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HomeMy WebLinkAboutordinance.council.012-67ORDINANCE NO. /<~, SERIES 1967 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF ASPEN, COLORADO, STREET IMPROVE- MENT DISTRICT NO. 67-1 BONDS; PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE IN- TEREST THEREON; AND DECLARING AN EMERGENCY. WHEREAS, Street Improvement District No. 67-1, in the City of Aspen, Colorado, has been duly created by Ordinance No. 10, Series 1967, of said City, finally passed and adopted on the 29th day of May, 1967; and WHEREAS, Notice to Contractors to submit bids for the construction of the improvements in said District has been duly ~ublished and the contract for such construction has been duly . ; and Notice of Sale of ~warded to WI-~RF_,AS ~ for said District has sale of the bonds has Denver, Colorado;~ and WHEREAS, the $320,000 of bonds of the City been duly published, and the Contract for the: been awarded to W. E. Hutton & Company, of City Council has determined that the cost the construction of improvements, together with necessary incident-i al costs, shall not exceed the amount of $225,000, and that bonds liof the City for said District should be issued in such amount; and WHEREAS, it is now necessary to provide for the issuance l~of said bonds and the form and payment thereof; THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE ilCITY OF ASPEN, COLORADO: Section 1. By virtue of and pursuant to the Laws of the State of Colorado, bonds of the City of Aspen, Street Improvement - 45 District No. 67-1 shall be issued for the purpose of paying for local improvements constructed in said District. Said bonds shall be in the principal amount of $225,000, shall be dated as of June 15, 1967, and shall consist of 225 bonds in the denomination of $1,000 each, numbered 1 to 225, inclusive. Said bonds shall be payable to bearer, and shall be due and payable on June 15, 1977, subject to call and prior payment in numerical order upon payment of par and accrued interest, on any interest payment date. Notice of such prior redemption shall be published in a newspaper of gen- eral circulation in Aspen, Colorado, once a week for three consec- iutive weeks. In addition, a copy of such Notice shall be mailed flat the time of first publication to W. E. Hutton & Company, Denver,] Colorado. : Said bonds shall bear interest as evidenced by '4" coupons attached to said bonds, payable on December 15, 1967 and semi-annually thereafter on June 15 and December 15 each year, as follows: Bond Numbers Amount "A" Coupon Interest Rate 1 to 55, incl. $55,000 4-1/4% 56 to 85, incl. 30,000 86 to 110, incl. 25,000 4-1/2% lll to 160, incl. 50,000 4-3~4% 161 to 195, incl. 35,000 4-7/8% 196 to 225, incl. 30,000 5% In addition to the "A" interest rate set forth above all of said bonds shall bear additional interest as evidenced by supplemental coupons designated "B", payable semi-annually on June 15 and December 15 each year, at the.rate and for the period from July 15, 1967 to the dates indicated below, as follows: ~ 46 - Bond Numbers 1 to 55,incl. 56 to 85,incl. 86 to ll0,incl. 111 to 160,incl. 161 to 195,incl. 196 to 225,incl. "B" Coupon Interest Rate 1-3~41 to June 15, 1968 1-5/81 to June 15, 1969 1-1~21 to June 15, 1970 1-1~41 to June 15, 1970 1-1/81 to June 15, 1970 11 to June 15, 1970 The principal of and interest on said bonds shall be payable at the office of the City Treasurer, in Aspen, Colorado.i Said Bonds shall be signed by the Mayor, attested by. the City Clerk and countersigned by the City Treasurer, with the seal of the City affixed thereto, and the interest coupons at- tached shall be signed with the facsimile signature of the City Clerk. Should any officer whose manual or facsimile signature ap- pears on said bonds or the coupons thereto attached cease to be ;uch officer before delivery of the bonds to the purchaser, such manual or facsimile signature shall nevertheless be vaYid and suf- ficient for all purposes. Section 2. Said bonds and the coupons to be attached thereto shall be in substantially the following form: - 47 (Form of Bond) UNITED STATES OF AMERICA STATE OF COLORADO CITY OF ASPEN STREET IMPROVEMENT DISTRICT NO. BOND NO. The City of Aspen, in the County of Pitkin COUNTY OF PITKIN 67-1 $1,000 and State of Colorado, for value received, acknowledges itself indebted and hereby promises to pay to the bearer hereof, out of the special fund or funds hereinafter designated, but not otherwise, the prin- cipal sum of ONE THOUSAND DOI]~ARS in lawful money of the United States of America, on the 15th day of June, 1977, subject to call and payment, however, on any inter- est payment date, with interest thereon as evidenced by interest coupons designated "A" at the rate of per centum ( _%) per annum from date until payment, and add- itional interest~as evidenced by interest coupons designated "B" at the rate of per centum ( per annum for the period from July 15, 1967 to , inclusive, all such interest payable semi-annually on the 15th day of June and the 15th day of December each year, both principal and interest being payable at the office of the City Treasurer, in Aspen, Colorado, on presentation and surrender of the attached coupons and this Bond as they severally become due or are called for payment. This Bond is issued for the purpose of paying the costs of constructing and installing curb, gutter, street paving and drainage improvements, together with necessary incidentals and ap- purtenances, in Street Improvement District No. 67-1, in the City - 48 ~ of Aspen, Colorado, by virtue of and in full conformity with Chap- ter 89, Article 2, Colorado Revised Statutes 1963, and an Ordinance of said City duly adopted, approved, published and made a law of said City prior to the issuance hereof. This Bond is payable solely out .of the proceeds of special assessments to be