paid with respect to such transfer. -11 - (Form of Tran■f•rJ ASSIGNMENT FOR VALUE RECEIVED, the under ■igned sells, as ■ign ■, and transfers unto SOCIAL SECURITY OR FEDERAL EMPLOYER IDENTIFICATION NUMBER OF ASSIGNEE (Name and Address of Assignee) the within Bond and does hereby irrevocably constitute and appoint , attorney, .,.t-o.....,.t_r_a-·,-s"'f,...e_r_s_a_i,..., d...--,B=-o_n_d..--o-n-,-t""h_e.....,.b'"'o-o""k:-:s-,k'"'e-p""'tc---.f-o_r_r_e_g7i.,.s7t_r_a.,..tion thereof with full power of substitution in the premis~_s. Dated: ________________ _ Signature of ' ,gistered Owner: NOTICE: The signature to this assignmen~ must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever . Signature guaranteed: (Bank, Trust company, or Firm) -12 - section 5. Authentication. No Bond ahall be valid or obligatory for any purpose or be entitled to any ■-c•Jrity or benefit under this Ordinance unl••• and until a certificate of authentication on such Bond substantially in the form hereinabove set forth shall have been duly executed by the Bond Registrar, and such executed certificate of the 8ond Registrar upon any such Bond shall be conclusive evidanc, that ~uch Bond has been authenticated and delivered under this Ordinance. The B?nd Registrar•• certificate of authentication on any Bond shall be deemed to have bean executed by it if signed by an au~horized officer or signatory of the Bond Registrar, but it shall not be necessary that the same officer or signatory sign the certificate of authentication on all of the Bonds issued hereunder. Section 6. Deli".'ery of Bonds. Upon the adoption of this ordinance, the City shall execute the Bonds and deliver them to the Bond Registrar, and the Bond Registrar shall authenticate the Bonds and deliver them to the purchaser thereof as directed by the City. Section 7, Registration and Transf~r of Bonds; Persons T-reated as owners. The Bond Registrar shall maintain the books of the city for the registration of ownership of each Bond as provided in this Ordinance. Bonds may be transferred upon the registration books upon delivery of the Bonds to the Bond Registrar, accompanied by a written instl·ument or instruments ct· transfer in form and with guaranty of signature satisfactory to the Bond Registrar, duly executed by the owner of the nonds to be transferred 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 employer identification number of such transferee. No transfer of any Bond shall be effective until entered on the registration books. In all Registrar shall cases enter of th, the ~ansfer of a Bond, -.1sfer of ownership -13 - the Bond in the registration books and shall authenticate and deliver in th-name of the transferee or tranafereo ■ a new fully registered Bond or Bonds of authorized denominations ot the same matudty and interest rate for the aggregate princip.-.1 amount which the registered owner is entitled to receive at the earliest practicable time in accordance with the provisions of this Ordinance. 'J'he Bond Registrar may charge the owner of such Bond for every such transfer of a Bond an amount sufficient to reimburse it for its reasonr.bla fees and for any tax or other governmental charge required to be paid with respect to such transfer. The City and Bond Registrar shall not be required to issue or transfer any Bonds: (a) during a period beginning at the close of business on the Record Date and ending at the opening of business on the first busines~ day following the ensuing interest payment data, or (b) during the period beginning at the opening of business on a data forty-five (45) days prior to the date of any redemption of Bonds and ending at the opening of business on the first business day following the day on which the applicable notice of redemption is mailed. The Bond Registrar shall not be requ i red to transfer any Bonds selected or called for redemption. New Bo ~,ds delivered upon any transfer shall be valid special obl i gat i ons of the City, evidencing the same obligation as the Bonds surrendered, shall be secured by this Ord i nance, and shall be entitled to all of the security and benef i ts hereof to the same extent as the Bonds surrendered. The City, the Paying Agent, and the Bond Registrar nay deem and treat the registered owner of any Bond as the d ·,solute owner thereof for all purposes (whether or not such Bond shall be overdue), and any notice to the contrary shall not be binding upon the Ci ty, the Paying Agent, or the Bond Registrar. Section 