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Home My WebLink About1982-07-12 (Special) Meeting AgendaCity Council Meeting -Special July 12, 1982 • • • 0 • CITY COUNCIL MEETING July 12 , 1982 RESOLUTION # ~ 34, 35, 36, 37 ORDINANCE #31, 32, 33, 34, 35 • • • • 0 • I . SPECIAL MEETING: • • • COUNCIL CHAMBERS City of Englewood, Colorado July 12, 1982 /v The City Council of the City of Englewood, Arapahoe County, Colorado, met in special session on July 12, 1982, at 7:30 p.m. Mayor Otis, presiding, called the meeting to order. The invocation was given by Council Member Thomas Fitzpatrick. The pledge of allegiance was led by Mayor Eugene Otis. Mayor Otis asked for roll call. Upon a call of the roll, the following were present: Council Members Higday, Neal, Fitzpatrick, Weist, Bradshaw, Otis. Absent: Council Member Bil o. The Mayor declared the motion carried. * * Also prese nt were: • • * * * * • City Manager Mc co wn Assistant City Manager Varga s Assistant City A to rney Hollan d Deputy City Clerk Watkins • • • • • Steve Bell, Hanifen, Imhoff, Inc., came forward to discuss the award of bid for the sale of special ass ssment bonds Paving District No. 28 for an amount of $472,600. Mr. B 11 stated two bids were received. Mr. Bell recommended awarding the bid to th lowest and best bid which was submitted by Kirchner Moore & Company at a net effective interest rat of 12.063771. RESOLUTION NO. 33 SERIES OF 1982 A RESOLUTION APPR OVING THE SALE OF SPECIAL ASSESSMENT BONDS OF TH CITY OF ENGLEWOOD FOR PAVING DISTRICT NO. 28. COUNCIL MEMBER BRADSHAW MOVED TO PASS RESOLUTION NO. 33, SERIES OF 1982 AND TO INS RT •KIRCHNER MOOR & COMPANY• IN THE • I • • July 12, 1982 Page 2 • • • FOURTH "WHEREAS" AND IN "l." AND TO INSERT "33" IN THE LAST PARA- GRAPH OF THE DOCUMENT. Council Member Fitzpatrick seconded the motion. Upon a call of the roll, the vote resulted as follows: Ayes: Nays: Absent: Council Members Higday, Neal, Fitzpatrick, We i st, Bradshaw, Otis. None. Coun cil Member Bil o. The Mayor declared the mot i on carried • • • * • * • • Mr. Bell discussed the b i ll for an ordinance authorizing the i ssuance of the special assessment bonds. Mr. Bell advised the fo l lowing information be inserted i n the b i ll: On page 54, i nsert Ki r c hner Moore & Company in the th i rd "Whereas"; on page 55, under "A" Coupon Interest Rate" i nsert ver tic a l ly and sequentially - 12 .00%, 10.25%, 1 0.751, 11 .0 0%, 11 .50 %, 11 .75%, 1 2 .00%; in t h e nex t paragraph, insert September 1, 1 982; on page 56, under "B" Coupon Int erest Rate" insert 2 .2 5% for a period to August 1, 1983 for al l numbers; in the next paragr a ph, i nse rt 12.06 3 7 7 1; on page 63, in Se c t i on 11, insert Augu st 2 . ORDINANCE NO. S ERIE S OF 1 98 2~- BY AUTH ORI TY A BILL FOR COUN CIL BI LL NO. 3 6 I NTR ODUC ED BY CO UN CIL MEM BER F ITZ PATR IC K AN ORDI NA NCE AUTHORIZING THE ISSUANCE OF SPECIAL ASSESSMENT BONDS OF THE CITY OF ENGLEWOOD, COLORADO, FOR PAVING DISTRICT NO. 28, FOR THE CONSTRUCTION AND INSTALLATION OF STREET PAVING, CURB AND GUTTER AND SIDEWALK I MPROVEMENTS, TOGETHER WITH NECESSARY INCIDENTALS ON CERTAIN STREETS WITHIN PAVING DISTRICT NO. 28; PRESCRIBING THE FORM OF THE BO NDS ; AND PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST T HEREON . COUNCIL ME MBER FITZPATRICK MOVED TO PASS COU NCIL BILL NO. 36 , SERIES OF 1982 , ON FIRST READING AND TO INCLUDE ALL THE ENTRIES AS STATED BY MR. BELL. Council M mb r Bradsha w s conded he motion. Upon a call of th roll , the vo • re ulted as follows: • I • • • July 12, 1982 Page 3 Ayes: Nays: Absent: • • • Council Members Higday, Neal, Fitzpatrick, Weist, Bradshaw, Otis. None. Council Member Bilo. The Mayor declared the motion carried. • • • • • • • No further business was discussed due to special meeting status. COUNCIL MEMBER HIGDAY MOVED TO ADJOURN THE MEETING. Mayor Otis adjourned the meeting without a vote at 7:40 p.m. • I • • - • • SPECIAL MEETING: • • • COUNCIL CHAMBERS City of Englewood, Colorado July 12, 1982 The City Council of the City of Englewood, Arapahoe County, Colorado, met in special session on July 12, 1982, at 7:30 p.m. Mayor Otis, presiding, called the meeting to order. The invocation was given by Council Member Thomas Fitzpatrick. The pledge of allegiance was led by Mayor Eugene Otis. Mayor Otis asked for roll call. Upon a call of the roll, the following were present: Council Members Higday, Neal, Fitzpatrick, Weist, Bradshaw, Otis. Absent: Council Member Bilo. The Mayor declared the motion carried. * * Also pre sent were: * * * * * * * City Manager Mccown Assistant City Manager Vargas Assistant City Attorney Ho lland Deputy City Cle rk Watkins * * * * * Steve