levied upon real estate situated in the City of Aspen, Colorado, in Street Improvement District No. 67-1, specially benefited by said improvements, which assessments so to be levied,~ with accrued interest, will be liens on said real estate in the respective amounts to be apportioned thereto and later assessed by an ordinance of said City. Ii is hereby certified and recited that the total issue of bonds of said City for said District, including this Bond, does not exceed the amount authorized by law; that every requirement of law relating to the creation of said Street Improvement District iNo. 67-1, the making of said local improvements and the issuance of !this Bond has been ~ully complied with by the proper officers of said City and that all conditions required to exist and things re- .quired to be done precedent to and in the issuance of this Bond to ~ render the same lawful and valid have happened, been properly done lland performed and did exist in regular and due time, form and manner, ~.as required 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 Aspen has caused this ~Bond to be subscribed by its Mayor, attested by the City Clerk, ~with the seal of the City affixed hereto, and countersigned by the iCity Treasurer, and the interest coupons hereto attached to be - 49 signed with the facsimile signature of the City Clerk as of the 15th day of June, %967. (SEAL) ATTEST: (Do not sign) City Clerk (Do not sign) Mayor COUNTERSIGNED: (Do Dot,sign) City Treasurer (Form of Coupon) No. A $ No. B $. June. On the 15th day of Decembir, 19 , the City of Aspen, in the County of Pitkin and State of Colorado, will pay to bearer ~LLARS ~L~RS in lawful money of the City Treasurer, on its Bond issued the United States of America, at the office of I in Aspen, Colorado, being interest then due for the construction of local improvements in iStreet Improvement District No. 67-1, Aspen, Colorado, provided t'he Bond to which this coupon is attached shall not have been there- tofore called for payment or paid. Attached to Bond dated June 15,I 1967, bearing No. (Facsimile Signature) City Clerk - 50 - Section 3. The proceeds of said bonds shall be applied ilonly to pay the costs and expenses of constructing the improve- ments in said 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. Section 4. Said bonds and the interest thereon shall be paid solely from special assessments to be levied on the real prop- erty in said District specially benefited by the construction of improvements therein. When there is on hand a sufficient amount to pay six months' interest on outstanding bonds of said District, the City shall call for payment of outstanding bonds in numerical order with funds available therefor on the next interest payment date. Section 5. The City of Aspen shall rain a special fund to be designated "Street Improvement No, 67-1 Reserve Fund" for the payment, if necessary, of mately 20% of the highest numbered bonds of this issue. shall be maintained in a separate account at T~ establish and main- District approxi- Said Fund in /~ , Colorado, and shall consist only of monies from any special fund or funds available for such purpose. Upon the payr merit of all bonds of this issue, any amounts then remaining in the special fund may be used to provide for the payment of other specia assessment bonds of the City or transferred to the general fund. Section 6. After the expiration of the period for cash !ipayments of assessments in full, the City will attempt to pay each lyear approximately 10% of the total amount of bonds of said Dis- trict outstanding after the payment of bonds with the proceeds of ilsuch cash payments of assessments in full. 51 Section 7. nance ever be judicially determined such determination shall not affect visions hereof, the intention being iof this Ordinance is severable. Ail ordinances or parts Ordinance are hereby repealed. Should any part or provision of this Ordi- to be invalid or unenforceable~~ the remaining parts and pro- that each part and provision thereof in conflict with this Section 8. By reason of the fact that the completion at the earliest possible date of the improvements described in this Ordinance is necessary to the immediate preservation of the public property, health, peace and safety, it is hereby declared that an emergency exists and that this Ordinance shall take effect five days after final publication. ~ Section 9. This Ordinance, shall be recorded in a book kept for ticated by the signatures of the Mayor and City Clerk, shall be ~ublished in the Aspen Times, a newspaper published and in general :irculation in said City. Section 10. After said bonds have been issued, this Ordinance shall be irrepealable until both the principal of and interest on said bonds shall be fully paid, satisfied and dis- charged. INTRODUCED, READ AND ORDERED PUBLISHED, This 19th day of June, 1967. after its final passage, that purpose, shall be authen-! (SEAL) ATTEST: Mayor City Clerk 52 - 1967. SEAL ) I!'ATTEST: (To appear in final publication) FINALLY ADOPTED AND APPROVED This Mayor day of July, City Clerk It was thereupon moved by Councilman and seconded by Councilman , that thc ~oiug Ordinance, read in full at this meeting as afores~ be in full in the Aspen Times, a newspaper of ~tzon published in Aspen, Colorado, in its 1967, nd that said Ordinance, after its said, :onsidered for final passage at a City to be ~eld at the City Hall the The roll was called ion being upon the Those voti~ Councilme ral cir- June 22, as afore- ular meeting of the said City, on July, 1967, at the of o'clock P.M. adoption of said motion, the result: voting NAY: Clyde Clymer Werner Kuster William McEachern ~vid Stapleton ii /' members of the illin favor of the motion, the presiding ~ /motio flsa n.i~ ' ' carried and directed that said ~ ordered. - 53 y Council having voted :hereupon declared :e be published