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Home My WebLink About1995 Ordinance No. 038• • 10 b i fi BY AUTHORITY ORDINANCE NO . ;f._ SERIES OF 1995 COUNC IL BILL NO . 40 INT ROD UCED BY COUNC IL MEMBER WAGGONER AN ORDl:-IA: CE SUBMITTING TO A VOTE OF THE REGISTERED ELECTORS OF THE STATE OF COLORA DO WHO ARE OW NERS OF PROPERTY WITHI N OR RESIDENTS OF CONCRETE REPLACEME NT DISTRICT 1995 OF THE CITY OF ENGLLWOOD AT THE NEXT SCHEDULED GENERAL MUNICIPAL ELECTIO N A QUESTION AUTHORIZING THE ISSUAN CE OF DEST TO PAY FOR THE IMPROVE:MENTS. WHEREAS , th e City Council of Englewood, Colora do , has dete rmin ed tt.at it is necessary to create a s~al impr ovement district within the City for the purpose of provi ding for the re moval and replace ment of s ub-standard curb, gutter, an d s idewalk and th e new construct io n of curb , gutter, and sidewalk improvements, together wi th necessary incidenlals , with.in the City and to assess part of the cost of th e improvements agn.inst the real prope rty specially be nefited by the improvements and included within the di stri ct ; a nd WHEREAS, pursuant to the Charter of th e City and Title 11, Cha pter 2 of the Mun icipal Code of th e City, the City Co unc il, upon its own in itiative, h es dete rmin ed to proceed with the remova l and re pl acement or new co ns tru cti on a.id in s tallation of such improvements: and WHEREAS , the City of Englewood , Colorado desires to submit a questio n to th e property ow ners of the s peci al improv ement di s t :i.ct as s et forth in C .R.S . 31.25.534 , entitled , Issu ing bonds -property specially benefited: and WHEREAS , the City of Engl ewood and th e Arapahoe Co unty Clerk and Record er are in agreement that proced ur es may be implemented to coo rdinate thi s issue; :-/O W. THE.REFORE , BE IT ORDAlNED BY THE CITY COUNC IL OF THE CITY OF ENGLEWOOD , COLORADO. AS FOLLOW S: ~-Pursuant to the pro vis ion s of law the City of Englewo od hereby submits for a vote of the re gistered electors of the State of Colo radn who are owners of property wiL½in or re si dents of Conc rete Replacement District 1995 of the City of Englewood at the 1995 General Municipal Election the following ball ot qu es tion : SHALL THE CITY OF ENG LEWOO D'S DEBT BE INC REASED $285 ,000, WITH A RE PAYMENT COST OF $420,000 ; BY THE ISSUA NC E AND REPAYMENT OF SPEC IAL ASSESSMENT REVE NU E BONDS , SUC H SPECIAL ASSESSMENT BONDS TO BE ISSUED FOR THE PURPOSE OF PAYlNG FOR THE COSTS OF REMO VING AND REPLACING SUBSTANDARD CONCRETE CU RB , GUTTER, AND SIDEW ,\LK TO MIN IMUM CITY SPECIFICATION S I CONC RETE REPLACEMENT DISTRICT 1995 ; SUCH SPECIAL ASSESSME NT BONDS SHALL BE PAYABL E SOLELY FROM THE PROCEEDS OF SPEC IAL ASSESSMENTS OR OTHER LEGALLY AVAILABLE MONEYS OF THE CITY : SUCH SPEC IAL ASSESSMENTS TO BE IMPOSED OVER A PERIOD OF TEN YEARS AND ONLY UPO N PROPERTIES LO CATED WITHIN THE, SPECIAL IMPR OVEMENT DISTRICT CREATED WITHIN THE CITY : AND SHALL THE PRO CEE DS OF SUCH BONDS AJ'1D SPEC IAL ASSESSMENTS, AND INVESTM ENT INCOME TH EREO N, BE COLLECTED AND SPENT BY THE CITY WITHOUT REG ARD TO ANY EXPE NDIT URE , REVENUE-RAISING, OR OTHER LIMITAT IO N CONTAINED \V!THI N ARTI CLE X, SECTION 20 OF THE COLORADO CONSTITUTIO N? YES __ NO ~. If th e majo rity of th e registered el ector s who aro own ers of pro pe rty within or residen ts of the district voti ng at sa id election vote yes for sa id proposition, the Ci ty Council sha ll at th e earli est practi cal and lawful time ado pt an ordin ance co nform ing to the affi rm ative vote of the majo ri ty of said registered electors voti ng at said special e lection . ~-If a majority of the registe red e lec tor s who are ow ne rs of property wi th in or resi de nts of the district vote no for sai d propo sition, th e pro perti e s located wi thin th e loc al impro vement district sh all be assessed for th e improv t ments wi t,h thei r pr operty taxes. ~-By approvi ng this Ordi nance the City is not stati ng tho spec ial assessme nts are by any la w taxes. It is the purpose of th is Ord!:ia..