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Home My WebLink About1991 Ordinance No. 018? (b ) BY AlJn :vRITY ORDINANCE NO -11 SERIES OF 1991 COl:NCIL BILL NO . 16 INTRODUCED BY COUNCIL MEMBERHATIIAWAY AN ORDINANCE ESTABLISHING A DIS COUNT OF 5% FOR ALL SPE CIAL ASSESSMENT PAYME NTS MAOE WITillN THIRTY (30) DAYS AFTER FINAL PUBUCA TJON OF lHE ASSESSING ORDINANCE BY ADDING A NEW SECTION 10 TO TITLE 11, CHAPTER 2. WHEREAS, the State Legislature has repealed the discount for special assessments paid wilbin thirty days after final publication of the assessing ordinance; and WHEREAS , many residents of Englewood have taken advantage of the 5% discount; and WHEREAS , the 5% discount assists residents of the City of Englewood in reducing their costs for IIRet and concrete improvements; and WHEREAS, a 5% discount encourages self-suffidency in Improvement of the City; NOW, lHEREFORE, BE IT C'RDAINED BY 1HE CITY COUNCIL OF 1HE CITY OF -ENGLEWOOD, COLORADO, AS FOLLOWS: TITLE 11, CHAPTER 2 IS HEREBY AMENDED TO INCLUDE A NEW SECTION 10 WHIOI WILL BE READ AS FOLLLOWS : 11 -2-10: DISCOUNT-ASSESSMENT ROLL RETURNED: A. PAYMENTMAYBEMADETOTHEFINANCEDIRECTORAT ANYTIME WITHIN THIRTY DAYS AFTER THE FINAL PUBLICATION OF THE ASSESSING ORDINANCE AND AN ALLOWANCE OF FIVE PERCENT SHALL BEMADEONALLPAYMENTSMADEDURINGSUCHPERIODBUT NO T lHEREAFTER. B . AT THE EXPIRATION OF SAID THIRTY -DAY PERIOD , THE FINANCE DIRECTOR SHALL RETURN THE LOCAL ASSES SMENT ROLL TO THE CLERK , THEREIN SHOWI NG ALL PAYMENTS MADE WITH THE DATE OF EAOI PAYME NT. SAID ROLL SHALL THEREAFTER BE CERTIFIED BY THE CLERK UND ER THE SEALOFTI-IE MUNICIPALITY AND DELI VERED BY THE CLERK TO THE COUNTY TREASURE R OF THE SAM E CO UN TY WITH THE CLERK'S WARRANT FOR THE COLLECTIO 'OF THE SAME . C. IF THE FINANCE DIRECTOR IS DIRECTED BY ORDINANCE TO COLLECT AS SESSMEN T PAYME NTS AS PROVID ED IN SECT ION 11 -2-IO(A), IN LIE U OF THE PROCEDURE SPECIFIED IN SUBSECTIO N (B) OF THIS SECTI ON, THE FINANCE DIRECTOR MAY KEEP THE ASSE SSMENT ROLL , NUMBERED FOR CO NVENrENT REFERENCE IN SU CH A MAN l\'E R AS TO BEST FAC ILITATE THE COLLECTION AND RECORDING OF ASSESSMEl"T PAYMENTS . 199 I. Introduced, read in full, ancl passed on first reading on the 4th day of March, 199 I. Published au Bill for an Ordinance on lhe 71h day of March, 1991. Read by tille and passed on final reading on the 18th day of March, 1991. Published by title as Ordinance No . Li_, Series of 1991, on the 21st da _of March, ATTEST: ~,&#eu.uJ Patricia H. Crow, City Clerk i, Patrida H. Crow, City Clerk of the City ofEnglew~h Colorado, hereby cenify that the above and foregoing isa ttue copy of Ordinance No . ..LL., read by title and passed on final reading on the 18th day of March, 1991. ,~/~.w~ Patricia H. Crow DATE Huch 4, 1991 INITIATED