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HomeMy WebLinkAbout028 - 05/06/1965 - CONCERNING THE CITY OF FORT COLLINS SEWER REFUNDING AND IMRPOVEMENT REVENUE BONDS, SERIES JUNE 1, 19 4 W i ORDINANCE NO 2$, 1965 AN ORDINANCE CONCERNING THE "CITY OF FORT COLLINS, COLORADO, SEWER REFUNDING AND IMPROVEMENT REVENUE BONDS, SERIES JUNE 1, 19651," IN THE AGGREGATE PRINCIPAL AMOUNT OF $25,4922000 00, ACCEPTING THE BEST BIDS FOR SUBSERIES I AND SUBSERIES R OF SAID ISSUE, PRESCRIBING THE INTEREST RATES THE BONDS OF EACH SUBSERIES SHALL BEAR AND THE PURCHASE PRICE FOR EACH SUBSERIES, RATIFYING ACTION HERETOFORE TAKEN, AND DECLARING AN EMERGENCY WHEREAS, the City of Fort Collins (herein sometimes designated as the "City") , in the County of Larimer and State of Colorado, is a political subdivision of the State, a body corporate and politic and a home rule city with a "Council-Manager government" pursuant to Article XX of the Constitution of the State of Colorado and the Charter of the City (herein sometimes designated as the "Charter") , and WHEREAS, the City now owns, operates and maintains a municipal sanitary sewer system (herein sometimes desig- nated as the "sewer system" or merely as the "system") and WHEREAS, the City Council of the City (herein sometimes designated as the "council") has determined, and does hereby declare that the interest of the City and of the inhabitants thereof and the public interest and neces sity demand the improvement and extension of the sewer sys- tem by the construction and other acquisition of additional sewage collection and treatment facilities and everything necessary or incidental thereto (herein sometimes designated as the "Improvement Project") and the refunding, payment and discharge of outstanding bonds in the amount of $292,000 00, payable from and secured by a pledge of the revenues of the system (herein sometimes designated as the "Refunding Project") , and -2- WHEREAS, the Council, by Ordinance No 15 , 1965 , finally passed and adopted on the first day of April, 1965 , authorized the issuance of the "City of Fort Collins, Colo- rado, Sewer Refunding and Improvement Revenue Bonds, Series June 1, 1965" (herein sometimes designated as the "1965 revenue bonds") in the aggregate principal amount of $2,492,000 00, consisting of Improvement Bonds (also desig- nated as "Subseries I") in the aggregate principal amount of $2,200,000 00, to be issued for the Improvement Project, and Refunding Bonds (also designated as "Subseries R") in the aggregate principal amount of $292,000 00, to be issued for the Refunding Project, and WHEREAS, the Council, by a resolution passed and approved on the llth day of March, 1965, authorized the pub- lic sale of Subseries I and Subseries R to the highest and best bidder for each subseries, but in no event for less than par, and in all cases to the best advantage to the City, and WHEREAS, pursuant to said resolution, sealed bids were received and publicly opened on the 6th day of May, 1965 , and they have been tabulated analyzed and fully con- sidered, and WHEREAS, the Council does hereby determine that the bid submitted by John Nuveen & Co (INc) and Associates Chicago , Illinois 9 for the purchase of the bonds of Subseries I for the principal amount thereof, accrued interest from date until the date of delivery, a premium of $ 63 88 , and bearing interest at the rates hereafter set forth was and is the best bid submitted for said Sub- series I and John Nuvenn & Co (Inc) and Associates Is the highest and best bidder for said Improvement Bonds and said bid is to the best advantage of the City and WHEREAS, the Council does hereby determine that the bid submitted by Boettcher & Co. and Associates , Denver ! Colorado , for the purchase of the bonds of Subseries R for the principal amount thereof, accrued interest from date until the date of delivery, a premium of -3- $ 17 50 , and bearing interest at the rates hereafter set forth was