HomeMy WebLinkAbout100 - 07/15/1986 - AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION WATER REFUNDING AND IMPROVEMENT BONDS, SERIES 1986, I P
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ORDINANCE NO. 1009 1986
AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF FORT
COLLINS, COLORADO, GENERAL OBLIGATION WATER REFUNDING
AND IMPROVEMENT BONDS, SERIES 1986, DATED AUGUST 1,
1986, IN THE AGGREGATE PRINCIPAL AMOUNT OF $33,03090009
FOR THE PURPOSE OF REFUNDING, PAYING AND DISCHARGING
CERTAIN VALID OUTSTANDING GENERAL OBLIGATION WATER
BONDS OF THE CITY AND OF ACQUIRING, CONSTRUCTING AND
INSTALLING IMPROVEMENTS TO THE WATER SYSTEM AND
PROVIDING FOR THE LEVY OF AD VALOREM TAXES AND PLEDGING
THE NET REVENUES DERIVED FROM THE OPERATION OF THE
WATER SYSTEM TO PAY THE PRINCIPAL OF AND INTEREST ON
THE BONDS.
WHEREAS, the City of Fort Collins, Colorado (the City) ,
has heretofore issued and sold its General Obligation Water
Bonds, Series 1982, dated December 1, 1982, in the original
aggregate principal amount of $4, 100,000 (the 1982 Issue) ; and
WHEREAS, there is outstanding of the 1982 Issue the
aggregate principal amount of $4, 050,000, consisting of bonds
bearing the following numbers, maturing on December 1 in the
following years in the following aggregate principal amounts, and
bearing interest at the following per annum interest rates:
Principal Per Annum
Numbers Years Amounts Interest Rates
11 to 20 1986 $ 50,000 7.25%
21 to 40 1987 100,000 7.50
41 to 60 1988 100,000 7. 75
61 to 80 1989 100,000 8.00
81 to 100 1990 100,000 8.25
101 to 125 1991 125,000 8.50
126 to 150 1992 125,000 8. 75
151 to 180 1993 150,000 9.00
181 to 210 1994 150,000 9.20
211 to 245 1995 175,000 9. 40
246 to 280 1996 175,000 9. 60
281 to 320 1997 200,000 9.80
321 to 420 1998 500,000 9. 90
421 to 520 1999 500,000 10.00
521 to 620 2000 500,000 10. 10
621 to 720 2001 500,000 10. 15
721 to 820 2002 500,000 10.20
and
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WHEREAS, bonds of the 1982 Issue maturing in the years
1986 through 1997 are not subject to optional redemption prior to
their respective maturity dates, and bonds of the 1982 Issue
maturing in the year 1998 and thereafter are subject to optional
redemption prior to their respective maturity dates, in whole or
in part in inverse numerical order, on December 1, 1997, and on
any interest payment date thereafter at a price equal to the
principal amount of each bond of the 1982 Issue so redeemed plus
accrued interest thereon to the redemption date; and
WHEREAS, the City has heretofore issued and sold its
General Obligation Water Bonds, Series 1984, dated November 1,
1984, in the original aggregate principal amount of $7, 750,000
(the 1984 Issue) ; and
WHEREAS, there is outstanding of the 1984 Issue the
aggregate principal amount of $7, 750,000, maturing on December 1
in the following years in the following aggregate principal
amounts and bearing interest at the following per annum interest
rates:
Per Annum
Years Principal Amounts Interest Rates
1988 $ 130,000 7. 50%
1989 135,000 7. 75
1990 145,000 8.00
1991 155,000 8.25
1992 170,000 8. 50
1993 180,000 8. 70
1994 195,000 8.90
1995 215,000 9. 10
1996 235,000 9.25
2004 2,880,000 10.00
2009 3,310,000 10. 00
and
WHEREAS, bonds of the 1984 Issue maturing in the years
1988 through 1994 are not subject to optional redemption prior to
their respective maturity dates, and bonds of the 1984 Issue
maturing in the year 1995 and thereafter are subject to optional
redemption prior to their respective maturity dates, in whole or
in part in inverse order of maturity and by lot within a
maturity, on December 1, 1994, and on any interest payment date
thereafter at a price equal to the principal amount of each bond
of the 1984 Issue so redeemed plus accrued interest thereon to
the redemption date plus a premium expressed as a percentage of
the principal amount of each bond of the 1984 Issue so redeemed,
depending on the redemption date, as follows:
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Redemption Date Premium
December 1, 1994 and June 1, 1995 2 .5%
December 1, 1995 and June 1, 1996 2 .0%
December 1, 1996 and June 1, 1997 1 . 5%
December 1, 1997 and June 1, 1998 1.0%
December 1, 1998 and June 1, 1999 0. 5%
December 1, 1999 and Thereafter None
and
WHEREAS, the City has need for and desires to acquire,
construct and install improvements (the Improvements) to the
existing water system (the Water System) of the City in order to
supply water to the City and the inhabitants thereof; and
WHEREAS, pursuant to Colorado Constitution art. XI ,
sec. 6 and art. XX, sec. 6, Art. V, Sections 20.2 and 20.4 of the
Charter of the City, and part 1 of article 56 of title 11,
Colorado Revised Statutes, as amended (the Act) , the Council (the
Council) of the City has determined, and does hereby determine,
to issue City of Fort Collins, Colorado, General Obligation Water
Refunding and Improvement Bonds, Series 1986, dated August 1,
1986, in the aggregate principal amount of $33,030,000 (the
Bonds) for the purpose of refunding, paying and discharging the
1982 Issue and the 1984 Issue (collectively, the Prior Issues) in
order to reduce the net effective interest rate; reduce the total
interest payable; reduce the total principal and interest payable
or the principal and interest payable in any particular year or
years, or effect other economies; or any combination of the
foregoing and of acquiring, constructing and installing the
Improvements to the Water System; and
WHEREAS, a proposal for the purchase of the Bonds on
terms favorable to the City, together with the disclosures,
comparisons, and other information required by the Act, has been
received from Chemical Bank, New York, New York (the Purchaser) ,
which the Council has determined, and does hereby determine, to
accept; and
WHEREAS, there have been filed with the City Clerk
forms of a Bond Purchase Agreement, dated as of July 15, 1986
(the Bond Purchase Agreement) , between the City and the Purchaser
and an Escrow Agreement, dated as of August 1, 1986 (the Escrow
Agreement) , between the City and First Interstate Bank of Fort
Collins, N.A. , Fort Collins, Colorado (the Escrow Agent) .
