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HomeMy WebLinkAbout092 - 07/18/1989 - AMENDING ORDINANCE NO. 170, 1988 (AUTHORIZING THE ISSUANCE OF BOARDWALK SPECIAL IMPROVEMENT DISTRICT ORDINANCE NO. 92 , 1989 AN ORDINANCE AMENDING ORDINANCE NO. 170, 1988. WHEREAS, the Council (the "Council" ) of the City of Fort Collins, Colorado (the "City" ) , has heretofore adopted Ordinance No. 170, 1988 (the "Bond Ordinance" ) , authorizing the issuance of the City of Fort Collins, Colorado, Boardwalk Special Improvement District No. 77, Special Assessment Refunding Bonds, dated December 1, 1988, in the aggregate principal amount of $588, 678.91 (the "Bonds" ) , for the purpose of refunding, paying and discharging a portion of the City of Fort Collins, Colorado, 1982 Consolidated Special Improvement District, Special Assessment Bonds, dated December 1, 1982, in the aggregate principal amount of $1,265,000 (the "Consolidated District Bonds" ) ; and WHEREAS, on December 30, 1988, the City issued and purchased the Bonds and is currently the sole owner thereof; and WHEREAS, it is now necessary to correct certain provisions of the Bond Ordinance and to identify more precisely those special assessments pledged for the payment of the Bonds and those pledged for the payment of the portion of the Consolidated District Bonds which remained unrefunded after the issuance of the Bonds. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO, AS FOLLOWS: 1. The first paragraph of Section 4 of the Bond Ordinance is hereby amended to read as follows: The Bonds shall be subject to redemption prior to maturity in regular numerical order at any time at a price equal to the principal amount of the Bonds redeemed plus accrued interest thereon to the redemption date, with no premium, as follows: Whenever there are moneys available in the City of Fort Collins, Colorado, Boardwalk Special Improvement District No. 77, Special Assessment Refunding and Improvement Bonds, Bond Fund (the "Bond Fund" ) exceeding the amount necessary to pay interest on the Bonds then due and interest on the Bonds due on the next succeeding interest payment date, the Finance Director shall call in and pay a suitable number of Bonds. 2 . The third paragraph of the Text of Reverse of the Form of Bond in Section 10 of the Bond Ordinance is hereby amended to read as follows: The principal of and interest on this Bond are payable solely from, and as security for such payment there is BD7628 2 06/12/89 exclusively pledged, a special fund designated as the City of Fort Collins, Colorado, Boardwalk Special Improvement District No. 77, Special Assessment Refunding Bonds, Bond Fund, into which there is initially to be deposited accrued interest on the Bonds and into which there are thereafter to be deposited all moneys collected on account of assessments previously levied or hereafter to be levied against CERTAIN the property within the Boardwalk Special Improvement District No. 77 specially benefited by the construction and installation of improvements therein. 3 . The sixth paragraph of the Text of Reverse of the Form of Bond in Section 10 of the Bond Ordinance is hereby amended to read as follows: The City covenants with the Registered Owner that it will levy and collect the assessments LEVIED against the AFOREMENTIONED property WITHIN BOARDWALK SPECIAL IMPROVEMENT DISTRICT NO. 77 specially benefited by the construction and installation of the improvements and deposit the same into the Bond Fund and that it will diligently enforce the lien of any unpaid assessment against the property charged therewith. The City further covenants with the Registered Owner that it will keep and perform all of the covenants of this Bond and of the Ordinance authorizing the issuance hereof. Reference is hereby made to the Ordinance for a description of the provisions, terms, and conditions upon which this Bond is issued and secured, including, without limitation, the nature and extent of the security for this Bond, the collection and disposition of the special assessments and moneys charged with and pledged to the payment of the principal of and interest on this Bond, a description of the special funds referred to above and the nature and extent of the security and pledge afforded thereby for the payment of the principal of and interest on this Bond, and the manner of enforcement of said pledge, as well as the rights, duties and obligations of the City and the members of its Council and also the rights and remedies of the Registered Owner. 4. Section 15 of the Bond Ordinance is hereby amended to read as follows: The principal of and interest on the Bonds shall be payable solely from, and there is hereby created, the Bond Fund, into which there shall initially be deposited accrued interest on the Bonds and into which there shall thereafter be deposited all moneys collected on account of assessments previously levied against the property within Bistriet Ho- 77 epee#ally benefited by the eonstruetion and installation of the improvements therein PROPERTIES LISTED ON EXHIBIT A. The moneys in the Bond Fund shall be used for the purpose of paying the principal of and interest on the Bonds, and as security for such payment the Bond Fund is hereby exclusively pledged. Any moneys remaining in the BD7628 3 06/12/89 Bond Fund after the principal of and interest on the Bonds have been paid in full shall be deposited in the Surplus and Deficiency Fund hereinafter described. S. This Ordinance is, and shall constitute, a legislative measure of the City, shall constitute a contract between the City and the registered owners of the Bonds, and shall be and remain irrepealable until the Bonds shall have been fully paid, satisfied and discharged. 6. All action heretofore taken by the City and by the officers thereof not inconsistent herewith is hereby ratified, approved and confirmed. 7. All resolutions, ordinances, or parts thereof, taken by the City and in conflict with this Ordinance are hereby repealed, except that this repealer shall not be construed so as to revive any resolution, ordinance, or part thereof, heretofore repealed. 8. If any paragraph, clause or provision of this Ordinance is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraphs, clauses or provisions hereof are severable. 9. This Ordinance, after its final passage, shall be recorded in a book for that purpose, shall be authenticated by the signatures of the Mayor and the City Clerk, shall be published as provided in the Charter and shall take effect on the tenth day following final passage. BD7628 4 06/12/89 INTRODUCED, READ, APPROVED ON FIRST READING, AND ORDERED PUBLISHED BY NUMBER AND TITLE ONLY this 20th day of June, 1989. CITY OF FORT COLLINS, COLORADO (CITY) By: (SEAL) Mayor Attest: City Clerk BD7628 5 06/12/89 READ, FINALLY PASSED ON SECOND READING, AND ORDERED PUBLISHED ONCE BY NUMBER AND TITLE ONLY this day of July, 1989. CITY OF FORT COLLINS, COLORADO By: Mayor (CITY) (SEAL) ATTEST: City Clerk �6 BD7628 6 06/12/89