HomeMy WebLinkAbout100 - 08/18/1981 - AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PARK BONDS DATED SEPTEMBER 1, 1981, IN THE AGGREGATE r
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ORDINANCL NO }00 , 1981
AN ORDINAULE AUrHORI7ING THE ISSUANCE OF
CITY OF rORT COLLINS, COLORADO, GENERAL
OBLIGATION PART. BONDS , D47ED SEPTCIBER 1,
1981 , IN THE AGGREGATE PRINCIPAL AMOUNT
01 $3 , 000 , 000 , FOR THE PURPOSE OF
ACQUIRING , DEVELOPING , REDLVELOPING ,
EXPANDING , IMPROVING, LkNDSCAPING , AND
EQUIDPING POPTIONS OF THE PUBLIC PAP,
SYSTEM OF THE CITY
1vHEREAS , at ar election duly called and held _- the City of Fort
Collins , Colorado ( the City) , on April 7, 1981, there was submitted to
the registered qualif,ed electors of the City the question of issuing
general obligation park bonds in an aggregate principal amount not to
eAceed $5 , 065 , 000 , and
lvdEREAS , the results of sa-d election were duly canvassed by the
Board of Elections of the City on April 10 , 1981 , and
AHEREAS , a majority OF the votes cast on said question were 1n
favor of issuance of said bonds , and
WHEREAS , pursuant to ResoluLion No 81- 88 the Council has
heretofore auLhorized she piblication and mailing of OfFicial Notice
of Bond Sale with respect to City of rort Collins , Colorado , General
Obligation Part. Bonds , dated September 1 , 1g81 , in the aggregate
principal &,noun, of $3 , 000 , 000 ( thc Bonus) , and
WHEREAS, sealed bids for the Bonds were received and opened by the
City Finance Dirceuor on August 4 , 1981 , and it was determined that
First bat-ional of Chicago_ ,
( the Purchaser ) , was the lowes� and best bidder
Therefor , end
WdLREPS , it is now necessary that thn Council of the City ( the
Council) award the sale of she Bonds to the Purchaser and Guthorize
the issuarcc of the Bonds .n conform_ty with thr Purchaser ' s bid
BE IT ORDPINLD B1 THE COUNCIL OF 7HF CIrY OF FORT COLLINS,
COLORADO, AS FOLLOWS
1 the eon�raeL for he purchase of the. Pond is hereby awarded
to hr Purchaser at the price spcciFied in she Ourchascr ' s bid and
iriro, hL Lt-rms set foi th in th_s Ord ins rjcc.
2 FOI the purpo� c of dcfiavirg , .n wholes or in part , �hc cost
nr cC01111 nrl , 0c--clnL,trS , rcdcvrloo, rg , r } pa-id _rg , impiov_rg ,
La^d ° Ca int c id e 1- '1nC f
P I l p1 3 1 .,rtLon � o_ Lh_ uu-)l C p-irl. of ,.hr
City, together with all necessary incidental and appurtenant
properties and facilities , and the costs incidental thereto , the City
shall issue its negotiable coupon General Obligation Park Bonds , dated
September 1 , 1981 , in the aggregate principal amount of $3 , 000 , 000 ,
consisting of 600 bonds in the denomination of $ 5 ,000 each , numbered 1
to 600 , inclusive , payable in lawful money of the United States of
America Said Bonds shall bear interest as evidenced by one set of
bearer interest coupons as herein set forth
The Bonds shall mature serially in regular numerical order on
September 1 in each of the following years and principal dmounts and
shall bear per annum coupon interest from September 1 , 1981, to the
maturity dates of the respective Bonds , except if redeemed prior
thereto , at the following coupon interest rates Said coupon interest
shall be payable March 1 , 1982 , and semiannually thereafter on the 1st
day of September and the 1st day of March of each year If upon
presentation at maturity payment of the principal amount of any Bond
is not made as provided herein , interest shall continue at the coupon
rate designated therein until payment of said principal amount is made
in full
Bonds numbered Per Annum
( both inclusive) Years Principal Amounts Coupon interest Rate
1 to 10 1982 $ 50 , 000 13 00%
11 to 22 1983 60 ,000 13 00/
23 to 35 1984 65 , 000 11 007
36 to 49 1985 70 , 000 13 00/s
50 to 64 1986 75 , 000 13 00%
65 to 81 1987 85, 000 13 00/.