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO, AS FOLLOWS:
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1. Award of Contract; Execution of Bond Purchase
Agreement. The contract for the purchase of the Bonds is hereby
awarded to the Purchaser at a price equal to $32,500,900 plus
accrued interest from the date thereof to the delivery date
thereof and upon the terms set forth in this ordinance (this
Ordinance) . The Finance Director of the City is hereby
authorized and directed to execute the Bond Purchase Agreement on
behalf of the City.
2 . Authorization and Description. For the purpose of
refunding, paying and discharging the Prior Issues and of
acquiring, constructing and installing the Improvements to the
Water System, the City shall issue the Bonds pursuant to Colorado
Constitution art. XI , sec. 6 and art. XX, sec. 6, Art. V,
Sections 20.2 and 20.4 of the Charter of the City, and the Act.
The Bonds shall be issued in fully registered form in
denominations of $5,000 or any integral multiple thereof,
provided that no Bond shall be issued in any denomination larger
than the aggregate principal amount maturing on the maturity date
thereof and that no Bond shall be made payable on more than one
maturity date.
Pursuant to the recommendations of the Committee on
Uniform Security Identification Procedures, CUSIP numbers may be
printed on the Bonds.
The Bonds shall mature on December 1 in the following
years in the following aggregate principal amounts and shall bear
interest from August 1, 1986, or the interest payment dates to
which interest has been paid next preceding their respective
dates, whichever is later, to their respective maturity dates,
except if redeemed prior thereto, at the following per annum
interest rates:
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�1s
Principal Per Annum
Years Amounts Interest Rates
1986 $ 5,000 4.00%
1987 730,000 4. 60
1988 885,000 5.00
1989 920,000 5.40
1990 960,000 5. 70
1991 1,030,000 6.00
1992 lt08O,000 6.20
1993 1, 160,000 6.40
1994 1,220,000 6. 60
1995 1,315,000 6. 75
1996 1,385,000 6.90
1997 1,485,000 7.00
1998 1,875,000 7. 10
1999 1,950,000 7.20
2000 2,045,000 7.30
2001 2, 1409000 7. 35
2002 2,250,000 7. 40
2003 118659000 7.40
2004 2 ,000,000 7.40
2009 697309000 7. 50
Said interest shall be payable on December 1, 1986, and
semiannually thereafter on the 1st day of June and the 1st day of
December of each year. If upon presentation at maturity the
principal of any Bond is not paid as provided herein, interest
shall continue thereon at the same interest rate until the
principal thereof is paid in full .
3 . Net Effective Interest Rate. The maximum net
effective interest rate for the Bonds shall be 15% per annum.
The actual net effective interest rate for the Bonds is 7.343%
per annum.
4. Nature of Obligation. The Bonds shall be general
obligations of the City and shall be payable from general ad
valorem taxes and water revenues as provided herein.
5. Payment of Principal, Interest and Premium. The
principal of, interest on, and any premium due in connection with
the redemption of the Bonds shall be payable in lawful money of
the United States of America to the registered owners of the
Bonds by the Finance Director of the City, or his successors, as
paying agent (the Paying Agent) . The principal and the final
installment of interest shall be payable to the registered owner
of each Bond upon presentation and surrender thereof at maturity
or upon prior redemption. Except as hereinbefore and hereinafter
provided, the interest shall be payable to the registered owner
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of each Bond determined as of the close of business on the
fifteenth day of the calendar month next preceding the interest
payment date (the Regular Record Date) , irrespective of any
transfer of ownership of the Bond subsequent to the Regular
Record Date and prior to such interest payment date, by check or
draft mailed to such registered owner at the address appearing on
the registration books of the City maintained by the City Clerk,
or her successors, as registrar (the Registrar) . Any interest
not paid when due and any interest accruing after maturity shall
be payable to the registered owner of each Bond entitled to
receive such interest determined as of the close of business on a
date fixed by the Paying Agent for such purpose (the Special
Record Date) , irrespective of any transfer of ownership of the
Bond subsequent to the Special Record Date and prior to the date
fixed by the Paying Agent for the payment of such interest, by
check or draft mailed as aforesaid. Notice of the Special Record
Date and of the date fixed for the payment of such interest shall
be given by sending a copy thereof by certified or registered
first-class postage prepaid mail, at least ten (10) days prior to
the Special Record Date, to the Purchaser and to the registered
owner of each Bond upon which interest will be paid determined as
of the close of business on the day preceding such mailing at the
address appearing on the registration books of the City. Any
premium shall be payable to the registered owner of each Bond
redeemed upon presentation and surrender thereof upon prior
redemption.
6. Redemption. Bonds maturing in the years 1986
through 1995 shall not be subject to optional redemption prior to
their respective maturity dates. Bonds maturing in the year 1996
and thereafter shall be subject to optional redemption prior to
their respective maturity dates, in whole or in part in inverse
order of maturity and by lot within a maturity, on December 1,
1995, and on any interest payment date thereafter at a price
equal to the principal amount of each Bond so redeemed plus
accrued interest thereon to the redemption date plus a premium
expressed as a percentage of the principal amount of each Bond so
redeemed, depending on the redemption date, as follows:
Redemption Date Premium
December 1, 1995 and June 1, 1996 2 . 5%
December 1, 1996 and June 1, 1997 2 .0
December 1, 1997 and June 1, 1998 1. 5
December 1, 1998 and June 1, 1999 1.0
December 1, 1999 and June 1, 2000 0. 5
December 1, 2000 and Thereafter None
Bonds maturing in the year 2009 shall also be subject
to mandatory sinking fund redemption prior to their maturity
date, by lot, on the dates specified below at a price equal to
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the principal amount of each Bond so redeemed plus accrued
interest thereon to the redemption date. Such Bonds shall be
redeemed on December 1 in the following years in the following
aggregate principal amounts:
Years ' Principal Amounts
2005 $2, 150,000
2006 2,315,000
2007 700,000
2008 750,000
2009 815,000
Bonds which are redeemable prior to their respective
maturity dates may be redeemed in part if issued in denominations
which are integral multiples of $5,000. Such Bonds shall be
treated as representing a corresponding number of separate Bonds
in the denomination of $5,000 each. Any such Bond to be redeemed
in part shall be surrendered for partial redemption in the manner
hereinafter provided for transfers of ownership. Upon payment of
the redemption price of any such Bond redeemed in part the
registered owner thereof shall receive a new Bond or Bonds of
authorized denominations in aggregate principal amount equal to
the unredeemed portion of the Bond surrendered.
