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HomeMy WebLinkAbout061 - 09/21/1972 - RELATING TO THE CREATION AND ORGANIZATION OF STREET IMPROVEMENT DISTRICT NO 66 ORDINANCE NO 61, 1972 BEING AN ORDINANCE RELATING TO THE CREATION AND ORGANI- ZATION OF STREET IMPROVEMENT DISTRICT NO 66, PROVIDING FOR THE CONSTRUCTION OF EAPROVENIENTS THEREIN, AND AUTHORIZING THE ISSUANCE OF BONDS TO PAY THE COSTS OF CONSTRUCTION THEREOF WHEREAS, heretofore the necessary proceedings were instituted to create a special improvement district for the purpose of installing the improvements described on Exhibit "A" attached hereto (hereinafter sometimes referred to as "the improvements") for the benefit of the property described on Exhibit "A", and WHEREAS, the City Council has received the necessary reports, given the required notice and held a hearing as required by the Ordinances of the City, and WHEREAS, the City Council is of the opinion that it is in the best interests of the City of Fort Collins to form said special improve- ment district NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS Section 1 That there is hereby created and organized an improve- ment district under and by virtue of the provisions of Chapter 15 of the Code of Ordinances of the City of Fort Collins, Colorado, 1958, as amended, to be known as Street Improvement District No 66 (hereinafter sometimes referred to as "the district") comprised of the property described on Exhibit "A" attached hereto Section 2 That the improvements to be constructed shall consist of the improvements described on Exhibit"A" attached hereto, all as more fully set forth in the map, plans and specifications heretofore submitted by the City Engineer and accepted by the City Council by resolution Section 3 That the total cost of such improvements shall not exceed by more than five per cent (5%) the City Engineer's estimate heretofore accepted of $43,493 00, and that said total cost shall be assessed against the property in said district in the manner set forth on Exhibit "A" attached hereto in accordance with the provisions of Chapter 15 of the Code of Ordin- ances of the City of Fort Collins, Colorado, 1958, as amended Section 4 That the City Council has, pursuant to notice duly mailed and published, all as provided in Chapter 15 of the Code of Ordin- ances of the City of Fort Collins, Colorado, 1958, as amended, considered all complaints and objections made and filed in writing by the owners of any real estate to be assessed or any persons interested, and the City Council further finds that all requirements of the ordinances of the City of Fort Collins respecting the organization of the district have been observed and compiled with in all respects, and it is hereby ordered that the improvements in the district as provided for in the map, plans and specifications heretofore adopted by the City Council be and they hereby are ordered to be constructed Section 5 For the purpose of paying the costs of said improve- ments, bonds of the City of Fort Collins in the aggregate principal amount not to exceed by more than five per cent (5%) the City Engineer's estimate above set forth, plus the amount authorized by ordinance to be added to cover the expense of collection, legal advertising, engineering, financing, interest during construction and other incidentals (such amount to be seventeen per cent (17%) of the cost of such improvements) , are hereby authorized to be issued by the Director of Finance of the City of Fort Collins, which bonds shall bear the date of their issuance Said bonds shall bear the name of the district and shall bear interest at the rate of six per cent (6%) per annum, payable semi-annually, said interest to be evidenced by coupons attached to the principal bond and attested by the facsimile signature of the City Clerk which said bonds shall be in denominations of not more than One Thousand and No/100 Dollars ($1,000 00) each, and each of said bonds shall be subscribed by the Mayor, countersigned by the Director of Finance and shall have the corporate seal of the City affixed thereto, attested by the City Clerk and said bonds shall be registered with the Director of Finance and shall be sold to the highest and best bidders for cash, but in no event for less than par, and in all cases to the best advantage of the City in order to pay the costs of the work herein provided Such bonds shall be payable out of moneys collected on account of the assessments made for such improvements, as provided in Chapter 15 of the Code of Ordinances of the City of Fort Collins, Colorado, 1958, as amended Said bonds shall be numbered consecutively and shall be redeemable consecutively according to number and in the order of issuance and the Director of Finance shall preserve the records concerning the issuance of said bonds in a suitable book kept for said purposes All of said bonds shall be absolutely due and payable ten years from the date of issue, and shall be subject to call and payment at any time prior thereto All assessments made pursuant to this ordinance, together with all interest thereon, penalties for default in payment thereof, and all costs of collecting the same shall, from the date of final publication of the assessing ordinance hereafter to be adopted, constitute a perpetual lien on the property therein assessed on a parity with the tax lien for general State, County, City, Town or School taxes, and no sale of such property to enforce any general State, County, City, Town or School tax or other lien shall extinguish the perpetual lien of such assessments herein provided to be made Section 6 Said bonds and coupons attached thereto shall be substantially in the following form UNITED STATES OF AMERICA STATE OF COLORADO CITY OF FORT COLLINS STREET IMPROVEMENT DISTRICT NO 66 BOND No $1,000 00 The City of Fort Collins, in the County of Larimer and State of Colorado, for value received, acknowledges itself indebted and hereby promises to pay to the bearer hereof, the sun of ONE THOUSAND and No/100 DOLLARS in lawful money of the United State of America, at the office of the Director of Finance of said City, ten years from the date hereof, subject to call and payment, however, at any time prior thereto, as provided in the City Charter and Chapter 15 of the Code of Ordinances of the City of Fort Collins, Colorado, 1958, as amended, with interest thereon from date until payment, payable semi-annually, at the office of the Director of France of the City of Fort Collins, upon presentation and surrender of the annexed coupons as they severally become due This bond is issued for the purpose of paying the costs of local improvements constructed in Street Improvement District No 66 in said City This bond shall be callable