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HomeMy WebLinkAbout013 - 02/02/1982 - AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PARK BONDS, DATED MARCH 1, 1982, IN THE AGGREGATE PRI ORDINANCE NO 13 , 1982 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, GENERAL OBLIGATION PARK BONDS , DATED MARCH 1, 1982 , IN THE AGGREGATE PRINCIPAL AMOUNT OF $2 ,065 ,000 , FOR THE PURPOSE OF ACQUIRING, DEVELOPING, REDEVEL- OPING, EXPANDING, IMPROVING, LANDSCAPING, AND EOUIPPING PORTIONS OF THE PUBLIC PARK SYSTEM OF THE CITY WHEREAS , at an election duly called and held in the City of Fort Collins, Colorado (the City) , on April 7 , 1981, there was submitted to the registered qualified electors of the City the question of issuing general obligation park bonds in an aggregate principal amount not to exceed $5 , 065, 000 , and WHEREAS , the results of said election were duly canvassed by the Board of Elections of the City on April 10 , 1981, and WHEREAS , a ma3ority of the votes cast on said question were in favor of issuance of said honds, and WHEREAS , pursuant to Ordinance No 100 , 1981 the Council of the City (the Council) has heretofore authorized and issued its City of Fort Collins, Colorado, General Obligation Park Bonds, dated September 1, 1981, in the aggregate principal amount of $3 ,000 ,000 , and WHERFAS , it is now necessary that the Council issue additional bonds for the purposes approved at said election to be designated City of Fort Collins, Colorado, General Obligation Park Bonds, dated March 1 , 1982 , in the aggregate principal amount of $2 , 065,000 (the Bonds) , and -1- WHEREAS , a proposal for the purchase of the Bonds upon terms favorable to the City has been received from Boettcher & Company, Denver , Colorado (the Purchaser) BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO, AS FOLLOWS 1 The contract for the purchase of the Bonds is hereby awarded to the Purchaser at the price specified in the Purchaser ' s proposal and upon the terms set forth in this Ordinance 2 For the purpose of defraying , in whole or in part , the cost of acquiring , developing , redeveloping , expanding , improvinq , landscaping and equipping portions of the public park system of the 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 March 1, 1982, in the aggregate principal amount of $2 ,065 ,000 , consisting of 413 bonds in the denomination of $5 ,000 each, numbered 1 to 413 , 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 amounts and shall bear per annum coupon interest from March 1, 1982 , 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 -2- September 1 , 1982 , and semiannually thereafter on the lst day of March and the 1st day of September 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 pertaining thereto until payment of said principal amount is made in full Bonds Numbered Principal Per Annum Coupon (both inclusive) Years Amounts Interest Rate 1- 11 1983 $ 55 ,000 12 25 12- 23 1984 60, 000 12 25 24- 37 1985 70 ,000 12 25 38- 52 1986 75 , 000 12 25 53- 69 1987 85 ,000 12 25 70- 88 1988 95 , 000 12 25 89-110 1989 110 ,000 12 25 111-135 1990 125, 000 12 25 136-163 1991 140 ,000 12 25 164-194 1992 155,000 11 40 _ 195-229 1993 175 ,000 11 60 230-268 1994 195, 000 11 75 269-311 1995 215 ,000 11 90 312-359 1996 240 ,000 12 00 360-413 1997 270 ,000 12 20 Bonds of this issue maturing in the _years 1983 through 1992 are not redeemable prior to their respective maturity dates Bonds of this issue maturing in the year 1993 and thereafter are redeemable prior to their respective maturity dates, at the option of the City, on September 1, 1992, 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 numerical order Notice of redemption shall be given by the City Clerk in the name of the City by publication of such notice at least one (1) -3- 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 , New York, New York, if then in business and publishing , 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 first-class postage prepaid mail, at least thirty (30) days prior to the redemption date , to the Purchaser ana to the holder 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 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 redemption, and that from and after such date interest 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 at or after maturity 3 The principal of , interest on, and any premium due in connection with the redemption of the Bonds shall be payable in -4- lawful money of the United States of America without deduction for exchange or collection charges, at First Interstate Bank of Fort Collins, N A , in Fort Collins, Colorado (the Paying Agent) , which is hereby designated the paying agent for this bond issue The maximum net effective interest rate for the Bonds of this issue is 12% The actual net effective interest rate for the Bonds of this issue is 11 974% The Bonds shall be general obligations of the City and shall be payable from general ad valorem taxes except as they 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 -5- [Form of Bond] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER CITY OF FORT COLLINS GENERAL OBLIGATION 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 sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, on the lst day of September , , with interest thereon from the date hereof to the maturity date hereof , 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 September 1, 1982, and semiannually thereafter on the lst day of March and the lst day of September of each year The principal of, interest on, and any premium due in connection with the redemption of this 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 presentation 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 as provided herein, interest shall continue at -6- the coupon rate pertaining thereto until payment of said principal amount is made in full Bonds of this issue maturing in the years 1983 through 1992 are not redeemable prior to their respective maturity dates Bonds of this issue maturing in the year 1993 and thereafter are redeemable prior to their respective maturity dates, at the option of the City, on September 1, 1992 , and on interest payment dates thereafter, upon payment of par and accrued interest only All Bonds redeemable prior to their respective maturity dates are redeemable in inverse numerical order Notice of redemption shall be given by the City Clerk in the name of the City 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, 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 , New York, New York, if then in business and publishing , 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 first-class postage prepaid mail, at least thirty (30) days prior to the redemption date, to Boettcher & Company, Denver , Colorado, and to the holder 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 holder of any such Bond may at any time furnish his name and address to the City Clerk -7- Such notice shall specify the number or numbers of the Bonds to he 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 redemption, and that from and after such date interest will cease to accrue This Bond is one of a series issued by the Council of the City of Fort Collins , Colorado, for the purpose of providing funds to defray, in whole or in part , the cost of acquiring , developing , redeveloping , expanding , improving , landscaping and equipping portions of the public park system of the City, together with all necessary incidental and appurtenant _ properties and facilities, and the costs incidental thereto, by virtue of and in full conformity with the Constitution of the State of Colorado, the home rule charter of the City, and all other laws of the State of Colorado thereunto enabling , and pursuant to an Ordinance of the Council duly adopted prior to the issuance of this Bond It is hereby recited , certified and warranted that all the requirements of law have been fully complied with by the proper officers of the City in issuing this Bond It is further hereby recited , certified and warranted that the total indebtedness of said City, including that of this Bond, does not exceed any constitutional, charter or statutory limitation of the State of Colorado, that at an election -8- lawfully held in the City on the 7th day of April, 1981, the issuance of this Bond was duly authorized by the registered qualified electors of the City voting at said election, and that provision has been made for the levy and collection of a direct annual tax upon all taxable property in the 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 the 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 Council of the 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 Clerk of the City, and to be countersigned with the manual signature of the Finance Director of the City, and has caused the attached coupons to be signed with the facsimile signature of the Mayor of the City, all as of the 1st day of March, 1982 CITY OF FORT COLLINS, COLORADO (FACSIMILE) By (Facsimile Signature) ( SEAL ) Mayor ATTEST (Facsimile Signature) City Clerk Countersigned (Manual Signature) Finance Director [End of Form of Bond] -9- [Form of Interest Coupon] No $ March On the lst day of September, , unless the Bond to which this coupon is attached, if redeemable , has been called for prior redemption, the City of Fort Collins, in the County of Larimer 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 March 1 , 1982 , bearing No (Facsimile Signature) Mayor City of Fort Collins, Colorado [End of Form of Interest Coupon] -10- 6 Said Bonds, when executed as provided by law, shall be delivered by the City Finance Director to the Purchaser upon receiving full payment therefor in accordance with the contract with 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 temporarily invested pending such use , with such temporary investment to be made consistent with the covenant made in paragraph 9 hereof Neither the Purchaser of said Bonds nor 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 said Bonds as the same become due and payable , respectively, 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 when