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HomeMy WebLinkAbout1997 Ordinance No. 063.... • 10 b ix BY AUTHORITY ORDINANCE NO . V SERIES OF 1997 COUNCIL BILL NO. 65 INTRODUCED BY COUNCIL MEMBER VORMITTAG AN ORDINANCE SUBMITTING TO A VOTE OF THE REGISTERED ELECTORS OF THE CITY OF ENGLEWOOD AT THE NEXT SCHEDULED REGULAR MUNICIPAL ELECTION A PROPOSED AMENDMENT TO THE CHARTER OF THE CITY OF ENGLEWOOD WHICH WOULD AMEND SECTION 108 OF THE ENGLEWOOD HOME RULE CHARTER PERTAINING TO SPECIAL OR LOCAL IMPROVEMENT DISTRICT BONDS -SPECIAL SURPLUS AND DEFICIENCY FUND FOR THE CITY OF ENGLEWOOD, COLORADO. WHEREAS , citizens in the City of Englewood directly impacted by special or local improvement district debt questions will be allowed to vote on financing options available to them without having all voters in the City voting on issues that only affect them; and WHEREAS, the City of Englewood will be given more flexibility on deciding to retire the last fifth of outstanding special or local improvement district bonded debt; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, THAT: Section 1. There is hereby submitted to the registered electors of the City of Englewood at the next scheduled regular municipal election proposed amendment to the Charter of the City of Englewood, as follows: 108: Question No. ARTICLE X FINANCE ADMINISTRATION PART III. BONDED INDEBTEDNESS SPECIAL OR LOCAL IMPROVEMENT DISTRICT BONDS - SPECIAL SURPLUS AND DEFICIENCY FUND Whenever a Public Improvement District has paid and cancelled four-fifths (415) of its bonds outstanding, and for any reason the remaining assessments are not paid in time to take up the final bonds of the district and interest thereon, then the City sfttt.H. MAY pay said bonds when due and interest due thereon, and reimburse itself by collecting the unpaid assessments due said district. -1- Section 2. The voting machines, paper ballots or mail ballots for said election shall carry the following designation which shall be the submission clause: Question No. Shall the Home Rule Charter of the City of Englewood Section 108 -Special or Local Improvement District Bonds of Article X, Part III be amended to allow the City of Englewood the option of paying the principal and interest due on the last fifth of any outstanding special or local improvement district bonds when due and reimburse itself by collecting the any unpaid assessments due from the district? ___ Yes ___ No Section 3 . Each elector voting at said election and desirous of voting shall indicate his choice by depressing the appropriate counter of the voting machine or by the appropriate marking upon paper ballots where used. Section 4 . The proper officials of the City of Englewood shall give notice of said general 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 5. Only ifthe question is approved by the registered electors of the City of Englewood shall the Article be amended and the Charter, as amended, certified to the Secretary of State. Section 6 . If any section, paragraph, clause, or other portion of this Ordinance is for any reason held to be invalid or unenforceable , the invalidity or unenforceability shall not affect any of the remaining portions of this Ordinance . Introduced, read in full , and passed on first reading on the 7th day of July, 1997 . Published as a Bill for an Ordinance on the 10th day of July, 1997. Read by title and passed on final reading on the 21st day of July, 1997 . Published by title as Ordinance No.~ Series of 1997, on the 24th day of July, 1997. -2- ~ •' • I, Loucrishia A. Ellis , City Clerk of the City of Englewood , Colorado , hereby certify that the above and foregoing is a true cop 'l~~ the Ordi ce passed on final reading and published by title as Ordinance No ~, Serie o 1997. -3- • • COUNCIL COMMUNICATION Date Agenda Item Subject July 7, 1997 Proposed bill for an ordinance regarding submission to a vote of the 10 a iii registered electors of the City of Englewood regarding changes to City Charter Section 108 on the the 1997 ballot. Initiated By Staff Source City of Englewood , Financial Services Department Frank Gryqlewicz, Director COUNCIL GOAL AND PREVIOUS COUNCIL ACTION City Council has discussed this issue at study session on June 2, 1997. This action allows the City more flex ibility regarding the repayment of the last fifth of special improvement district debt. RECOMMENDED ACTION Staff recommends the City Council approve the attached bill for an ordinance placing a ballot question on the November 4, 1997 ballot regarding changes to Section 108 of the City Charter. This action allows the City to pay off the last fifth of outstanding special improvement district bonds if that is a financially sound decision . Currently , the City is required to pay the last fifith of an outstanding special improvement district bond issue. This limits the City's financial options and also, technically requires any special improvement district debt to be voted on by the entire City, even though the issue has no financial impact on them . FINANCIAL IMPACT An affirmative vote on this issue will not have a financial impact on the City, but it may save citizens considerable money by allowing them to vote to finance their special assessments through debt issued by the City . LIST OF ATIACHMENTS Copy of proposed bill for an ordinance .{~ Printed on Recycled Paper .~-'