82 to 100 1988 95 , 000 12 70%
101 to 120 1989 100 ,000 10 00C
121 to 142 1990 110 , 000 10 101,
143 to 167 1991 125,000 10 207
168 to 194 1992 135 , 000 10 30�
195 to 224 1993 150 ,000 10 45.
225 to 257 1994 165 , 000 10 6N
258 to 293 1995 180 ,000 10 704
294 to 333 1996 200 , 000 11 00q
334 to 377 1997 220 ,000 11 10'
378 to 425 1996 240 , 000 11 20 '
426 to 478 1999 265,000 11 30f
479 to 536 2000 290 , 000 11 40"
537 to 600 2001 320 ,000 11 00%
Bonds of this issue maturing in the years 1982 through 1991 are
not redeemable prior to their respective maturity dates Bonds of
this issue maturing in the years 1992 through 1994 are redeemable
prior to their respective maturity dates , at the option of the City,
on September 1 , 1991 , and on any interest payment date thereafter ,
upon payment of par , accrued interest, and a premium equal to one
percent (1 ) of the pr _nc.oal �rroiinL of the Bonds so redeemed Bonds
maturing in the year 1995 and thereafter are redeemable prior to their
respective maturity dates , at the option of the City, on September 1 ,
1991 , and on any interest payment date thereafter , upon payment of par
and accrued interest only All Bonds redeemable prior to their
respective maturity dates are redeemable in inverse ^_- _rical order
Notice of redemption shall be given by the- C.ty ClerF in the name
of the City by publication Of such notice at least --,e (1 ) time by one
(1 ) publication , such publication being not less than thirty ( 30 ) days
prior to the redemption date specified in such notice in The
Coloradoan , Fort Collins , Colorado , if then in business and
publishing , and if not , then in a newspaper of general circulation
published in the City, and in The Daily Bond Buyer , Now York, New
York, if then in business and publ-sh_ng , and if not , then in a
similar financial newspaper published in New York , New York, and by
sending a copy of such notice by certified or registered f.Lrst-class
postage prepaid mail , at least thirty (30 ) days prior to the
redemption date , to the folder of each of the Bonds being redeemed , if
the names and addresses of the Holders are recorded with the City
Clerk For this purpose , the Holdcr of any such Bond may at any time
furnish his name and address to the City Clerk
Stich notice shall specify the number or numbers of the Bonds to be
redeemed and the date fixed for redemption and shall further state
that on the redemption date there w.11 become due and payable upon
each Bond to be redeemed she principal amount thereof, accrued
interest on the principal anounu Of each Bond to the redemption date ,
and any premium payable on prior redemption , and that from and after
such date in_erest will cease to accrue 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 au or after maturity
3 The principal of , interest on , and any premium due in
connecLion wish the redorp,.ion of the Ponds shall be p-yable in lawful
money of the Uni , ed States of Amcrica wi , hou, dcducuinn for exchange
or e011cc,.lori charges , at lirsu Interstate Bark of Fort Collins , N A ,
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in Fort Collins , Colorado ( she Paying Pgent) , 'which is hereby
designated the paying agent for this bond issue
The maximum net eFfective interest rate for the Bonds of this
issue is 12o The actual net cffecuive interest rdtc for the Bonds of
this issue isll 065 2
The Bonds shall be general obligations of the r-- and shall be
payable from general ad valorem taxes except as tney may actually be
paid from other revenues as provided herein
4 The Bonds shall be signed 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 signed and attested with the facsimile
signature of the City Clerk, and shall be countersigned with the
manual signature of the City Finance Director , and each of the Bonds
shall have attached thereto coupons bearing the facsimile signature of
the Mayor , securing the payment of the interest accruing thereon as it
falls due Should any officer whose manual or facsimile signature