Notice of redemption shall be given by the Paying Agent
in the name of the City by sending a copy thereof by certified or
registered first-class postage prepaid mail, at least thirty (30)
days prior to the redemption date, to the Purchaser and to the
registered owner of each of the Bonds being redeemed determined
as of the close of business on the date preceding the first
mailing of such notice at the address appearing on the
registration books of the City. Such notice shall specify the
number or numbers of the Bonds to be redeemed, whether in whole
or in part, and the date fixed for redemption and shall further
state that on the redemption date there will be due and payable
upon each Bond or part thereof so to be redeemed the principal
amount or part thereof plus accrued interest thereon to the
redemption date plus any premium due and that from and after such
date interest will cease to accrue. Failure to mail any notice
as aforesaid or any defect in any notice so mailed with respect
to any Bond shall not affect the validity of the redemption
proceedings with respect to any other Bond. Any Bonds redeemed
prior to their respective maturity dates by call for prior
redemption or otherwise shall not be reissued and shall be
cancelled the same as Bonds paid at or after maturity.
7. Execution. The Bonds shall be executed by and on
behalf of the City with the facsimile signature of the Mayor,
shall bear a facsimile of the seal of the City, shall be attested
with the facsimile signature of the City Clerk, and shall be
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countersigned with the manual signature of the Finance Director
or Acting Finance Director of the City. Should any officer whose
facsimile or manual signature appears on the Bonds cease to be
such officer before issuance and delivery of any Bond, such
facsimile or manual signature shall nevertheless be valid and
sufficient for all purposes.
8. Registration, Transfer and Exchange. Upon their
execution and prior to their delivery the Bonds shall be
registered for the purpose of payment of principal and interest
with the Registrar. Thereafter, the Bonds shall be transferable
only upon the registration books of the City by the City Clerk,
or her successors, as transfer agent (the Transfer Agent) , at the
request of the registered owner thereof or his, her or its duly
authorized attorney-in-fact or legal representative. The
Registrar or Transfer Agent shall accept a Bond for registration
or transfer only if the registered owner is to be an individual,
a corporation, a partnership, or a trust. A Bond may be
transferred upon surrender thereof together with a written
instrument of transfer duly executed by the registered owner or
his, her or its duly authorized attorney-in-fact or legal
representative with guaranty of signature satisfactory to the
Transfer Agent, containing written instructions as to the details
of the transfer, along with the social security number or federal
employer identification number of the transferee and, if the
transferee is a trust, the names and social security numbers of
the settlors and the beneficiaries of the trust. The Transfer
Agent shall not be required to transfer ownership of any Bond
during the fifteen (15) days prior to the first mailing of any
notice of redemption or to transfer ownership of any Bond
selected for redemption on or after the date of such mailing.
The registered owner of any Bond or Bonds may also exchange such
Bond or Bonds for another Bond or Bonds of authorized
denominations. Transfers and exchanges shall be made without
charge, except that the Transfer Agent may require payment of a
sum sufficient to defray any tax or other governmental charge
that may hereafter be imposed in connection with any transfer or
exchange of Bonds. No transfer of any Bond shall be effective
until entered on the registration books of the City. In the case
of every transfer or exchange, the Transfer Agent shall deliver
to the new registered owner a new Bond or Bonds of the same
aggregate principal amount, maturing in the same year, and
bearing interest at the same per annum interest rate as the Bond
or Bonds surrendered. Such Bond or Bonds shall be dated as of
their date of execution by the Finance Director or Acting Finance
Director of the City. New Bonds delivered upon any transfer or
exchange shall be valid obligations of the City, evidencing the
same debt as the Bonds surrendered, shall be secured by this
Ordinance, and shall be entitled to all of the security and
benefits hereof to the same extent as the Bonds surrendered. The
City may deem and treat the person in whose name any Bond is last
D2703 46 07/25/86
registered upon the books of the City as the absolute owner
thereof for the purpose of receiving payment of the principal of,
interest on, and any premium due in connection with the
redemption of such Bond and for all other purposes, and all such
payments so made to such person or upon his, her or its order
shall be valid and effective to satisfy and discharge the
liability of the City upon such Bond to the extent of the sum or
sums so paid, and the City shall not be affected by any notice to
the contrary.
9. Resignation of Agents. If the Paying Agent,
Registrar or Transfer Agent shall resign, or if the City shall
reasonably determine that the Paying Agent, Registrar or Transfer
Agent has become incapable of fulfilling his or her duties
hereunder, the City may, upon notice mailed to the registered
owners of the Bonds at the addresses shown on the registration
books of the City, appoint a successor paying agent, registrar or
transfer agent. Every such successor paying agent, registrar or
transfer agent shall be a bank or trust company located in the
State of Colorado having a capital and surplus of not less than
$5, 000,000. It shall not be required that the same institution
serve as paying agent, registrar and transfer agent, but the City
shall have the right to have the same institution serve as paying
agent, registrar and transfer agent.
10. Replacement of Bonds. If any Bond shall have been
lost, destroyed or wrongfully taken, the City shall provide for
the replacement thereof in the manner set forth and upon receipt
of the evidence, indemnity bond and reimbursement for expenses
provided in Ordinance No. 80, 1984.
11. Recitals in Bonds. Each Bond shall recite that it
is issued under the authority of the Constitution, the Charter of
the City, the Act and this Ordinance. The Act provides that such
recital conclusively imparts full compliance with all of the
provisions and limitations thereof and that the Bonds containing
such recital are incontestable for any cause whatsoever after
their delivery for value.
12 . Form of Bonds. The Bonds shall be in
substantially the following form:
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[Form of Bond]
(Text of Face)
UNITED STATES OF AMERICA
STATE OF COLORADO COUNTY OF LARIMER
CITY OF FORT COLLINS
GENERAL OBLIGATION WATER REFUNDING AND IMPROVEMENT BOND
SERIES 1986
No. R- $
Interest Maturity Original
Rate Date Date CUSIP
December 1, August 1, 1986
REGISTERED OWNER:
PRINCIPAL SUM:
The City of Fort Collins, in the County of Larimer and
State of Colorado, for value received, hereby acknowledges itself
indebted and promises to pay to the Registered Owner (specified
above) , or registered assigns, the Principal Sum (specified
above) , in lawful money of the United States of America, on the
Maturity Date (specified above) , with interest thereon from
August 1, 1986, or the interest payment date to which interest
has been paid next preceding the date hereof, whichever is later,
to the Maturity Date, except if redeemed prior thereto, at the
per annum Interest Rate (specified above) , payable semiannually
on the 1st day of June and the 1st day of December of each year,
commencing on December 1, 1986, or the first such date after the
date hereof, whichever is later, in the manner provided herein.