Bell, Hanifen, Imhoff, Inc., came forward to discuss th award of bid for the sale of special assessment bonds Paving District No. 28 for an amount of $472,600. Mr. Bell stated two bids were received. Mr. Bell recommended awarding the bid to the lowest and best bid wh ich was submitted by Kirchner Moore & Company at a net effective interest rate of 12.06377 • RESOLUTION NO. 33 SERIES OF 1982 A RESOLUTIO N APPROVING THE SALE OF SPECIAL ASSESSMENT BONDS OF THE CI TY OF ENGLE WOOD FOR PAVING DISTRICT NO. 28. COUNCIL MEMBER BRADSHAW MOVED TO PASS RESOLUTION NO. 33 , SERIES OF 1982 AND TO INSERT •KIRCHNER MOORE & CO MPANY• IN TH • I • • • July 12, 1982 Page 2 • • • FOURTH "WHEREAS" AND IN "l." AND TO INSERT "33" IN THE LAST PARA- GRAPH OF THE DOCUMENT. Council Member Fitzpatri ck seconded the motion. Upon a call of the roll, the vote resulted as follows: Ayes: Nays: Absent: Council Members Higday, Neal, Fitzpatrick, Weist, Bradshaw, Otis. None. Council Mem b er Bilo. The Mayor declared the motion carried. • • • • • • • Mr. Bell discussed the bill for an ordinance authorizing the issuance of the special assessment bonds. Mr. Bell advised the following information be inserted in the bill: On page 54, insert Kirchner Moore & Company in the third "Whereas"; on page 55, under "A" Coupon Interest Rate" insert vertically and sequentially - 12 .00%, 10.25%, 10 .75%, 11 .00%, 11.50%, 11 .75%, 12.00%; in the next paragraph, insert September 1 , 1982; on page 56 , under "B" Coupon Interest Rate" insert 2.25% for a period to August 1 , 1983 for all numbers; in the next paragraph, insert 12 .06 3771; on page 63, in Section 11, insert August 2. ORDINANCE NO. SE RI ES OF 1982~- BY AUTHORITY A BILL FOR COUNCIL BILL NO. 36 INTRODUCED BY COUNCIL MEMBER FITZPATRICK AN ORDI NAN CE AUTHORIZING THE ISSU AN CE OF SPECIAL ASSESSMENT BONDS OF THE CITY OF ENGLEWOOD, COLORADO, FOR PAVING DISTRICT NO. 28, FOR THE CONSTRUCTION AND INSTALLATION OF STREET PAVING, CURB AND GUTTER AND SIDE WALK IMPROVEMENTS, TOGETHER WITH NECESSARY INCIDENTALS ON CERTAIN STREETS WITHIN PAVING DISTRICT NO. 28; PRESCRIBING THE FORM OF THE BONDS; AND PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON. COU NCIL MEMBER FITZPATRICK MOVED TO PASS COUNCIL BILL NO. 36 , SERIES OF 1982 , ON FIRST READING AND TO INCLUDE ALL TH ENTRIES AS STATED BY MR. BELL. Council M mber Br dshaw s cond d the motion. Upon a call of the roll, th vote resul ed as follows: I • • - • • • July 12, 1982 Page 3 Ayes: Nays: Absent: • • • Council Members Higday, Neal, Fitzpatrick, Weist, Bradshaw, Otis. None. Council Member Bilo. The Mayor declared the motion carried. * * * * * * * No further business was discussed due to special meeting status. COUNCIL MEMBER HIGDAY MOVED TO ADJOURN THE MEETING. Mayor Otis adjourned the meeting without a vote at 7:40 p.m • • I • • • SPECIAL MEETING: • • • COUNCIL CHAMBERS City of Englewood, Colorado July 12, 1982 /v The City Council of the City of Englewood, Arapahoe County, Colorado, met in special session on July 12, 1982, at 7:30 p.m. Mayor Otis, presiding, called the meeting to order. The invocation was given by Council Member Thomas Fitzpatrick. The pledge of allegiance was led by Mayor Eugene Otis. Mayor Otis asked for roll cal l. Upon a call of the roll, the following were present: Cou ncil Members Higday, Neal, Fitzpatri c k, Weist, Bradshaw, Otis. Absent: Council Member Bilo. The Mayor declared the mot io n carried • • • Also present were: • • • • • • • City Manager Mc co wn Assistant City Manager Vargas Assistant City Attorney Ho lland Deputy City Clerk Watkins • • • • • Steve Bell, Hanifen, Imhoff, In c ., came forward to discus s the award of bid for the sale of special assessment bonds Paving Dis trict No. 28 for an amount of $472,600. Mr. Bell stated two bids were received. Mr. Bell recommended awarding the bid to the lowest and best bid which was submitted by Kirchner Moore & Company at a net effective interest rate of 12.063771. RESOLUTION NO. 33 S ERIES OF 1982 A RESOLUTION APPROVING THE SALE OF SPECIAL ASSESSMENT BONDS OF THE CITY OF ENGLEWOOD FOR PAVING DISTRICT NO. 28. COUNCIL MEMBER BRADSHAW MOVED TO PASS RESOLUTION NO. 33, S ERIE S OF 1982 AND TO INSERT •KIRCHNER MOORE & COMPANY• IN THE I • • • • July 12, 1982 Page 2 • • • FOURTH "WHEREAS" AND IN "l." AND TO INSERT "33" IN THE LAST PARA- GRAPH OF THE DOCUMENT. Council Member Fitzpatrick seconded the motion. Upon a call of the roll, the vote resulted as follows: Ayes: Nays: Absent: Council Members Higday, Neal, Fitzpatrick, Weist, Bradshaw, Otis. None. Council Member Bile. The Mayor declared the motion carried. * * * * * * * Mr. Bell discussed the bill for an ordinance authorizing