HomeMy WebLinkAbout097 - 10/17/1978 - AUTHORIZING THE ISSUANCE OF BONDS PAYABLE FROM PARKLAND FEES ORDINANCE NO. 97 , 1978
BEING AN ORDINANCE AUTHORIZING THE ISSUANCE OF
BONDS PAYABLE FROM PARKLAND FEES
WHEREAS, the City of Fort Collins desires to purchase the
following described real property situate in the County of
Larimer, State of Colorado, to-wit:
A tract of land situate in the South 1/2 of
Section 36, Township 7 North, Range 69 West
of the Sixth P.M , Fort Collins, Colorado,
which considering the South line of the Sough-
east 1/4 of said Section 36 as bearing S 89
52' E and with all bearings contained herein
relative thereto is contained within the
boundary lines which begin at a point on the
West line of the Southeast 1/4 of said Section
36 which bears N 00 10140" W 900 00 feet from
the South 1/4 corner of said Section 36 and
run thence N 00 10140" W 423 68 feet to the
Southeast corner of the Northeast 1/4 of the
Southwest 1/4 of said Section 36; thence W
702.00 feet along the South line of the North-
east 1/4 of the said Southwest 1/4, thence
North 498.18 feet, thence along the arc of
a 1220.00 foot radius curve to the left a
distance of 430 85 feet, the long chord of
whic8 bears S 60 40' 50" E 428 71 feet thence
S 70 48' E 40 00 feet; thence along the arc
of a 1150 00 foot radius curve to the right
a distance of 859 08 feet, the long chord
of which bears S 49 24 ' E 839.22 fe8t, thence
S 28 0-0' E 111 37 feet, thence S 89 49 '20" W
425 90 feet to the point of beginning
containing 8 0509 acres more or less
and,
WHEREAS, the City of Fort Collins and the owner of said
property desire that payment for said property shall be, in part,
by two bonds to be issued by the City each in the prinicipal
amount of Twenty Four Thousand Dollars ($24,000 ) , and,
t
WHEREAS, Section 20 4 of Article V of the Charter of the
City of Fort Collins provides as follows
"Section 20.4 . Revenue securities
"The City, by Council action and without an election,
may issue securities made payable solely from revenues
derived from the operation of the project or capital
improvement acquired with the securities' proceeds, or
from other projects or improvements, or from the
proceeds from any sales tax, use tax or other excise
tax, or solely from any source or sources or any
combination thereof other than ad valorem taxes of
the City. "
and,
WHEREAS, the City Council desires to authorize the issuance
of two bonds pursuant to the foregoing provision of the City
Charter, to be used as partial payment for the above-described
property
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY
OF FORT COLLINS
Section 1. For the purpose of acquiring the following
described real property situate in the County of Larimer, State
of Colorado, to-wit
A tract of land situate in the South 1/2 of
Section 36, Township 7 North, Range 69 West
of the Sixth P M , Fort Collins, Colorado,
which considering the South line of the Sou8h-
east 1/4 of said Section 36 as bearing S 89
52 ' E and with all bearings contained herein
relative thereto is contained within the
boundary lines which begin at a point on the
West line of the Sortheast 1/4 0£ said Section
36 which bears N 00 10140" W 900 .00 feet from
the South 164 corner of said Section 36 and run
thence N 00 10140" W 423.68 feet to the South-
east corner of the Northeast 1/4 of the Southwest
1/4 of said Section 36; thence W 702.00 feet
along the South line of the Northeast 1/4 of the
said Southwest 1/4; thence North 498.18 feet;
thence along the arc of a 1220.00 foot radius
curve to the left a distance of 438 95 feet,
the long chord of which bears S 60 40 '50" E
428.71 feet thence S 70Q48 ' E 40 00 feet, thence
Along the arc of a 1150 00 foot radius curve
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to the right a distance of 859 05 feet, the
long chord of which bears S 49824 ' E 839 .22
feet thence S 28 00 ' E 171 37 feet, thence
S 89 49120" W 425 90 feet to the point of
beginning containing 8 0509 acres more or less.
two bonds of the City of Fort Collins payable only out of the
revenues of parkland fees imposed by Chapter 82 of the Code of
the City of Fort Collins, are hereby authorized to be issued by
the Director of Finance of the City of Fort Collins. Each of
such bonds shall be in the principal amount of Twenty Four
Thousand Dollars ($24 ,000 ) and shall bear interest at the
rate of Six Percent (6%) per annum. One of the bonds shall be
due and payable one year from the date of issuance and the
other shall be due and payable two years from date of issuance
The bonds shall be subscribed by the Mayor, countersigned by
the Director of Finance and shall have the corporate seal of
the City affixed thereto, attested by the City Clerk
Section 2. Said bonds shall be substantially in the
following form:
UNITED STATES OF AMERICA Bond
STATE OF COLORADO CITY OF FORT COLLINS
PARKLAND FEE REVENUE BOND
$24 ,000 00
Date
The City of Fort Collins, in the County of Larimer and
State of Colorado, for value received, acknowledges itself
indebted and hereby promises to pay to the bearer hereof (but
only out of revenues referred to in said bond) , the sum of
TWENTY FOUR THOUSAND and N01100 DOLLARS
in lawful money of the United States of America, at the office
of the Director of Finance of said City, year(s) from the
date hereof, including interest accrued thereon at the rate of
6% per annum from date until payment
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This bond is payable solely out of the proceeds of the
parkland fees of the City of Fort Collins imposed by Chapter 82
of the Code of the City of Fort Collins, and in no event shall
any part of this bond be payable from the proceeds of ad valorem
taxes of the City. By the issuance of this bond, the City of
Fort Collins covenants and agrees, so long as either of such
bonds are outstanding, not to repeal the ordinance imposing the
parkland fee from which this bond is to be paid nor to reduce
the parkland fees required below the present amount of such fees,
but to keep such parkland fee ordinance in full force and effect
to the extent required to pay this bond in full when due
This bond shall be presented by the bearer for payments on
its due date and if not so presented shall cease to accrue interest
after its due date
IN TESTIMONY WHEREOF, the said City of Fort Collins has
caused this bond to be subscribed by its Mayor, countersigned by
its Director of Finance, and attested by i City Clerk under
the seal of said City
SEAL
or
ATTEST COUNTERSIGNED:
_-1 _ ---
City Clerk Director of Finance
Section 3. The Director of Finance is authorized to
exchange said bonds for the property described in Section 1 of
this ordinance
Introduced, considered favorably on first reading, and
ordered published this 3rd day of October A D 1978, and
to be presented for final passage on the 1 day of October,
A.D. 1978.
ATTEST M r
2 7zo(�' - - A#-0
y Clerk
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Passed and 'adopted on final reading this 17th day of October,
A.D. 1978.
ATTEST
City Clerk
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