If upon presentation at maturity payment of the Principal Sum is
not made as provided herein, interest thereon continues at the
Interest Rate until the Principal Sum is paid in full .
Bonds of this issue maturing in the years 1986 through
1995 are not subject to optional redemption prior to their
respective maturity dates. Bonds of this issue maturing in the
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year 1996 and thereafter are subject to optional redemption prior
to their respective maturity dates, in whole or in part in
inverse order of maturity and by lot within a maturity, on
December 1, 1995, and on any interest payment date thereafter at
a price equal to the principal amount of each Bond so redeemed
plus accrued interest thereon to the redemption date plus a
premium expressed as a percentage of the principal amount of each
Bond so redeemed, depending on the redemption date, as follows:
Redemption Date Premium
December 1, 1995 and June 1, 1996 2 . 5%
December 1, 1996 and June 1, 1997 2 .0
December 1, 1997 and June 1, 1998 1 .5
December 1, 1998 and June 1, 1999 1 . 0
December 1, 1999 and June 1, 2000 0. 5
December 1, 2000 and Thereafter None
Bonds of this issue maturing in the year 2009 are also
subject to mandatory sinking fund redemption prior to their
maturity date, by lot, on the dates specified below at a price
equal to the principal amount of each Bond so redeemed plus
accrued interest thereon to the redemption date. Such Bonds are
to be redeemed on December 1 in the following years in the
following aggregate principal amounts:
Years Principal Amounts
2005 $29150,000
2006 2,315,000
2007 700,000
2008 750,000
2009 815,000
Bonds of this issue which are redeemable prior to their
respective maturity dates may be redeemed in part if issued in
denominations which are integral multiples of $5,000. In such
case the Bond is to be surrendered in the manner provided for
transfers of ownership. Upon payment of the redemption price the
Registered Owner is to receive a new Bond or Bonds of authorized
denominations in aggregate principal amount equal to the
unredeemed portion of the Bond surrendered.
Notice of redemption of any Bonds of this issue is to
be given by the paying agent in the name of the City by sending a
copy of such notice by certified or registered first-class
postage prepaid mail, at least thirty (30) days prior to the
redemption date, to Chemical Bank, New York, New York, and to the
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registered owner of each of the Bonds being redeemed determined
as of the close of business on the day preceding the first
mailing of such notice at the address appearing on the
registration books of the City. Such notice is to specify the
number or numbers of the Bonds to be redeemed, whether in whole
or in part, and the date fixed for redemption and is further to
state that on the redemption date there will be due and payable
upon each Bond or part thereof so to be redeemed the principal
amount or part thereof plus accrued interest thereon to the
redemption date plus any premium due and that from and after such
date interest will cease to accrue. Failure to mail any notice
as aforesaid or any defect in any notice so mailed with respect
to any Bond does not affect the validity of the redemption
proceedings with respect to any other Bond.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE HEREOF.
The full faith and credit of the City of Fort Collins,
in the County of Larimer and State of Colorado, is hereby pledged
for the punctual payment of the principal of and interest on this
Bond.
IN WITNESS WHEREOF, the City of Fort Collins, Colorado,
has caused this Bond to be executed in its name and on its behalf
with the facsimile signature of the Mayor of the City, to be
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sealed with a facsimile of the seal of the City, to be attested
with the facsimile signature of the City Clerk of the City, and
to be countersigned with the manual signature of the Finance
Director or Acting Finance Director of the City.
CITY OF FORT COLLINS, COLORADO
(FACSIMILE) By: (Facsimile Signature)
( SEAL ) Mayor
ATTEST:
(Facsimile Signature)
City Clerk
Countersigned:
(Manual Signature)
Finance Director or Acting
Finance Director
DATED:
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ABBREVIATIONS
The following abbreviations, when used in the
inscription on the face of this Bond, shall be construed as
though they were written out in full according to applicable laws
or regulations.
TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with the right of
survivorship and not as tenants in common
UNIF GIFT MIN ACT - Custodian
(Cust) (Minor)
under Uniform Gifts to Minors Act
(State)
Additional abbreviations may also be used
though not on the above list.
D2703 52 07/16/86
A �.
(Text of Reverse)
The principal of, interest on, and any premium due in
connection with the redemption of this Bond are payable to the
Registered Owner by the Finance Director of the City, or his
successors, as paying agent. The principal and the final
installment of interest are payable to the Registered Owner upon
presentation and surrender of this Bond at maturity or upon prior
redemption. Except as hereinbefore or hereinafter provided, the
interest is payable to the Registered Owner determined as of the
close of business on the regular record date, which is to be the
fifteenth day of the calendar month next preceding the interest
payment date, irrespective of any transfer of ownership hereof
subsequent to the regular record date and prior to such interest
payment date, by check or draft mailed to the Registered Owner at
the address appearing on the registration books of the City. Any
interest hereon not paid when due and any interest hereon
accruing after maturity is payable to the Registered Owner
determined as of the close of business on the special record
date, which is to be fixed by the paying agent for such purpose,
irrespective of any transfer of ownership of this Bond subsequent
to such special record date and prior to the date fixed by the
paying agent for the payment of such interest, by check or draft
mailed as aforesaid. Notice of the special record date and of
the date fixed for the payment of such interest is to be given by
sending a copy thereof by certified or registered first-class
postage prepaid mail, at least ten ( 10) days prior to the special
record date, to Chemical Bank, New York, New York, and to the
registered owner of each Bond upon which interest will be paid
determined as of the close of business on the day preceding such
mailing at the address appearing on the registration books of the
City. Any premium is payable to the Registered Owner upon
presentation and surrender of this Bond upon prior redemption.
This Bond is one of a series issued by the City of Fort
Collins, Colorado, for the purpose of refunding, paying and
discharging certain valid outstanding general obligation water
bonds of the City and acquiring, constructing and installing
improvements to the existing water system of the City pursuant
to, by virtue of, and in full conformity with the Constitution of
the State of Colorado, the Charter of the City, part 1 of article
56 of title 11, Colorado Revised Statutes, as amended, and all
other laws of the State of Colorado thereunto enabling, and
pursuant to an ordinance of the City duly adopted prior to the
issuance of this Bond. The foregoing recital conclusively
imparts full compliance with all of the provisions and
limitations of the above-cited statute, and said statute provides
that this Bond is incontestable for any cause whatsoever after
its delivery for value.
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It is further hereby recited, certified and warranted
that the total indebtedness of the City, including that of this
Bond, does not exceed any constitutional, charter or statutory
limitation of the State of Colorado or of the City; that
provision has been made for the levy and collection of a direct
annual tax on all the taxable property within the City and that
the net revenues derived from the operation of the water system
of the City have been pledged in amounts sufficient to pay the
principal of and interest on this Bond as the same become due;
and that this Bond constitutes a first lien (but not necessarily
an exclusive first lien) on said net revenues.