the issuance of the special assessment bonds. Mr. Bell advised the following information be inserted in the bill: On page 54, insert Kirchner Moore & Company in the third "Whereas"; on page 55, under "A" Coupon Interest Rate" insert vertically and sequentially - 12.00%, 10.25%, 10.75%, 11.00%, 11.50%, 11.75%, 12.00%; in the next paragraph, insert September 1, 1982; on page 56, under "B" Coupon Interest Rate" insert 2.25% for a period to August 1, 1983 for all numbers; in the next paragraph, insert 12.06377%; on page 63, in Section 11, insert August 2. ORDINANCE NO. SERIES OF 1982~- BY AUTHORITY A BILL FOR COUNCIL BILL NO. 36 INTRODUCED BY COUNCIL MEMBER FITZPATRICK AN ORDINANCE AUTHORIZING THE ISSUANCE OF SPECIAL ASSESSMENT BONDS OF THE CITY OF ENGLEWOOD, COLORADO, FOR PAVING DISTRICT NO. 28, FOR THE CONSTRUCTION AND INSTALLATION OF STREET PAVING, CURB AND GUTTER AND SIDEWALK IMPROVEMENTS, TOGETHER WITH NECESSARY INCIDENTALS ON CERTAIN STREETS WITHIN PAVING DISTRICT NO. 28; PRESCRIBING THE FORM OF THE BONDS; AND PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON. COUNCIL MEMBER FITZPATRICK MOVED TO PASS COUNCIL BILL NO. 36 , SERIES OF 1982 , ON FIRST READING AND TO INCLUDE ALL THE ENTRIES AS STATED BY MR. BELL. Council Memb r Bradshaw seconded th motion. Upon a call of the roll, th vote result d as follows: • I • • - • • • July 12, 1982 Page 3 Ayes: Nays: Absent: • • • Council Members Higday, Neal, Fitzpatrick, Weist, Bradshaw, Otis. None. Council Member Bilo. The Mayor declared the motion carried. * * * * * * * status. No further business was discussed due to special meeting COUNCIL MEMBER HIGDAY MOVED TO ADJOURN THE MEETING. Mayor Otis adjourned the meeting without a vote at 7:40 p.m • • I • • - • • SPECIAL MEETING: • • • COUNCIL CHAMBERS City of Englewood, Colorado July 12, 1982 I v The City Council of the City of Englewood, Arapahoe County, Colorado, met in special session on July 12, 1982, at 7:30 p.m. Mayor Otis, presiding, called the meeting to order. The invocation was given by Council Member Thomas Fitzpatrick. The pledge of allegiance was led by Mayor Eugene Otis. Mayor Otis asked for roll call. Upon a call of the roll, the following were present: Council Members Higday, Nea l , Fitzpatrick, Weist, Bradshaw, Otis. Absent: Council Member Bilo. The Mayor declared the mot ion carried • • • Also present were: • • • • • • • City Manager McCown Ass istant City Manager Varga s Ass istant City Attorney Ho lland Deputy City Clerk Watk ins • • • • • Steve Bell , Hanifen, Imhoff , Inc., came forward to discuss the award of bid for the sale of special assessment bonds Paving District No. 28 for an amount of $472,600. Mr. Bell stated t wo bids were received. Mr. Bell recommended awarding the bid to the lowest and best bid which was submitted by Kirchner Moore & Company at a net effective interest rate of 12.06377 • RESOLUTION NO. 33 SERIES OF 1982 A RESOLUTIO N APPROVING THE SALE OF SPECIAL ASSESSMENT BONDS OF THE C ITY OF ENGLE WOOD FOR PAVING DISTRICT NO. 28 . COUNCIL MEMBER BRADSHAW MOVED TO PASS RESOLUTION NO. 33, S RIES OF 1982 AND TO INSERT •KIRCHNER MOORE & CO MPANY• IN THE • I • • ~- • July 12, 1982 Page 2 • • • FOURTH "WHEREAS" AND IN "l." AND TO INSERT "33" IN THE LAST PARA- GRAPH OF THE DOCUMENT. Council Member Fitzpatrick seconded the motion. Upon a call of the roll, the vote resulted as follows: Ayes: Nays: Absent: Council Members Higday, Neal, Fitzpatrick, Weist, Bradshaw, Otis. None. Council Member Bile. The Mayor declared the motion carried. * * * * * * * Mr. Bell discussed the bill for an ordinance authorizing the issuance of the special assessment bonds. Mr. Bell advised the following information be inserted in the bill: On page 54, insert Kirchner Moore & Company in the third "Whereas"; on page 55, under "A" Coupon Interest Rate" insert vertically and sequentially - 12 .001, 10 .251, 10 .751, 11.001, 11 .501, 11.751 , 12.001; in the next paragraph, insert September 1, 1982; on page 56, under "B" Coupon Interest Rate" insert 2.251 for a period to August 1, 1983 for all numbers; in the next paragraph, insert 12.06377 1; on page 63, in Section 11, insert August 2 . ORDINANCE NO. SERIES OF 1982~- BY AUTHORITY A BILL FOR CO UNCIL BILL NO. 36 INTRODUCED BY COU NCIL MEMBER FITZPATRI CK AN ORDIN AN CE AUTHORIZING THE ISSUANCE OF SPECI AL AS SESS MENT BONDS OF THE CITY OF ENGLE WOOD , COLORADO, FOR PAVING DISTRICT NO. 28 , FOR THE CONSTRUCTION AN D INSTALLATION OF STREET PAVING , CURB AND GUTTER AND SIDEW ALK IMPROVE MENTS, TOGETHER WITH NECESSARY INCIDENTALS ON CERTAIN ST RE ETS WITHIN PAVING DISTRICT NO. 28 ; PRESCRIBING THE FORM OF THE BONDS; AND PROVIDIN G FOR THE PAYMENT OF SAID BONDS AND THE I NT EREST THEREON. COUNCIL MEMBER FITZPATRICK MOVED TO PASS COUNCIL BILL NO . 