HomeMy WebLinkAbout043 - 08/28/1969 - RELATING TO THE CREATION AND ORGANIZATION OF STREET IMPROVEMENT DISTRICT NO. 62 ORDINANCE NO.49t 19699
BEING AN ORDINANCE RELATING TO THE CREATION AND ORGANIZATION OF STREET IMPROVEMENT DISTRICT
NO. 62, PROVIDING FOR THE CONSTRUCTION OF IMPROVEMENTS THEREIN„AND AUTHORIZING THE •ISSUANCE
OF BONDS TO PAY THE'COSTS OF-CONSTRUCTION THEREOF
WHEREAS, heretofore the City Council , by Resolutions, initiated 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 action, 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 thatit=.tin 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 Qhapter 15 of the Code of Ordinances of the City of
Fort Collins, Colorado, 1958, as amended, to be known as Street Improvement District No.
62, comprised of all the property fronting on the following streets and alleys:
North Grant Street, between Maple Street and Cherry Street
Sycamore Street, between Wood Street and Grant Street
Elm Street, between Shields Street and West Street
That portion of Stuart Street between Stover Street and Cheyenne Drive, not previously
improved by the City with curb, gutter and pavement.
Riverside Avenue, between Endicott Street and Myrtle Street
Alley in Block 6, Craft's Resubdivision of Lake Park Addition,;16 the City of Fort Collins.
Section 2. That the improvements to be constructed shall consist of the improvement
of the above named streets and•alley 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 5th day of June, 1969.
Section 3. That the total cost of such improvements shall not exceed the City Engineer's
estimate heretofore accepted of Twenty-three Thousand Four Hundred Thirty-Four Dollars
($23,434.00) exclusive of the cost of collection, legal , advertising, engineering, financing,,
interest and other incidentals, 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 streets and alley at the following maximum rates;
STREET PAVING ASSESSMENT PER ABUTTING FOOT
North Grant Street, between Maple Street and Cherry Street - $ 9.47
Sycamore Street, between Wood Street and Grant Street - 10.44
Elm Street, between Shields Street and West Street - 10.25
That portion of Stuart Street between Stover Street and Cheyenne Drive, not previously
improved by the City with curb, gutter and pavement - 7.80
Riverside Avenue, between Endicott Street and Myrtle Street - 4.86
Alley in Block 6, Craft's Resubdivision of Lake Park Addition to the City of Fort Collins
3.62
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 accordance with the provisions of Chapter 15 of the Code of Ordinances of the
City of Fort Collins, Colorado, 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. 62 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 .$28,823.82 are hereby
authorized to be issued by the Director of Finance of the City of Fort Collins. Said
bonds shall bear the name of Street Improvement District No. 62 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 Director of Finance, which said bonds shall be in denominations
of not more than $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 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 improvements, and all moneys collected from said assessments or from the
sale of bonds for said improvements shall be credited to Street Improvement District No.
62 and the funds so collected shall be used only for the payment of the work of construc-
tion 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 substantially in the
following forms:
UNITED STATES OF AMERICA.
STATE OF COLORADO CITY OF FORT COLLINS
STREET IMPROVEMENT DISTRICT NO. 62
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
2
ONE THOUSAND DOLLARS
in lawful money of the United States of America, at the office of the Director of Finance
of said City, 10 years from the date hereof, 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, 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 Street Improvement District No. 62, 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 of and in full conformity with
the Charter and ordinances of the City of Fort Collins,
This bond shall be cal;llable 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 (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. 62, 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, 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 requirement of law relating to the creation
of said Street Improvement District No. 62, 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 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 WHEREOF, the said City of Fort Collins has caused this bond to be sub-
scribed by its Mayor, 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 City Clerk s of the day of
1969.
Ma
SEAL:
ATTEST:
. . . . .\ j. . . . . . . . .
City Clerk Dir c or of Finance
3
(Form Coupon)
No. $30.00
On the day of* . . . . . . . . . . . . A.D. 19_, unless the bond to which this
coupon is attached 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 of Finance
of Fort Collins, Colorado, being six months ' interest on its local improvement bond,
dated 1969, issued 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. 62.
No. . . . . .
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 Street Improvement District No. 62, 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 numberard-' 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 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 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.
Introduced, considered favorably on first reading and ordered published this 7th
day of August, A.D. 1969, and to be presented for final p ssage on the 28th day of August,
A.D. , 1969.
M
ATTEST:
C i ty0&k
Passed and adopted on final reading this 28th day of A , ,A.D. 1969. .
ATTEST: May
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City-C .er
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