and is the best bid submitted for said Sub- series R, and Boettcher & co and Associates is the highest and best bidder for said Refunding Bonds and said bid is to the best advantage of the City NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS Section 1 Ratification That all action here- tofore taken (not inconsistent with the provisions of this ordinance) by the Council and the officers of the City directed toward (a) The Refunding Project and the Improvement Project, and (b) The issuance of the City's 1965 revenue bonds for those purposes, be, and the same hereby is, ratified, approved and confirmed Section 2 Acceptance of Bid for Improvement Bonds That the bid submitted by John Nuveen & Co (Inc) and Associates , Denver . Colorado , for the purchase of the Improve- ment Bonds at the price heretofore provided, be and the same hereby is accepted Section 3 Acceptance of Bid for Refunding Bonds That the bid submitted by Boettcher & Co and Associates , Denver . Colorado , for the purchase of the Refund- ing Bonds at the price heretofore provided, be and the same hereby is accepted Section 4 Interest Rues, Subseries I That the bonds comprising Subseries I shall bear interest from date until their respective maturities at the rates hereafter set forth, interest being payable on the first day of December, 1965 and semiannually thereafter on the first days of June and December in each year, and the Improvement Bonds shall be numbered and mature serially in regular numerical order on the first day of December in each of the designated amounts and years, as follows -4- r { Bond Numbers Interest Rate Amounts Years (All IInclusive) Per Annum) Maturing Maturing I-1 to 1-10 4 5 7 $509000 00 1967 I-11 to 1-21 4 5 7 552000 00 1968 1-22 to 1-33 4 5 7 602000 00 1969 1-34 to 1-46 4 5 7 659000 00 1970 I-47 to 1-59 4 5 7 65 ,000 00 1971 1-60 to 1-73 3 0 7 70,000 00 1972 1-74 to I-88 3 0 7 752000 00 1973 1-89 to I-112 3 0 7 120,000 00 1974 1-113 to I-137 3 0 7 125,000 00 1975 I-138 to 1-162 3 0 7 1252000 00 1976 1-163 to 1-188 ' 1 7 130,000 00 1977 1-189 to 1-216 3 1 7 1409000 00 1978 1-217 to 1-245 3 1 7 145 ,000 00 1979 1-246 to I-275 3 1 7 150,000 00 1980 1-276 to 1-306 3 1/8 7 155 ,000 00 1981 I-307 to 1-338 3 1/8 7 1609000 00 1982 1-339 to 1-371 3 2 7 165 ,000 00 1983 1-372 to I-405 312 7 170,000 00 1984 1-406 to 1-440 3 2 / 1752000 00 1985 Section 5 Interest Rates, Subseries R That the bonds comprising Subseries R shall bear interest from date until their respective maturities at the rates here- after set forth, interest being payable on the first day of December, 1965, and semiannually thereafter on the first days of June and December in each year, and the Refunding Bonds shall be numbered and mature serially in regular numer- ical order on the first day of December in each of the desig- nated amounts and years, as follows Bond Numbers Interest Rate Amounts Years (All Inc usive) Per Annum Maturing Maturing R-1 to R-8 2 75 7 $32,000 00 1966 R-9 to R-15 2 75 7 352000 00 1967 R-16 to R-22 3 25 7 35 ,000 00 1968 R-23 to R-29 3 00 7 35 ,000 00 1969 R-30 to R-36 3 oo 7 35 ,000 00 1970 R-37 to R-44 3 00 7 40,000 00 1971 R-45 to R-52 3 00 7 402000 00 1972 R-53 to R-60 3 00 7 40,000 00 1973 -5- Section 6 Ordinance Irrepealable That after any of the 1965 revenue bonds are issued, this ordinance shall constitute a contract between the City and the holder or holders of the 1965 revenue bonds from time to time, and this ordinance shall be and remain irrepealable until the 1965 revenue bonds and the interest on the 1965 revenue bonds shall be fully paid, cancelled, and discharged Section 7 Severability That if any section, paragraph, clause or provision of this ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this ordinance Section 8 Repealer That all ordinances, resolutions, by-laws and regulations of the City, in con- flict with this ordinance, are hereby repealed to the extent only of such inconsistency This repealer