36 , SERIES OF 1982 , ON FIRST READING AND TO INCLUDE ALL THE ENTRIES AS STATED BY MR. B LL. Council M mber Brad sha w conded the motion. Upon a call of h roll, h vote r aul ed a follo ws: I • • - • • July 12, 1982 Page 3 Ayes: Nays: Absent: • • • Council Members Higday, Neal, Fitzpatrick, Weist, Bradshaw, Otis. None. Council Member Bilo. The Mayor declared the motion carried. * * * * * * * status. No further business was discussed due to special meeting COUNCIL MEMBER HIGDAY MOVED TO ADJOURN THE MEETING. Mayor Otis adjourned the meeting without a vote at 7:40 p.m. • I • • - • • 7:30 P .M. 2. Ci AM/sb 3. • • • AGENDA FOR THE SPECIAL MEETING OF THE ENGLEWOOD CITY COUNCIL JULY 12, 19~,Je., Call to~er , invoc:t~o~. pledge;; and roll call. allegiance To consider a Resolution approving the sale of bonds for Paving District No. 28 . (Copies enclosed.) To consider an Bill for an Ordinance authori zing the issuance of special assessment bonds of the City of Englewood, Colorado, for Paving District No. 28, for the construction and installation of street paving, curb and gutter and sidewalk improvements, together with necessary incidentals on certain streets within Paving District No . 28 ; prescribing the form of the bonds ; and providing for the payment of said bonds and the interest thereon. (Copies enclosed.) Ad j ournment . • I • • BIDDER: • • • SUMMARY OF BIDS FOR THE PURCHASE OF $472,600 CITY OF ENGLEWOOD, COLORADO PAVING DISTRICT 28 SPECIAL ASSESSMENT BONDS DATE OF SALE: JULY 12, 1982 Kirchner Moore & Company Estimated A Coupon Amount H&turit:t: Rate $162,600 8-1-83 12.00 % 85,000 8-1-84 10.25 l 65,000 8-1-85 10.75 % 45,000 8-1-86 11.00 % 45,000 8-1-87 11.50 % 35,000 8-1-88 11.75 % 35,000 8-1-89 12.00 % B B Coupon Provision: 9-1-82 to and including 8-1-83 Gross Interest Coat : $ 157.649.50 B Coupon Interest: $ 9 .'74'7. 41 Lesa Premium : $ -Q-Total Interest Coat: $ JJH, ~~2. ~l Net Effective Interest Rate: 12,Q2~77 I BIDDER: E. F. Hutton/Han ifen , Imhoff Inc. Estimated A Coupon B Amount Maturit:t: Rate $162,600 8-1-83 lQ.50 % 85,000 8-1 -84 11,QQ l 65,000 8 -1-85 ll, 50 % 45,000 8-1-86 11,75 l 45,000 8-1-87 12,00 l 35,000 8-1-88 12,25 l 35,000 8-1-89 l2,5Q l B Coupon Provision : 9-1-82 to and including Gross Interest Coat: $ 162 .698 .00 B Coupon Interest: $ l 2 ,642 00 Leu Premium : $ (~4,52) Total Interest Coat: $ lf30 ,24l;i ,4 § Net Effective Interest Rate : l~.f! fF I Coupon Rate 2.25 l 2.25 l 2.25 % 2.25 l 2.25 l 2.25 l 2 .25 l Coupon kate 1.so x 4,00 l 3 ,50 l 3,25 l 3 .00 l 2,75 l 2,50 l I • • • BIDDER: Amount $162,600 85,000 65,000 45,000 45,000 35,000 35,000 B Coupon Provision : Gross Interest Cost : B Coupon Interest : Less Premium : Total Interest Cost: • • • SUMMARY OF BIDS FOR THE PURCHASE OF $472,600 CITY OF ENGLEWOOD, COLORADO PAVING DISTRICT 28 SPECIAL ASSESSMENT BONDS DATE OF SALE: JULY 12, 1982 Estimated A Coupon Haturiti Rate 8-1-83 /.J ,dt; % 8-1-84 L.~-.. }~" l 8-1-85 L_1 . z % 8-1-86 l.l :2 () % 8-1-87 t., ,r:<> % 8-1-88 ' ~.i' % 8-1-89 l_l , 6 U % $ /.j 2« t..f .1 $ ( t'.''tl $ • Net Effective Interest Rate : $ /<? ,t«· ft /., ...... 7 l B Coupon Rate 2.. 2. .J % =t=~ % % _/ % 0 ----------------------------------------------------------------------- BIDDER : //,,C!t! / .. ~ i.H/ ,, y "'-c.. .:.",,, . " Estimated A Coupon B Coupon Amount Haturiti Rate kate $162,600 8-1-83 % '{.tt/' % 85,000 8-1-84 / % % 65,000 8-1 -85 L.(_. ' % % 45,000 8-1-86 I, . % % 45,000 8-1-87 ,/ % % 35,000 8-1-88 I t. % % 35,000 8-1-89 i:l .r % % B Coupon Provision : Gross Int rest Coat: $ (0 B Coupon Interest : $ Lesa Premium : $ Total Interest Coat : $ Net Eff ctive Inter at Rat I • I • • - • RESOLUTION NO. -"' .> SERIES OF 1982 • • • I A RESOLUTION APPROVIt,K; THE SALE OF SPECIAL ASSESSMENT BONDS OF THE CITY OF ENGLEWOOD FOR PAVIt,K; DISTRICT NO. 28. WHEREAS, in order to provide funds for the construction and installation of street paving, curb and gutter and sidewalk improvements, together with necessary incidentals on certain streets within Paving District No. 28, the City Council has determined to issue special assessment bonds of the City of Englewood; and WHEREAS, a copy of the notice of sale has been forwarded to investment banking firms , banks and others who might bid on the issue of bonds; and WHEREAS, all bids for the purchase of the bonds which were received prior to 2:00 P.M. on Monday, July 12, 1982, have been opened and tabulated and considered by the City Council; and WHE bonds to the City to issue and sell saic • 1 the best--.:-b~i:ri""'=-~~~--=--,~~:-'-:-:s-----:--;-;:;:-7th-.