at any time by the Director of Finance of the City of Fort Collins as provided in Section 15-79 of the Code of Ordinances of the City of Fort Collins, Colorado, 1958, as amended, which provides as follows - 2 - r "Whenever there are available funds in the City Treasury therefor, it shall be the duty of the Director of Finance to call in and pay a suitable number of any bonds outstanding, by giving notice for five (5) days in an official newspaper published in the City At the expiration of thirty (30) days from the first publication of such notice, interest on the bonds so called shall cease The notice shall specify by number the bonds called, and all such bonds shall be paid in numerical order The holder of any such bonds may at any time furnish his post office address to the City Clerk and in such event, a copy of the publication shall be mailed by the City Clerk to the bondholder at such address within ten (10) days after the date of publication " This bond is payable out of the proceeds of special assessments to be levied upon the real property situate in said improvement district especially benefited by said improvements, and the amount of the assessments so to be made upon the real estate in said improvement district for the payment thereof, with accrued interest, is a lien upon the said real estate in the respective amounts to be apportioned to said real estate and to be assessed by an ordinance of said City, and the lien created by said assessing ordinance, together with all interest thereon, penalties for default in the payment thereof, and all costs in collecting the same, shall, from the date of the final publication of the assessing ordinance hereafter to be adopted, constitute a perpetual lien on a parity with the tax lien for general State, County, City, Town or School tax, and no sale of such property to enforce any general State, County, City, Town or School tax or other lien shall extinguish the perpetual lien of such assessments herein provided to be made It is hereby certified and recited that the total issue of bonds of said City for said improvement district, including this bond, does not exceed the amount authorized by law, and it is further certified and recited that every requirement of law relating to the creation of the district, the making of local improvements therein and the issuance of this bond, have been fully complied with by the proper officers of said City and that all conditions required to exist and all things required to be done precedent to and in the issuance of this bond to render the same lawful and valid have happened and been properly drone and performed and did exist in regular and due time, form and manner as required by law IN TESTIMONY WHEREOF, the said City of Fort Collins has caused this bond to be subscribed by its Mayor, countersigned by its Director of Finance, and attested by its City Clerk, Lander the seal of said City, and the interest coupons hereto attached to be attested by the facsunrle signature of the City Clerk as of the day of 19 SEAL ATTEST COUNTERSIGNED City Clerk Director of Finance (Form Coupon) No $30 00 On the day of 19 unless the bond to which this coupon is attacTed has been called or prior redemption, the City of Fort Collins will pay to bearer THIRTY and No/100 DOLLARS in lawful money of the United States of America, at the office of the Director - 3 - of Finance of Fort Collins, Colorado, being six (6) months' interest on its local improvement bond, dated , 19 , issued for paying the costs of improvements in Street Improvement District No 66 (Facsimile Signature) City Clerk Section 7 Whenever considered prudent by the Director of Finance, he is hereby authorized and empowered, whenever sufficient funds may be in his hands to the credit of said improvement district, including six (6) months' interest on the unpaid principal, to advertise for five (5) days in an official newspaper of said City and call in a suitable number of bonds of said district for payment, and at the expiration of thirty (30) days from the first publication, interest on said bonds so called shall cease The notice shall specify the bonds so called by number and all bonds so issued shall be called and paid in their numerical order Section 8 Upon the taking effect of this ordinance, the Mayor is hereby authorized and empowered to advertise for bids for the construc- tion of the improvements in accordance with the map, plans and specifica- tions heretofore adopted, which advertisement shall be twice published in an official newspaper published in the City Said publications are to be at least a week apart, and the date for opening of bids shall not be less than ten (10) days after first publication, and bids received under said advertisement shall be submitted to the Council for approval or rejection Advertisements for bids shall comply with the requirements and be in accor- dance with the provisions of Section 15-60 of the Code of Ordinances of the City of Fort Collins, Colorado, 1958, as amended Section 9 When the improvements herein authorized have been completed and the same approved and acepted by the City of Fort Collins, the costs as set forth above shall be assessed upon the real property in said improvement district, all as hereinbefore set forth Section 10 This ordinance shall be irrepealable until the indebt- edness herein provided for, whenever the same shall be created, shall have been duly paid, satisfied and discharged as herein provided Introduced, considered favorably on first reading, and ordered published this 7th day of September, 1972, and to be presented for final passage on the 21st day of September, 1972 L" L L &, ,, ATTEST City Clerk Passed and adopted on final reading this 21st day of September, A D 1972 yor ATTEST City Clerkb - 4 - J EXHIBIT A ORDINANCE No 611 1972, STREET MROVENI.NT DISTRICT NO 66 A Description of property specially benefited by the improvements to be installed in the district and to be assessed for the costs incurred in making said improvements All lots and lands abutting upon East Elizabeth Street from Stover Street to Lemay Avenue, except the South side of said street from Morgan Street to Lemay Avenue B Improvements to be installed in the district consist of Asphalt street pavement, curb, gutters, sidewalk and street lighting C The cost of making the improvements in the district shall be assessed against the assessable property in the district as follows Upon all of the lots and lands abutting upon the street in proportion as the frontage of each lot or tract of land on said street is to the frontage of all lots and lands on said street, all as provided in Section 15-63 and 15-64 of the Code of Ordinances of the City of Fort Collins, Colorado, 1958, as amended