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HomeMy WebLinkAbout095 - 09/06/2005 - AMENDING SECTION 22-111 OF THE CITY CODE PERTAINING TO THE ISSUANCE OF BONDS FOR SPECIAL IMPROVEMENT ORDINANCE NO. 095, 2005 OF THE COUNCIL OF THE CITY OF FORT COLLINS AMENDING SECTION 22-111 OF THE CITY CODE PERTAINING TO THE ISSUANCE OF BONDS FOR SPECIAL IMPROVEMENT DISTRICTS WHEREAS, both the State and the City have enacted legislation pertaining to special improvement districts; and WHEREAS, as a home rule municipality, the City follows the provisions of its City Code pertaining to special improvement districts in areas where the State and local legislation may conflict; and WHEREAS, C.R.S. 31-25-534 contains certain provisions specifying the manner in which the governing body of a municipality is to submit questions pertaining to the issuance of SID bonds and defining the persons who are eligible to vote on such questions,while Section 22-111 of the City Code pertaining to special assessment bonds is silent on those subjects; and WHEREAS, City staff has recommended that Section 22-111 be amended by the addition of a new subparagraph similar to the State law that would apply to both bonds and other multi-year financial obligations of the City; and WHEREAS, the Council believes that such changes are in the best interests of the City. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that Section 22-111 of the City Code is hereby amended by the addition of a new subparagraphs (d), (e) and (f) which shall read in their entirety as follows: Sec. 22-111. Special assessment bonds and multi-year financial obligations authorized. (a) For the purpose of paying all costs specified in§ 22-85 as may be assessed against the property specially benefitted and not paid by the city, special assessment bonds of the city may be issued as of such date and in such form as may be prescribed by the City Council. The bonds shall bear the name of the district and shall be payable in a sufficient period of years after such date to cover the period of payment, but subject to call as soon as hereinafter provided, in such convenient denominations as may be determined by the City Council. (b) All such bonds shall be issued upon estimates of the Director of Community Planning and Environmental Services or, if applicable, the General Manager of Utility Services approved by the City Council. The Financial Officer shall preserve a record of the same in a suitable book kept for that purpose.All such bonds shall be subscribed by the Mayor and countersigned by the Financial Officer with the corporate seal affixed and attested by the City Clerk. Facsimile signatures may be used. (c) The bonds shall be payable out of the money collected on account of the assessments made for the improvements or from the proceeds of refunding bonds. All money collected from such assessments for any improvements shall be applied to the payment of the bonds issued until payment in full is made of all the bonds, both principal and interest. If a reserve fund has been established for the district and any balance remains in the reserve fund after the bonds have been paid in full and the city has been fully reimbursed for costs associated with the district,any such balance shall be distributed proportionally to the assessed property owners in the district.For the purposes of this provision only, the term "assessed property owners" shall be construed to mean the then current property owners, unless an assessment has previously been paid in full,in which event it shall mean the party having made final payment of the assessment. The bonds may be used in payment of the cost of the district as herein specified or the City Council in its discretion may sell the bonds to pay such cost in cash. The bonds shall be negotiable in form and shall be in either registered or bearer form. The bonds shall bear interest at such rate as may be fixed by the City Council and payable semiannually. If such interest is evidenced by coupons, the coupons shall bear the facsimile signature of the City Clerk. (d) The city may issue multi-year financial obligations for the purpose of reimbursing the owner of any property within a special improvement district who has elected to pay in advance all or a portion of the costs specified in Section 22-85 in order to facilitate the construction of improvements within said district. (e) In connection with the issuance of bonds or other multiple-fiscal year financial obligations of the city payable solely from special assessments, the City Council may provide by ordinance or resolution for the submission of the question of issuing such bonds to the electors eligible to vote on the question. The City Council may provide by ordinance or resolution that all registered electors of the municipality shall be eligible to vote on the question or that only electors of the district shall be eligible to vote on the question. (f) In connection with the issuance of bonds or other multiple fiscal year obligations of the city payable from special assessments which are additionally secured by a pledge of any other funds of the city, including the surplus and deficiency fund, the City Council may provide by ordinance or resolution for the submission of the question of issuing the bonds to all registered electors of the municipality. (g) For the purposes of this section, an "elector of the district" shall mean a person who, at the designated time or event, is registered to vote in the general election in this state and: (a)who has been a resident of the district or the area to be included in the district for not less than thirty(30) days; or(b)who or whose spouse owns taxable real or personal property within the district or the area to be included in the district whether or not said person resides within the district. Where the owner of taxable real or personal property within the district is not a natural person, an "elector of the district" shall include a natural person designated by each such owner to vote for such owner. Such designation shall be filed in writing and filed with the City Clerk. Only one (1) such person may be designated by each owner. Introduced and considered favorably on first reading and ordered published this 16th day of August, A.D. 2005, and to be presented for final passage on e 6th day of September, A.D. 2005. Mayor ATTEST: �4 Z City Clerk Passed and adopted on final reading this 6th day of ember, A.D. 2005. Mayo ATTEST: ILL NgwA City Clerk