--e'i~r-p~r~o-po--=sa-.l-:~~~~~~· NCM, THEREFORE, BE IT RESOLVED B'i THE CITY CXlUNCIL OF THE CITY OF El:GL&«)()[), (X)LOOADO: 1. That special assessment bonds of the City of Englewood for Paving District No. 28, in the principal amount of $472,600, be issued and sold to ,t., ,.1 ,. , the best bidder for the 'purchase of the bonds. 2 . That the City Council and officers of the City of Englewood arc authorized to do any and all things necessary to complete the delivery of the bonds to the purchaser thereof. ADOPTED AND APPROVED this • 2th day of July, 1982. Eugene L. Otis, Mayor Attest: ex officio City Clerk-Treasurer I, Gary R. Higbe , ex officio City Clerk-'I'reasurer of the City of Englewood , Colorado, hereby certify that the above is a true, accurate and compl te copy of Resolution No. , Seri s of 1982, passed by City Council on th 12th day of July, 1982. --- Gary R. Higbee I • • • -• • - ROLL CALL Moved Seconded Ayes Nay Absent Abstain Riadav Neal Fltzoatrick Wei st Bi lo Bradshaw Otis • I . • • • - • • -c~ Moved 1 -lcJ.-f;;l_ 7 ,' 3.() Seconded • • • ROLL CALL Ayes Nay Absent Abstain H1qday Neal Fitzoatrick Wei st Bi lo Bradshaw Otis I . • • - • • ROLL CALL Moved Seconded Ayes Nay Absent Abstain .___ I • • • • - • • . - ROLL CALL Moved Seconded Ayes Nay Absent Abstain Htoday Neal Fi tznatrick Wei st Bi lo -Bradshaw Otis JJ~ c!J hh 4.J... ~ /}WnL- • I . • • • • - • • ROLL CALL Moved Seconded Ayes Nay Absent Ab s tain H1gday I Neal 1 ,---Fl tzoatrick I Weist I Ai lo L-- V Bradshaw I Otis I 1 /, ~33 ( r I I / . • I . . • In • • • ROLL CALL Moved Seconded Ayes N ay Ab sent Abstain H1odav I Neal I V Fi tznatrick 1 Wei st I Bi lo .......--- v--Bradshaw I Otis 1 c1. I . • • • • - • • . - ROLL CALL Moved Seconded A yes N ay Absent Abstain H1odav Neal Fltzoatrick Weist Bi lo Bradshaw Otis r ---------- • I . • • n . - ORDINANCE NO. SERIES OF 198=2~~- • • • BY AUTHORITY A BILL FOR COUNCIL BILL NO. 36 INTRODU~ BY COUNCIL MEMBER~ AN ORDINANCE AUTHORIZING THE ISSUANCE OF SPECIAL ASSESSMENT BONDS OF THE CITY OF ENGLEWOOD, COLORADO, FOR PAVING DISTRICT NO. 28, FOR THE CONSTRUCTION AND INSTALLATION OF STREET PAVING, CURB AND GUTTER AND SIDEWALK IMPROVEMENTS, TOGETHER WITH NECESSARY INCIDENTALS ON CERTAIN STREETS WITHIN PAVING DISTRICT NO. 20; PRESCRIBING THE FORM OF THE BONDS; AND PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON. WHEREAS, for the purpose of constructing and installing street paving, curb and gutter and sidewalk improvements, together with necessary incidentals on certain streets within Paving District No. 28, Paving District No. 28, in the City of Englewood has been duly created by Ordinance No. 22, Series of 1982, finally adopted and approved on May 17, 1982; and WHEREAS, the City Council has determined that the portion of the cost of the construction and installation of such improvements, together with necessary incidental costs, which will be assessed against the property included within the District, shall not exceed the amount of $472,600, and that bonds of the Ci ty for the District should be issued in this amount; and WHEREAS, in accordance with the City Charter and a r e s olution passed on June 28, 1982, the City Council has ad- verti sed for the sale of Spt•cial Assessment Bonds 3nd bonds n th e amount of $472,600 have been awarded to _6t.._+_c_t_,~~~~~~~ ~~~~~~~~~~~~~~~~· and WHEREAS, it is now necessary to provide for the issuance of the b onds and the form and payment thereof; BE IT ORDAINED BY TH.E CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO: Section 1. th Ch rt r and th Bond Laws of m nt Bond s of the City of D tails. By virtue of and pursuant to the State of Colorado, Sp cial Assess- Eoglewoocl for P ving Di trict No. 28 -54 - I • • -• • • shall be issued for the purpose of paying for part of the cost of local improvements to be const.ructed in the District or for the reimbursement of costs al reddy incurred. The bonds shall be in the principal amount of $472,600, shall be dated August 1, 1982, and shall consist of 473 bonds in the denomination of $1,000 each, numbered 1 to 473, inclusive, except that Bond No. will be in the denomination of $600.00. The bonds shall be payable to bearer, and shall be due and payable on August 1, 1993, subject to call and prior payment on any interest payment date, in direct numerical order, upon payment of par and accrued interest without redemption premium. Notice of such prior redemption shall be published in a newspaper of general circulation in Englewood, Colorado, one time at least 30 days prior to the date of redemp- tion. In addition, a copy of such Notice shall be mailed at the time of publication to the original purchaser of the bonds. The bonds shall bear interest according to interest coupons designated "A", payable on February 1, 1983 and semi- annually thereafter on February 1 and August 1 each year, as follows: "A" Coupon Amount Bond Numbers Interest Rate $162,600 1 to 163, incl. /~.co 85,000 164 to 248, incl. /(),d s- 65,000 249 to 313, incl. /0. 