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HomeMy WebLinkAbout018 - 06/25/1964 - RELATING TO THE CREATION AND ORGANIZING OF CONSOLIDATED STREET LIGHTING IMPROVEMENT DISTRICT NO. 1 ORDINANCE 18 1964 BEING AN ORDINANCE RELATING TO THE CREATION AND ORGANIZING OF CONSOLIDATED STREET LIGHTING IM- PROVEMENT DISTRICT NO 12 PROVIDING FOR THE CON- STRUCTION OF IMPROVEMENTS THEREIN AND AUTHORIZING THE ISSUANCE OF BONDS TO PAY THE COSTS OF CONSTRUCTION THEREOF WHEREAS heretofore written petitions were duly filed and presented to the City Council requesting the creation of a special improvements district for the purpose of installing artificial street lighting and WHEREAS the City Council has pursuant to said petitions received the necessary reports and given the notice required, all as specified in Chapter 15 of the Code of Ordinances of the City of Fort Collins Colorado, 1958, as amended, and WHEREAS the City Council is of the opinion that it is in the best interest of the City of Fort Collins to form said special improvement 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 improvement district under and by virtue- of the provisions of the Chapter 15 of the Code of Ordinances of the City of Fort Collins Colorado 1958 as amended to be known as Consolidated Street Lighting Improvement District No 1 comprised of all the property fronting on the following streets Lakewood Drive from City Park Avenue to Del Mar Drive Springfield Drive from City Park Avenue to Shields Street Westward Drive from City Park Avenue to Shields Street North College Avenue from 701 North College Avenue North to the North end of the city limits Section 2 That the improvements to be constructed shall consist of installation of artificial street lighting improvements within the boundaries of the district 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 on the 16th day of April 1964 Section 3 That the total cost of such improvements in the North College area exclusive of the costs of collection, legal and advertising, engineering, financing, interest and other incidentals shall not exceed the City Engineer's estimate heretofore accepted of Twenty Seven Thousand Five Hundred Dollars ($27,500 00) and that of said total costs the sum of Sixteen Thousand Six Hundred Thirty-seven Dollars and Fifty Cents ($16,637 50) which amount includes the costs of collection, legal and advertising, engineering, financing, interest and other incidentals shall be assessed against the assessable frontage on North College Avenue of 12,860 feet for an assessment of One Dollar and Twenty-nine Cents ($1 29) per front lineal foot, and that the total cost of such improvements in the Western Heights Subdivision exclusive of the costs of collection, legal and advertising, engineering, financing, interest and other incidentals shall not exceed the City Engineer's estimate heretofore accepted of Three Thousand Fifty-one Dollars and no Cents 03,051 00) and that of said total costs the sum of One Thousand Six Hundred Thirty-three Dollars and Fifty Cents ($1,633,50) which amount includes the costs of collection, legal and advertising, engineering, financing, interest and other inci- dentals shall be assessed against the assessable frontage on the property with frontage on the streets in the Western Heights Subdivision of 5,860 feet for an assessment of Twenty-eight Cents ($,28) per front lineal foot The amount set forth above to be assessed shall be assessed against the owners of property in said district abutting upon the streets set forth above on the basis of the frontage of said property abutting said streets at the amounts set forth above, and the remaining balance of the cost of said improvements not to be assessed shall be paid by the City of Fort Collins Such assessments shall be made in accordance with the provisions of Chapter 15 of the Code of Ordinances 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 Ordinances in the City of Fort Collins, Colorado, 19580 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 inter- ested and the City Council further finds that all requirements of the ordinance of the City of Fort Collins respecting the petitions and improvements have been observed and -2- complied with in all respects and it is hereby ordered that the improvements of the Consolidated Street Lighting Improvement District No 1 as provided for in the map plans and specifications heretofore adopted by the City Council be and they are A hereby ordered am* constructed Section 5 For the purpose of paying the costs of said improvements, bonds of the City of Fort Collins in the aggregate principal amount of not to exceed $19 000 00 are hereby authorized to be issued by the Director of Finance of the City of Fort Collins which bonds shall bear date of November 1, 1964 Said bonds shall bear the name of Consolidated Street Lighting Improvement District No 1 of the City of Fort Collins Colorado and shall bear interest at the rate of 67 per annu* payable semi- annually said interest to be evidenced by coupons attached to the principal bond and l-) IeC l b of r h �H C attested by the facsimile signature of the which said bonds shall be in denominations of not more than $500 00 each and each of said bonds shall be sub- scribed by the Mayor, countersigned by the Director of Finance and shall have the cor- porate seal of the City affixed thereto attested by the Deputy City Clerk and said bonds shall be registered with the Director of Finance and shall be delivered from time to time as required for the payment of the work herein provided, or the Council in its discretion may sell said bonds to pay such costs in cash and said bonds 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 Said bonds shall be redeemable out of the moneyf collected on account of the assessments made for said improvements and all moneys col- lected from said assessments or from the sale of bonds for said improvements shall be credited to the