levied on all of the taxable property in the City, in each of the years 1982 to 1996 , 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 Ordinance 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 said Board of County Commissioners from time to time , as required by law, for the -11- purpose of paying the principal of said Bonds and the interest thereon as the same shall hereafter mature or accrue Such taxes shall be collected in the same manner as other City taxes and when collected shall be placed in the Debt Service Fund of the City (the Debt Service Fund) , and shall be applied solely for the payment of the principal of and interest on the Bonds, until the Bonds, both principal and interest, shall be fully paid , satisfied and discharged Nothing herein shall be so construed as to prevent the City from committing and applying any other funds that may now or hereafter be in the General Fund of the City and legally available for the purpose of payment of the principal of or interest on the Bonds, and upon the application of any other such funds as aforesaid the ad valorem tax mill levy or levies as provided herein may thereupon be diminished to the extent the requirements for such Bond principal and interest payments for the particular year are thereby diminished In the event any of said tax levies that may he made by the City 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 continue to be 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 in 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 -12- 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 any constitution, charter, statute, ordinance , resolution, or other order or measure enacted after the issuance of the 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 the Council annually at the time and in the manner provided by law for levying other City taxes, 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 herein specified, 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 purpose of providing funds for the payment of the principal of the Bonds authorized herein and the interest accruing thereon promptly as the same , respectively, become due 9 The City covenants with the holders of the Bonds that it will make no use of the proceeds of the Bonds at any time during the term thereof which, if such use had been reasonably expected on the date the Bonds are issued , would have caused the -13- 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, unless, under any provision of law hereafter enacted , the interest paid on the Bonds (a) shall be excludable from the qross income of a recipient thereof for federal income tax purposes without regard to whether or not such Bonds are arbitrage bonds, or (b) shall be exempt from all federal income taxation 10 All actions heretofore taken by the City and by the officers of the City not inconsistent herewith directed toward the authorization, issuance and sale of the Bonds are hereby ratified , approved and confirmed 11 Pursuant to the Uniform Facsimile Signature of Public Officials Act, part 1 of article 55 of title 11, Colorado Revised Statutes 1973, 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 12 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 herein authorized , including the printing upon each of such Bonds of a copy of the approving legal opinion of Ballard, Spahr , Andrews & -14- Ingersoll , bond counsel, duly certified by the City Clerk, and b The execution of such certificates as may be reasonably required by the Purchaser of the Bonds relating to the signing of the Bonds, the tenure and identity of the City officials, the outstanding bonded indebtedness and assessed valuation of the City, if in accordance with the facts, the absence of litigation, pending or threatened, affecting the validity of the Bonds, and receipt of the Bond purchase price, and c The making of various statements, recitals, certifications and warranties provided in the form of Bond set forth in this Ordinance, and d The preparation and execution of an official statement or offering circular for the use of prospective purchasers of the Bonds, including , without limitation, the Purchaser and its associates, if any 13 All ordinances, resolutions, acts, orders , or parts thereof, of 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 heretofore repealed 14 This Ordinance is, and shall constitute , a legislative 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 -15- 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 Dudicially adDudged invalid or unenforceable , such 3udgment 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, READ, APPROVED ON FIRST READING, AND ORDERED PUBLISHED ONCE IN FULL THIS 19th day of January, 1982 CITY O LINS, COLORADO By (CITY) Mayo (SEAL) ATTEST City Clerk 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 2nd day of February, 1982 , at 5 30 p m -16- READ BY TITLE, AMENDED, FINALLY PASSED ON SECOND READING AS AMENDED, AND ORDERED PUBLISHED ONCE IN FULL AS AMENDED this 2nd day of February, 1982 CITY 0 Taj��NS, COLORADO By (CITY) Mayor (SEAL) ATTEST City Clerk -17-