ORDINANCE NO. 2177E
CONCERNING PUBLIC IMPROVEMENT DISTRICT BONDS AND DECLARING AN EMERGENCY
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND JUNCTION:
1. That Sections 18-42 and 18-43 of the Code of Ordinances of the City of Grand Junction be repealed and reenacted to read as follows:
"Section 18-42. Issuance, form of public improvement bonds.
The part of the cost of local improvements to be borne by abutting real estate may be paid for in cash out of the proceeds derived from the sale of the public improvement bonds of the city, of such date, in such form and in such denominations as prescribed by the council, the same bearing the name of the district improved, payable in a sufficient period of years to cover the period of payments herein provided for, but subject to call as provided in Section 18-44 in denominations of one thousand dollars ($1,000) or multiples thereof. All such bonds shall be issued by the council in sufficient amount to provide funds to pay for the part of local improvements and expenses to be borne by abutting real estate and including necessary interest before the first assessment can be collected, and rights-of-way contemplated by this chapter. A suitable book shall be kept by the treasurer for the registration of said bonds, the same to be payable only out of the moneys collected on account of the assessments made for said improvement respectively, and all money collected on account of the assessments for any improvement shall be applied to the total payment of the said bonds, and the council shall, at public or private sale upon such time and conditions as it may determine, sell sufficient of said bonds to raise the funds required to carry out the provisions of this chapter.
As an alternate method of financing, the council may determine to pay the cost of the improvements in the district from funds in the sewer fund of the city. In such event, the assessment procedures shall be as stated in other sections of this Code. Under this method of financing, if the election is made to pay in installments, the council shall add on interest, in an amount to be determined by it in accordance with the current rate of interest, but not exceeding the rate provided herein as an effective rate, shall also add on six (6) percentum for costs of collection and other incidentals, shall determine what portion, if any, of the total charge shall be made at the time of connection with the sewerage system, and then shall provide that the balance remaining may be paid as an additional charge on the sewerage portion of the water bill for the premises, upon a schedule to pay out at approximately the end of the 15-year period."
"Section 18-43. Interest rate on bonds; where bonds, interest payable.
(a) All bonds issued in accordance with this chapter shall bear interest at the rate or rates as ordered by the council, payable semiannually.
(b) All such bonds, principal and interest, shall be payable at the city, but if the council so orders, they may also be payable at some national bank or trust company in the City of New York, in the State of New York, to be designated by the council, and in all cases the bonds shall recite the place or places of payment, and when payable also in the City of New York, the treasurer is hereby authorized to remit the funds necessary for their payment, with exchange, to the institution so designated, always assuring himself that such institution is then perfectly solvent.
(c) All actions and proceedings of the city council had and taken pursuant to this chapter prior to the adoption of this amendment, including the execution, issuance and sale, terms, conditions, interest rates and other matters relating to local improvement district bonds, are hereby validated, ratified and confirmed."
2. This Ordinance is necessary for the preservation of the public peace, health and safety and shall become effective upon its passage.
PASSED and ADOPTED this 7th day of March, 1984.
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President of the Council
Attest:
Neva B. Lockhart, CMC
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City Clerk
I HEREBY CERTIFY that the foregoing ordinance, being Ordinance No. 2177, was introduced, read and ordered published by the City Council of the City of Grand Junction, Colorado, at a regular meeting of said body held on the 15th day of February, 1984, and that the same was published in The Daily Sentinel, a newspaper published and in general circulation in said City, at least ten days before its final passage.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of said City this 8th day of March, 1984.
Neva B. Lockhart
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Neva B. Lockhart, CMC
City Clerk
Published: February 17, 1984
Published: March 9, 1984
Effective: March 7, 1984