HomeMy WebLinkAbout131 - 10/18/1983 - CONCERNING FAIRBROOKE SPECIAL IMPROVEMENT DISTRICT NO. 79 ORDINANCE NO. 1312 1983
AN ORDINANCE CONCERNING THE CITY OF FORT COLLINS, COLORADO,
FAIRBROOKE SPECIAL IMPROVEMENT DISTRICT NO. 79; RATIFYING
ACTION HERETOFORE TAKEN IN CONNECTION THEREWITH; PROVIDING
FOR THE COLLECTION OF SPECIAL ASSESSMENTS TO BE LEVIED TO
DEFRAY THE COSTS OF IMPROVEMENTS THEREIN; PROVIDING FOR THE
ISSUANCE OF SPECIAL ASSESSMENT BONDS PAYABLE FROM THE
ASSESSMENTS TO BE LEVIED IN SAID DISTRICT; PRESCRIBING
DETAILS IN CONNECTION WITH SAID ASSESSMENTS, BONDS AND DIS-
TRICT, INCLUDING THE MANNER OF ADDITIONALLY SECURING AND
EFFECTING THE PAYMENT OF SAID BONDS; PRESCRIBING DUTIES OF
CERTAIN PUBLIC OFFICIALS IN CONNECTION WITH SAID ASSESS-
MENTS , BONDS AND DISTRICT; REPEALING ALL ORDINANCES AND
OTHER ACTION OF THE CITY TO THE EXTENT INCONSISTENT HERE-
WITH; AND PROVIDING OTHER MATTERS RELATING THERETO.
WHEREAS, the City of Fort Collins (the "City") , in the
County of Larimer and State of Colorado (the "State") , is a political
subdivision of the State, a body corporate and politic, and a munici-
pal corporation duly organized and existing as a home-rule city under
Article XX of the State Constitution and the Charter of the City (the
"Charter" ) ; and
WHEREAS, the City Council (the "Council") of the City, .pur-
suant to the Charter and Chapter 16 of the Code of the City of
Fort Collins (the "Code") relating to local improvements and the
financing thereof, has established, by Ordinance No. 130 , passed on
first reading on October 4 , 1983 (the "ordinance creating the
District") , within the corporate limits of ,the City, a local improve-
ment district known and designated as the City of Fort Collins,
Colorado, Fairbrooke Special Improvement District No. 79 (the
"District") , for the purpose of making certain local street, water,
sanitary sewer and drainage improvements and assessing the cost
thereof to the property benefited thereby; and
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WHEREAS, pursuant to the Code and the ordinance creating
the District, the City Manager has entered into an agreement with
Wheeler Realty Company (the "Company") , the sole property owner in
the District, providing for the management of the acquisition, con-
struction and installation of the improvements in the District by the
Company, including all bidding for work on the improvements and
awarding contracts therefor ; and
WHEREAS, pursuant to such agreement, the Company published
and posted notices to bidders, received bids and entered into a con-
struction contract with the lowest responsible bidder for the
improvements to be acquired in the District, as described in the
ordinance creating the District; and
WHEREAS , pursuant to the Code and the ordinance creating
the District, upon completion and acceptance of the improvements in
the District and determination of the final cost thereof, the
Director of Finance will prepare an assessment roll for the District
and after a notice thereof and a hearing thereupon, assessments shall
be levied by ordinance; and
WHEREAS, the City and the officers thereof desire to sell
the special assessment bonds of the District (the "bonds") in the
principal amount of $1,375,000 ; and
WHEREAS , the City has entered into a contract with
Coughlin & Company, Denver, Colorado (the "initial purchaser") , for
the purchase of such bonds for 96.75% of the principal amount there-
of, plus accrued interest to the date of delivery; and
WHEREAS , Section 7 of Ordinance No. 130 , i. e. , the ordi-
nance creating the District, provides :
"The assessments to be levied for the improvements
shall be due and payable within thirty (30) days after the
final publication date of the ordinance assessing the costs
of the improvements against the real property in the
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District. In the event any owner of real estate shall fail
to pay the whole of such assessment against his property
within said thirty (30) days, the balance of the cost of
the improvements so assessed against his property shall be
payable in seven . (7) annual installments of principal, with
the first such installment due on December 1 , 1986, as
shall be provided and determined in and by the assessing
ordinance, with the remainder of the annual installments of
principal due and payable successively on the same date in
each year thereafter until all are paid in full. Interest
on the unpaid installments shall accrue from December 1 ,
1985 and shall be at the same rate as the highest interest
rate payable on special assessment bonds to be issued by
the City for the District, which interest rate shall not
exceed thirteen percent (13% ) per annum, payable on
December 1 , 1986 and annually thereafter, as shall be pro-
vided and determined in and by the assessing ordinance. "
and
WHEREAS, the City and its officers have determined, and do
hereby determine, with the approval of the Council, that it is neces-
sary and for the best interests of the City and the District and the
inhabitants thereof that, pursuant to the Charter and the Code, the
City issue and sell the bonds of "City of Fort Collins, Colorado,'
Fairbrooke Special Improvement District- No. 79" in the aggregate
principal amount of $1,375,000 to the initial purchaser for 96.75%" of
the principal amount thereof plus accrued interest, for the purpose
of paying the cost of said local improvements, including all proper
incidental expenses ; and
WHEREAS , the Council has further determined, and does
hereby declare, that the payment of the interest on and the principal
of said bonds shall be additionally secured as provided by this
ordinance pursuant to Article V, Section 20 .5 of the Charter ; and
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WHEREAS, all such bonds are herein authorized to be, and
they shall be, issued upon approval by the Council ; and
WHEREAS, due to the foregoing provisions and for other good
and sufficient reasons, the Council has determined, and does hereby
declare, that it is necessary and for the best interests of the City
and the District and the inhabitants thereof that this ordinance be
adopted and, pursuant to Article II, Section 7 of the Charter, the
Council hereby deems it appropriate that said ordinance be published
by title and summary.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY'
OF FORT COLLINS :
Section 1 . All action (not inconsistent with the. provi-
sions of this ordinance) heretofore taken by the City, the Council
and the officers of the City, directed toward the creation of the
District, the acquisition, construction and installation of the
public improvements therein, the sale and issuance of its public
local improvement special assessment bonds and the levy of assess-
ments for that purpose , be , and the same hereby is, ratified,
approved and confirmed.
Section 2 . The City be , and it hereby is, authorized,
empowered and directed, and it shall be its duty, to receive, collect
and enforce the payment of all assessments to be made and levied for
said local improvements, and all installments thereof, all interest
thereon, and all penalties accrued, in the same manner and at the
same time or times as prescribed by the Code, by the ordinance creat-
ing the District and by this ordinance, and to pay and disburse said
payments, the installments thereof, the interest thereon, and penal-
ties thereto, to any person or persons lawfully entitled thereto,
subject however to the appointment of any successor paying agent to
disburse said payments as herein provided.
Section 3 . Subject to 5 16-25 of the Code concerning the
certification and delivery of the assessment roll to the County
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Treasurer of Larimer County for collection of assessments to be paid
in installments, the Director of Finance be, and he hereby is, author
rized, empowered and directed, and it shall be his duty, to receive
and collect, at the time and in the manner specified in the Code, the
ordinance creating the District and this ordinance, all assessments,
the installments thereof, the interest thereon, and the penalties
accrued, to be levied to defray all of the total cost of the desig-
nated local improvements in the District and to pay and disburse such
payments to the person or persons lawfully entitled to receive the
same (subject to Section 6 hereof) , in accordance with the laws of
the State, with the Charter, and with all the ordinances and resolu-
tions of said City .heretofore or to be hereafter adopted, including
but not limited to the Code, the ordinance creating the District, and
this ordinance. All moneys received from such assessments, except as
provided in Section 5 hereof, shall be placed in a separate fund to
be designated "City of Fort Collins, Colorado, Fairbrooke Special
Improvement District No. .79 , Special Assessment Bends, Series 1983,
Interest and Bond Retirement Fund" (the "Bond Fund") , and said moneys
shall be used as soon as they are available for the purpose of paying
the principal of and interest on the bonds and for no other purpose
whatsoever , and as security for such payment said fund is hereby
exclusively pledged.
Section 4 . The Director of Finance shall be, and he also
hereby is, authorized, empowered and directed, and it shall be his
duty, to receive surplus local improvement district moneys pursuant
to Article V. Section 20 .5 (b) of the Charter, and to place all said
moneys in a surplus and deficiency fund heretofore or hereafter
established pursuant thereto (the "Surplus Fund and Deficiency Fund")
and to disburse therefrom said moneys for the payment of the princi-
pal of and interest on the City ' s local improvement or special
assessment bonds , including the bonds herein authorized, to the
extent necessary. The bonds herein authorized, together with bonds
of other special or local improvement districts within the City, are
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and shall continue to be additionally secured and their payment shall
be supplemented by the Surplus and Deficiency Fund, which consists of
moneys remaining to the credit of special or local improvement dis-
tricts the bonds of which have been paid in full, both principal and
interest; and whenever there is a deficiency in the. Bcnd Fund to meet
the payment of outstanding bonds herein authorized and interest due
thereon, as the same become due, the deficiency shall be paid out of
the Surplus and Deficiency Fund.
Section 5 . Whenever three-fourths (3/4) of the bonds
authorized herein to be issued for the District have been paid and
cancelled and for any reason the remaining assessments are not paid
in time to redeem the remaining bonds of the District, and there is
not sufficient money in the Surplus and Deficiency Fund, the Director
of Finance shall be, and he hereby is, authorized, empowered and
directed and it shall .be his duty, to pay on the City' s behalf the
remaining bonds and the interest thereon when due. The City shall
levy additional ad valorem taxes necessary therefor and reimburse
itself by collecting the unpaid assessments due the District.