7 f;" $ 45,000 314 to 358, incl. //. /) /) 45,000 359 to 403, incl. //. ,!;,' 35,000 404 to 438, incl. 11 .1£ 35,000 439 to 473, incl. ,.;J p In addition to the "A" interest rate set forth above, all of the bonds bear additional interest evidenced by supplemen- tal int r st coupons designated "B", for the period from t;-1--------- 1982 to the dates indicated below, or to the redemption date of the bond, whichever is the earlier date, such interest being payabl on the same dates as the "A• interest coupons during said period of time: -55 - • I • • - • • • • "B" Coupon For Period Bond Numbers Interest Rate to 1 to 163, incl. ..).JS 8 -I-8 3 164 to 248, incl. ! 249 to 31 3, incl. 314 to 358, incl. 359 to 403, incl. 404 to 438, incl. 439 to 473, incl. The net effective interest rate of this issue of bonds is ld.J6..37? % per annum. The principal of ar:d interest on said bonds shall be payable at The First National Bank of Englewood, in Englewood, Colorado. Section 2. Execution of Bonds and Interest Coupons. The bonds shall be signed with the facsimile signature of the Mayor, attested and countersigned by the manual signature of the Director of Finance, ex-officio City Clerk-Treasurer, with a facsimile of the seal of the City affixed thereto, and the inter- est coupons attached shall be signed with the facsimile signature of the Director of Finance, ex-officio City Clerk-Treasurer. When issued as aforesaid as part of said bonds, the interest coupons shall be the binding obligations of the City according to their import. Should any officer whose manual or facsimile signature appears on said bonds or the coupons attached thereto cease to be such officer before delivery of the bonds to the purchaser, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes. Sect ion 3. Form of Bond and Interest coupons. The bonds and the interest coupons to be attached thereto shall be in substantially the following form: -56 - • I • • • • • • (Form of Bond) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF ARAPAHOE No. CITY OF ENGLEWOOD PAVING DISTRICT NO. 28 SPECIAL ASSESSMENT BOND $ 600 S 1,000 The City of Englewood, in the County of Arapahoe, State of Colorado, for value received, hereby promises to pay to the bearer hereof, out of the special fund hereinafter designated, but not otherwise, the principal sum of SIX HUNDRED DOLLARS ONE THOUSAND DOLLARS in lawful money of the United States of America, on the 1 st day of August, 1993, with interest thereon at the rate of per centum ( ) per annum from date until payment, as evidenced by interest coupons designated "A", payable on February 1 , 1983 and semi-annually thereafter on February 1 and August 1 each year, and additional interest evidenced by supple- mental interest coupons designated "B", for the period from 1982 to , 198_, or to the redemption date of this Bond, whichever is the earlier date, such interest being payable on the same dates as the "A" interest coupons during said period of time. Both principal and interest are payable at The First National Bank of Englewood, in Englewood, Colorado, upon presentation and surrender of the attached coupons and this Bond as they severally become due or are called for payment. This Bond is subject to call and redemption in dir ct numerical ord r of th issue of which it is one, on any int rest payment date, upon payment of par and accrued interest to the date of r demption. Notice of such prior redemption shall be published in a newspap r of general circulation in the City, one tirr.e at l ast thirty (30) days prior to th date of rd mp- tion. -57 - • I • • • • • This Bond is issued for the purpose of paying part of the cost of constructing and installing street paving, curb and gutter and sidewalk improvements, together with necessary inciden- tals on certain streets within Paving District No. 28, in the City of Englewood, Colorado, by virtue of and in full conformity with the Constitution and Laws of the State of Colorado, the Charter of the City, and an Ordinance of the City duly adopted, approved, published and made a law of said City prior to the issuance hereof. Payment of this Bond and the interest thereon shall be made from, and as security for such payment there is pledged, a special fund designated as "Paving District No. 28 Bond and Interest Fund", which Fund shall contain initially any monies in the construction