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Home My WebLink About2003 Ordinance No. 059• • • ORDINANCE NO. 5J_ SERIES OF 2003 BY AUTHORITY COUNC IL BILL NO. 35 INTRODUCED BY COUNCI L MEMBER GRAZ ULIS AN ORDINANCE SUBM ITTING TO A VOTE OF THE REGISTERED ELECTORS OF HIE CITY OF ENGLEWOOD AT THE NEXT SCHEDULED MUNICIPAL ELECTION A PROPOSED REPE AL OF ART ICLE X (FINANCE ADMINISTRATION), PART Ill (.3ONDED INDEBTEDNESS), SECTION l09 (SPECIAL OR LOCAL IMPROVEMENT DISTRICT BONDS ; GENERAL BENEFITS ; SPECIAL FUND). OF THE ENGLEWOOD HOME RULE CHARTER . WHEREAS , the Surplus and Defici ency fund was created to ad d security for bondholders of the City's numerou s special dis tricts which had outstanding debt ; and WHEREAS , th e City currently has only one special district so the excess money in the Fund is no long required and should revert to the General Fund . NOW , THEREFORE , BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD , COLORADO THAT : Section I . There is hereby submitted to the registered electors of the City of Englewood at the next scheduled municipal election on November 4, 2003 , a proposed amendment to the Chaner of the City of Englewood , which would repeal the current laoguage of Article X, Part Ill. Section 109 , in its entire ty . rep laci ng it wi th the following : Question No . __ Shall the Home Rule Charter of th e City of Englewood , be amended to repeal Art ic le X, Part Ill , Section 109, as fo ll ows : ARTI CLE X. FINANCE ADMINISTRATION PART Ill. BONDED INDEBTEDNESS 199 : Speeiel or loeel impre emeot dislfiet 1,oods ; geee,al eeAefil5; speeiel fued . The Speei el Surplus e11d Delieie••) Fund , hieh hes 1,eeft meted &Ad is presefttl) ftltKftffltfl~itional seeurir, HJr 1he pe)ment ofpfineipai Md interest efeutslflHding eeAds of the Ci~ fo, Speeiel Imp•• emeftt Dislfiets , shell eofttiftue 101,e meiAtaieed iA llte p,opoAioo lltat the emounl •• deposit i• the Speeial Fund ::a ofllte elfeeti e dote ef l!!is-<,h aner P,meAElmeot ee&fS IB llte total emouot ofboftoo preseoll) eul518ftdi•g f&Htieh Speeial lmpre ement Qistriets of the Gil). ftd1) a1110Jnt net required to lie mai,11ained ie tit, Speeial Fuftd , shell l,e lf&Asfe,.,d le the Ce•eral FUAd o, 10 &A) 01he, fu•d efllte Ci~, as ma) l,e dete nH iAed D) the Ci~ CouAeil. Yes No 1 1 b ii Section 2. Each elector voting at said election and de sirous of voting shall indicate his/her choice by depressing the appropriate counter of the voting machine or by the appropriate marking upon paper ballots where used . Section). The proper officia ls of the City of Englewood shall give noti ce of said next scheduled municipal election, such notice shall be published in the manner and for the length of time required by law , and the ballots cast at such election shall be canvassed and the result ascertained . determined, and certified as required by law . Section 4. Only if the question is approved by the reg is tered electors of the City of Englewood shall the Section be amended and the Charter , as amended . certified to the Secretary of State . Section 5. For pllIJ)O ses of Section 1-11 -20 3.5, C.R.S., this Ordinance shall serve to set the title and content of the ballot issue set forth herein and the ballot title for such question shall be the text of the question itself. Any petition to contest the form or content of the ballot title may be filed with the District Court and a copy served on the City Clerk within five days after the title of the ballot question is set by the City Council on final reading of thi s Ordinance . Section 6. If any section , paragraph, clawe , or other ponion of this Ordinance is for any reason held to be invalid or unenforceable , the invalidity or unenfo rceability shall not affect an y of the remaining portions of this Ordinance . Introduced , read in full, and passed on first reading on the 21st day of Ju ly, 2003 . Published as a Bill for an Ordinance on the I " day of August , 2003. Read by title and passed on final reading on the 18th day of August. 2003 . Published by title as Ordinance No . 5i-. Serie s of 2003 , on the 22nd day of August , lorado , hereby certify that ed by • • • • COUNCIL COMMUNICATION Date Agenda Item Subject July 21, 2003 11 a ii A bill for an ordinan ce submitting to the regist ered electors a proposed Charter question to elimin ate outdated language in Article X, Part Ill , Section 109 of Charter of the Citv of EnRlewood. Initiated By Deoartment of Finance and Administrative Services I Staff Source Frank Grv~lewicz Director COUNCIL GOAL AND PREVIOUS COUNCIL ACTION The Council has discussed this issue at st udy sessio ns held on May 12 and May 19, 2003. Staff was directed to proceed with submitting this question to the voters. RECOMMENDED ACTION Staff recommends Council approve the attached bill for an ordinance placing this issue on the November 4, 2003 ballo~ and having the registered voters vote to approve or disapprove of th e Charter change. If • this proposal passes, it will clean up outdated language in the City Charter. • BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED Article X, Part Ill , Section 109 of th e Charter addresses the maintenance of th e Surplus and Deficiency Fund . This was created to add security to bondhold ers when the City had numerous special distr icts with debt outstanding. The Surplus and Deficiency Fund is not needed anymore since th e re is onl y one special district with bon ded deb t outstanding at this time, Paving District 38 (PD 38). PD 38 has a total of $178,000.00 in bonds outstanding and $224,645 .05 in ass essments receivab le . The difference between assess men ts recei va ble and bonds outstanding is a sig nificant cushion of $46 ,6 45.05 or 26.2 percent. The funds currently in the Surplus and . Deficiency Fund will not be required to pay this rem aining obl igat io n so it makes sense to delete Article X, Part Ill , Section 109 of the City Ch arter . FINANCIAL IMPACT This action will not have a direct financial impact on the City of Eng lewood. LIST OF ATTACHMENTS Copy of Section 109 of the City Charter Proposed bill for an ordinance ARTICLE X (Finance Administration) PART ill (Bonded indebtedness) SECTIO N 109 (Special or local impro ve ment distri ct bonds ; general benefits; special fund. As currently written: 109: Special or local improvement district bonds; general benefits; special fund. The Special Surplus and Deficiency Fund, which has been created and is presentl7 maintained as . additional security for the payment of principal and interest of outstanding bonds of the City for Special Improvement Districts, shall contin ue to be maintsined in the proportion that the amount on deposit in the Special Fund as of the effective date of this Charter Amendment bears to the total amount of bonds presently ou tstanding for such Special Improvement Districts of the City. Any amount not required to be maintsined in the Special Fund. shall be transferred to the Gener:tl Fund or to any other fond of the City, as may be determined by the City Council. (Amended 11-6-1973) • • •