Section 6 . For the purpose of defraying the entire cost
and expense of making said improvements, including all such proper
incidental expenses, there shall be issued in the name of the City,
fully registered (i.e. , registered as to both principal and interest,
in compliance with 5 103 (j) of the Internal Revenue Code of 1954, as
amended, and the regulations of the Secretary of the Treasury
thereunder ) , special assessment bonds designated "City of
Fort Collins , Colorado, Fairbrooke Special Improvement District
No. 79 , Special Assessment Bonds , Series 1983" (the "bonds") in the
aggregate principal amount of 51,375,000 , consisting of 309 bonds,
numbered consecutively from 1 to 275 , both inclusive, in the denomi-
nation of $5 ,000 each, bearing date as of the first day of November,
1983 , being payable to the registered owner thereof in regular
numerical order on the first day of November , 1993 , and bearing
interest from date until maturity, payable semiannually on the first
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days of May and November in each year, commencing on the first day of
May, 1984 , and the bonds being numbered and bearing interest at the
rates hereinbelow designated as follows:
Bond Numbers Interest Rates
(All Inclusive) (Per Annum)
1 - 32 9 .50%
33 - 67 10 .00%
68 - 106 10 . 50%
107 - 149 11 .00%
150 - 197 11 .25%
198 - 250 11 .40%
251 - 275 11 .50%
both principal and interest being payable in lawful money of the
United States of America. The principal of any bond shall be payable
to the registered owner as shown on the registration books kept by
the City Clerk of the City of Fort Collins in Fort Collins, Colorado,
as registrar (the "registrar" ) , upon maturity thereof and upon pre-
sentation and surrender at the office of the Director of Finance of
the City of Fort Collins in Fort Collins, Colorado (the "paying
agent") . Payment of interest on any bond shall be paid to the regis-
tered owner thereof by check or draft mailed by the paying agent, on
or before each interest payment date (or, if such interest payment
date is not a business day, on or before the next succeeding business
day) , to his address as it last appears on the registration books
kept by the registrar . If, upon presentation of any bond at maturi-
ty, payment is not made as therein provided, interest thereon shall
continue at the same rate per annum until the principal thereof is
paid in full.
If the registrar or paying agent initially appointed here-
under shall resign, or if the .City shall reasonably determine that
said registrar or paying agent has become incapable of fulfilling his
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or her duties hereunder , the City may, upon notice mailed to each
registered owner of bonds at the address last shown on the registra-
tion books , appoint a successor registrar or paying agent, or both.
Every such successor registrar or paying agent shall be a bank or
trust company located in and in good standing in the State of
Colorado and having a capital and surplus of not less than
$5 ,000 ,000 . It shall not be required that the same institution serve
as both registrar and paying agent hereunder, but the City shall have
the right to have the same institution serve as both registrar and
paying agent hereunder.
The proceeds of the bonds, other than amounts to be used to
pay interest on the bonds through November 1 , 1986 and amounts
received as accrued interest on the bonds, which shall be deposited
in the Bond Fund, shall be deposited in the account to be established
for the District in the City' s Capital Projects Fund, and shall be
used to pay the cost and expense of making said improvements in the
District, including all such proper incidental costs.
Section 7 . All of the bonds shall be subject to redemp-
tion prior to maturity in regular numerical order at any time,
subject to the provisions of the following sentence, from available
funds in the Bond Fund at the option of the City, at a price equal to
the principal amount thereof with accrued interest to the redemption
date. Within thirteen months of receipt of moneys initially depos-
ited in the Bond Fund (other than from bond proceeds) it shall be the
duty of the Director of Finance to call in, and the duty of the
paying agent to pay, a suitable number of any bonds outstanding, pro-
vided that the Bond Fund (except for amounts initially deposited
therein from bond proceeds) shall be depleted at least once a year
except for a reasonable carryover amount not to exceed the greater of
one year ' s earnings on the Bond Fund or one-twelfth of annual debt
service on the bonds. Notice of prior redemption shall be given by
the Director of Finance in the name of the City by mailing copy of
such notice by registered mail at least forty-five days and not more
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than sixty days prior to the designated redemption date to the
initial purchaser and to each registered owner of any bonds desig-
nated for redemption, at their addresses as the same shall last
appear upon the registration books kept by the registrar. Such
notice shall specify the number or numbers of the bonds to be so
redeemed and the date fixed for redemption, and shall further state
that on such date there will become and be due and payable upon each
bond so called at the paying agent the principal amount thereof with
accrued interest to the redemption date, and that from and after such
date interest shall cease. Notice having been given in the manner
hereinabove provided, the bond or bonds so called shall become due
and payable on the date so designated, and upon presentation thereof
at the paying agent, the City will pay the bond or bonds so called.
Section 8. The bonds herein authorized to be issued may
be refunded in accordance with and under the conditions imposed by
the laws of the State and the City in force at the effective date of
this ordinance and not otherwise.
Section 9 . The person in whose name a bond shall be reg-
istered on the registration books kept by the registrar shall be
deemed and regarded as the absolute owner thereof for all purposes
and payment of principal of and interest on any bond shall be made
only to or upon the written order of the registered owner thereof or
his legal representative. A bond shall be fully transferable by the
registered owner thereof in person or by his duly authorized attorney
on the registration books kept at the office of the registrar upon
presentation of the bond together with a duly executed written
instrument of transfer satisfactory to the registrar. Such transfer
shall be noted on such registration books and on the bond. Such
transfer shall be without charge to the owner of the bond, except
that the registrar may require the payment by the owner of the bond
of any tax or other governmental charge required to be paid with
respect to such transfer . The registrar shall not be required to
transfer any bond during the period of fifteen days next preceding
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any interest payment date , nor to transfer any bond after the
publication or mailing of notice calling such bond for redemption as
hereir provided, nor during the period of fifteen days next preceding
such publication or mailing of notice of redemption.
Section 10 . The bonds shall be executed in the name of
the City, shall be signed by the manual or facsimile signature of the
Mayor , shall be countersigned by the manual or facsimile signature of
the Director of Finance, shall bear the seal of the City or a facsim-
ile thereof and shall be attested and subscribed by the manual or
facsimile signature of the City Clerk. The Mayor, Director of
Finance and City Clerk, by the execution of a signature certificate
relating to the bonds, shall adopt as and for their respective signa-
tures the facsimiles thereof appearing on the bonds and shall thereby
execute them. The bonds bearing the facsimile signatures of the
officers in office at the time of the authorization thereof shall be
the valid and binding obligations of the City, notwithstanding that
before the delivery thereof and payment therefor any or all of the
persons whose facsimile signatures appear thereon shall have ceased
to fill their respective offices. The Mayor, Director of Finance and
City Clerk, at the time of the execution of a signature certificate
relating to the bonds by each of said officers, may each adopt as and
for his or her own facsimile signature the facsimile signature of his
or her predecessor in office in the event that such facsimile signa-
ture appears on any of the bonds. The City Clerk shall preserve a
record of the bonds in a suitable book provided and kept for that
purpose in her office.
No bond shall be valid or obligatory for any purposes
unless the registrar has duly executed the provision for registration
thereon. The provision for registration shall be deemed to have been
duly executed by the registrar if manually signed by the registrar
or , in the case of any successor registrar, an authorized officer of
the successor registrar, but it shall not be necessary that the same
officer sign the provision for registration on all of the bonds
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issued hereunder nor upon all transfers of any one bond. In the.
event that the spaces in the provision for registration are insuffi-
cient to reflect all transfers of a bond, the registrar may, upon
surrender of such bond, replace the same with a new registered bond
bearing the same number. The registrar shall cancel the bond surren-
dered but shall preserve a record thereof .
If any bond shall be lost, stolen, destroyed or mutilated,
the registrar shall, upon receipt of such evidence or information
relating thereto and such reimbursement for expenses as the registrar
may reasonably require, register and deliver to the registered owner
thereof a replacement for such bond bearing the same number as the
bond so replaced. If such lost, stolen, destroyed or mutilated bond
shall have matured, the registrar may direct the paying agent to pay
such bond in lieu of replacement.
Section 11 . Except as herein stated, the bonds authorized
by this ordinance and the interest thereon shall be payable solely
from the Bond Fund, consisting only of moneys collected (principal,
interest and penalties, if any). from the assessments to be levied to
pay for the improvements; provided that any proceeds from the sale of
the bonds remaining in the account for the District in the City' s
Capital Projects Fund after the payment or reimbursement to the City
of all the costs and expenses of making the improvements shall be
deposited in the Bond Fund and used for bond redemption. Any assess-
ments in the Bond Fund remaining after the bonds, both principal and
interest, are paid in full, shall be deposited in the Surplus and
Deficiency Fund referred to in Section 4 hereof. Immediately upon
the collection of any assessments, the moneys therefrom shall be
deposited in the Bond Fund; and the Bond Fund is and will continue to
be irrevocably and exclusively pledged for the payment of the princi-
pal of and the interest on the bonds. The City, as well as redeeming
the bonds with any such surplus bond proceeds and with assessments
collected during the thirty days after the publication of the
assessment ordinance following its final passage, shall redeem the
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bonds as herein provided from the remaining assessments payable in
seven substantially equal annual installments of principal, and from
annual payments of interest thereon, to the extent moneys are avail-
able therefor in the Bond Fund as herein provided.
The City hereby covenants for the benefit of each owner of
the bonds that the total cost of the improvements in the District
shall be apportioned, levied and assessed against assessable 'tracts
and parcels of land in the District, in accordance with the Charter
and the Code, by ordinance to be hereafter adopted upon completion of
the improvements in the District.
Section 12 . The bonds issued pursuant to this-ordinance
shall not be a debt of the City, and the City shall not be liable
thereon, nor shall it thereby pledge its full faith and credit for
their payments, nor shall the bonds be payable out of any funds other
than the special assessments, and other moneys pledged to the payment
thereof, as herein authorized. Each bond issued under this ordinance
shall recite in substance that said bond and the interest thereon are
payable solely from the special assessments and other moneys pledged
to the payment thereof. The payment of bonds is not secured by an
encumbrance, mortgage or other pledge of property of the City except
for such special assessments and other moneys pledged for the payment
of bonds. No property of the City, subject to said exceptions, shall
be liable to be forfeited or taken in payment of the bonds.