appears on the Bonds or the coupons thereto attached cease to be such
officer before delivery of the Bonds to the Purchaser , such manual or
facsimile signature shall nevertheless be valid and sufFicient for all
purposes
5 Said Bonds and the interest coupons attached thereto shall be
in substantially the following form
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J
[ corm of Bond]
UNTIED STATES OF AMERICA
STATE OF COLORADO COUNTY OF LARIMER
CITY OF FORT COLLINS
GFNLRAL OBLIGITION PARK BOND
No $5, 000
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 bearer hereof the principal stun of
FIVE THOUSAND DOLLARS
in lawful money of the United States of America, on the 1st day of
September , with interest thereon froT the date hereof to the
maturity date of this Bond , except if redeemed prior thereto, as
evidenced by one set of bearer interest coupons hereto attached at the
rate of and hundredths per centum (_ _% ) per
annum , payable March 1, 1982 , and semiannually thereafter on the 1st
day of September and the 1st day of March of each year The principal
of , interest on , and any premium due in connection w.th the redemption
of th-s Bond are payable , without deduction for exchange or collection
charges , at the office of First Interstate Bank of Fort Collins , N A ,
in Fort Collins , Colorado , upon preserLation and surrender of said
coupons and this Bond as they severally become due If upon
presentation at maturity payment of the principal amount of this Bond
is not made , interest shall continue at the coupon rate designated
therein until payment of said principal amount is made in Full
Bonds of this issue maturing in the years 1982 through 1991 are
not redeemable prior to their respective maturity dates Bonds o °
this issue maturing in the years 1992 through 1994 are reaecmablo
prior to their resp(_cLi,. P miturl �y dates , at the option of the City,
on September 1 , 1991 , and on interesu paymcn� daucs _hereafter , upon
payment of par , accrued inscrest , and a premium equal to one percent
( 1% ) of the principal amount of uhe F")nds so redccmeO Bolds maturing
in she year 1995 and thercaFLer arc redeemable prior uo their
respective matilriuy dates , at uhc ont_on OF _he City, on 4ep�ember 1 ,
1991 , and of m y in�crc �t payment d� tc LherpdF=e- , upon payment of par
-ind deeruCa 1nLcrCst Dnl } Ill Bo w s cdccm,bIc prior to their
res,)cctive ma , ur _ty ae �rs ,rc rcar, m blc an rse -,nmzr cal order
o ice vF ICdCnp:..un shall be y .ven oy the City Clerk �n Lhc name
of the Ci �y by publication of such notice at least one ( 1 ) time by one
( 1 ) publication , such publication being not less than thirty ( 30 ) days
prior to the redemption date speciFied in such notice in The
Coloradoan , Fort Collins , Coloraao , if then in business and
publishing , and if not, then in a newspaper of general c.rculatio-i
published in the City, and in The Daily Bond Buyer , New York, New
York, if then in business and publishing , and if rot , then in a
similar financial newspaper published in New York, New York, and 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 the Holder of each of the Bonds being redeemed , if
the names and addresses of the Holders arc recorded with the City
Clerk For this purpose , the Holder of any such Bond may at any time
furnish his name and address to the City Clerk
Such notice shall specify the number or numbers of the Bonds to be
redeemed and the date fixed for redemption and shall further state
that on the redemption date there will become due and payable upon
each Bond to be redeemed the principal amount thereof , accrued
interest on the principal amount of each Bond to the redemption date ,
and any premium payable on prior reaemption , and that from and after
such date interest will cease to accrue
This Bond .s one of a series issued by the Council of the City of
rort Collins , Colorado , for the purpose of providing funds to defray,
in whole or in part , the cost of acquiring , developing , redeveloping ,