shall not be construed to revive any ordinance, resolution, by-law or regulation, or part thereof, heretofore repealed Section 9 Emergency, Manner of Publication and Effective Date That by reason of the fact that the City of Fort Collins is not properly or adequately supplied with sanitary sewer facilities, and because of the necessity of delivering the 1965 revenue bonds within a reasonable time after the public sale thereof, it is hereby declared that an emergency exists, that this ordinance is necessary for the immediate preservation of the public peace health, property and safety, and that, therefore, it shall take effect immed- iately upon its passage, upon the affirmative vote of at least four members of the Council, and said ordinance shall be published in full within five days following its passage in accordance with the provisions of Sections 6 and 7 , Article II, of the Charter of the City of Fort Collins Section 10 Disposition of Ordinance That a true copy of this ordinance shall be numbered and recorded in the book marked "Ordinance Record," and adoption and publication shall be authenticated by the signatures of -6- the Mayor and City Clerk, and by the certificate of the publisher, respectively PASSED, ADOPTED AND SIGNED this 6th day of May , 1965 Mayor (SEAL) Attest City Clerk -7- Whereupon, it was moved by Councilman Thomas W Bennett and seconded by Councilman L J McMillan J. that all rules of the Council which might prevent, unless suspended, the final passage and adoption of said ordinance at this meeting be, and the same are hereby, suspended for the purpose of permitting the final passage and adoption of said ordinance at this meeting The question being upon the adoption of said motion and the suspension of the rules, the roll was called with the following result Those Voting Aye Harvey G Johnson Karl E Carson L J McMillan Thomas W Bennett Lorraine A Quinn Those Voting Nay None Those Absent None Five members of the Council having voted in favor of said motion, the presiding officer declared said motion carried and the rules suspended Whereupon, Councilwoman Lorraine A Quinn then moved that said ordinance be passed and adopted as read, as an emergency measure Councilman L J McMillan seconded the motion The question being upon the passing and adopting of said ordinance, the roll was called with the following result Those Voting Aye Harvey G Johnson Karl E Carson L J McMillan Thomas W Bennett Lorraine A Quinn Those Voting Nay None -8- Those Absent None The presiding officer thereupon declared that at least four members of the City Council having voted in favor thereof, the said motion was carried and the said ordinance duly passed and adopted as read, as an emergency measure On motion duly adopted, it was ordered that said ordinance be numbered 28, 1965 , and after signature by the Mayor and attestation by the City Clerk, be finally pub- lished in full within five days from the date of its passage in the Fort Collins Coloradoan, a daily newspaper printed, published and of general circulation in the City of Fort Collins, and that said ordinance be recorded according to law There being no further business to come before the meeting, on motion duly made, seconded and carried, the Council adjourned r (SEAL) Attest City Clerk -9- I STATE OF COLORADO ) GENERAL AND NO-LITIGATION COUNTY OF LARIMER ) SS CERTIFICATE CITY OF FORT COLLINS ) I� IT IS HEREBY CERTIFIED by the undersigned, the I duly chosen, qualified and acting Maycr , the City Manager, IIII the Director of Finance and ex-officio City Treasurer, the City Clerk, and the City Attorney of the City of Fort Collins (herein sometimes designated as the "City") , in the County of Larimer and State of Colorado 1 That as determined by the Federal Census of 1960, the population of the City of Fort Collins was 25,027 , and that the present estimated population is 33,000 2 That the City of Fort Collins was organized and was operating under