Section 13 . The bonds shall be in substantially the fol-
lowing form, with such ommissions, insertions, endorsements and vari-
ations as to any recitals of fact or other provisions as may be
required by the circumstances, be required or permitted by this ordi-
nance, or be consistant with this ordinance and necessary or appro-
priate to conform to the rules and requirements of any governmental
authority or any usage or requirement of law with respect thereto:
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(Form of Bond)
UNITED STATES OF AMERICA
STATE OF COLORADO COUNTY OF LARIMER
CITY OF FORT COLLINS? COLORADO
FAIRBROOKE SPECIAL IMPROVEMENT DISTRICT NO. 79
SPECIAL ASSESSMENT BOND
SERIES 1983
No. R-_ $5 ,000
Interest Rate Maturity Date Dated As Of CUSIP
November 1 , 1993 November 1 , 1983
The City of Fort Collins (the "City") , in the County of
Larimer and State of Colorado, a municipal corporation duly organized
ana existing, for ,value received, hereby promises, out of special
funds available for the purpose, as hereinbelow set forth, to pay to
the registered owner hereof, as hereinbelow provided, the principal
sum of
FIVE THOUSAND DOLLARS
on the first day of November , 1993 , with interest hereon at the
interest rate per annum specified above, such interest being payable
commencing on the first day of May, 1984, and semiannually thereafter
on the first days of November and May in each year. Both principal
and interest are payable in lawful money of the United States of
America. The principal of this bond shall be payable to the regis-
tered owner hereof as shown on the registration books. kept for that
purpose at the office of the City Clerk of the City, in Fort Collins,
Colorado, as registrar, or her successor (the "registrar") , upon
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maturity and presentation and surrender of this bond at the office of
the Director of Finance of the City, in Fort Collins, Colorado, as
paying agent, or his successor (the "paying agent" ) . The interest
hereon shall be paid to the registered owner hereof by check or draft
mailed by the paying agent, on or before each interest payment date
(or , if such interest payment date is not a business day, on or
before the next succeeding business day) , to such registered owner at
his address as it last appears on the registration books kept for
that purpose by the registrar . If , upon presentation at maturity,
payment of this bond is not made as herein provided, interest hereon
shall continue at the same rate per annum until the principal hereof
is paid in full.
This bond is one of a series subject to prior redemption in
regular numerical order by the City, at its option at any time, at a
price equal to the principal amount thereof with accrued interest to
the redemption date. Redemption shall be made upon giving prior
notice by mailing a copy of such notice to the registered owner of
each bond to be redeemed at the address shown on the registration
books not less than forty-five days nor more than sixty days prior to
the redemption date in the manner and upon the conditions provided in
the ordinance authorizing the issuance of this bond.
This bond is one of a series of negotiable, special assess-
ment bonds numbered consecutively from 1 to , both inclusive,
issued by the City of Fort Collins and payable in regular numerical
order, all of which are of like denomination, date and designation,
and which are in the aggregate principal amount of $
Said bond series is issued in payment for local improvements made and
to be made in the
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CITY OF FORT COLLINS, COLORADO
FAIRBROORE SPECIAL IMPROVEMENT DISTRICT NO. 79
pursuant to and in accordance with the Charter of the City, with
Chapter 16 of the Code of the City, and in accordance with the ordi-
nance creating the District and all. laws and proceedings thereunto
enabling.
Pursuant to the ordinance authorizing the bonds, reference
to which is made for further details, the principal of and the inter-
est on the bonds of the series of which this is one, except as here-
inbelow stated, shall be payable solely from a special fund desig-
nated "City of Fort Collins, Colorado, Fairbrooke Special Improvement
District No. 79, Special Assessment Bonds, Series 1983, Interest and
Bond Retirement Fund" (the "Bond Fund") consisting only of moneys
collected by the City from the special assessments (principal, inter-
est and penalties, if any) to be levied against all the assessable
tracts and parcels of land in the District ; provided that any pro-
ceeds from the sale of the bonds remaining after the payment of all
the costs and expenses of making the local improvements shall be
deposited in the Bond Fund and shall be used for bond redemption.
The Bond Fund is irrevocably and exclusively pledged for the full and
prompt payment of all the bonds to the extent moneys therein are
available therefor, as provided in the ordinance authorizing. the
bonds .
The bonds, together' with similar securities of other spe-
cial or local improvement districts in the City, shall be addition-
ally secured and their payment shall be supplemented by moneys, if
any, in the City' s Local Improvement District Surplus and Deficiency
Fund (the "Surplus and Deficiency Fund") . Whenever there is a defi-
ciency in the Bond Fund to meet the payment of outstanding bonds ,
principal and interest, as the same become due, the deficiency shall
be made up from the Surplus and Deficiency Fund.
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Whenever three-fourths of the bonds of the series of which
this is one have been paid and cancelled and for any reason the
remaining assessments therefor are not paid in time to redeem the
remaining bonds of the District and interest due thereon, and there
is not sufficient money therefor in the Surplus and Deficiency Fund,
then the City shall pay such remaining bonds when due and interest
due thereon, levy additional ad valorem taxes necessary therefor and
reimburse itself by collecting the unpaid assessments due the
District.
The assessments to be levied in the District shall consti-
tute a lien in the several amounts to be assessed against each asses-
sable tract or parcel of land assessed from the date of the final
publication of the assessment ordinance. The lien for such assess-
ments shall be prior and superior to all other liens, claims, encum-
brances and titles, whether prior in time or not and shall constitute
such a lien until paid provided, however :
(1) Any assessment lien is coequal with the lien for
general (ad valorem) taxes but is subject to extinguishment
(unless redeemed) by the sale of any property on account of the
nonpayment of general taxes;
(2) Any assessment lien on any tract or parcel of
land is prior and superior to any assessment lien thereon subse-
quently levied; and
(3) Any assessment lien is possibly coequal with same
liens imposed by the State of Colorado or any subdivision
thereof and may be subordinate to certain liens and claims in
favor of the United States of America or any agency or instru-
mentality thereof.
It is hereby certified, recited and declared that the bonds
are issued by approval of the City Council ; and that the principal
amount of the bonds does not exceed the amount authorized by law to
be issued.
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It .is hereby also certified, recited and declared that the
proceedings taken to date with reference to issuing . the bonds and
making such public local improvements have been regularly had and
taken in compliance with law; that all prerequisites to issuing the
bonds have been performed; and that all acts, conditions and things
essential to the validity of this bond exist, have happened and have
been done in due time, form and manner as required by law.
This bond is transferable (subject to certain terms and
conditions set forth in the ordinance authorizing its issuance) by
the registered owner hereof in person or by his duly authorized
attorney on the registration books kept at the office of the regis-
trar upon presentation of this bond together with a duly executed
written instrument of transfer satisfactory to the registrar. Such
transfer shall be noted on such registration books and on the bond.
The City, the registrar and the paying agent may deem and treat the
person in whose name this bond. is .registered as the absolute owner
hereof, whether or not this bond shall be overdue, for the purpose of
receiving payment and for all other purposes.
This bond shall not be valid or obligatory for any purpose
until the registrar shall have manually signed the provision for reg-
istration herein.
IN TESTIMONY WHEREOF, the City Council of the City of
Fort Collins has caused this bond to be executed in the name of and
on behalf of the City and to bear the facsimile signature of the
Mayor of the City, to be countersigned with the facsimile signature
of the Director of Finance, to bear the facsimile seal of the City
and to be attested by the facsimile signature of the City Clerk, all
as of the first day of November , 1983 .
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Signed:
(Manual or FacsjmjjQ Signature)
Mayor
Countersigned:
(Manual or Fa Simile Signature)
Director of Finance
(SEAL)
Attest :
(Manual or FacsimileSignature)
City Clerk
(End of Form of Bond)
-19-
(Form of Registration Provision)
PROVISION FOR REGISTRATION
This bond is registered in the office of the City Clerk of
the City of Fort Collins, in Fort Collins, Colorado, as registrar, or
her successor , in the name of the last owner listed below; and the
principal and interest on this bond shall be payable only to such
owner , all in accordance with the ordinance authorizing the issuance
of this bond. No transfer of this bond shall be valid unless made on
the registration books kept by the registrar by the registered owner
or his duly authorized attorney and noted in the registration blank
below.
Date of In Whose Name Signature of
Registration Registered Registrar
(End of Form of Registration Provision)
-20-
(Form of Assignment Provision)
ASSIGNMENT PROVISION
For value received, hereby assigns and
transfers unto the within bond and hereby irrev-
ocably constitutes attorney, to transfer the
same on the books of the registrar, with full power of substitution
in the premises.
Dated:
(End of Form of Assignment Provision)
-21-
Section 14 . When the bonds have been duly sold, executed
and registered, the Director of Finance shall deliver them to the
initial purchaser on receipt of the purchase price. The funds rea-
lized from the sale of the bonds, and investment income therefrom,
shall be deposited as hereinabove provided and applied solely to
defray the costs and expenses of making the improvements, the cost of
which improvements is to be ultimately defrayed by special assess-
ments ; provided, that after said costs and expenses are paid, any
funds remaining in the account established for the District in the
City' s Capital Projects Fund from the sale of the bonds or investment
income therefrom shall be deposited in the Bond Fund and used for the
purpose of redeeming bonds; and provided further, that all moneys
received as accrued interest at the time of delivery of any of the
bonds shall be deposited into the Bond Fund to apply to the payment
of interest next due on the bonds and. S448,320 of the proceeds of the
bonds shall be deposited into the Bond Fund and shall be used to pay
the interest on the bonds through November 1 , 1986. The initial pur-
chaser of the bonds, however, shall in no manner be responsible for
the application by the City, or any of its officers, of any of the
funds derived from the sale thereof.
Section 15 . So long as any of the bonds remain outstand-
ing, the City will keep or cause to be kept true and accurate books
of records and accounts showing full and true entries covering the
collection and disposition of said special assessments as well as any
delinquencies in the collection thereof, covering deposits and dis-
bursements in each of said special funds herein designated, covering
the redemption of bonds, both principal and interest, and covering
disbursements to defray the cost of the improvements, including inci-
dental expenses ; and the City will permit an inspection and examina-
tion of all books and accounts at all reasonable times by a represen-
tative of the initial purchaser of the bonds. In addition, the City
at least once a year will cause at its regular annual audit, an audit
to be made relating to said books and accounts by a certified public
-22-
accountant to be employed by the City at its own expense, and a copy
of said audit immediately after its completion will be furnished by
the City, without charge, to the initial purchaser .
Section 16. The officers of the City be, and they hereby
are, authorized and directed to take all action necessary or appro-
priate to effectuate the provisions of this ordinance, including,
without limiting the generality of the foregoing, the printing of the
bonds, including thereon a certified true copy of bond counsel ' s
approving opinion, and the execution of such certificates as may rea-
sonably be required by the initial purchaser thereof, relating, inter
alia, to the execution of the bonds, the tenure and identity of the
municipal officials, the absence and existence of . factors affecting
the exemption of interest on the bonds from federal and state income
taxation, the accuracy of property descriptions, the delivery of the
bonds, and the absence of litigation pending or threatened affecting
the validity of the bonds, if such is in accordance with the facts.