expanding , _rrproving , landscap-ng ana equipping portions of the public
park sys,cm of the City, together with all necessary incidental and
appurtenant properties and facilities , and the costs inc.dental
thereto , by virtue of and in full conFormiuy with the Constitution of
uhe Statc of Colorado, the home rule charter of the C_�y, and all
o,hcr la.7s of the Statc of Colorado thcrcun ,o enabling , and pursuant
to an Ordinance of �hr� COur'C .1 duly adopted prior to the issuance of
,his Bona It is herby recited , CCrtiFied aid varran:eo that all the
requirements of law have been fully complica c,i ,h by she proper
orFiecrs of Lhc City in issuinq :his Bond
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1, �S fU, hcr hereby rcci ,cd , c.cr ificd and warrantea Lha, the
total indebtedness of said City, including that of this Bond , does not
exceed any constitutional , cnartcr or stauiitory limitation of the
Statc of Colorado , chat at a election lawfully held in the City on the
7th day of April , 1981 , the ";dance of this Bond was duly authorized
by the registered qualified electors of the Ciuy votinc at said
election , and that provision has been made for the levy and collection
of a direct annual tax upon all Laeablc property _n `_he City
sufFicient to pay the interest on and the principal of this Bond as
the same respectively become due
The full faith and credit of uhe City of Fort Collins , in the
County of Larimer and State of Colorado, is hereby pledged for the
payment of the principal of and interest on this Bond
IN WITNESS WHEREOF, the City Council of 01e City of Fort Collins ,
Colorado , has caused this Bond to be signed in its name and on its
behalf with the facsimile signature of the Mayor of the City, to be
sealed with the facsimile seal of the City, to be signed and attested
with the facsimile signature of the City Clcrk of the City, and to be
countersigned with the ma^ual signature of she Financc Director of the
City, and has caused LhP a,,ached coupcns to be signed with the
Facsimile signature of the Mayor of the City, all as of she 1st day of
September , 1981
CITY OF FORT COLLINS , COLORADO
( FACSIMILE) By ( Facsimile Signature)
Mayor
( SEAL )
Attcst
( Facsimile Signaturc )
City Clerk Coun`_ersigncd
( Manual Signa,urc )
rin�ncc Director ------
[ End OF corm OF Bond)
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[ Interest Coupon Form]
No $
March ,
On the lst day of September , unless the Bond to which this
coupon is attacnea , if reoe�nablp , has been called for prior
redemption , the City of Fort Collins , in the County of -arimer and
State of Colorado , will pay to bearer the amount_ shown hereon in
lawful money of the United States of America , at First Interstate Bank
OF Fort Collins , N A , in Fort Collins , Colorado , being interest then
dUe on its General Obligation Park Bond , dated September 1 , 1981 ,
bearing
No
( Facsimile Sagna�Ure)
Mayor
City of Fort Collins , Colorado
[ End of Interest Coupon Form]
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6 Said Bonds, when ereeutcd as provldvd by law , shall be
deli%, ered by the C_ty Finance Director to the Purchaser upon receiving
full payment therefor in accordance with the bid of the Purchaser
The proceeds derived from said Bond sale shall be used for the
purposes stated herein and for no other purposes , provided , however ,
that any portion of the bond proceeds may be temporar_' invested
pending such use , with such temporary investment to be made cons_stent
with the covenant made in paragraph 9 hereof Neither the Purchaser
of sa-d Bonds ror the holder of any of them shall be in any way
responsible for the application of the proceeds of said Bonds by the
City or any of its officers
7 For the purpose of paying the interest on and principal of
sa-d Bonds as the same become due and payable , respectively, the
Council shall annually fix and cert_fy a rate of levy for ad valorem
taxes to ,,he Board of County Commissioners of Larimer County,
Colorado , which when levied on all of the taxable property in the