Reference is hereby made to the ordinance of the City
authorizing the issuance of this Bond, and to any and all
modifications thereof and amendments thereto, for a description
of the provisions, terms and conditions upon which this Bond is
issued and secured, including, without limitation, definition of
terms used herein, the nature and extent of the security for this
Bond, provisions with respect to the application of the proceeds
of this Bond, the rights, duties and obligations of the City and
the members of its Council, and the rights of the Registered
Owner.
This Bond is transferable only upon the registration
books of the City by the City Clerk, or her successors, as
transfer agent, at the request of the Registered Owner or his,
her or its duly authorized attorney-in-fact or legal
representative, upon surrender hereof together with a written
instrument of transfer duly executed by the Registered Owner or
his, her or its duly authorized attorney-in-fact or legal
representative with guaranty of signature satisfactory to the
transfer agent, containing written instructions as to the details
of the transfer, along with the social security number or federal
employer identification number of the transferee and, if the
transferee is a trust, the names and social security numbers of
the settlors and beneficiaries of the trust. The transfer agent
is not required to transfer ownership of this Bond during the
fifteen (15) days prior to the first mailing of any notice of
redemption or to transfer ownership of any Bond selected for
redemption on or after the date of such mailing. The Registered
Owner may also exchange this Bond for another Bond or Bonds of
authorized denominations. Transfers and exchanges are to be made
without charge, except that the transfer agent may require
payment of a sum sufficient to defray any tax or other
governmental charge that may hereafter be imposed in connection
with any transfer or exchange of Bonds. No transfer of this Bond
is to be effective until entered on the registration books of the
City. In the case of every transfer or exchange, the transfer
agent is to deliver to the new registered owner a new Bond or
Bonds of the same aggregate principal amount, maturing in the
same year, and bearing interest at the same per annum rate as the
D2703 54 07/16/86
Bond or Bonds surrendered. Such Bond or Bonds are to be dated as
of their date of execution by the Finance Director or Acting
Finance Director of the City. The City may deem and treat the
person in whose name this Bond is last registered upon the books
of the City as the absolute owner hereof for the purpose of
receiving payment of the principal of, interest on, and any
premium due in connection with the redemption of this Bond and
for all other purposes, and all such payments so made to such
person or upon his, her or its order will be valid and effective
to satisfy and discharge the liability of the City upon this Bond
to the extent of the sum or sums so paid, and the City will not
be affected by any notice to the contrary.
D2703 55 07/16/86
• � �
(Assignment)
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned sells, assigns and
transfers unto
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE
(Name and Address of Assignee)
the attached Bond and does hereby irrevocably constitute and
appoint , , , or its
successors, to transfer said Bond on the books kept for
registration thereof.
Dated:
Signature guaranteed:
(Bank, Trust Company or Firm)
NOTICE: The signature to this
assignment must correspond
with the name of the
Registered Owner as it appears
upon the face of the attached
Bond in every particular
without alteration or
enlargement or any change
whatever.
[End of Form of Bond]
D2703 56 07/16/86
f
13 . Disposition of Bonds and Proceeds. The Bonds,
when executed as provided herein, shall be delivered by the City
to the Purchaser upon receipt of full payment therefor in
accordance with the Bond Purchase Agreement.
Interest accrued on the Bonds from the date thereof to
the delivery date thereof shall be applied to the payment of
interest first due on the Bonds. The original proceeds of the
Bonds, exclusive of accrued interest, shall be used for the
purposes stated herein and for no other purposes, provided,
however, that any portion of the Bond proceeds may be temporarily
invested pending such use, with such temporary investment to be
made consistent with the covenant hereinafter made concerning
arbitrage bonds. Neither the Purchaser nor any subsequent owner
of the Bonds shall be in any way responsible for the application
of the proceeds of the Bonds by the City or any of its officers.
14. Escrow Fund. A special fund is hereby created and
designated as the "City of Fort Collins, General Obligation Water
Refunding and Improvement Bonds, Series 1986, Escrow Fund" (the
Escrow Fund) . A portion of the original proceeds of the Bonds,
exclusive of accrued interest, shall be deposited in the Escrow
Fund as provided in the Escrow Agreement. The City shall
purchase the bills, certificates of indebtedness, notes, bonds or
similar securities which are direct obligations of, or the
principal and interest of which obligations are unconditionally
guaranteed by, the United States of America (Federal Securities)
in which the moneys in the Escrow Fund are to be invested and
fund the required cash balance as provided in the Escrow
Agreement and in accordance with the proposal submitted by the
Purchaser. The Escrow Fund shall be maintained in an amount at
the time of the deposit therein, and at all times subsequently,
at least sufficient, together with the known minimum yield to be
derived from the investment of the deposits therein or any part
thereof in Federal Securities, to pay the principal of, interest
on, and any premium due in connection with the redemption of the
Prior Issues as the same become due at maturity or upon prior
redemption. Moneys shall be withdrawn by the Escrow Bank from
the Escrow Fund in sufficient amounts and at times to permit the
payment of the principal of, interest on, and any premium due in
connection with the redemption of the Prior Issues at maturity or
upon prior redemption. Any moneys remaining in the Escrow Fund
after provision has been made for the redemption of the Prior
Issues shall be applied to any lawful purposes of the City as the
Council may hereafter determine. If for any reason the amount in
the Escrow Fund shall at any time be insufficient for the
purposes hereinbefore set forth, the City shall forthwith from
the first moneys available therefor deposit therein such
additional moneys as shall be necessary to permit the payment in
full of the principal of, interest on, and any premium due in
D2703 57 07/16/86
connection with the redemption of the Prior Issues as herein
provided.
15. Redemption of Certain Bonds or Prior Issues;
Notices of Refunding and Redemption of Prior Issues. The City
hereby exercises its option to redeem the bonds of the 1982 Issue
maturing in the year 1998 and thereafter, prior to their
respective maturity dates, on December 1, 1997, at a price equal
to the principal amount of each bond of the 1982 Issue so
redeemed plus accrued interest thereon to the redemption date.