BY STAFF SOURCE ISSUE/ACTION PROPOSED COUNCIL COMMUlUCI\TlON AGENDA ITEH 11 C Public Works SUBJECT S\ Di scount for Impr ovement Oistr ic t o Charle• Esterly, Director of Public Works Introduction of an ordinance eatabli ■hing a diacount of S\ for a ll special aaaea ■ment payments made within 30 day ■ of final publication of the a aaess ing ordinance by adding a new Section 10 to Title 11 Chapter 2 . PREVIOUS COUNCIL ACTION Thia iaaue waa di ■cueaed at the February ,.5, 1991 t:ity Council study a es ■i on . STAFF IUIIU.YSI!! Staff has analyzed the caah flow projecti ons on Paving Di stric t #34 a n d bel i e ves t hat City rev enues are not at risk with or wit hou t t he 5\ prepa yme nt d i sco unt. T he a ttached analysis p r epare d b y Pi per, Jaf fr ey a nd HoJ)\•oo d c on finn s th i s a na l ysi!;. BACKGROUND Pr i or t o Oc tober, 1990 , s tate law r equ i r ed a S\ d i scou n t o n a l l spec ial improvement d istrict s . I n October of 1990 , s t ate law d i scontinu ed t h e S\ discou nt . The City, b y p as s i ng this o rd ina nc e, can cont i n u e t he d iscount bei ng this is a Home Rule city . rtNA.NClAL The c ost is dependent upon t he a mount o f Bonds so ld a nd the number o ( people taking adv antage o f the d i scoun t. Gi ve n t he hi storical e x pe r i e n ce with pavi ng diott·icts 1.n t h e City o f En glewood , we b el i e v P. t he Su r p lus a nd De f i c i e n c y Fu nd will not bo impacted by t h e implementation o ( thl e ordina nce . Su !C icient sa f egu ards such ,:i::; .J 2 administr ative c o ntingency and a 5-10\ conti ngency !or c o n stru ct ion Ghould alle v i a te any conc e rn s wlth the long -te r m cash Cl ow o ! (uture paving districtn. - CITY OF ENGLEWOOD, COLO RA DO S AM PLE AN ALYSIS OF SID CASH PLOW - Ex a mple l 10 1 Prepayme nt No D iscou nt ••••c:z:ac••••••••••••••=:zcD ccaaaccaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa aaaaa•••••••••••••••••••=:za::aaizaaa PROJECTED CASH FLOW -----------------------------------------------------------·------------------· --·--·------------------- CASH * * * * * * DEBT SERVICE •• * * * * ENDING BONDS DATE REVENUE AVAI LABLE Intere ■t Redemption ■ CASH OUTSTAND ING ·--------------------------------------------·------------------·---------·----------- 7 I 1991 so Sl!0,00 0 0 so 110,000 s 1 ,00 0,0 0 0 1 l 1992 0 110 ,000 36,250 0 73,750 1 ,000,000 7 1 1992 100,000 1 73,750 36,250 100,000 37,500 900 ,00 0 1 1 1993 0 37 ,500 32,625 0 4,87 5 9 00,000 7 1 1993 123 ,750 1 2 8,625 32,625 65,000 31,000 835,000 1 1 1994 0 31,000 30,269 0 731 8 3 5,000 7 l 1994 150,750 151,481 30,269 90,000 31,213 745,000 1 l 1995 0 31,213 27,006 0 4,206 745,000 7 1 1995 1 44,000 1 48,206 27,006 95,000 26,200 6 50,000 1 1 1996 0 26,200 23,563 0 2,638 6 5 0 ,000 7 