City, in each of the years 1981 to 2000, inclusive , will raise ad
valorem tax revenues sufficient to meet promptly such Bond principal
and interest payments , as well as any other requirements of the City
for such tax revenues The foregoing provisions of this Ordnance are
hereby declared to be the certificate of the Council to the Board of
County Commissioners of Larimer County, Colorado , showing the
aggregate amount of taxes to be levied by sa-d Board of County
Commissioners from time to time , as required by law, For the purpose
of paying the principal of sa-d Bonds and the interest thereon as the
same shall hereafter mature or accrue
Such taxes shall be collected in the s, me manner as other City
taxes and when collected shall be placed in the Dabt Service Fund of
the C-ty ( the Debt Service Euna ) , and shall b, applied solely for the
Payment of _he principal of and interest on the Bonds, until she
Bonus , both principal and .nueres, , shall be Eully pa-d , satisfiLd and
discharged Nothing herein shall be so cons -rued as to preveRl the
C_ _y From commit,irg and applying any other Funds that mRy no.i or
h rFaf,er be in thr Gcnera] Fund of th-2 Cl , y and 1-_gally avallabl2 For
tR� lJnrpO S(' Of pdVm�n_ OF Ln� pr_Rc_pal of or In erest on anc Bonds ,
a^d ino _he epol _edt _on of cny oull I such F1 ,ds is ar,)r said the ad
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\, alorem tax mill levy or levies pro,� tdFd herein m-y herrupon be
diminished to she extent the requ_remcnts for such Bond principal and
interest paympnts for the particular year arr thcrpby diminished In
the event any of said tax levies uhau may be made by the City shall
fail to pro.3uc,e an amount suFFicien. to pay the principal of and
interest on the Bonds becoming due _n the next succeed-* g year , the
deficit shall b- made up in the next levy, and taxes shall continue to
by levied until the Bonds and the interest thereon shall be paid in
full Nothing herein shall be construed to limit the right of the
City :n any fiscal year to use any funds which are not required to pay
the principal of and interest on the Bonds for such year for any
lawful purpose
8 The sums hereinbefore provided to pay the interest on said
Bonds and the principal thereof, when due , are hereby appropriated for
that purpose , and said amounts for each year shall be included in the
annual budget and the appropriation ordinance or measures to be
adopted or passed by the Council in each year , respectively, while any
of the Bonds herein authorized , either as to principal or interest ,
are outstanding and unpaid No provisions of ary constitution ,
charter , statute , ordinance , resolution, or other order or measure
enacued after the issuance OF she Bonds herein authorized shall in any
manner be construed as limiting or impairing the obligation of the
City to levy taxes as provided herein
It shall be the duty of th- COUnC1L annually at the time and in
the manner provided by law for levyinq other City taxes , if such
action shall be necessary to effectua,e the provisions of this
Ord-nance , to rat_fy and carry ou, the provisions hereof with
reference to the levy and collection of the ad valorem taxes herein
sppcifipd , and to require the officers of and For the City to levy,
extend and collect said taxes in the manner provided by law For the
purpo,p of pro% _e :ng funds for ,.he paympn� of the principal of the
Fonds authorized herein and th- interest accruinq thereon promptly as
th_ same , respectively, b-cojp� duc
9 Thp C _y c.ovLnan,s with the holders of the Brands thaw iu will
m i , no lisp of the proeceds of the Bonl1s at any t_,m- durinq the term
_h -cf- wh cn , if such use n,❑ b- n 'as()nai,ly pnn c �kd of the dame
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�hc Ponds arc lssuud , would have caused the Bonds to be arbitrage
bonds within the meaning Of Sec ,lon 103 ( c) of she Internal RevcnUe
Code of 1954 , as amended , and the regulations promulgated thereunder
by _he Unitod Suates 'Treasury Department , unless , under any provision