The paying agent for the 1982 Issue is hereby authorized and
directed to give forthwith and again no later than October 31,
1997, notice of refunding and redemption of the bonds of the 1982
Issue. The notice of refunding and redemption of the bonds of
the 1982 Issue shall be given by publication of such notice at
least once in The Coloradoan, a newspaper of general circulation
in the City, and by sending a copy of such notice by certified or
registered first-class postage prepaid mail to Boettcher &
Company, Inc. , Denver, Colorado, and to the holders of each of
the bonds of the 1982 Issue if the names and addresses of such
holders and the numbers of their bonds are recorded with the City
Clerk. The notice of refunding and redemption of the bonds of
the 1982 Issue shall be in substantially the following form:
D2703 58 07/25/86
.�.. .�,
[Form of Notice]
NOTICE OF REFUNDING AND REDEMPTION
OF
CITY OF FORT COLLINS, COLORADO
GENERAL OBLIGATION WATER BONDS
SERIES 1982
DATED DECEMBER 1, 1982 - $4, 100,000
NOTICE IS HEREBY GIVEN to the holders of all
outstanding City of Fort Collins, Colorado, General Obligation
Water Bonds, Series 1982, dated December 1, 1982, in the original
aggregate principal amount of $4, 100,000 (the 1982 Issue) , that
the City of Fort Collins, Colorado (the City) , has issued General
Obligation Water Refunding and Improvement Bonds, Series 1986,
dated August 1, 1986, in the aggregate principal amount of
$33,030,000, and deposited a portion of the proceeds thereof in
escrow with First Interstate Bank of Fort Collins, N.A. , Fort
Collins, Colorado, which proceeds have been invested in bills,
certificates of indebtedness, notes or bonds which are direct
obligations of, or the principal and interest of which
obligations are unconditionally guaranteed by, the United States
of America for the payment of the principal of and interest on
the 1982 Issue as the same become due at maturity or upon prior
redemption.
According to a report pertaining to such escrow
prepared by a firm of certified public accountants licensed to
practice in Colorado, the escrow, including the known minimum
yield from such investments, is fully sufficient at the time of
the deposit and at all times subsequently, to pay the principal
of and interest on the 1982 Issue as such payments become due at
maturity or upon prior redemption.
NOTICE IS FURTHER HEREBY GIVEN that the City has
exercised its option to redeem bonds of the 1982 Issue numbered
321 through 820, maturing in the year 1998 and thereafter, prior
to their respective maturity dates, on December 1, 1997, at a
price equal to the principal amount of each bond of the 1982
Issue so redeemed plus accrued interest thereon to the redemption
date.
On the redemption date there will become and will be
due and payable upon each bond of the 1982 Issue so to be
redeemed the principal amount of each bond of the 1982 Issue so
redeemed plus accrued interest thereon to the redemption date and
from and after the redemption date interest will cease to accrue.
D2703 59 07/16/86
Each such bond of the 1982 Issue will be redeemed on or after the
redemption date upon presentation and surrender thereof.
DATED this day of 19_
FIRST INTERSTATE BANK OF
FORT COLLINS, N.A.
Authorized Officer
[End of Form of Notice]
D2703 60 07/16/86
The City hereby exercises its option to redeem the
bonds of the 1984 Issue maturing in the year 1995 and thereafter,
prior to their respective maturity dates, on December 1, 1994, at
a price equal to the principal amount of each bond of the 1984
Issue so redeemed plus accrued interest thereon to the redemption
date plus a premium equal to 2 . 5% of the principal amount of each
bond of the 1984 Issue so redeemed. The paying agent for the
1984 Issue is hereby authorized and directed to give forthwith
and again no later than October 31, 1994, notice of refunding and
redemption of the bonds of the 1984 Issue. The notice of
refunding and redemption of the bonds of the 1984 Issue shall be
given by sending a copy of such notice by certified or registered
first-class postage prepaid mail to Northern Trust Company,
Chicago, Illinois, and to the registered owners of each of the
bonds of the 1984 Issue determined as of the close of business on
the day preceding the first mailing of such notice at the address
appearing on the registration books of the City. The notice of
refunding and redemption of the bonds of the 1984 Issue shall be
in substantially the following form:
D2703 61 07/16/86
[Form of Notice]
NOTICE OF REFUNDING AND REDEMPTION
OF
CITY OF FORT COLLINS, COLORADO
GENERAL OBLIGATION WATER BONDS
SERIES 1984
DATED NOVEMBER 1, 1984 - $7, 750, 000
NOTICE IS HEREBY GIVEN to the registered owners of all
outstanding City of Fort Collins, Colorado, General Obligation
Water Bonds, Series 1984, dated November 1, 1984, in the original
aggregate principal amount of $7, 750,000 (the 1984 Issue) , that
the City of Fort Collins, Colorado (the City) , has issued General
Obligation Water Refunding and Improvement Bonds, Series 1986,
dated August 1, 1986, in the aggregate principal amount of
$33,030,000, and deposited a portion of the proceeds thereof in
escrow with First Interstate Bank of Fort Collins, N.A. , Fort
Collins, Colorado, which proceeds have been invested in bills,
certificates of indebtedness, notes or bonds which are direct
obligations of, or the principal and interest of which
obligations are unconditionally guaranteed by, the United States
of America for the payment of the principal of, interest on, and
any premium due in connection with the redemption of the 1984
Issue as the same become due at maturity or upon prior
redemption.
According to a report pertaining to such escrow
prepared by a firm of certified public accountants licensed to
practice in Colorado, the escrow, including the known minimum
yield from such investments, is fully sufficient at the time of
the deposit and at all times subsequently, to pay the principal
of, interest on, and any premium due in connection with the
redemption of the 1984 Issue as such payments become due at
maturity or upon prior redemption.
NOTICE IS FURTHER HEREBY GIVEN that the City has
exercised its option to redeem in whole the bonds of the 1984
Issue numbered through , maturing in the year 1995 and
thereafter, prior to their respective maturity dates, on
December 1, 1994, at a price equal to the principal amount of
each bond of the 1984 Issue so redeemed plus accrued interest
thereon to the redemption date plus a premium equal to 2 . 5% of
the principal amount of each bond of the 1984 Issue so redeemed.
On the redemption date there will become and will be
due and payable upon each bond of the 1984 Issue so to be
redeemed the principal amount of each bond of the 1984 Issue so
redeemed plus accrued interest thereon to the redemption date
D2703 62 07/16/86
r
plus a premium equal to 2 . 5% of the principal amount of each bond
of the 1984 Issue so redeemed and from and after the redemption
date interest will cease to accrue. Each such bond of the 1984
Issue will be redeemed on or after the redemption date upon
presentation and surrender thereof.
DATED this day of 19_.
