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HomeMy WebLinkAbout032 - 07/02/1970 - RELATING TO THE CREATION AND ORGANIZATION OF STREET IMPROVEMENT DISTRICT NO 63 ORDINANCE NO. 32, 1970 7-- .BEING AN ORDINANCE RELATING TO THE CREATION AND ORGANIZATION OF STREET IMPROVEMENT DISTRICT NO 63, -PROVIDING FOR THE CONSTRUCTION OF IMPROVEMENTS THEREIN AND AUTHORIZING THE ISSUANCE OF BONDS TO PAY THE COSTS OF .CONSTRUCTION THEREOF WHEREAS, heretofore written petitionswere duly filed and presented to the City Council requesting the creation of a special improvement district for the purpose of improving certain streets and alleys by grading and surfacing the same with asphalt surfacing 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 interests 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 jFort Collins, Colorado, 19S8, as amended, to be known as Consolidated Street Improvement District No. 63, comprised of all the property front- sig on the following streets and alleys: Bishop Street between Leland Avenue and Maple Street; Alpert Court between Stover Street and the end of Alpert Court as now platted; Plum Street between Taft Hill Road and Glenmoor Drive; Glenmoor Drive from Plum Street to a point 135 feet South of Plum Street; Section 2. That the improvements to be constructed shall consist of the improvement of the above named streets and alleys b y 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 16th day of April,1970. Section 3. That the total cost of such improvements shall not exceed the City Engineer's estimate heretofore accepted of Seventeen Thousand Nine Hundred Sixty-nine and no/100 Dollars ($17,969.00) , exclusive of the cost of collection, legal and advertising, engineering, financing, interest and other incidentals, and that said total cost shall be assessed against the assessable frontage on the streets and alleys in said District based on the number of feet of said properties abutting on said streets and alleys at the following rates: Street Paving assessment per abutting foot Bishop Street between Leland $ 4.79 Avenue and Maple Street; Alpert Court between Stover $ 9.22 Street and the end of Alpert Court as now platted; Plum Street between Taft Hill Road and Glenmoor Drive,, $ 5.15 Glenmoor Drive from Plum Street $ 5.15 to a point 135 feet Sod-t laof Plum Street j 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 streets. and alleys set forth above on the basis of the frontage of said property abutting said streets and alleys 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 servedl�by said - connections. Such assessments shall be made in accordance with the provisions of Chapter-IS -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 pursuant to the same has removed from the.District Ponderosa Drive between Orchard Place and Mulberry Street; Laurel Street between Ponderosa Drive and a point 128 feet West of Ponderosa Drive; Orchard Place between Ponderosa Drive and` a point 128 feet West of Ponderosa Drive. and finds as to the remainder of the Streets in the District that all requirements of the ordinances of the City have been observed and compl d with and it is hereby ordered that the improvements of the rest of the streets as described above in the . District as provided for in the map, plans and specifications-, heretofore adopted by the City Council be and they are hereby, ordered constructed. Section S. Forw 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 $21,023.73 hereby authorized to be issued by the Director of Finance of the City of Fort Collins, which bonds shall bear date of November 1, 1970.. Said bonds .shall bear the name of Consolidated Street Improvement District No. 63 of the City of Fort Collins, Colorado, and shall bear interest at the rate of 6% per annum; payable semiannually; 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 $1,000.00 each, and each of said bonds 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 tome 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 improvements, and all moneys collected from said assessments or from the sale of bonds for said improvements shall be credited to the Consolidated Street' Improvement District No. 63 and the funds so collected shall be-used only for the payment of the workO 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 con- secutively according to number and in the order or 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 b e 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. -2- 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 CONSOLIDATED STREET IMPROVEMENT DISTRICT NO. 63 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 Statesof America, at the office of the Director of Finance of said City, on the first day of November, 1980, 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 semiannually, on the first day of May and first 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 Improvement District No. 63 in said City, consisting of the grading and surfacing of certain streets and alleys with asphalt surfacing and by installing curb and gutter and water and sewer connections where necessary 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 : "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 out- standing, by giving notice for five days in an official newspaper published in the City. At the expiration of thirty. 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 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 Improvement District No. 63, 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 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, 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 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 requirement of law relating to the creation of said Consolidated Street Improvement District No. 63, the making of said local improve- ments and the issuance of this bond, has 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 done and performed and did exist in regular and due time, form and manner as required by law. -3- IN .TESTIMONY WHEREOF, the City of Fort Collins has caused this bond to be subscribed by its-Mayor and countersigned by its Director of Finance and attested by its City Clerk under the seal of said City and the interest coupons hereto attached to be attested by the facsimile signature of the Director of Finance as of the first day of November, 1970. Mayo (SEAL) ATTEST: COUNTERSIGNED: City Clerk Director of Finance (Form Coupon) No. $30.00 On the first 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 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 November 1, 1970, issued for the grading and surfacing of certain streets and alleys with asphalt surfacing and by installing curb and gutter and water and sewer connections where necessary in Consolidated Street Improvement District No. 63. No. (Facsimile Signature) Director of Finance 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 Improvement District No. 63, including six months ' interest on the unpaid principal, to advertise for five 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 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 construction of said improvements 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 publications are to be at least a week apart, and the date for opening of bids. shall not be less than ten days after first publication and bids received under said advertisement shall be submitted to the Council for approval or rejection. Advertisement 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 hereinbefore 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. -4- Introduced, considered favorably on first reading and ordered published this 4th day of June, A. D. 1970, and to be presented for final passage on the 2nd day of July, A. D. 1970. Mayor ATTEST: City Clerk Passed and adopted on final reading this 2nd day of July, A. D. 1970. Mayor ATTEST: City Clerk -5-