~r.e to address th e is sue of fi nanci ng special improve ment pr ojects in th e most eco nomica l manne r and to avoid e xpensive, tim e consu ming litigation and th e uncertainties th ereo f. Introd uced . read in full , and passed on fi rst r eadi ng on the 17th day of July, 1995 . Publi shed as a Bill fo r an Ord inance on the 20 th day of Ju,,. 1995 . Read by ti tle and passed on fi nal reading on th e 7th day of August, 1995 . Pub lished by titl e as Ordinance No. /,f, Series of 1995, ,n the 10th day of August, 1995. I, Lo ucri shia A Ellis, Ci ty '.!:lerk of th e City of Englewood , Co lor ado, hereby ce rtify tha t the above and fo regoing is a tru e co p1..:9f the Ord inance passed on fin al reading and , • .,;,,~ ,,.;,,.,, o"',~" ,, «. '""'"oo' ~ , WtMA Af~ Lo ucri shia A Elli s • • • • • COUNCIL COMMUNICATION Date Agenda Item Subject Ju ly 17 , 1995 Proposed Bill For An 11 a ii Ord inance Regarding Submission To A Vote Of The Registered Electors Of ConrJ&te Replacement District 1995 Regarding Proposed Debt Issuance. Initiated By I Staff Source Department of Financial Serv ices Fran k Gryglewicz. Director COUNCIL GOAL AND PREVIOUS COUNCIL ACTION This bill for an ord inance would submit to th e reg is tered voters of Concrete District 1995 for the issuance of debt to finance the citizen's portion of required concrete repairs . A vote in the affirmative would prov ide property owners with a convenient financing vehicle for needed concrete repairs . City Council passed Resolution 37 , Series of 1995 declaring the City Council's intent to form Concrete Replacement District Number 1995 on April 17 , 1995. City Council approved Council Bill 18 on May 15 , 1995. City Council discussed this ballot question at the June 19 , 1995 Study Sess ion. RECOMMENDED ACTIO Staff recommends Council approve the attached bill for an ordinance submitting to a vote of the registered vo ters in Concrete District 1995 for the issuance of debt and authority to increase th'! property tax levy for repayment of th e special assessmer.t debt ave; the term of th e bonds . BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED Pr ior to TABOR , the City of Englewood issued debt to finance the ci tizens' port ion of concrete repa irs . ·1ABOR restricts th e issuance of all mult i-year debt , except revenue bonds to those issues ap proved b y a vote of the citizens . Due to changes in electi on laws , on ly registered voter s included in the d istrict will be allowe d to vote in th is election . The staff feels that impacted property owners should have a final chance to vote on financing their portion of concrete repairs. As pointed out at:>ove, only those citizens directly impacted by the incurrance of indebtedness will vote on this issue. If the vote is in the affirmative, qualified citizens would be eligible for the deferred assessment program as well . If the: vote is neg:;itive, the work will be completed , and costs assessed at the next possible assessment date . FINANCIAL IMPACT No immediate financial impact should be felt by the City . LIST OF ATTACHMENTS Prnposed bi'I for an ordinance • •