CITY OF FORT COLLINS, COLORADO
Finance Director or Acting
Finance Director
[End of Form of Notice]
D2703 63 07/16/86
16. Water Fund. A portion of the original proceeds of
the Bonds, exclusive of accrued interest, shall also be deposited
in the Water Fund of the City (the Water Fund) . Bond proceeds so
deposited shall be withdrawn and expended for the purpose of
acquiring, constructing and installing the Improvements to the
Water System. Any Bond proceeds remaining in the Water Fund
after completion of the Improvements to the Water System shall be
applied to any lawful purposes of the City as the Council may
hereafter determine.
17 . Pledge of Ad Valorem Taxes and Water Revenues. If
required, the principal and interest to become due on the Bonds
in 1986 shall be advanced from any revenues or funds of the City
lawfully available therefor. For the purpose of reimbursing any
such advance and also for the purpose of paying the principal of
and interest on the Bonds as the same become due and payable the
Council shall annually fix and certify a rate of levy for ad
valorem taxes to the Board of County Commissioners of Larimer
County, Colorado, which taxes, when levied on all of the taxable
property in the City, in each of the years 1986 to 2008,
inclusive, will raise ad valorem tax revenues sufficient to make
such reimbursement and to pay such Bond principal and interest as
the same become due. In the event any of said levies shall fail
to produce an amount sufficient to pay the principal of and
interest on the Bonds becoming due in the next succeeding year,
the deficit shall be made up in the next levy, and taxes shall be
levied until the principal of and interest on the Bonds shall be
paid in full.
In addition to the provision for tax levies for the
payment of the Bonds, the City hereby irrevocably pledges to pay
the principal of and the interest on the Bonds from the net
revenues of the Water System. The City hereby reserves the right
to secure, without restriction, any water bonds and water
refunding bonds of the City hereafter issued equally and ratably
with the Bonds. The City also hereby commits itself to fix and
annually to maintain rates, fees, tolls, and charges for water
and services furnished by the Water System which, together with
other moneys legally available therefor, will be sufficient to
pay operation and maintenance expenses of the Water System and
the principal of and interest on all bonds and other obligations
of the City pertaining to the Water System, as they respectively
become due, and for the other payments required by Art. IX,
Section 6 of the Charter of the City. The term "net revenues" as
used herein refers to the gross revenues of the Water System
(including any supplemental user fees) after the payment of
operation and maintenance expenses. The term "operation and
maintenance expenses" as used herein means all current reasonable
and necessary expenses of operating, maintaining and repairing
the Water System, but does not include any allowance for
depreciation or capital replacements and improvements. The term
D2703 64 07/25/86
"Water System" as used herein includes not only the property
comprising the Water System of the City at the present time, but
all additions and betterments thereto and improvements and
extensions thereto which may hereafter be acquired, constructed
or installed by the City.
It shall be the duty of the Council annually at the
time and in the manner provided by law, if such action shall be
necessary to effectuate the provisions of this Ordinance, to
ratify and carry out the provisions hereof with reference to the
levy and collection of the ad valorem taxes and the imposition,
administration, enforcement and collection of the water rates,
fees, tolls and charges, all as herein specified, and to require
the officers of the City to levy, extend and collect said ad
valorem taxes in the manner provided by law and to impose,
administer, enforce and collect said water rates, fees, tolls and
charges for the purpose of providing funds for the payment of the
operation and maintenance expenses of the Water System and the
payment of the principal of and interest on the Bonds as the same
become due.
18. Use of Water Fund. Interest accrued on the Bonds
from the date thereof to the delivery date thereof and all ad
valorem taxes and water revenues, when collected, shall be
deposited in the Water Fund. From any moneys on deposit in the
Water Fund or, if required, from any other unrestricted fund of
the City, the City shall pay each maturing installment of
principal and interest on the Bonds and any other obligations
issued and payable from the Water Fund until the Bonds, both
principal and interest, shall be fully paid, satisfied and
discharged. Nothing herein contained shall be so construed as to
prevent the City from committing and applying any other funds or
revenues that may now or hereafter be in the possession of the
City and legally available for the purpose of payment of the
principal of and interest on the Bonds. The Water Fund shall be
maintained as a sinking fund for the mandatory redemption of
Bonds maturing in the year 2009. Any mandatory sinking fund
redemption shall be treated as a maturing installment of
principal for purposes of this Section 18.
19. Arbitrage. The City shall make no investment or
other use of the proceeds of the Bonds at any time during the
term thereof which, if such investment or other use had been
reasonably expected on the date the Bonds are issued, would have
caused the Bonds to be arbitrage bonds within the meaning of
Section 103(c) of the Internal Revenue Code of 1954, as amended,
and the regulations promulgated thereunder by the United States
Treasury Department.
20. Covenants. The City covenants that so long as any
of the Bonds remain outstanding and unpaid:
D2703 65 07/16/86
(a) It will continue to operate and manage the
Water System in an efficient and economical manner and
keep and maintain separate accounts of the receipts and
disbursements thereof in such manner that the revenues
thereof may at all times be readily and accurately
determined.
(b) It will not sell or alienate any of the
property constituting all or any part of the Water
System in any manner or to any extent as might reduce
the security provided for the payment of the Bonds, but
the City may sell any portion of such property which
shall have been replaced by other similar property of
at least equal value or which shall cease to be
necessary for the efficient operation of the Water
System.
(c) The rates, fees, tolls and charges for all
services rendered by the Water System to the City and
to its inhabitants and to all consumers within or
without the boundaries of the City shall be reasonable
and just, taking into account and consideration the
cost and value of the Water System and the proper and
necessary allowance for the depreciation thereof and
the amounts necessary for the retirement of all bonds
and other securities or obligations payable from the
revenues of the Water System and the interest thereon.
(d) There shall be charged against all purchasers
of service such rates, fees, tolls, and charges as
shall be adequate to meet the requirements of this
Ordinance.
(e) The City shall cause all rates, fees, tolls
and charges appertaining to the Water System to be
collected as soon as reasonable, shall prescribe and
enforce rules and regulations for the payment thereof
and for- the connection with and the disconnection from
properties of the Water System, and shall provide
methods of collection and penalties, including but not
limited to denial of service for non-payment of such
rates, fees, tolls and charges to the end that net
revenues of the Water System shall be adequate to meet
the requirements hereof.
(f) At regular periods each year it will render
bills for water services furnished. Until paid, all
water rates, fees, tolls and charges shall constitute a
lien on the property served, and the City shall take
whatever action is legally permissible promptly to
D2703 66 07/16/86
•
enforce and collect delinquent water rates, fees, tolls
and charges and to enforce said liens.
(g) At least once each year it will furnish the
Purchaser with a complete statement of the receipts and
disbursements of and for the Water System for the
fiscal year immediately preceding such statement.