Section 17 . Any registered owner of any one or more of
the bonds may, either at law or in equity, by suit, action, mandamus
or other appropriate proceedings in any court of competent jurisdic-
tion, protect the liens created by this ordinance on the proceeds of
said assessments and the moneys in each of said special funds, and
may by suit, action, mandamus or other appropriate proceedings
enforce and compel the performance of any duty imposed upon the City
by the provisions of this ordinance, or any ordinance heretofore or
hereafter adopted concerning the District, including, without limit-
ing the generality of the foregoing, the segregation of special
assessments and taxes, proceeds and revenues for said funds, the
proper application thereof , and the appointment of a receiver.
Section 18 . The City shall make no use of the proceeds of
the bonds or investment income therefrom or of any moneys in the Bond
Fund or any other moneys treated as proceeds of the bonds for federal
income tax purposes (including any money reasonably expected to be
-23-
used to pay principal of or interest on the bonds) , which would cause
the bonds or any bonds subsequently issued by the City to be
"arbitrage bonds" under Section 103 (c) of the Internal Revenue Code
of 1954 , as amended, and the regulations prescribed thereunder.
Section 19. This ordinance may be amended or supplemented
by an ordinance or ordinances adopted by the Council in accordance
with the Charter and Code of the City, as amended, and without the
receipt by the City of any additional consideration, with the written
consent of the registered owners of seventy-five percent (75%) of the
bonds authorized by this ordinance and outstanding at the time of the
adoption of such amendatory or supplemental ordinance, provided, how-
ever, that no such ordinance shall have the effect of permitting:
(a) An extension of the maturity of any bond authorized by this
ordinance; or
(b) A reduction in the principal amount of any bond or the rate
of interest thereon without the written consent of the reg-
istered owner of said bond; or
(c) The creation of a lien upon or a pledge of property, reve-
nues or funds, ranking prior to the liens or pledges cre-
ated by this ordinance; or
(d) A reduction of the principal amount of bonds required for
consent of such amendatory or supplemental ordinance.
Section 20 . After the bonds have been issued, this ordi-
nance shall constitute a contract between the City and the registered
owner or owners of the bonds, and shall be and remain irrepealable
until the bonds and the interest accruing thereon shall have been
fully paid, satisfied and discharged.
Section 21. If any section, paragraph, clause or provi-
sion of this ordinance shall for any reason be held to be invalid or
unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the remaining
provisions of this ordinance.
Section 22 . All acts, orders, resolutions and ordinances,
and parts thereof, in conflict with this ordinance be, and the same
-24-
hereby are, - rescinded ; provided, that, to the extent that any
provision of this ordinance might be deemed inconsistent with any
provision of the Code or the ordinance creating the district, this
ordinance shall supersede any such inconsistent provision only to the
extent of such inconsistency.
Section 23 . The published title and summary of the
subject matter of this ordinance shall be in substantially the fol-
lowing form, and the publication made before final passage of this
ordinance shall additionally include the notice substantially as set
forth in Section 24 of this ordinance :
-25-
(Form of Published Title and Summary)
ORDINANCE NO. 131� 1983
AN ORDINANCE CONCERNING THE CITY OF FORT COLLINS, COLORADO,
FAIRBROOKE SPECIAL IMPROVEMENT DISTRICT NO. 79; RATIFYING
ACTION HERETOFORE TAKEN IN CONNECTION THEREWITH; PROVIDING
FOR THE COLLECTION OF SPECIAL ASSESSMENTS TO BE LEVIED TO
DEFRAY THE COSTS OF IMPROVEMENTS THEREIN; PROVIDING FOR THE
ISSUANCE OF SPECIAL ASSESSMENT BONDS PAYABLE FROM THE
ASSESSMENTS TO BE LEVIED IN SAID DISTRICT; PRESCRIBING
DETAILS IN CONNECTION WITH SAID ASSESSMENTS, BONDS AND DIS-
TRICT, INCLUDING THE MANNER OF ADDITIONALLY SECURING AND
EFFECTING THE PAYMENT OF SAID BONDS; PRESCRIBING DUTIES OF
CERTAIN PUBLIC OFFICIALS IN CONNECTION WITH SAID ASSESS-
MENTS , BONDS AND DISTRICT; REPEALING ALL ORDINANCES AND
OTHER ACTION OF THE CITY TO THE EXTENT INCONSISTENT HERE-
WITH; AND PROVIDING OTHER MATTERS RELATING THERETO.
PUBLIC NOTICE IS HEREBY GIVEN that the above entitled ordi-
nance of the City of Fort Collins was introduced and considered
favorably on first reading on October 4 , 1983 .
By the preambles, the ordinance recites findings as to the
legal existence of the City as a Charter City, and recites certain
proceedings taken in connection with the creation of the City of
Fort Collins, Colorado, Fairbrooke Special Improvement District
No. 79, the agreement with Wheeler Realty Company concerning the man-
agement of the construction of the improvements, the advertising of
the construction contract and the acceptance of the best bid for the
improvements. The preambles then recite that the bonds to be issued
will be sold to Coughlin & Company, Denver, Colorado, for 96.75% of
the principal amount thereof plus accrued interest to the date of
delivery. Finally, the preambles recite certain provisions relating
to the installment payments of assessments in the District, and state
-26-
the City Council' s determination to issue special assessment bonds to
pay for the improvements in the amount of $1,375,000 and to provide
additional security for such bonds.
Section 1 of the ordinance ratifies previous action taken
in connection with the District, the construction of improvements
therein and the issuance of the bonds.
Section 2 authorizes and directs the City to collect and
enforce the payment of the assessments to be levied.
Section 3 directs the Director of Finance to collect the
assessments to be levied and to deposit the collections (with certain
exceptions) in a fund created for such purpose.
Section 4 recites that pursuant to Article V .
Section 20 . 5 (b) of the City Charter, the bonds are additionally
secured by a surplus and deficiency fund.
Section 5 recites that pursuant to Article V ,
Section 20 .5 (c) of the City Charter, the City will pay bonds from
certain sources after three-fourths of the bonds have been paid, will
levy additional ad valorem taxes and will reimburse itself from the
moneys collected from assessments.
Section 6 specifies details concerning the bonds including
the interest rates ranging from 9 .50% to 11 .50% per annum.
Section 7 sets out the redemption provisions for the
bonds.
Section 8 authorizes refunding of the bonds according to
law.
Section 9 states that the bonds shall. be payable to and
transferable by the registered owners thereof.
Section 10 provides for the execution of the bonds and the
use of facsimile signatures.
-27-
5 •
Section 11 recites details concerning the Bond Fund and the
redemption of the bonds, and includes a covenant by the City that the
total cost of the improvements in the District shall be levied and
assessed against the tracts and parcels of land in the District by
ordinance to be hereafter adopted.
Section 12 states that the bonds are not a debt of the
City.
Section 13 sets forth the form of the bonds.
Section 14 recites the delivery procedures.
Section 15 requires the City to keep accurate books of
record and to have annual audits of such books.
Section 16 authorizes the officers of the City to perform
all acts 'necessary to issue, print and deliver the bonds.
Section 17 authorizes registered owners of the bonds to
protect and enforce the City' s assessment liens.
Section 18 recites that the City will not cause the bonds
to be arbitrage bonds.
Section 19 provides the procedure for amending this
ordinance.
Section 20 recites that this ordinance constitutes a con-
tract between the bondholders and the City.
Section 21 constitutes a severability clause and Section 22
is a repealer clause.
Section 23 sets forth this summary of the ordinance for
publication.
Section 24 recites the language to be inserted in the
notices concerning the second reading of this ordinance.
Section 25 establishes the procedures for publishing the
ordinance upon final passage.
-28-
The text of the ordinance is available for public inspec-
tion and acquisition at the office of the City Clerk at the New City
Hall, in Fort Collins, Colorado, during normal office hours.
BY ORDER OF THE COUNCIL OF THE CITY OF FORT COLLINS dated
this 1983 .
/s/
City Clerk
(End of Form of Published Title and Summary)
-29-
Section 24 . There shall be added to said title and sum-
mary as published before final passage, the following paragraph:
"The Council will consider said ordinance for final passage
at the Council Chambers, New City Hall, in the City, on
October 18 , 1983 , being not earlier than 7 days after the
first publication of said ordinance, at the hour of
5 : 30 p.m. "
Section 25 . Immediately upon its final passage , this
ordinance shall be recorded in the book of ordinances of the City
kept for that purpose, authenticated by the signatures of the Mayor
and of the City Clerk, and shall be published by title in The
Coloradoan, a newspaper published and of general circulation in the
City; and this ordinance shall be in full force and effect 10 days
after such publication following final passage.
INTRODUCED, CONSIDERED FAVORABLY ON FIRST READING on
October 4 , 1983 and to be presented for final passage on October 13,
1983 .
Mayor
(SEAL)
Attest:
City C er
-30-
STATE OF COLORADO )
COUNTY OF LARIMER ) SS .
CITY OF FORT COLLINS )
The City Council ( the "Council " ) of the City of
Fort Collins (the "City") , in the County of Larimer and State of
Colorado, met in open regular session in full conformity with law and
with the ordinances and rules of the Council at the Council Chambers,
New City Hall, 300 West LaPorte Avenue, .in the City, on Tuesday,
November 15 , 1983 , at 5 :30 p.m. Upon roll call the following were
round to be present constituting a quorum:
Present :
Mayor : John Knezovich
Assistant Mayor: Gerry Horak
Other Councilmembers: John Clarke
Bill Elliott
Kelly Ohlson
Barbara Rutstein
Ed Stoner
Absent: None
constituting all the members thereof.
