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Home My WebLink About1998 Ordinance No. 044..,., •. • • • ORDINANCE NO .!/.!/. SERIES OF 1998 BY AUTHORITY COUNCIL BILL NO . 35 INTRODUCED BY COUNCIL MEMBER NABHOLZ AN ORDINANCE SUBMITTING TO A VOTE OF THE REGISTERED ELECTORS OF THE CITY OF ENGLEWOOD AT THE NEXT SCHEDULED MUNICIPAL ELECTION A PROPOSED AMENDMENT TO THE CHARTER OF THE CITY OF ENGLEWOOD WHICH WOULD AlvIEND SECTION 110 OF THE ENGLEWOOD HOME RULE CHARTER PERTAINING TO BO ND SALES LIMITATIONS FOR THE CITY OF ENGLEWOOD , COLORADO . WHEREAS , the City of Englewood rarely i s sues bonded debt making it more difficult to find market acceptance and therefore have an adequate level of bidding on the bonds as currently required by the Englewood Home Rule Charter; and WHEREAS , by the City Council passage of this ordinance the Home Rule Charter will be changed to giv e the City more options and flexibility when issuing debt; NOW , THEREFORE , BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD , COLORADO , THAT: Section L There is hereby submitted to the regis tered electors of the City of Englewood at the next scheduled municipal election on November 3 , 1998 , a proposed amendment to the Charter of the City of Englewood , as follows : ARTICLE X FINANCE ADMINISTRATION PART IIL BONDED INDEBTEDNESS 110: BOND SALES LIMITATIONS The bonds shs.11 be sold to the highest a:nd best bidders for cs.sh , a:nd to the best a:dva:nta:gc of the City. THE BONDED DEBT OF THE CITY SHALL BE SOLD IN SUCH MANNER THAT IS OF BEST ADVANTAGE TO THE CITY . THE BONDS MAY BE SOLD BY NEGOTIATED SALE, PRIVATE PLACEMENT, OR COMPETITIVE BID . The bonds may contain provisions for calling the same at designated periods prior to final due date a s City Council may determine . -1 - 10 b iii 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 110 -BOND SALES LIMITATIONS of Article X be amended to read as follows: The bonds shall be sold to the highest and best bidders for cash, and to the best advantage of the City. THE BONDED DEBT OF THE CITY SHALL BE SOLD IN SUCH MANNERTHAT IS OF BEST ADVANTAGE TO THE CITY. THE BONDS MAY BE SOLD BY NEGOTIATED SALE, PRIVATE PLACEMENT, OR COMPETITIVE BID. The bonds may contain provisions for calling the same at designated periods prior to final due date as City Council may determine . ___ Yes No Section 3. Each elector voting at said election and desirous 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 4 . 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 shall be canvassed and the result ascertained, determined, and certified as required by law . Section 5. Only if the 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 6th day of July , 1998 . Published as a Bill for an Ordinance on the 10th day of July, 1998. Read by title and passed on final reading on the 20th day of July, 1998. Published by title as Ordinance No. 'f!i, Series of 1998 , on the 24th day of July, 1998. Jll -2- • • • • I, Loucrishia A. Ellis, City Clerk of the City of Englewood, Colorado , hereby certify that the above and foregoing is a true copy"9f the Or · ce passed on final reading and published by title as Ordinance No . i.i!:f, Seri s 98 . • • -3- •• • • COUNCIL COMMUNICATION Date Agenda Item Subject Bill for an ordinance placing a question on the November 3, 1998 ballot regarding changes to the City's July 6, 1998 10 a iii issuance of bonded debt Initiated By Staff Source Department of Financial Services Frank Gryglewicz, Director COUNCIL GOAL AND PREVIOUS COUNCIL ACTION City Council discussed this issue at a study session on June 1, 1998. Council gave staff its approval to proceed with placing this question on the ballot. RECOMMENDED ACTION Staff recommends City Council approve the attached bill for an ordinance placing a question on the November 3, 1998 ballot that would change the City Charter Section 11 O as follows: 110: ARTICLE X FINANCE ADMINISTRATION PART Ill. BONDED INDEBTEDNESS The bonds shBll be sold to the highest Bnd best bidders for eBsh , Bnd to the best BdvBntBge of the City. THE BONDED DEBT OF THE CITY SHALL BE SOLO IN SUCH MANNER THAT IS OF BEST ADVANTAGE TO THE CITY. THE BONDS MAY BE SOLO BY NEGOTIATED SALE, PRIVATE PLACEMENT, OR COMPETITIVE BIO. The bonds may contain provisions for calling the same at designated periods prior to final due date as City Council may determine. BACKGROUND, ANALYSIS, AN ALTERNATIVES IDENTIFIED Both the City's financial advisor and bond attorney have advised staff to place this issue on the 1998 ballot. If approved, this change will give the City more options and flexibility when issuing debt. The City of Englewood rarely issues bonded debt, making it more difficult to find market acceptance and therefore have an adequate level of bidding on the bonds as currently required by the Charter. FINANCIAL IMPACT This issue should not have a direct financial impact on the City of Englewood. LIST OF ATTACHMENTS Proposed Bill for an Ordinance