the provisions of the general laws of the State of Colorado that said municipality was incor- porated as a city of the second class in the year 1883 under the general statutes , that the City was reorganized as a "home-rule" city pursuant to Article XX, Colorado Constitu- tion, and pursuant to Section 5 thereof the City Charter became effective upon its filing with the Secretary of State, i e , effective the 24th day of September, 1913, that a new charter for said "home-rule" city was adopted by the electors of the City at a special election held on the 5th day of October, 1954, and pursuant to said Section 5, Article XX, Colorado Constitution, the new City Charter and the Council- Manager type of government therein designated became effec- tive upon the filing of the Charter with the Secretary of State, i e , effective the 21st day of January, 1955 that said reorganization has been fully effected, and that the validity of such incorporation or reorganization has never been questioned except that the validity of the adoption of said new charter was at issue in Bennettet al v City of Fort Collins et al Civil Action No 11762, in the District Court in and for the County of Larimer and State of Colorado, which court adjudged as valid the adoption of said new charter by a Decree entered on the 7th day of March, 1955 , as of the 24th day of February, 1955 -12- i 3 That the City as originally incorporated has never been consolidated with or annexed to any other municipality 4 That no territory has been disconnected from the City as originally incorporated 5 That the assessed valuation of the taxable property in said City for the year 1961L, being the last preceding assessment, was and is the sum of $ 399500,520 00 that the total "indebtedness" of the City, including its City of Fort Collins, Colorado, General Obligation Water Bonds, Series June 1, 1965 (sometimes designated as the "1965 water bonds") , in the principal amount of $3,200,000 00, is $ 3,918,000, comprising the following A General Obligation Bonds (1) Water Bonds $ 3,9185000 00 (2) Sewer Bonds $ None (3) Other Type Bonds $ 5,000 00 Total $ 319232000 00 B Warrants $ None C All Others $ None a list of said outstanding general obligation bonds being attached hereto as Exhibit A, that the total amount of the outstanding revenue bonds, which do not constitute an "indebt- edness" of the City, including (although not necessarily limited to) its City of Fort Collins, Colorado, Sewer Refunding and Improvement Revenue Bonds , Series June 1, 1965 (sometimes designated as the "1965 revenue bonds") , in the aggregate principal amount of $2,492,000 00, but excluding $292,000 00 in principal amount of outstanding revenue bonds of the City being refunded with part of the proceeds of the 1965 revenue bonds, is $2,492,000 00, comprising the following A Sewer Refunding and Improvement Revenue Bonds $ 2,4921000 00 B Sewer Revenue Bonds $ Excluded -13- C Sewer and Water Revenue Bonds $ Excluded D Other Types of Revenue Bonds $ None a list of said outstanding revenue bonds being attached hereto as Exhibit B, and that the total amount of the out- standing special assessment bonds, which also do not con- stitute an "indebtedness" of the City, is $ 86 000 00 comprising the following A Street Improvement Bonds $ 67,000 00 B Sanitary Sewer Bonds $ C Other Types of Bonds $ 19,000 00 a list of said outstanding special assessment bonds being attached hereto as Exhibit C 6 That from the 9th day of April 1963 up to and including the loth day of April 1965, the following were the duly chosen, qualified and acting officers of the City Mayor Harvey G Johnson Councilmen R L Colwell L J McMillan James W Guyer Councilwoman Lorraine A Quinn City Manager Robert F Boos City Clerk Miles F House Director of Finance Miles F House City Engineer C Adam Fischer City Attorney Arthur E March and that from the 11th day of April , 1965 , up to and including the date of this certificate, the