There were also present:
City Manager: John Arnold
City Attorney: John Huisjen
Deputy City Clerk: Molly Davis
Thereupon the Mayor announced tnat, notice having been duly
published pursuant to the Charter and ordinances of the City, the
regular Council meeting on October 18, 1983 , at the Council Chambers,
New City Hall, 300 West LaPorte Avenue, in the City, was the time and
place for the hearing on an ordinance entitled:
AN ORDINANCE CONCERNING THE CITY OF FORT COLLINS, COLORADO,
FAIRBROOKE SPECIAL IMPROVEMENT DISTRICT NO. 79; RATIFYING
ACTION HERETOFORE TAKEN IN CONNECTION THEREWITH; PROVIDING
FOR THE COLLECTION OF SPECIAL ASSESSMENTS TO BE LEVIED TO
DEFRAY THE COSTS OF IMPROVEMENTS THEREIN; PROVIDING FOR .THE
ISSUANCE OF SPECIAL ASSESSMENT BONDS PAYABLE FROM THE
ASSESSMENTS TO BE LEVIED IN SAID DISTRICT; PRESCRIBING
DETAILS IN CONNECTION WITH SAID ASSESSMENTS, BONDS AND DIS-
TRICT, INCLUDING THE MANNER OF ADDITIONALLY SEUURING AND
EFFECTING THE PAYMENT OF SAID BONDS; PRESCRIBING DUTIES OF
CERTAIN PUBLIC OFFICIALS IN CONNECTION WITH SAID ASSESS-
MENTS , BONDS AND DISTRICT; REPEALING ALL ORDINANCES AND
OTHER ACTION OF THE CITY TO THE EXTENT INCONSISTENT HERE-
WITH; AND PROVIDING OTHER MATTERS RELATING THERETO.
whicn ordinance was introduced and considered favorably on first
reading on October 4 , 1983 . The Mayor announced that consideration
or the final passage ana adoption of said ordinance had been tabled
at said October 18, 1983 public hearing, for further consideration at
this November 15 , 1983 adjourned regular meeting of the Council. Tne
Mayor then asked if anyone desired to be heard.
[Insert minutes of hearing or statement that
no one desired to be heard]
No one desired to be heard at this hearing.
After all persons desiring to be heard had been heard, the
Mayor declared the hearing to be completed.
Councilmember Clarke then introduced said
ordinance on second reading with amendments , which ordinance and
amendments had previously been distributed to each Councilmember ana
are available to the public at this time, whereupon said ordinance,
as amended, was read by title only.
-2-
The amendments to the ordinance as adopted on first reading
consist of amending the 2nd, 6th and 9th preambles to the ordinance
and Sections 2 , 6 ana 14 of the ordinance to read as follows, ana of
adding new loth and llth preambles and Sections 1 .5 and 3 .5 to the
ordinance, as follows:
-3-
[ SEUOND PREAMBLE ] "WHEREAS , the City
Council (the "Council") of the City, pursuant to
the Charter and Chapter 16 of the Code of the
City of Fort Collins (the "Code") relating to
local improvements and the financing thereof ,
has established, by Ordinance No. 130 , 1983 ,
passed and adopted on October 18 , 1983 (the
"ordinance creating the District") , within the
corporate limits or the City, a local improve-
ment district known and designated as the City
of Fort Collins, Colorado, Fairbrooke Special
Improvement District No. 79 (the "District") ,
for the purpose or making certain local street,
water , sanitary sewer and drainage improvements
and assessing the cost thereof to the property
benefited thereby; and"
[SIXTH PREAMBLE] "WHEREAS, the City and the
officers thereof desire to sell the special
assessment bonds or the District (the "ponds" )
in the principal amount of $lr280 ,000 ; and"
[NINTH PREAMBLE] "WHEREAS, the City and its
officers have determined, and do hereby deter-
mine, with the approval of the Council, that it
is necessary and for the best interests of the
City and the District and the inhabitants
thereof that, pursuant to the Charter and the
Code, the City issue and sell the bonds of "City
of Fort Collins, Colorado, Fairbrooke Special
Improvement District No. 79" in the aggregate
principal amount of $1 ,280 ,000' to the initial
purchaser for 96 .75% of the principal amount
thereof plus accrued interest, for the purpose
of paying the cost of said local improvements ,
including all proper incidental expenses; and"
[TENTH PREAMBLE] "WHEREAS , pursuant to
5 16-5 of the Code , the City, by Resolution
No. 83-158 , passed and adopted on October 4 ,
1983 , accepted a Petition and Waiver from the
Company requesting the initiation or proceedings
for the creation of the District; and
[ELEVENTH PREAMBLE] "WHEREAS , the Council
has received an Amended Petition and Waiver from
the Company , a copy of which is set forth as
Exhibit A. and hereby accepts the same ; and"
-4-
"Section 1 . 5 . The Amended Petition and
Waiver attached hereto as Exhibit A and made a
part hereof by this reference is hereby
accepted. . As described in the Amended Petition
and Waiver , in addition to those street, water,
sanitary sewer and drainage improvements in the
District described in the ordinance creating the
District, the improvements in the District may
also consist of the acquisition and installation
of landscaping and sprinkler system improvements
on land within the District and dedicated to the
City to be used as an upgraded detention facili-
ty, the location of such improvements to be in
Tract I in the District, the precise boundaries
of which shall be hereafter determined. The
legal descriptions of the tracts and parcels in
the District are as set forth in the Amended
Petition and Waiver , and shall supersede the
legal descriptions of such tracts and parcels as
set forth in the ordinance creating the.
District. "
"Section 2 . The City be, and it hereby is,
authorized, empowered and directed, and it shall
be its duty, to receive, collect and enforce the
payment of all assessments to be made and levied
for said local improvements, and all install-
ments thereof , all interest thereon, and all
penalties accrued, in the same manner and at the
same time or times as prescribed by the Code, by
the ordinance creating the District and by this
ordinance , and to pay and disburse said pay-
ments , the installments thereof, the interest
thereon, and penalties thereto, to any person or
persons lawfully entitled thereto, subject how-
ever to the appointment of any successor paying
agent to disburse said payments as herein pro-
vided; provided, however, that in the event any
owner of real estate shall fail to pay the whole
of the assessment against his property within
thirty (30) days from and after the final publi-
cation of the ordinance assessing the costs of
the improvements against the real property in
the District , the balance of the cost of the
improvements so assessed against his property
shall be payable in seven (7) annual install-
ments of principal , with the first such install-
ment due on January 1 , 1987 , as shall be
provided and determined in and by the assessing
ordinance , with the remainder of the annual
-5-
installments of principal due and payable
successively on the same date in each year
thereafter until all are paid in full; ana pro-
vided further , that interest on the unpaid
installments snail accrue from January 1 , 1986 ,
and shall be at the nighest interest rate pay-
able on the special assessment bonds herein
authorized as herein provided, payable on
January 1 , 198 / ana annually thereafter , as
shall be provided and determined in and by the
assessing ordinance. "
"Section 3 .5 . After any tract or parcel in
the District is divided into smaller parcels or
other property interests, the assessment against
such tract or parcel shall be reallocated, so
that the assessment against each such smaller
parcel or other property interest shall bear the
same ratio to the original assessment against
such tract or parcel as the proportionate inter-
est in such smaller parcel or other property
interest bears to the interest in sellable land
in such original tract or parcel as so divided
into smaller parcels or other property
interests. Tne entire unpaid principal of such
assessment or reallocated assessment, as the
case may be , together with interest accruing
thereon to the next assessment interest payment
date (except to the extent that interest on the
bonds to be issued by the City for the District
has been capitalized through such date) shall be
immediately due and payable by the seller or
transferor thereof prior to the sale or transfer
of any such tract or parcel, or' portion thereof
if such tract or parcel shall have been divided
as aforesaid, unless the .purchaser or transferee
thereof shall acknowledge, in writing, receipt
of notice that the seller or transferor is not
paying such assessment or reallocated assessment
in full prior to such sale or transfer and that
such assessment or reallocatea assessment
against such tract or parcel, or portion there-
or , as the case may be , shall continue to be a
lien thereon. "
"Section 6 . For the purpose of defraying
the entire cost and expense of making said
improvements , including all such proper
incidental expenses, there shall be issued in
the name of the City, fully registered (i. e. ,
-6-
registered as to both principal and interest, in
compliance with 5 103 (j) of the Internal Revenue
Code of 1954 , as amended, ana the regulations of
the Secretary of the Treasury thereunder) , spe-
ciai assessment bonds designated "City of
Fort Collins , Colorado , Fairbrooke Special
Improvement District No. 79, Speciai Assessment
Bonds, Series 1983 " (the "bonds") in the aggre-
gate principal amount of $1 ,280 ,000, consisting
of 256 bonds , numbered consecutively from 1
to 256 , both inclusive, in the denomination of
$5 ,000 each, bearing date as of the first day of
December , 1983 , being payable to the registered
owner thereof in regular numerical order on the
first day of December , 1993 , ana bearing inter-
est from date until maturity or prior redemp-
tion, payable semiannually on the first days or
June and December in each year , commencing on
the first day of June, 1984, and the bonds being
numbered and bearing interest at the rates here-
inbelow designated as follows:
Bond Numbers Interest Rdtes
(All Inclusive) (Per Annum)
1 - 34 10 .00%
35 - 71 10 .25a
72 - 108 10 .50%
109 - 145 10.75%
146 - 182 10 . 90%
183 - 21y 11 .00t
220 - 256 11 .00%
both principal and interest being payable in
lawful money of the United States of America.
The principal of any bond snail be payable to
the registered owner as shown on the registra-
tion books kept by the City Clerk of the City of
Fort Collins in Fort Collins, Colorado, as reg-
istrar (the "registrar") , upon maturity or prior
redemption thereof and upon presentation and
surrender at the office of the Director of
Finance of the City of Fort Collins in Fort
Collins, Colorado (the "paying agent") . Payment
of interest on any bond shall be paid to the
registered owner thereof by check or drart
mailed by the paying agent, on or before each
interest payment date (or , if such interest
payment date is not a business day, on or bef ore
-7-
the next succeeding business day) , to his
address as it last appears on the registration
books kept by the registrar. If, upon presenta-
tion of any bond at maturity or prior redemp-
tion, payment is not made as therein provided,
interest thereon shall continue at the same rate
per annum until the principal thereof is paid in
full.
If the registrar or paying agent initially
appointed hereunder shall resign, or if the City
shall reasonably determine that said registrar
or paying agent has become incapable of fulfill-
ing his or her duties hereunder , the City may,
upon notice mailed to each registered owner of
bonds at the address last shown on the registra-
tion books , appoint a successor registrar or
paying agent , or both . Every such successor
registrar or paving agent shall be a bank or
trust company located in and in good standing in
the State of Colorado and having a capital and
surplus of not less than $5 ,000 ,000. It snail
not be required that the same institution serve
as both registrar and paying agent hereunder ,
but the City shall have the right to have the
same institution serve as both registrar anu
paying agent hereunder .