of law hereafter enacted , the intertst paid on the Bonds ( a) shall be
excludable From the gross income of a recipient thereof for federal
income tax purposes wi,hOuL regard �o whether nr not such Bonds are
arbitrage bonds, or ( b) shall be exemp, from all federal income
taxation
10 All actions heretofore taken by the City and by the officers
of the City not inconsistent herewiuh directed toward the
authorization , issuance and sale of the Bonds are hereby ratified ,
approved and confirm-d
11 Pursuant to the UniForm Facsimile Signature of Public
OfFic_als Act , part 1 of article 55 of title 11 , Colorado Revised
Statutes 1973 , as amenaed , the Mayor and the Ci�y Clerk shall
forthwith , and in any event prior to tnc time the Bonds are delivered
to the Purchaser thereof , File with the Colorado Secre�ary of State
their manual signatures cer�ified by th -m under oath
12 The officers OF the City are hereby authorized and directed
uO enter into such agier�mpn�s and take all action necessary or
appropriate to eFfectuate the provisions of this Ordinanc, and to
comply wish she rpgUirements of law, including , without limiting the
generality of the foregoing
a The printing of the Bonds herein authorized , including
the printing upon each of such Bonds of a copy of the approving
opinion of bond counsel , duly certified by the City Clerk, and
b The execution of such certifica�cs as may be reasonably
required by she Purchaser of the Conas relating uo the signing of
the Bonds , the tenure and _d�n_ity OF hc- City officials , the
outs�anding bondr-d _ndebtcdness and asse s-O valuation of the
City, if in accoidancc w101 the facts , h - absence OF 11tlga _1on ,
oending of thr( atenr,d , eff2e.ting th, vallOity Of the Ponds,
L _CCipt OF the Cond puLchasc prier and uh, accuracy and
completcn, ss OF Lip OF 10-OLIPa;it)j prop idpo n she
l' rllrl _nar r 0FflClcl Su'j'rm, nu < nd
� oFf1C-dl c>,d ,( mtn fUrnLSh-❑ Ln
p OSPI Cl jVr b ]yr LS OF Lh - 13onos, aid
_11_
c Tile mak_ng or various statemen_s , recitals ,
certifications and warranties provided in the form of Bond sc ,
foruh in this Ordinance , and
d The preparation and execution of Official Statemen� for
the use of prospec"ive purchasers of the Bonds , including , w.thout
1_mita,zon , the Purchascr and its associates , if any
13 All ordinances , resolutions , acts , orders , or pa is thereof ,
taken by the City and in conflict with this Ordinance are hereby
repealed , except that this repealer shall not be construed so as to
revive any ordinance , resolution , act , order , or part thereof
here �ofore repealed
14 This Ordinance is , and shall constitute , a legisla�ive
measure of the City, and after the Bonds hereby authorized are issued ,
sold , and are outstanding , this Ordinance shall constitute a contract
between the City and the holder or holders of said Bonds , and shall be
and remain irrepealable until said Bonds and the interest accruing
thereon shall have been fully paid , satisfied and discharged
15 If any paragraph , clause or provision of this Ordinance is
judicially adjudged invalid or unenforceable , such judgmen, shall not
affect , impair or invalidate the remaining paragraphs , clauses or
provisions hereof, the intention b-ing that the various paragraphs ,
clauses or provisions hereof are severable
INTRODUCED, READ, APPROVLD ON FIRST READING, AND ORDERED PUBLISHED
ONCE IN FULL THIS 4`_h day of August , 1981
CITY OF FORT COLLINS , COLORADO
By `
( CITY) Mayor
( SEAL)
ATTEST
The foregoing Ordinance will be prLscnted For final passage a� a
rr-9 'lar m-e _inq of the Council to b- held at Council Chamb rs , City
11-111 , 300 LaP,3rt rvfnie , lor _ Coll�n� , Colorado , on Tu-sc'ay, she 18th
d< F rugiis`_ , a _ 6 30 o m
-1 '4-
l%L/\D, FINALLI PASSFD ON SLCOND ' LADING , AND ORDERED PUBLISHED ONCE
B] NUMBER AND TITLE ONLY Lh:s 18th day of Angus,. , 1981
CITY AF FORT COLLINS , COLORADO
I1
BY Vv
( CITY) Mayor
( SLAL)
ATTEST -
City r k��
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