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HomeMy WebLinkAbout026 - 06/22/1967 - RELATING TO THE CREATION AND ORGANIZATION OF STREET IMPROVEMENT DISTRICT NO. 60 ORDINANCE NO 26 1967 BEING AN ORDINANCE RELATING TO THE CREATION AND ORGANIZATION OF STREET IMPROVEMENT DISTRICT NO 60 PROVIDING FOR THE CONSTRUCTION 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 improvement district for the purpose of improving Shields Street from Plum Street to Lake Street in the City of Fort Collins by grading and surfacing the same with asphalt sur facing and by installing curb and gutter where necessary 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 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 60 comprised of all the property fronting on Shields Street from Plum Street to Lake Street in the City of Fort Collins Section 2 That the improvements to be constructed shall consist of the improvement of the above named street by grading and asphalt surfacing the same and where necessary by installing curb and gutter 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 27h day of April 1967 Section 3 That the total cost of such improvements shall not exceed the City Engineer s estimate heretofor accepted of Sixty five Thousand Six Hundred Three Dollars and thirty eight cents ($65 603 38) and that said total cost shall be assessed against the assessable frontage on said street in said District based on the number of feet of said properties abutting on said street at the maximum rate of Eleven Dollars and seventy seven cents ($11 77) per foot including curb and gutter and at the maximum rate of Eight Dollars and fifty nine cents ($8 59) per foot where acceptable curb and gutter is already in place To said cost to be assessed shall be added where necessary the cost of water and sewer services to be installed The amount set forth above to be assessed shall be assessed against the owners of property in said District abutting upon said street on the basis of the frontage of said property abutting said street at the amounts set forth above for grading pavement and curb and gutter and the cost of sewer and water connections where required shall be added to the assessments against the property served by said connections Such assessments shall be made in accord ance 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 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 ordinance of the City of Fort Collins respecting the petitions and improvements have been observed and complied with in all respects and it is hereby ordered that the improvements of Street Improvement District No 60 as provided for in the map plans and specifications heretofore adopted by the City Council be and they are hereby ordered to be 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 009#622950 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"1967. Said bonds shall bear the name of Street Improvement District No 60 of the City of Fort Collins Colorado and shall bear interest at the rate of 6/ per 2 annum payable semiannually said interest to be evidenced by coupons attached to the principal bond and attested by the facsimile signature of the Director of Finance which said bonds shall be in denominations of not more than $l 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 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 moneys collected on account of the assessments made for said improve- ments and all moneys collected from said assessments or from the sale of bonds for said improvements shall be credited to Street Improvement District No 60 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 ten (10) years from 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 in 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 sub 3 stantially in the following forms UNITED STATES OF AMERICA STATE OF COLORADO CITY OF FORT COLLINS STREET IMPROVEMENT DISTRICT NO 60 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 sum of ONE THOUSAND DOLLARS in lawful money of the United States of America at the office of the Director of Finance of said City on the 1st day of Navember.,11977, 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 1958 as amended with interest thereon from date until payment payable semi annually on the 1st day of blab anclythe,1attd0yoffNOvambax�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 improve ments constructed in Street Improvement District No 60 in said City consisting of the grading and surfacing of a certain street with asphalt surfacing and by installing curb and gutter and water and sewer connections where necessary by virtue of 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 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 Street Improvement District No 60 especially benefited by said improvements and the amount of the assess ments so to be made upon the real estate in said 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 and 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 4 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 District including this bond does not exceed the estimate of the City Engineer or the contract price for said improvements or the amount authorized by law and it is further certified and recited that every require- ment of law relating to the creation of said Street Improvement District No 60 the making of said local improvements and the issuance of this bond has been fully complied with by the proper officers of said City and that all con ditions 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 proper'Y' done 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 L City Clerk under the seal of said City and the interest coupons hereto ottached to be attested by the facsimile signature of the �__ City Clerk as of the 1st day of Novembgr.,91967 Mayor SEAL ATTEST COUNTERSIGNED City Clerk Director of Finance (Form Coupon) No $30 00 On the 1st day of A D 19 unless the bond to which this coupon is attached has been called for prior redemption the City of Fort Collins will pay to bearer THIRTY AND NO/100 DOLLARS in lawful money of the United States of America at the office of the Director of Finance of Fort Collins Colorado being six months interest on its Local improvement bond dated Novembe2'cW47jissued for the grading and surfacing of a certain street with asphalt surfacing and by installing curb and gutter and water and sewer connections where necessary in Street Improvement District No 60 No (Facsimile Signature) City Clerk Section 7 Whenever considered prudent by the Director of Finance he is hereby authorized and empowered whenever sufficient funds may be in his 5 hands to the credit of Street Improvement District No 60 including six months interest on the unpaid principal to advertise for five (5) days in the official newspaper of said City and call in a suitable number of bonds of said District for payment and at the expiration of thirty (30) days from the first publication interest on said bonds so called shall cease The notice shall specify the bonds so called by number of all bonds so issued shall be called and paid in their numerical order Section 8 Upon the taking effect of this ordinance the Mayor is hereby authorized and empowered to advertise for bid$ for the construction of said improvements in accordance with the map plans and specifications heretofor 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 be not 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 accordance 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 accepted by the City of Fort Collins the costs as set forth above shall be assessed upon real property in the District all as herein before set forth Section 10 This ordinance shall be irrepealable until the indebted ness 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 1st day of June A D 1967 and to be presented for final passage on the 22nd day of June A D 1967 ATTEST Mayor City C1 rk 6 Passed and adopted on final reading this 22nd day of June A D 1967 W Mayor ATTEST City C erk 7