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Home My WebLink About2001 Ordinance No. 036• • • ORDr ANCE No.$. SERIES OF 2001 BY AUTHORITY COUNCIL BILL NO. 39 LNTRODUCED BY COUNCIL MEMBER GARRE'IT AN ORDI ANCE SUBMl'M'ING TO A VOTE OF THE REGISTERED ELE TORS OF THE CITY OF ENGLEWOOD AT THE NEXT SCHEDULED MUNICIPAL ELECTION A PROPOSED AME DMENT TO ARTICLE X, PART lll, SECTION 104, OF THE ENGLEWOOD HOME RULE CHARTER. WHEREAS , the City (:ouncil of the City of Englewood desires to change the General Obligation Bonda eect,on from assessed val uation to actual valuatit-n ; and WHEREAS , c ntly h ity Charter limits the total outstanding general obliga tion indebted.ne llf l e City not to exceed at any time three percent of aeaeBSed valuation ; and WHEREAS, this limit can impede the City's ability to iBSue bonded d.ebt for needed unprovements; and WHEREAS, the question submitted to voters changes the limit from three percent of assessed value to three percent of actual value ; and 'HEREAS, this raises the ceiling approximately aix times; and WHEREAS, if this were is place at December 31, 2000, the maximum general obligation debt permitted would have been $60,807 ,178, compared to the 10,284,7 80 limit in place ; and WHEREAS , it is important to note that the ultimate authority to issue any general obligation debt will continue to rest with the citizens of Englewood r 1gardless of the debt limit; and WHEREAS, this requirement to vote on the issuance of general obligation o~bt 1s defined in both the City Charter and State Constitution; and WHEREAS , the Englewood City Council finds that such modification of the Englewood Home Rule CllllrUr would serve the public welfare ; OW , THEREFORE, OE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF E. GLEWOOD , COLORADO , THAT : • I • IObiii Sectmn I There is hereby submitted to th registered electors of the City of Englewood st the next scheduled municipal election on November 6, 2001 a propoeed amendment to the Charter of the City of Englewood, as follows: Quesri 0o '.Ilg ARTICLEX FINANCE ADMINISTRATlON PART lll . BONDED INDEBTEDNESS 104: General obligation bonds. Indebtedness and obligation.e of the City hall be incurred and limited aa provided in Article Xl of the Constitution of the State of Colorado a pplicable to towns and cities except ea otherwise provided in t1ua Charter. Council shall have power to issue general obligation bonds of the City for any public capital purpoae, up n majority vote of the registered electom of the City voting thereon aL special electi.oo; provided. however, that water exteoaion and water improvement bonds may be issued without an election upon deternunation to that effe ct by Council. The total outetanding general obligation indebtedness of the City, other than for water bonds, shall not at any tim.e exceed three percent (3%) of the~ actual vsluat:ion of the taxable property within the City as shown by the last preceding assessment for tax purposes. Water bonds shall ma~-e and be payable as provided by the ordinance authorizing the issuance of said bonds . _Yes ___ No ~-Each elector voting at said election and desirous of voting RhalJ indicate hie/her choice by depre ing the appropriate counter of the voting machine or by the appropriate marking upon paper ballocs where used. Sectjon 3 The proper officials of the City of Englewood shall give notice 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 11hall be canva ed and the result aecertained, determined, and certified ae reqwred by law . Sectiwu . Only if the question is approved by he registered electors of the City of Englewood hall the Section be e mended end the Charter, as am e nd , certtfie,! to the Secretary of State. Section 5, For purposes of Section 1·11-203.5 , C.R .S., tlua Ordinance s hall serve to set the title and content of the ballot issue et forth he rem and the ballot title for such question s hall be the ten of the question itself. Any pention to conteat the form or content of the ballot title may be filed w1tb th e District Court and a copy served on the City Clerk withm five daya after 1he title of t he ballot queatlon 1s t by the City CollDcil on final reading ofthts Ordwance. -2- • • • • • • ~ If any section, paragraph, clause , or other portion of thie Ordinance is fo1 any reason held to be irvalld or unenforceable , th invalidity or unenforceability shall not affect any of the remainin" portions of this Ordin.ance . Introduced, read i.n full, and passed on fir st re ading on the 16th day of July, 2001. Published as a Bill for an Ordinance on the 20th day of July, 2001. Rend by title and passed on final reading on the 6th day of August , 200 I. Published by title as Ordinance No~ Series of 2001 , on the 10th :!:::;· of August. :.!OOJ Loucrisb.ia A. Ellis, City Clerk I. Loucrishia A. Ellie, City Clerk of the City of Engle wood, Culorado, hereby certify that the above and foregoing i.s a true co~f tbe Ordinance pa don final reading and published by title as Ordinance No~ Series o 2001 . -3- • • • .• COUNCIL COMMUNICATION Da te Agenda Item Subject Bill for an ordi nan ce submitting to lul v 16, 2001 10 a iii the reg iste red electo rs of th e City o Englewood a proposed amendment to Article X, Part Il l, Section 104 of the Charter of the City of Eni.lew ood. Ini tiat ed By Staff Source Department of Financ e and Admi nist ra tive Services I Frank Grvitlewicz . Director COUN CIL GOAL A D PREVIO US COU CIL ACTION The City Council discussed placing this question on the 2001 ballot at a number of study sessions, including o ne held May 21, 2J01 where they dir e cted staff to proceed with submitting this ques tion to the voters. RECOMME OED ACTION Staff recommends Council approve the attached bill for an o rdinance. BACK GR OU ND, ANA LYSIS, ANO ALTERNATIVES IDENTIFIED Currently, the City Charter limits the total outstanlling ge neral obligation in debtedness of the City not to exceed at a ny time three percent of assessed valuation . This lim it can im pede the City 's ability to issue bonded debt ·or needed improvements. The question sub mitted to vo ters changes the limit from three percent of assesse d valu e to three percent oi attJal alue . This raises the ceili ng approxima tely six times . If this were in place at December 3 1, 2000 the maximum general obligation debt permitted wou ld have been 560,807,178 corn pared to lhe S t 0,284. 780 limit in place . It is imp ortant to no te that the l timate authonty to issue any general obligation debt will continue to rest ,vith the ci tiz ens oi Englewo od regardless oi the debt limn. This requi rement to vote on the iss uance of general o bligation debt 1s defined in both f' Ci Charter and State Constitu tion. Fl A CIAL IMPACT This acti o n w ill not have a direct fi nancial impact on the Citv oi Englewood . LIST O F TTJ\C HM E TS Proposed bill for an o rd ina nce