The proceeds of the bonds , other than
amounts to be used to pay interest on the bonds
through December 1 , 1986 ana amounts received as
accrued interest on the bonds , which shall be
deposited in the Bond Fund, shall be deposited
in the account to be established for the
District in the City ' s Capital Projects Fund,
and shall be used to pay the cost and expense of
making said improvements in the District ,
including all such proper incidental costs. "
"Section 14 . When the bonds have been duly
sold, executed and registered, the Director. of
Finance shall deliver them to the initial pur-
chaser on receipt of the purchase price. The
funds realized from the sale of the bonds , and
investment income therefrom, shall be deposited
as hereinabove provided and applied solely to
defray the costs and expenses of making the
improvements , the cost of which improvements is
to be ultimately defrayed by special
assessments ; provided, that after said costs and
-8-
expenses are paid, anv funds remaining in the
account established for the District in the
City ' s Capital Projects Fund from the sale of
the bonds or investment income therefrom shall
be deposited in the Bond Fund and used for the
purpose of redeeming bonds; and provided fur-
ther , that all moneys received as accrued inter-
est at the time of delivery of any of the bonds
shall be deposited into the Bond Fund to apply
to the payment of interest next due on the bonds
and $408 ,000 of the proceeds of the bonds shall
be deposited into the Bond Fund and shall be
used to pay the interest on the bonds through
December 1 , 1986 . The initial purchaser of the
.bonds , however , shall in no manner be responsi-
ble for the application by the City, or any of
its officers, of any of the funds derived from
the sale thereof. "
-9-
EXHIBIT A
-10-
EXHIBIT A
AMENDED PETITION AND WAIVER
Of a property owner for the organization of a special improvement
district for certain street, water, sanitary sewer, drainage and
landscaping and other detention facility improvements within the City
of Fort Collins, Colorado :
To the Honorable City Council of the City of Fort Collins :
Ladies and Gentlemen:
The undersigned petitioner, being the sole owner of prop-
erty described on Exhibit I attached hereto and by this reference
made a part hereof, respectfully petitions the City Council (the
"Council") of the City of Fort Collins (the "City") to institute the
necessary proceedings to authorize the passage and adoption of an
ordinance creating a local improvement district within the corporate
limits of the City (the form of said ordinance being . attached hereto
as Exhibit II and being referred to herein as the "creation
ordinance " ) , under the provisions of Ordinance No. 32, 1961 , as
amended, now cited as Chapter 16 of the Code of the City of
Fort Collins (the "Code") , for the purpose of ordering all of the
following described local street, water, sanitary sewer, drainage and
landscaping and other detention facility improvements in said pro-
posed district in accordance with the provisions of the Code, the
creation ordinance and the Engineering Report for the Fairbrooke
Special Improvement District on file in the office of the City
Clerk.
,STREET DESCRIPTIONS AND NATURE OF IMPROVEMENTS
(1) HAMPSHIRE ROAD from the intersection of Hampshire
Road and Prospect Road, south to the northern end of the
existing Hampshire Road, a distance of approximately 1,100
feet ( total roadway 50 feet in width, flowline to
flowline) .
( 2) CEDARWOOD DRIVE from the intersection of Cedarwood
Drive and Hampshire Road, west and northwest to the inter-
section of Cedarwood Drive and Prospect Road, a distance of
approximately 2 ,360 feet (total roadway 36 feet in width,
flowline to flowline) .
(3) SOMERVILLE DRIVE from the intersection of Somerville
Drive and Cedarwood Drive , southwest and south to the
northern boundary line of the Aspen Heights PUD, approxi-
mately 1 , 075 feet (total roadway 36 feet in width, flowline
to flowline) .
(4) PROSPECT ROAD from the intersection of Prospect Road
and Cedarwood Drive, west, a distance of approximately 890
feet.
The contemplated acquisition, construction and installation
of the improvements in the district shall or , with respect to
item (6) below, may, include (1) the removal of any obstacles, exca-
vation, draining, grading and shaping, and embankment; ( 2) paving
consisting of an eight inch compacted base course and a three inch
hot asphaltic concrete pavement, a total of approximately 6 ,111
square yards on Hampshire Road and a combined total of approximately
12,213 square yards on Cedarwood Drive and Somerville Drive; (3) the
installation of sidewalks, concrete, rollover curbs and gutters on
both sides of Hampshire Road, Cedarwood Drive and Somerville Drive;
(4) the installation of a 12 inch water line in Prospect Road and six
inch water lines, plus appurtenances, in Hampshire Road, Cedarwood
Drive and Somerville Drive; (5) the installation of eight inch sani-
tary sewer collection lines, plus appurtenances, in Hampshire Road,
Cedarwood Drive and Somerville Drive; (6) the acquisition and instal-
lation of landscaping and sprinkler system improvements within
Tract I in the district, the precise boundaries of which shall be
hereafter determined; and (7) all appurtenances incidental to the
foregoing improvements.
ASSESSMENTS
The costs of acquiring, constructing or otherwise install-
ing the foregoing improvements shall be assessed against those tracts
or parcels of land owned by the petitioner and as set forth on
Exhibit I hereto, on an area basis, so that the assessment against
each piece of property assessed shall be . in the proportion that the
square footage of such piece of property bears to the total square
footage of the assessable property within the district. After any
tract or parcel listed on Exhibit I hereto is divided into smaller
parcels or other property interests, the assessment against such
tract or parcel shall be reallocated, so that the assessment against
each such smaller parcel or other property interest shall bear the
same ratio to the original assessment against such tract or parcel as
the proportionate interest in such smaller parcel or other property
interest bears to the interest in sellable land in such original
tract or parcel as so divided into smaller parcels or other property
interests. The entire unpaid principal of such assessment or reallo-
cated assessment, as the case may be, together with interest accruing
thereon to the next assessment interest payment date (except to the
extent that interest on the bonds to be issued by the City for the
district has been capitalized through such date) shall be immediately
due and payable by the seller or transferor thereof prior to the sale
or transfer of any such tract or parcel, or portion thereof if such
-2-
tract or parcel shall have been divided as aforesaid, unless the
purchaser or transferee thereof shall acknowledge, in writing,
receipt of notice that the seller or transferor is not paying such
assessment or reallocated assessment in full prior to such. sale or
transfer and that such assessment or reallocated assessment against
such tract or parcel, or portion thereof, as the case may be, shall
continue to be a lien thereon. The restrictions of this paragraph
shall be deemed to constitute a covenant of the undersigned peti-
tioner running with the land and shall be binding upon said peti-
tioner and any subsequent owner of any of the tracts or parcels
listed on Exhibit I hereto. The undersigned petitioner hereby cove-
nants to take all steps necessary to assure that the restrictions
contained in this paragraph will be binding upon all owners, from
time to time, of said tracts and parcels, including recordation of
this Amended Petition and Waiver in all appropriate public offices
for real property in Larimer County, Colorado, relating to the tracts
and parcels described in Exhibit I hereto. The undersigned peti-
tioner hereby covenants to include such restrictions in any documents
transferring any interest in any of said tracts or parcels to another
to the end that such transferee has notice that such transferee is
bound by such restrictions. The City shall have the right to seek
specific performance of the requirements of this paragraph.
WAIVER
The undersigned petitioner by execution hereof, hereby con-
sents to all provisions of the creation ordinance and hereby waives
any and all of the provisions of Chapter 16 of the Code relating to
or requiring public hearings, notices, publications, letting of bids
and all other procedural aspects of the creation of the district, the
construction of the improvements, including the limitation set forth
in Section 16-8 of the Code concerning the maximum amount of the cost
of the improvements, the levying of assessments therefor, including,
but not limited to, all time and filing limitations and requirements,
the limitation on assessments as set forth in Section 16-20 of the
Code and the provisions of Section 16-14 of the Code concerning the
payment of the cost of improvements in street intersections, and the
issuance of bonds therefor, and does hereby agree that the full
amount of assessment required against said property may be made to
pay the costs incurred for the improvements in the district, includ-
ing without limitation interest on the bonds to be issued as provided
in the creation ordinance. It is further understood that if the City
is to bear any of the costs of the district improvements, then the
City Manager shall join in the aforesaid waiver. Any requirements of
Chapter 16 of the Code deemed not waived hereby because of lack of
specificity, shall in no manner affect the valid waiver of require-
ments specifically stated herein. The aforesaid waiver may not be
-3-
withdrawn after it has been submitted to the Council for
consideration. . This petition may be amended, however, after such
submission with the consent of the City Manager for the purpose of
adding additional waivers.
WHEELER RtALTY COMPANY
By
[Title]
Attest : ,?
CITY OF FORT. COLLINS
City Manager
_ r
The foregoing instrument was acknowledged before me this
15th day of November , 1983 , by David G. Cla rkSnn 25�; Prosident and
Sharon R. Mayer as Secretary of 11'heeler Realty Company.
WITNESS my hand and official seal .
My Commission Expires August 20, 1986
Notary Public
1331 Eighth Avenue
Greeley, Colorado' 80631
Address
-4-
EXHIBIT I
LEGAL DESCRIPTION
A tract of Land located in the 1'dorthl half of Section 21 , Township 7
North, Range 69 West of the 6th Principal Meri.di.an, Count;: of
Larimer., State of Colorado, more particularly described as follows:
Considering the k1orth line of the Northeast 1i4 of said Section 21
as bearing N 080 46' 07," W and with all bearinn_s contained herein
relative thereto:
Degi.nning at the klorthea=_t corner of said Section 21 ; thence alone
the North line of said Northeast i f41 t,2 08' 46' 0.3" tat, 360. 07 feet to
the TRUE POINT OF DEB:[NAITtdG, thence continuing along Evaid North line
t'1 ° 16' :"' W1 1079. 95 feet to the East line of that certain parcel
of l rare.! a de!B(J'"::beta in deed recorded in Look -1082, Page 5329
recC1r-dc= .c)f said county;; t;herlce along the East , South ;and West l. in s
of Said p:_trcei the three ") -Following Dour Se's arid distances—
c - o i ' 15- . [-..- - ccp - 80A . 00
J '-!l 1..� J: tJl J�'`i'._ '_"..' ff�:_'r q t'l �j t] J{'�� '_}_ 6`l. . YLfar y
N 010 1 9757" E, 480. 0) feet. to the North lane of _;lid Northeast 1/4,
thence along 53a1.d North line N SEP 467E_i -'" Wq _9i:3.. 4c3 fE4et to the North -
1 /4 corner of said Section 21 ,, thence along the Nor th line of the.