Consolidated Street Lighting Improvement District No 1 and the funds so collected shall be used only for the payment of the work of construction of said improvements and the interest collection costs and other incidental expenses thereon 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 5 years from date of issue, and sha] be subject to call and payment at any time prior thereto All assessments made pursuant tc this ordinance together with all interest thereon, penalties for default in payment there- of, and all costs in collecting the same shall from the date of final publication of the assessing ordinance hereafter to be adopted, constitute a perpepual lien on the property -3- K'� 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 extinquish 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 forms UNITED STATES OF AMERICA STATE OF COLORADO CITY OF FORT COLLINS CONSOLIDATED STREET LIGHTING IWROVEMENT DISTRICT NO 1 BOND No $500 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 sum of FIVE HUNDRED DOLLARS in lawful money of the United Statesof America at the office of the Director of Finance of said City, on the 1st day of November 1969 subject to call and payment however at any time prior thereto as provided in the City Charter and Article 15 of the Code of Ordinances of the City of Fort Collins, Colorado, as amended, with interest thereon from date until payment, payable semi-annually on the 1st day of May and 1st day of November at the office of the Director of Finance 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 cost of local improvements constructed in Consolidated Street Lighting Improvement District No 1 in said City consisting of the installation of artificial street lighting by virtue and in full conformity with the Charter and ordinances of the City of Fort Collins 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 "Khenever 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 pub- lished 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 postoffice 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 Consolidated Street Lighting Improvement Dis- trict No 1, especially benefited by said improvements and the amount of the assessments so to be made upon the real estate in said district for the payment thereof with accruec interest is a lien upon the said real estate in the respective amounts to be appor- tioned 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 and penalties for default in the payment thereof, and all costs in collecting the same, shall, from -4- 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, or School tax, and no sale of such property to enforce any general State, County, City, 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 District, including thus bond, does not exceed the estimate of the City Engineer, or the contract price for said improvements, or the amuapt authorized by law, and it is further hereby certified and recited that every requirement of law relating to the creation of said Consolidated Street Lighting Improvement District No 1, the making of said local improvements and the issuance of this bond, has been fully compl od4with by the property 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 done and performed, and did exist in regular and due time, form and manner as required by law IN TESTIMONY W11EMF2 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 Deputy City Clerk, under the seal of said City, and the interest coupons here- to attached to be attested by the facsimile signature of the Director of Finance as of the lat day of November, 1964 Mayor (SEAL) ATTEST: COUNTERSIGNED Director of Finance Deputy y Clerk (Form Coupon) No $15 00 On the 1st day of �, A D 19 , unless the bond to which this coupon is attached has been called or prior redemption, this City of Fort Collins will pay to bearer, (FIFT= AND N01100 DOLLARS) in lawful money of the United States of America., at the office of the Director of Finance of Fort Collins, Colorado, being six months' interest on its local improve- ment bond, dated November, 19614, issued for the installation of artificial street lighting in Consolidated Street Lighting Improvement District No 1, attached to bond No (Facsimile Signature) DIrgnter-a9' FiMade 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 Consolidated Street Lighting Improvement District No 1, including six -5- r. ^ i months' interest on the unpaid principal to advertise for five (5) days in the 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 pub- lication 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 construction of said improve- ments in accordance with the map plans and specifications heretofore adopted which advertisement shall be twice published in an official newspaper published in the City Said advertisement for bids shall be published as provided in Section 15-60 of the Code of Ordinances of the City of Fort Collins Colorado 1958 as amended and in conformance with said section shall contain provision reserving the right to reject any or all bids All bids received under said advertisement shall be submitted to the Council for approval or rejection In the event no bids are received or all bids rejected by the Council then the Council may again advertise for bids without further ordinance or may order the materials purchased and the work done under the supervision and control of the City Engineer as provided in 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 accepted by the City of Fort Collins the costs as set forth above shall be assessed upon the real property in the District all as herein before set forth Section 10 This ordinance shall be irrepealable until the indebtedness 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 28th day of May, A D , 1964 and to be presented for final passage on the 2 day of June, A D 1964 M r ATTEST City Clerk -6- Passed and adopted on final reading this 25th day of June A D 1964 0 ATTEST ,Pity Clerk -7-