8. Destruction of Bonds . Whenever any out- standing Bond shall be delivered to the Bond Registrar for canc ellation purs uant to this Ordinance and upon payment of the -14 - principal amount and interest represented thereby, or whenever any outstanding Bond 11h11ll be delivered to the Bon~ Registrar for· transfer pursuant to the provisions hereof, such Bond shall be cancelled and destroyed by the Bond Registrar and counterparts of a certificate of destruction evidencing such de11truction shall be furnished by the Bond Registrar to the City. section 9, Lost Bonds. Any Bond that i ■ lost, stolen, destroyed, or mutilated may be replaced or paid by the Bond Registrar in accordance with and subject to the limitations of applicable law. The applicant for any such replacement Bond shall post such security, pay such costs, and present such proof of owners hip and loss 119 may be required by applicable ).aw, or in the absence of spec;ific requireme1:ts, 119 may be required by the llond Registrar. section 10. Disposition and Investment of Bond Proceeds . The Bon1s shall be issued and sold for the purpose of paying part of the costs and expenses of constructing and installing improvements in the District and all other costs and expenses incident thereto . In the event thal;. all of the proceeds of the Bonds are n~t required to pay such costs and expenses, any remaining amount ~hall be paid into the bond and int erest fund as provided i i, Section lJ hereof, for the purpose of calling in , ,,:, paying the principal of and interest on the Bonds. Neither tte original purchaser of the Bonds nor any subsequent owners shall be responsible for the application or disposal by the City or any of its officers of the funds derived from the sale thereof. All or any portion of the Sond proceeds may be tempo- rarPy invested or reinvested, pending such use, in securities or obligations which are lawful i nvestments. It is hereby covenanted and agreed by the City that it will not make, or permit to be made, any use of the original pr oceeds of the Bonds, or of any moneys treated as proceeds of the Bonds within the meaning of the Internal Revenue Code of 1986 , as amended (the "Code") and applicable regulat i ons , rulings , and decisions, or take, pe,nit to -15 - e t:,e taken, or tan to take any action, which would advar■aly affect th• exclu ■ion fr~m gro ■■ income of th• intaraat on th• Bond ■ under section 103 of the code and applicable regulations, ruling ■, and decisions. The City hereby designates the Bonds as "qualified tax- exempt obligations" for purposes of Section 265 (b) (3) of tha Code. section 11. Incontestable Recital in Bonds. In accordance with Section 11-2-9 of the Municipal Coda of the City, each bond shall recite that it is issued under the authority of the City Charter and the procedure ordinance or ordinances adopted pursuant to the City Charter; such .cecital shall con,;:lusively impart full co,~plianc11 with all of the provisions therec~, and all Bonds issued containing such recital shall be incontestable for any cause whatsoever after their delivery for value. section 12. Limitation of Actbn . In accordance with Section 11-2-8 of the Municipal Code, any person filing with the City Council at the time of the hearing on the crecttiora of the district a complaint, protest, or objection, shall have the right, within thirty (30) days after the final passage of the ordinance creating the district or the ordinance authorizing the issuance of bonds, to commence an action or suit in any court of competent jurisdiction to correct or set aside any determination by the City Council or questioning the authority or proceedings taken by the City Council relating to the creation of the district, the issuance of bonds, the method of assessment, or the construction of improvements. Section 13. Paving District No. 33 Bond and Interest Fund . The Bonds and the interest thereon shall be payable solely from the local improvement f ·Jnd, designated as the "Paving District No. 33 Bond and Interest Fund", which shall contain initially any moneys in the construction account remaining after the cost of improvements has been paid in full and thereafter to contain the proceeds from special assessments to be levied against -16 - th• real proparty within th• Diatrict and ■pecially benefited by the construct i on of improvement ■ therein. When there ia on hand a aufficient amount to pay six months' interest on outstanding Bonds for the District, the