Plea th(-,e=t 1i4 of =.ai.d S'ec'ti.Gn 21. , N [lB° 46'O?" W, 11291 . 7� 'feat to the
West line of the East half of the I lort.h:•)est. 1/4 of =.aid Section 21 ;
t!-.,enc"e along -_:'tl.Ej West line S W li'.T.''.. _ 'feet 'tG the
Nc)rt.hr-_rl. 'lire (:af Aspen Heights P. t_i. D. to the City of E- ort. Coll l i ne,
Col("radop 'thean C:e Wong the Northerly, Easterly ;:and Scn.(thcarl llrle`=
(_I"f said (f",,s �'en r'eigh't� ._P. !-l. D., e le- , 1 ,. :,�.).! r, ((.'c - and
_.._. -._ t.h, e . r:r 11 f^l :i. _. ..r;.._, cc;_ I e�_:. < n_
1..1. c-,C...:1 r1"_f._._.. J rim{04,", +-. L-- , G'._/._;.. J._) !.ee'IL 1 E T_
i _ 'C?' � .!._� .._.: . '. 0 '�E' ' y
_ `,°1-� i_i/ E, 9.r.+ :_!rr Y_'_ '_"y '.." ...'O , 07't E: (_127. rr - Feet;L. P.024' i..t7 ., 1.': :_
_i . ui i-efst ; �59'5I r_t` " C• feE't ;
- ... 74 ...;P n ,_.:;12 !:`,, 1.J+..: t"![._! e E-•"C, l '.'_, .E i_i .. 14, 0051. 00 feet -.
... 00 '._- iai ...--- . : .= fe'i'':'.y ttl e.i c a, S 2ir)11 ...- ?t. t i:'.nfii.`
t'.,l c,,r-{_herly KnEl of Rroppi 1-al' m Second Filing to the City, of E_GY_.t.
, ,
1.I_,(_'1. irc ; ,r:.( r-:.._::.:r;r_,.. -;c., `r_, the
fol. ..G.•t . .'+r_ C:J!_J. __ft'_: .'.1 `.'_'!=c'.r)E=�1'=`" 114 _ °... ) _'_!" ._y 205. 00 1 .=et ;
Sr.Ill - = I i"1 i"li'� �� i'� �.r r' ru r' __
j.
r. 5J(1- r 'rr , r t__" 'Jt. lb ^r E'E•r_ y T!-)E•nCe - I 77. 7'-.� __ _E.) __
(:lf 11-ot-,n F.=(r(r: i=i.: =.t t=i. l. ..:-r(a Conirr)c;rl t.c) C:i.t`.J of
=C -t _ 1 1 ; r=, _ r ' aCG; thence . l rl C1 the J. 7. r;vr_ d.rl Cl
I"•.I(:'"-':'.!")(-3;' 1. `:' .I. I"'t�: /-,¢ c:.:=,i [i;- >�..!Ll f-:�, _.. ' i-.1_':^:""r_✓.;_.._.... . .... _.Y"(i; P':L111':(., ,�.: c;Y'e-..-Z.F>, the
.r.::o v:=:.r- t following r-nl' _ = v ...,!,-',':.`
1`I J .I.:_ ?_i':..!' ;_:..; .:_.:(.r_! J.h i Y Ei'(:-''i:. y :` ;'.G :J u. (.?(J" ._
Irlc_.,_.f (.•r 1. tl1) t -(:: 1 -'1,•) '.. ". ,"i"1 P 13. .; 1 1 i .i,C1. cli.ci
:
L.� r.n....L._.__i i.:_..y.�;ii:'•_' ., 196. 10 ')-t':?t to 'I::1-f:=3 f_i(-r!_:{-.1-.!_.r i I 1 - __ C!.t
t!'la.'t ccar-fain parcel of land _ g dfii)Iscribe:d in deed, Y escorded in Book
1 -7 Page 9.40 records of. E:aid CoS_tnt " thencee ,_d.(_)n('-' the S f yJ
al - - ' - r, l n -'r; -F t`l e•°i'C.E='Y"l `?. :_'I")�:! t.:E:'`o-'C f.•I"'l.'•% ,_:rO G g.5t.{_].C.: G 5:3.:(.d j::::=[Y"CE?.I. .r F..,E? t4^JG l.[�1 .
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,
I`.I i"1 l O i_.r''=J i-i, �-'t-. __ co:_ -1 am i.::. ' ! L--:.. !c.�_++.: ..:;;' f "(.-'t. to i:i f. TRUE:. F'[ilt.il' C;E-
ml_)I' _. f.7r
EXHIBIT II
ORDINANCE NO. 130 1983
AN ORDINANCE CREATING CITY OF FORT COLLINS,
COLORADO , FAIRBROOKE SPECIAL IMPROVEMENT
DISTRICT NO. 791 FOR THE ACQUISITION, CONSTRUC-
TION AND INSTALLATION OF STREET, WATER, SANITARY
SEWER AND DRAINAGE IMPROVEMENTS IN THE CITY;
DESCRIBING THE IMPROVEMENTS ; SETTING FORTH THE
COST OF THE IMPROVEMENTS ; ORDERING THAT SAID
IMPROVEMENTS BE MADE; SETTING FORTH THE LEGAL
DESCRIPTIONS OF THE TRACTS AND PARCELS OF LAND
TO BE INCLUDED WITHIN. THE DISTRICT; PROVIDING
OTHER DETAILS CONCERNING THE DISTRICT; AND RATI-
FYING PREVIOUS ACTIONS.
WHEREAS , the City of Fort Collins (the "City") , in the
County of Larimer and State of Colorado, is a municipal corporation,
duly organized and existing as a home rule city under Article XX of
the Constitution of the State of Colorado; and .
WHEREAS, the City Council (the "Council") of the City began
proceedings to acquire, construct and install certain street, water,
sanitary sewer and drainage improvements in the proposed City of
Fort Collins , Colorado, Fairbrooke Special Improvement District
No. 79 (the "District") , in the City, by the acceptance of a petition
of the sole property owner in the District and the adoption of
Resolution No. 83-158 and Resolution No.83-159 relating thereto on this
4th day of October, 1983 ; and
WHEREAS, the Council has received the necessary reports ,
has waived any notice pursuant to Section 16-38 of the Code of the
City of Fort Collins (the "Code") , and has received a written waiver
signed by Wheeler Realty Company (the "Company") , the sole owner of
the property in said improvement District, waiving certain require-
ments of Chapter 16 of the Code , as authorized pursuant to
Section 16-38 of the Code; and
-20-
WHEREAS, the Company has expressly waived, in writing, any
limitation on assessments for the cost of acquiring, constructing and
installing said improvements pursuant to Section 16-20 of the Code;
and
WHEREAS, the Company shall enter into an agreement with the
City concerning, without limitation, payment of oversizing costs ,
reimbursement for professional services rendered prior to formation
of the District, purchase of existing improvements, financing and
management of the District, default, termination and other necessary
and incidental terms thereof; and
WHEREAS, the Council is of the opinion that it is in the
best interest of the public health, safety and welfare of the resi-
dents of the City to form said special improvement District.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY
OF FORT COLLINS :
SECTION 1 . There is hereby created and established ,
within the corporate limits of the City, a local improvement district
to be known and designated as "City of Fort Collins , Colorado,
Fairbrooke Special Improvement District No. 79, " for the acquiring,
constructing and installing of certain local and special improve-
ments , as described in Section 3 of this ordinance ( the
"improvements") , and to assess the costs of the improvements to the
property benefited thereby, as provided in Sections 4 and 5 of this
ordinance.
Section 2 . All action (not inconsistent with the provi-
sions of this ordinance) heretofore taken by the City or its officers
directed toward the creation of the District and the acquisition,
construction and installation of the improvements hereby is ratified,
approved and confirmed.
-21-
Section 3 . Except as described in the Engineering Report
for the Fairbrooke Special Improvement District No. 79 on file with
the City Clerk and as more fully set forth in the map, plans and
specifications heretofore submitted by the Director of Public Works
and accepted by the Council by Resolution No.83-159, the location and
the nature of the street, water, sanitary sewer and drainage improve-
ments to be acquired, constructed and installed shall be more partic-
ularly as follows :
STREET DESCRIPTIONS AND NATURE OF IMPROVEMENTS
( 1) HAMPSHIRE ROAD from the intersection of Hampshire
Road and Prospect Road, south to the northern end of the
existing Hampshire Road, a distance of approximately 1 ,100
feet ( total roadway 50 feet in width, flowline to
flowline) .
(2) CEDARWOOD DRIVE from the intersection of Cedarwood
Drive and Hampshire Road, west and northwest to the inter-
section of Cedarwood Drive and Prospect Road, a distance of
approximately 2 ,360 feet (total roadway 36 feet in width,
flowline to flowline) .
(3) SOMERVILLE DRIVE from the intersection of Somerville`
Drive, and Cedarwood Drive, southwest and south to the
northern boundary line of the Aspen Heights PUD, approxi-
mately 1 ,075 feet (total roadway 36 feet in width, flowline
to flowline) .
( 4) PROSPECT ROAD from the intersection of Prospect Road
and Cedarwood Drive, west, a distance of approximately 890
feet.
The contemplated acquisition, construction and installation
of the improvements in the District shall include (1) the removal of
anv obstacles, excavation, draining, grading and shaping, and embank-
ment; (2) paving consisting of an eight inch compacted base course
and a three inch hot asphaltic concrete pavement,. a total of approxi-
mately 6 ,111 square yards on Hampshire Road and a combined total of
approximately 12 ,213 square yards on Cedarwood Drive and Somerville
Drive; (3 ) the installation of sidewalks, concrete, rollover curbs
-22-
and gutters on both sides of Hampshire Road, Cedarwood Drive and
Somerville Drive; (4) the installation of a 12 inch water line in
Prospect Road and six inch water lines, plus appurtenances , in
Hampshire Road, Cedarwood Drive and Somerville Drive; (5) the instal-
lation of eight inch sanitary sewer collection lines, plus appurte-
nances, in Hampshire Road, Cedarwood Drive and Somerville Drive;
(6) the placement of culverts and the construction of a detention
pond at the locations shown in the plans and specifications on file
in the office of the City Clerk; and (7) all appurtenances incidental
to the foregoing improvements .
Section 4 . The total estimated cost of construction of
the improvements, exclusive of incidental costs, is $_1,597,549 ,
for all improvements to be acquired, constructed and installed.
