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HomeMy WebLinkAbout080 - 07/17/1984 - PROVIDING FOR THE EXECUTION AND DELIVERY OF REPLACEMENT BONDS FOR BONDS OF THE CITY WHICH HAVE BEEN ORDINANCE NO. 80 , 1984 AN ORDINANCE PROVIDING FOR THE EXECUTION AND DELIVERY OF REPLACEMENT BONDS FOR BONDS OF THE CITY OF FORT COLLINS, COLORADO WHICH HAVE BEEN LOST, DESTROYED OR WRONGFULLY TAKEN WHEREAS, the Council (the "Council" ) of the City of Fort Collins, Colorado (the "City" ) has heretofore issued and expects in the future to issue various bonds of the City pursuant to and in accordance with the Home Rule Charter of the City and the Constitution and laws of the State of Colorado; and WHEREAS, the various ordinances, trust indenture and related documents pursuant to which such- bonds of the City have been or may be issued may not have provided for a specific City procedure for the replacement of bonds or appurtenant interest coupons which have been lost, destroyed or wrongfully taken; and WHEREAS, Colorado Revised Statutes, Section 4-8-405, as amended (the "Uniform Commercial Code" ) provides in part as follows : (2 ) If the owner of a certificated security claims that the security has been lost, destroyed, or wrongfully taken, the issuer shall issue a new certificated security or, at the option of the issuer, an equivalent uncertificated security in place of the original security if the owner : (a) So requests before the issuer the issuer has notice that the security has been acquired by a bona fide purchaser; and (b) Files with the issuer a sufficient indemnity bond; and (c) Satisfies any other reasonable requirements imposed by the issuer. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO, AS FOLLOWS: In the event that any bonds or appurtenant interest coupons of the City heretofore or hereafter issued have been lost, destroyed or wrongfully taken and the ordinances, trust indentures or related documents pursuant to which such bonds and interest coupons were issued do not provide a specific procedure under which the City is directed to execute and deliver replacements therefor, the Mayor, City Clerk and Finance Director of the City are hereby authorized and directed to execute and deliver - replacement bonds and interest coupons of the City provided that the following have been provided to the Finance Director in form satisfactory to the Finance Director and the City Attorney: 1 . An appropriate affidavit or other evidence of ownership and loss, destruction or wrongful taking relating to the bond or interest coupon proposed to be replaced, together with a written request for replacement, received by the City before the City has notice that the bond or interest coupon has been acquired by a bona fide purchaser; - 2. - A corporate indemnity bond issued in a principal amount not less than : - (a) in the case of a replacement bond, the sum of the stated principal amount of the bond plus the amount of all interest remaining to be paid • on the -bond (unless such interest is represented by interest coupons which are also to be replaced in which case such sum shall be the amount stated in (b) hereof; or (b) in the case of a replacement interest coupon or coupons, the aggregate stated face value of such . interest coupon or coupons, providing for explicit indemnification of the City by surety company acceptable to the -Finance Director from and against any and all costs, actions, suits, damages, charges or expenses in connection with the replacement of such bond or interest coupon; and 3. Funds sufficient to provide for the printing of the replacement bond or interest coupon if such reprinting is necessary for replacement and to provide for any other expenses the City may incur in replacing the bond or interest coupon. In the event that any bond or interest coupon that has been lost, destroyed or wrongfully taken has matured, the Mayor, City Clerk and Finance Director of the City may pay such bond or interest coupon in lieu of replacement provided that the above stated conditions for replacement have been fulfilled to the satisfaction of the Finance Director and the City Attorney. INTRODUCED, READ, APPROVED ON FIRST READING, AND ORDERED PUBLISHED ONCE IN FULL THIS 3rd DAY OF July , 1984 . - CITY OF FORT COLLINS, COLORADO By ,/Ja� Mayor (CITY) (SEAL) Attest: City k The foregoing Ordinance will be presented for final passage at a regular meeting of the Council, to be held at Council Chambers, City Hall, 300 LaPorte Avenue, Fort Collins , Colorado, on Tuesday the 17th day of July 1984, at 5 :30 p.m. — — READ, FINALLY PASSED ON SECOND READING, AND ORDERED PUBLISHED ONCE BY NUMBER AND TITLE ONLY THIS 17th DAY OF July , 1984 . CITY OF FORT COLLINS, COLORADO By. Mayor_ (CITY) (SEAL) Attest: City Clerk'