(h) It will carry workmen' s compensation, public
liability and other forms of insurance on insurable
Water System property in such amounts as is customarily
carried on prudently operated systems of like
character.
21 . Appropriation of Sums. The sums hereinbefore
provided to pay the principal of and interest on the Bonds, when
due, are hereby appropriated for that purpose, and said amounts
for each year shall be included in the annual budget and the
appropriations ordinance, resolution, or measures to be adopted
or passed by the Council in each year while any of the Bonds
remain outstanding and unpaid.
22 . Defeasance. When all of the principal of, the
interest on, and any premium due in connection with the
redemption of the Bonds have been duly paid, all obligations
hereunder shall thereby be discharged and the Bonds shall no
longer be deemed to be outstanding. There shall be deemed to be
such due payment when the City has placed in escrow or in trust
with a trust bank located within the State of Colorado Federal
Securities in an amount sufficient (including the known minimum
yield available for such purpose from Federal Securities in which
such amount may wholly or in part be initially invested) to pay
all principal of, interest on, and any premium due in connection
with the redemption of the Bonds. The Federal Securities shall
become due prior to the respective times at which the proceeds
thereof shall be needed in accordance with a schedule established
and agreed upon between the City and such bank at the time of the
creation of the escrow or trust, or the Federal Securities shall
be subject to redemption at the option of the owner thereof to
assure such availability as so needed to meet such schedule.
Nothing herein shall be construed to prohibit a partial
defeasance of the Bonds in accordance with the provisions hereof.
23 . Rights and Immunities. Except as herein otherwise
expressly provided, nothing herein expressed or implied is
intended or shall be construed to confer upon or to give to any
person, other than the City and the registered owners from time
to time of the Bonds, any right, remedy or claim under or by
reason hereof or any covenant, condition or stipulation hereof.
All the covenants, stipulations, promises and agreements herein
contained by and on behalf of the City shall be for the sole and
D2703 67 07/16/86
exclusive benefit of the City and any registered owner of the
Bonds.
No recourse shall be had for the payment of the
principal of, interest on, or any premium due in connection with
the redemption of the Bonds or for any claim based thereon or
otherwise upon this Ordinance, or any other instrument pertaining
hereto, against any individual member of the Council or any
officer or other agent of the City, past, present or future,
either directly or indirectly through the City, or otherwise,
whether by virtue of any constitution, charter, statute or rule
of law, or by the enforcement of any penalty or otherwise, all
such liability, if any, being by the acceptance of the Bonds and
as a part of the consideration of their issuance specially waived
and released.
24. Ratification. All action not inconsistent with
the provisions of this Ordinance heretofore taken by the City or
its officers and otherwise by the City directed toward the
issuance and delivery of the Bonds is hereby ratified, approved
and confirmed.
25. Facsimile Signatures. Pursuant to the Uniform
Facsimile Signature of Public Officials Act, part 1 of article 55
of title 11, Colorado Revised Statutes, as amended, the Mayor and
the City Clerk shall forthwith, and in any event prior to the
time the Bonds are delivered to the Purchaser, file with the
Colorado Secretary of State their manual signatures certified by
them under oath.
26. Authorized Action. The officers of the City are
hereby authorized and directed to enter into such agreements and
take all action necessary or appropriate to effectuate the
provisions of this Ordinance and to comply with the requirements
of law, including without limiting the generality of the
foregoing:
a. The printing of the Bonds, including the
printing upon each of such Bonds of a copy of the
approving legal opinion of Ballard, Spahr, Andrews &
Ingersoll, bond counsel, duly certified by the City
Clerk, and, if necessary or desirable pending delivery
of printed Bonds, the preparation of one or more
temporary typewritten Bonds in an aggregate principal
amount equal to that of the Bonds, otherwise in
substantially the same form and bearing the same terms,
to be delivered to the Purchaser and thereafter to be
exchanged by the Purchaser for printed Bonds when the
same are received by the City;
D2703 68 07/16/86
4
x
b. The preparation of preliminary and final
official statements for the use of prospective
purchasers of the Bonds, including the Purchaser and
its associates, if any;
C. The execution of the Escrow Agreement and
such certificates as may reasonably be required by the
Purchaser relating to the signing of the Bonds; the
tenure and identity of the City officials; the assessed
valuation and indebtedness of the City; if in
accordance with the facts the absence of litigation,
pending or threatened, affecting the validity of the
Bonds; the exemption of interest on the Bonds from
federal and State of Colorado income taxation, and
receipt of the Bond purchase price and of the Bonds;
d. The making of various statements, recitals,
certifications and warranties provided in the form of
Bond set forth in this Ordinance; and
e. The payment of the interest on the Bonds as
the same shall become due and the principal of the
Bonds at maturity or upon prior redemption without
further warrant or order.
27. Ordinance Irrepealable. This Ordinance is, and
shall constitute, a legislative measure of the City, and after
the Bonds are issued and outstanding, this Ordinance shall
constitute a contract between the City and the registered owners
of the Bonds, and shall be and remain irrepealable until the
principal of and interest on the Bonds shall have been fully
paid, satisfied and discharged.
28. Statutory Limitations Met. The Council hereby
determines that the provisions and limitations of the Act and any
other applicable law imposed on the issuance of the Bonds have
been met.
29. Repealer. All acts, orders, resolutions,
ordinances, or parts thereof taken by the City in conflict with
this Ordinance are hereby repealed, except that this repealer
shall not be construed so as to revive any act, order,
resolution, ordinance, or part thereof heretofore repealed.
30. Inconsistent Provisions of Act Superseded. Any
inconsistency between the provisions of this Ordinance and those
of the Act is intended by the Council . To the extent of any such
inconsistency the provisions of this Ordinance shall be deemed
made pursuant to the Charter of the City and shall supersede to
the extent permitted by law the conflicting provisions of the
Act.
D2703 69 07/16/86
31. Severability . If any paragraph , clause or
provision of this Ordinance is judicially adjudged invalid or
unenforceable, such judgment shall not affect, impair or
invalidate the remaining paragraphs, clauses or provisions
hereof, the intention being that the various paragraphs,
clauses or provisions hereof are severable.
Introduced, considered favorably on first reading, and
ordered published this 1st day of July, A.D. 1986, and to be
presented for final passage on the 15th day of July, A.D. 1986.
ayo
ATTEST:
City Clerk
READ, AMENDED, FINALLY PASSED AS AMENDED ON SECOND
READING, AND ORDERED PUBLISHED ONCE BY NUMBER AND TITLE ONLY
this 15th day of July, A.D. 1986.
Ma or
ATTEST:
City Clerk
D2703 70 07/16/86