l 199 ~ 13 7, 2S0 139,888 23,563 95,000 21,325 555,000 1 1 1 99 7 0 21,325 20,119 0 1,206 555,000 7 1 1997 130 ,50 0 1 31,706 20,119 90,000 21,588 465,000 1 1 1 998 0 21,588 16,856 0 4,73 1 465,000 7 1 199 8 123 ,7 50 128,481 16,856 95,000 16,625 370,000 I I 1 999 0 16,625 13,413 0 3,213 370,000 7 1 199 9 11 7,000 120,213 13,413 95,000 11,800 275,000 1 1 2000 0 11,800 9,969 0 1,831 275,000 7 1 2 000 11 0,2 5 0 112,081 9,969 95,000 7 ,113 180,000 1 l 2 00 1 0 7,113 6,S25 0 588 180,000 7 l 2 0 01 10 3,500 104,088 6,525 90,000 7,563 90,000 1 1 200 2 0 7,563 3,263 0 4,300 90,000 7 1 2 00 2 96 ,75 0 101,050 3,263 90,000 7 ,788 0 -----------------·----------·--------TOTAL S l , 3 37,500 $439,713 $1,000,000 _,.h ... - Example I I CITY OF ENGLEWOOD , COLORADO 10, Prepayme n t S AM PLE ANALY S IS OF SID CAS H FLOW s , Discount :-=•==================•======•••=•sc==-=••••••••••••••••••·•••••••••••••••••••••·••••·••••••==z••==s===c•= PROJECTED CA S H FLOW -------------------------------------------------------------·------·-------------·------·--------------- CASH •••• •• DEBT SERVICE • •• ••• ENDING BONDS DATE REVENUE AVAILABLE Intereet Redemption • CASH OUTSTANDING --------------------------------------------------·-·----------·----·---------·--------- 1 I 1991 so S ll0 ,000 0 so 110,000 Sl,000,000 1 I 1992 0 110,000 36,250 0 73 ,750 1,000,000 1 l 1992 95,000 168,750 36,250 95,000 37,500 905,000 1 1 1993 0 37 ,500 32 ,8 0 6 0 4,694 905,000 1 1 1993 123 ,750 128,444 32,80 6 65,000 30,638 8 40 ,000 1 1 1994 0 30,638 30,450 0 188 8 40 ,000 1 l 1994 150 ,750 150,938 3 0 ,45 0 9 0 ,00 0 JO, 488 750 ,000 1 1 1995 0 30,488 27,18 8 0 3,JOO 750 ,000 1 1 1995 144,000 1 47,300 27,18 8 95,000 25,113 655,000 1 1 1996 0 25,113 23,744 0 1,369 655 ,000 1 1 1 996 137,:t5C 138,619 23,7 4 4 9 0 ,0 00 24 ,875 565,000 1 I 1997 0 24,875 20 ,4 8 1 0 4,394 565 ,000 1 1 1997 130 ,500 134,894 20,48 1 95,000 19,413 470,000 1 1 1998 0 19,413 17,0 38 0 2,37S 470,000 1 l 1998 123,750 126, 12~ 17,038 95,00 0 14,088 3 75,000 1 l 1999 0 14,088 1 .,;,594 0 494 375,000 1 1 1999 11 7,000 117,494 13,594 9 0 ,00 0 13,900 285 ,000 1 1 2 000 0 13,900 10,331 0 3,569 285,000 1 1 2 000 110 ,2 50 lll,819 10,331 95,00 0 8,488 190,000 l 1 2 001 0 8 ,488 6,888 0 1,600 190,000 1 l 2001 103,500 105 ,100 6,888 9 0 ,00 0 8,2l3 100,000 1 l 2 00 2 0 B,213 3,625 0 4,588 1 00 ,000 1 l 2002 96,.750 1 01,338 3 ,625 100,0 0 0 (2,288) 0 ----------------------------------·--TOTAL Sl,332,500 S444, 7 8 8 Sl,000,000 --- SAMPLE ANALYSIS $1,000,000 Assessment Lien Bonds Effects or 5% Prepayment Discount Percentage Interest Total of Prepayment ~ ~ ~ 10 % $5 ,000 $5,075 $10 ,075 25 % $12 ,500 $12 ,688 $25 ,188 50 % $25 ,000 $25,375 $50,375 r,1'£R,):lfIM\ .. 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