following have been and now are the duly chosen, qualified and acting officers of the City Mayor Harvey G Johnson -14- � 1 Councilmen Karl E Carson L J McMillan Thomas W Bennett Councilwoman Lorraine A Quinn City Manager Robert F Boos City Clerk Mlles F House Director of Finance Miles F House City Engineer C Adam Fischer City Attorney Arthur E March 7 That no litigation of any nature is now pend- ing or, insofar as known to the undersigned, threatened (either in state or federal courts) restraining or enjoining the issuance, sale, execution or delivery of the 1965 reve- nue bonds, in the aggregate principal amount of $2,492,000 00, the improvement and extension of the municipally owned and operated sanitary sewer system by the construction and other acquisition of additional sewage collection and treatment facilities and everything necessary or incidental thereto, at a cost of not exceeding $2,200,000 00 (herein sometimes designated as the "Improvement Project") , or the refunding, paying, and discharging of outstanding bonds in the amount of $292,000 00, payable from and secured by a pledge of the revenues of said sewer system (herein sometimes designated as the "Refunding Project") , as provided by the bond ordi- nance, or otherwise, or the fixing, charging, collection, or application of adequate revenues, rates, and charges to pay the cost of operation and maintenance of the sewer system and the principal of and the interest on the 1965 revenue bonds or the pledge thereof, or otherwise carrying out the terms and provisions of the ordinances and the resolutions authorizing the issuance of the 1965 revenue bonds or other- wise concerning them, and the covenants and agreements therein, or in any manner questioning or otherwise affecting the validity thereof, or any provision made or authorized -15- for the payment of the 1965 revenue bonds or the power of the City Council of the City (herein sometimes designated as the "City Council") to effect the Refunding Project or the Improvement Project, as provided in said ordinances and resolutions, or otherwise, that neither the corporate exis- tence or boundaries of the City nor the title of its present officers to their respective offices is being contested, and that no proceedings or authority for the issuance, sale, execution, or delivery of the bonds have or has been repealed, rescinded, revoked, modified, changed, or altered in any manner, except as the same appears in the transcript of proceedings 8 That the regular meetings of the Council are held in the Council Chambers in the City Hall Building , also called the Municipal Building, in Fort Collins , Colorado, on The First four Thursdays of each month, at the hour of 1 30 o'clock P m , under provisions setting the time and place of such meetings made by Ordinance No 9 2 19 60 , passed, adopted and signed on the 26th day of May , 19 60 , by the Council, pursuant to Section 11, Article II, Fort Collins Charter 9 That no referendum petition concerning Ordi- nance No 159 1965 authorizing the 1965 revenue bonds, Ordinance No , fixing interest rates thereon, nor concerning any other proceedings concerning said bonds , sys- tem or otherwise, has been presented to the Council under Section 3, Article XVII, of the Charter of the City of Fort Collins within thirty days after the passage of either ordi- nance or at all, or otherwise, and to the best of our know- ledge none is being circulated nor planned for circulation 10 That the City Council by Section 38, Ordinance No 15y 1965 authorized the printing on each bond of said series of the approving opinion of Messrs Dawson, Nagel, Sherman & Howard, Attorneys at Law, Denver , Colorado, and appending thereto a "true copy" certificate in substantially the following form -16- (Form of Certificate) STATE OF COLORADO ) COUNTY OF LARIMER SS LEGAL OPINION CERTIFICATE CITY OF FORT COLLINS ) I, the undersigned City Clerk of the City of Fort Collins, County of