account remaining after the cost of improvements has been paid in full and thereafter to contain the proceeds from special assessments to be levied against the property includeo within the District and specially benefited by the construction and installation of improvements therein. The assessments to be levied will constitute a lien on and against each lot or tract of land in the respective amounts to be apportioned by an ordinance of the City. In addition, in accordance with the City Charter and the Ordinance authorizing the issuance of this Bond, whenever four- fifths (4 /5) of the bonds of this issue have been paid and cancelled, and for any reason the remaining assessments are not paid in time to take up the remaining bonds and the interest thereon, then the City shall pay said bonds when dut! and the interest du thereon and reimburs its lf by collecting th unpaid assessments due the District. This Bond does not constitute a debt or an indebt dn ss of th City of Englewood within them aning of any constitutional, statutory or charter limitation or provision, and shall not be consid r d or h ld to be a general obligation of the City. The payrn nt of this Bond and the interest thereon is not a ucred by an ncumbranc, mortgag or other pledg of prop rty of th City -58 - • I • • - • • • - except for such special assessments and other monies pledged for the payment of bonds, as set forth above. No property of the City, subject to said exception, shall be liable to be forfeited or taken in payment of the bon6s. It is hereby certified and recited that all requirements of law have been fully complied with by the proper officers of the City in the issuance of this Bond, and that the total amount of this issue does not exceed the cost and expense of said improve- ments or any limitation prescribed by law. For the payment of this Bond and the interest thereon the City pledges all of its lawful corporate powers. IN TESTIMONY WHEREOF, The City of Englewood has caused this Bond to be signed with the facsimile signature of the Mayor, attested and countersigned by the manual signature of the Director of Finance, ex-officio City Clerk-Treasurer, with a facsimile of the seal of the City affixed hereto, and the interest coupons attached hereto to be signed with the facsimile signature of the Director of Finance, ex-officio City Clerk-Treasurer, as of the 1st day of August, 1982. (FACSIMILE ) ( S E A L ) ATTESTED AND COUNTERSIGNED: (Man u al Signature) Director of Finance e x -officio Ci t y Clerk-Treasurer CITY OF ENGLEWOOD, COLORADO By~~~<~F_a_c~s~i_m_i~l~e--'S_1~·g~n_a ___ t_u_r_e~)~~~ Mayor -5 9 - I • • - • • • • • (Form of Interest Coupons) No. $ ___ _ February, On the 1st day of August, 19 , unless the Bond to which this coupon is attached has been called for prior redemp- tion, the City of Englewood, in the County of Arapahoe and State of Colorado, will pay to bearer the amount shown hereon in law- ful money of the United States of America, solely out of the special fund referred to in the Bond to which this coupon is attached, at The First National Bank of Englewood, in Englewood, Colorado, being interest then due on its Special Assessment Bond for Paving District No. 28, dated August 1, 1982, bearing No. (Facsimile Signature ) Director of Finance ex-officio City Clerk-Treasurer -60 - • I • • n r • • • Section 4. Disposition of Bond Proceeds. The proceeds of said bonds shall be applied only to pay the costs and expenses of constructing and installing improvements in the District and all other costs and expenses incident thereto. In the event that all of the proceeds of said bonds are not required to pay such costs and expenses, any remaining amount shall be paid into the special assessment fund for the purpose of calling in and paying the principal of and interest on said bonds. Neither the pur- chasers of said bonds nor any subsequent holder of the same shal l be responsible for the application of the proceeds of said bonds by the City or any of its officers. All or any portion of the bond proceeds may be temporarily invested or reinvested, pending such use, in securi- ties or obligations which are lawful investments for such munici- palities in the State of Colorado. It is hereby covenanted and agreed by the City that the temporary investment or reinvestment of the bond proceeds, or any portion thereof, shall be of such nature and extent, and for such period, that the bonds of the City shall not become "arbitrage bonds" within the meaning of Section 103(c) of the Internal Revenue Code of 1954, as amended, and pertinent regulations, and such proceeds, if so invested or reinvested, shall be subject to the limitations