city shall call for payment, on th• next interest payment date, outstanding Bonds in direct numerical order with funds available therefor. After the expiration of the period for cash payments of assessments in full, the City shall, to the extent possible, pay each year not less than lOt of the total amount of Bonds outstanding after the payment of the Bonds with the proceeds of such cash payments of assessments in full. Section 14. Additional Security for the Payment of Principal and Interest. Pursuant to Section 108 of tha City Charter, whenever four-fifths (4/5) of tha 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 final Bonds and interest thereon, then the City shall pay said Bonds when due and interest due thereon and reimburse itself by collecting the unpaid assessments due the District. Section 15. Assessment of Costs . Upon completion of the local improvements, or upon completion from time to time of any part thereof, and upon acceptance thereof by the City council, or whenever the total cost can be definitely ascertained, it will cause a statement showing the total cost of the improvements to be prepared and filed in the office of the Director of Finance. The City Council shall further cause assessments to be levied against the property included within the District and specially benefited by the construction and installation of such improvements, in accordance with law, and take all necessary action to collect any assessments that are in default. Section 16. Severabil i ty. Should any one or more sections or provisions of this Ordinance be judicially determined invalid or unenforceable, such determination shall not affect, -17 - the remaining provision• hereof, the -impair intention being that th• various provision• hereof are severable, Section 17. Repealer, All Ordinance• or resolutions, or parts thereof in conflict herewith ar• hereby repealed. or invalidate Section 18. Ordinance Irnpealable. Attar said Bonds are issued, this ordinance shall be and remain irrepealable until said Bonds and the interest thereon shall have been fully paid, satisfied and discharged. section 19, Publication and Effective Date. Thi• Ordinance, after it• final passage, shall be numbered and recorded, and the adoption and publication shall be authenticated by the signatures of the Mayor and the city Clerk, and by th• Certificate of ?ublication, This ordinance shall become effective thirty (30) days after publication following final passage. Introduced, read in full, and passed on first reading en May 15, 1989. Published as a Bill for an ordinanCe a1 May 18, 1989. Read by title and passed on final reading on the 5th of June, ~989. Published by title as ordinanc e No,~, Series of 1989, on the 8th day of June, 1989. ( ,--/ ~v;. ''/- Attest: &&~#~ Patricia H, Crow, City Clerk I, Patricia H. Crow, City Clerk of the City of Englewood, Colorado, hereby certify that the foregoing is a true Ct:Jf'Y of the ordinance passed on final reading and published by title as Ordinance NoU, Series of 1989. ~,..,~✓-~ Patriclaif, Crow, City Clerk COUNCIL CONNUNICATION DATE May 15 , 1989 INITIATED BY STAFF SOURCE PREVIOUS COUNCIL ACTION AGENDA ITEN 11 (d) SUBJECT Department of F 1 nance Spec1a 1 Assessment Bonds for Paving 01 strict No . 33 Margaret Freeman, Director of Finance Resolution No. 20, Series 1989, adopted 4-3-89, provided for notice of the sale of special assessment bonds for Paving District No . 33. e ACTION PROPOSED Pass a resolution awarding the purchase of, and a bill for an ordinance for issuance of, special assessment bonds for Paving District No .33. BACKGROUND On November 21, 1988, the City Council passed on final reading, Ordinance No . 36, Series 1988, creating Paving District No. 33. The notice of sale of the special assessment bonds for funding the district has been published . The bid opening for the purchase of the bonds will occur on Monday, Hay 15, 1989 at 2 :00 p.m . The Bonds will lj/! received and evaluated and later that day a recon111endation for award to the best bidder will be presented to City Council . FINANCIAL Payment of the bonds and interest are entirely derived from special assessments to be levied aga i nst the real property included in the paving district . RECOMMENDATION Recommend that City Council pass the Resolution awarding the contract for purchase ..A of special assessment bonds in the principal illlOUnt of $705,000 and that City Coun- ... ell pass the ordinance authorizing the issuance of the bonds.