Incidental costs in connection with the District, which are in addi-
tion to the construction cost set forth above, shall include collec-
tion, legal, advertising, engineering, financing, interest on the
bonds to be issued for a period of three years after the date of the
bonds and other incidental expenses. Of the total cost of the
improvements, including such expense of collection, legal, advertis-
ing, engineering, financing and other incidentals and interest on the
bonds to be issued for a period of three years after the date of the
bonds , 51 ,402,500 shall be assessed against the tracts or parcels of
land set forth in Section 5 hereof on an area basis, so that the
assessment against each piece of property assessed shall be in the
proportion that the square footage of such piece of property bears to
the total square footage of the assessable property within the
District. Of such total cost of the improvements, $ 195,049 shall
be available from other sources. In case of any tracts or parcels
which are irregularly shaped or in any other case in which an assess-
ment (according to the area basis) would be disproportionate to the
special benefits , an equitable adjustment shall be allowed so that
the assessment is in proportion to the special benefits.
-23-
Section 5. The tracts or parcels to be included in the District,
together with the legal descriptions thereof, are as follows:
-24-
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IA r 4i
all c 01 T,
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0 u w U rN Z di i1i Q; all L
Ul IT,; 1! :3 Tj
0 a:, +- !Ti
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Qj C t L:j I ij
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+- ai Caj T 'i Ili U` ui CO Gi +J I OD
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L. t'-, 0 U. Q U t .1
(6 Ul L 1:i lij :-j L11 Cl
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it- ITI Z C-u .,I 0 - 0 Dj L Ul iij L.
frj a] -P C 1i
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rc CL u -L -0 IT) :-7 c -P .,I - . �1, Ci-
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u -P L TJ C 0
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u �p -H IT5, z Ili 0 fli r, -7 �7 Q D j,
r
u C
LJ 0 CL III -C aj j
Jj -C i—', 0 L 111 '71, rj 0 �—I 0
0 0 0 0
III -P II U It Lo -C In -E 111') 0 ITT 0 [j, -�J
L -P Ul -C vi 0 LP 4-J C I -i-j 74, U! -1,-! 4 Ul
0 L Ili -tj 0 L Gj L+_ Z L -- M I . -1 "-
a.1 1" LL
Q: +� .
-C 4) S ri aj 4-3 0 (Ti U
0 -0 U -I- it,
U ai 1,j. 0 G
w Ij P0, t�-f W 0 1.
iT: +1
4-1 U. i1i Z
c ai Ci U i _j
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yj ri
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C: -J D 11" L;
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C: CF) c co -P r;-I un .+, f7,. fj L P
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L QI L r, L D,
11 L, IT 'ZJ El i
Ir ;I-- E T 0 j A
- .1 0 0 LJ 0 0 0 0 0 0 0 ;!1 0 0 0 0
L. I _0-P u Ti, 1 -1 j -4 " ;o; -4 -
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Mr, -ij
The Council has determined, and hereby declares, that all
such tracts and parcels are and will be specially benefited by the
improvements.
Section 6. The Council has received the written waiver of
the Company to certain requirements of Chapter 16 of the Code as
authorized pursuant to Section 16-38 of the Code and has not received
any complaints or objections of any owner of any real estate to be
assessed or of any other interested persons; and it is hereby ordered
that the improvements in the District as provided for in the maps,
plans and specifications heretofore adopted by the Council be, and
they hereby are, ordered to be acquired, constructed and installed.
Section 7. The assessments to be levied for the improve-
ments shall be due and payable within thirty (30) days from and after
the final publication of the ordinance assessing the costs of the
improvements against the real property in the District. In the event
any owner of real estate shall fail to pay the whole of such assess-
ment against his property within said thirty (30) days, the balance
of the cost of the improvements so assessed against his property
shall be payable in seven (7) annual installments of principal, with
the first such installment due on December 1 , 1986 , as shall be pro-
vided and determined in and by the assessing ordinance, with the
remainder of the annual installments of principal due and payable
successively on the same date in each year thereafter until all are
paid in full. Interest on the unpaid installments shall accrue from
December 1 , 1985, and shall be at the same rate as the highest inter-
est rate payable on special assessment bonds to be issued by the City
for 'the District, which interest rate shall not exceed thirteen per-
cent (13%) per annum, payable on December 1 , 1986 and annually there-
after, as shall be provided and determined in and by the assessing
ordinance. After any tract or parcel listed on Section 5 hereof is
subdivided into lots, the assessment against such tract or parcel
-25-
shall be reallocated , so that the assessment against each such
subdivided lot shall bear the same ratio to the original assessment .
against such tract or parcel as the number of square feet of land in
such subdivided lot bears to the number of square feet of sellable
land in such tract or parcel as so subdivided. Upon the sale of any
such subdivided lot, unless the purchaser or purchasers of such sub-
divided lot shall consent in writing to the assumption of the reallo-
cated assessment against such subdivided lot, the entire unpaid prin-
cipal of such reallocated assessment against such lot together with
interest accruing thereon to the next assessment interest payment
date (except to the extent that interest on the bonds to be issued by
the City for the District has been capitalized through such date)
shall be immediately due and payable.
Section 8. The City Manager is authorized to enter into
an agreement with the Company providi..g for payments of oversizing
costs, reimbursement for professional services rendered prior to for-
mation of the District, purchase of existing improvements, financing
and management of the District, default, termination and other neces-
sary and incidental terms thereof.
Section 9 . The City Manager is further authorized to
enter into an agreement with the Company providing for management of
the entire District construction project by the Company including all
bidding for work on the project and awarding of contracts therefor,
provided that a competitive bidding process be used and provided fur-
ther that appropriate bonds be required of all contractors and sub-
contractors performing work on the project.
Section 10 . The street, water, sanitary sewer and drain-
age improvements as described in the Engineering Report for the
Fairbrooke Special Improvement District are hereby ordered to be
made.
-26-
Section 11 . If any section, paragraph, clause or provi-
sion of this ordinance shall be held to be invalid or unenforceable,
the invalidity or unenforceability of such section, paragraph, clause
or provisions shall in no manner affect any other provision of this
ordinance.
Section 12. All ordinances, resolutions, bylaws and re;u-
lations of the City in conflict with this ordinance are hereby
repealed to the extent only of such inconsistency. This repealer
shall not be construed to revive any ordinance, resolution, bylaw or
resolution, or part thereof, heretofore repealed.
Section 13 . This ordinance, immediately on its final pas-
sage, shall be recorded in the City book of ordinances kept for that
purpose, authenticated by the signatures of the Mayor and Clerk, and
notice of the adoption thereof shall be published in The Coloradoan,
a newspaper of general circulation published in the City.
Section 14 . All actions , legal or equitable, for relief
against any proceeding provided for under Chapter 16 of the Code,
whether based upon irregularities , jurisdictional defects or other
grounds, shall be commenced within 30 days after the wrongful act
complained of or -else be thereafter perpetually barred.
Section 15 . This ordinance shall take effect ten days
after its final passage as provided by Article II, Section 7 of the
Charter.
-27-
INTRODUCED, CONSIDERED FAVORABLY ON FIRST READING on
October 4 , 1983 and to be presented for final passage on October 18,
1983 .
(SEAL) Mayor
Attest :
City Clerk
PASSED AND ADOPTED ON FINAL READING on October 18, 1983 .
(SEAL) Mayor
Attest :
City Clerk
-28-
Thereupon it was moved by Councilmember
Clarke and seconded by Councilmember
Ohl son that the foregoing amendments to said. ordinance
be passed and adopted. The question being upon the passage and adop-
tion of the foregoing amendments to said ordinance , the roll was
called with the following result:
Those Voting Aye: Clarke
Elliott
Horak
Knezovich
Ohlson
Rutstein
Stoner
Those Voting Nay: None
Those Absent: None
Seven Councilmembers having voted in favor of the motion,
the presiding officer declared said motion carried ana the foregoing
amendments to said ordinance duly passed and adopted.
Thereupon it was moved by Councilmember Stoner
and seconded by Councilmember Elliott that
said ordinance, as amended, be now placed on its second ana final
passage and that all rules of the Council which might prevent, unless
suspended , the final passage and adoption of said ordinance, as
amended, at this meeting be suspended for the purpose of permitting
the final passage and adoption of said ordinance, as amended, at this
meeting.
The question being upon the adoption or the motion and the
suspension of the rules, the roll was called with the following
result: .
-11-
v ►n
Those Voting Ayer Clarke
Elliott
Horak
Knezovich
Ohlson
Rutstein
Stoner
Those Voting Nay: None
Those Absent: None
Seven members of Council having voted in favor of the
motion, the presiding officer declared the motion carried ana the
rules suspended.
Thereupon Councilmember Stoner moved that
said ordinance, heretofore introduced and published, be now finally
passed and adopted as amended. Councilmember Elliott
seconded the motion. The question being upon the final passage and
adoption of said ordinance, as amended, the roll was called with the
following result :
Those Voting Ave : Clarke
Elliott
Horak
Knezovich
Ohlson
Rutstein
Stoner '
Those Voting Nay: None
Those Absent: None
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y r�
The Mayor thereupon declared that at least four members
elected to the City Council having voted in favor thereof, the motion
was carried and said ordinance, as amended, duly passed and adopted.
On motion duly adopted, it was ordered that said ordinance
be numbered 131 , 1983 , and after being recorded in the book of ordi-
nances of the City kept for that purpose and authenticated by the
signatures of the Mayor and of the City Clerk, be finally published
by title and summary in The Coloradoan , as therein provided.
Publication of said ordinance shall include the following summary
relating .to the amendments made after first reading:
SUMMARY OF AMENDMENTS
Ordinance No. 131 , 1983 was amended after first reading to
provide that the aggregate principal amount of the bonds will be
$1 ,280 ,000 (consisting of 256 bonds in $5 ,000 denominations, numbered
from 1 to 256 , inclusive) ; to provide for the Council ' s acceptance of
an Amended Petition and Waiver of the sole property owner in the
District; to amend the legal descriptions of the tracts and parcels
in the District; to provide that the improvements in the District may
additionally consist of landscaping and a sprinkler system on land
within the District and dedicated to the City to be used as an
upgraded detention facility; to change dates on which -installments of
assessments and principal and interest on the bonds will be payable;
to provide for reallocation of assessments and the payment of assess-
ments upon sale or transrer of property within the District; to pro-
vide that principal on the bonds will be paid at maturity or prior
redemption and that the bonds will bear interest at the designated
rates until maturity or prior redemption; to provide that the inter-
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est on the bonds will be at specified rates ranging from 10.00% to
11 . 00% per annum; and to provide that $408,000 of the proceeds of the
bonds will be used to pay interest on the bonds through December 1 ,
1986 .
[SEAL] Mayor
Attest:
City )ClEQj
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