and restrictions of said Section 103(c), and pertinent regulations as the same now exists or may later be amended. Section 5 . Paving District No. 28 Bond and Interest Fund. The bonds and the interest thereon shall be payable solely from the local improvement fund, des ignat ed as the "Paving Dis- t rict No. 28 Bond nd Interest Fund", which shall contain initial- l y any monies in the construction account remaining after the cost of improvements has been paid in full and thereafter to contain the proceeds from special assessments to be levied against the property within the District and speci lly benefited by the con truction of mprovements th rein. When there is on hand a sufficient amount to pay six months' int rest on outstanding bonds for th District, -61 - • I • • • • • - the City shall call for payment, on the next interest payment date, outstanding bonds in d i rect numerical order with funds available therefor. Notice of call and redemption shall be given by advertisement one time in a newspaper having general circula- tion in the City, at least thirty (30) days prior to the date of redemption. The notice shall specify by number the bonds called, and all such bonds shall be paid in their direct numerical order. The holder of any such bonds may at any time furnish his or her post office address to the Director of Finance, and in such case a copy of the advertisement shall be mailed to the bond- ho lder, at such address, on or about the day of such publication. After the expiration of the period for cash pay- ments of assessments in full, the City shall, to the extent possible, pay each year not less than 10% of the total amount of bonds outstanding after the payment of the bonds with the proceeds of such cash payments of assessments in full. Section 6. Additional Security for the Payment of Principal and Interest. In addit i on, in accordance with the City Charter, whenever four-fifths (4/5) of the bonds of this issue have been paid and cancel led, and for any reason the re- maining assessments are not paid in time to take up the remaining bonds and the interest thereon, then the City shall pay said bonds when due and the interest due thereon and reimburse itself by collecting the unpaid assessments due the district. Section 7. Assessment of Costs. The City Council covenants that upon completion of the local improvements, or upon completion from time to time of any part thereof, and upon ac- ceptanc thereof by the Council, or wheneve r the total co~t c n be definitely ascertained, it will cause a statement showing th tota l cost of the improvement s to be prepared and filed in the off1c of the Director of Finance. Th City Council shall furth r cause assessments to be levied against th prop rty includ d within th special improvement district and sp cially benefited by the construction and i nstallation of such improvements, in ac- cordance with law and the Charter of the City. -62 - • I • • • • • - Section 8 . Severability. That if any one or more sections or parts of this Ordinance shall be adjudged unenforce- able or invalid, such judgment shall not affect, impair or in- vali date the remaining provisions of this Ordinance, it being the intention that the various provisions hereof are severable. Section 9. Repealer. All Ordinances or parts thereof in conflict with this Ordinance are .hereby repealed. Section 1 0. Ordinance Irrepealable. After said bonds are issued, this Ordinance shall be and remain irrepealable until said bonds and the interest thereon shall have been fully paid, satisfied and discharged. Section 11. Hearing. In accordance with Section 40 of the City Charter, the City Council shall hold a public h earing on this ordinance, before final passage, at 7:30 P.M. on Monday,~ ::P._, 1982. Section 12. Publication and Effective Date. This Ordinance after its final passage, shall be numbered and recorded, and the adoption and publication shall be authenticated by the signature of the Mayor and the Director of Finance, ex-officio City Clerk-Treasurer, and by the Certificate of Publication. This o rdinance shall become effective thirty (30) days after publica- tion following final passage. Introduced, read in f ull, and passed on first reading on the 12th day of July, 1982. Published as a Bill for an Ordinance on the 1 4th day of July, 1982. Eugene L. Otis, Mayor 1\tt st: x officio City Cl rk-Treasurer I, G ry R. Higb , ex officio City Cl rk-Tre sur r of th City of Englewood, Colorado , hereby c rtify the above and for going is ru , ccuratc, nd complet copy of Bill for n Ordinanc , introduced, red in full, an1 p ssed on first r ding on th 12th d y of July, 1982. G ry R. Higb -63 - • I • •