Larimer, Colorado, do hereby certify that the following approving legal opinion of Messrs Dawson, Nagel, Sherman & Howard, Attorneys at Law, Denver, Colorado, to-wit (Attorneys' approving opinion was inserted in submargins, including complimentary closing and "/s/ Dawson, Nagel, Sherman & Howard") is a true, perfect, and complete copy of a manually executed and dated copy thereof on file in the records of the City in my office, that a manually executed and dated copy of the opinion was forwarded to , as a representative of the pur- chasers, for retention in its records, and that the opinion was dated and issued as of the date of the delivery of and payment for the bonds of the series of which this bond is one IN WITNESS WHEREOF, I have caused to be hereunto set my facsimile signature and have affixed hereto the facsimile of the official seal of the City (Facsimile Signature City Clerk City of Fort Collins (FACSIMILE SEAL) (End of Form of Certificate) -17- 11 That subsequent to the authorization to issue the 1965 revenue bonds, the City has not pledged or other- wise encumbered the revenues derived from its sewer system and sewer facilities and that there are no liens or encum- brances of any kind or description against such facilities or the revenues thereof, except the liens or encumbrances on revenues as designated in Ordinance No 12 That there is no reason within our knowledge why the City may not deliver its City of Fort Collins Colo- rado, Sewer Improvement and Refunding Revenue Bonds, Series June 1, 1965, in the principal amount of $2,492,000 00 13 That to the best of our knowledge neither the Mayor, any member of the City Council, nor any other offi- cer, employee, or any other agent of the City is interested (except in the performance of his official rights, privi- leges, powers and duties) , directly or indirectly, in the profits of any contract, or Job for work, or services to be performed, and appertaining to the issuance of the 1965 rev- enue bonds or to the effecting of the Improvement Project or the Refunding Project 14 That this certificate is for the benefit of each holder of the 1965 revenue bonds from time to time WITNESS our hands and the corporate seal of the City of Fort Collins, Colorado, this 7th day of June , 1965 yor City Manager D rector of Finance C yCle k (SEAL) ity Attorney -18- EXHIBIT A (Attach List of Outstanding General Obligation Bonds) Refunding Water Bonds Series of 1950 Maturity 10/1/65 Bonds Nos 421 to 450 $ 30,000 10/1/66 Bonds Nos 451 to 480 30,000 10/1/67 Bonds Nos. 481 to 510 30,000 10/1/68 Bonds Nos 511 to 535 259000 10/1/69 Bonds Nos 546 to 570 250000 10/1/70 Bonds Nos 571 to 600 „ 309000 170, 000 Water Extension Bonds June 1, 1954 Maturity 6/1/66 Bonds Nos 1048 to 1156 $1091,000 6/1/67 Bonds Nos 1157 to 1185, 1187 to 1226, 1237 to 101*000 6/1/68 Bonds Nos 1269 to 1277, 1279 to 1383 114,000 6/l/69 Bonds Nos 1364 to 1500 ll7sOOO $ 1, 0 Airport Improvement Bonds Maturity 7/1/65 Bonds Nos 46 to 50 $ 5,000 City of Fort Collins , Colorado, General Obligation Ila -orBonds Series June 1, 1965 Bonds Nos 1 to 640 $382000000 Maturity 1967 to 1985 12/1/67 Bonds Nos 1 to 3 $ 150000 12/1/68 Bonds Nos 4 to 6 15,000 12/1/69 Bonds i°os 7 to 9 15,000 12/1/70 Bonds Nos 10 to 34 125,000 12/1/71 bonds Nos 35 to 65 1559000 12/1/72 Bonds Nos 66 to 98 165,000 12/1/73 Bonds Nos 99 to 132 l70v000 12/1/74 Bonds Nos 133 to 167 175,000 12/1/75 Bonds Nos 168 to 203 1800000 12/1/76 Bonds Nos 204 to 240 185,000 12/1/77 Bonds Nos 241 to 279 1959000 12/1/78 Bonds Nos 260 to 319 2000000 12/1/79 Bonds Nos 320 to 360 205,000 12/1/80 Bonds Nos 361 to 403 215,000 12/1/81 Bonds Nos 404 to 447 220 000 12/1/82 Bonds Nos 448 to 493 230o000 12/1/83 Bonds Nos 494 to 5 0 235,000 12/1/84 Bonds Nos 541 to 5tl9 245,000 12/1/85 Bonds Nos 590 to 640 255*000 -19- i EXHIBIT B (Attach List of Outstanding Revenue Bonds) City of Fort Collins, Colorado, Sewer Refunding and Improvement Revenue Bonds Series June 1, 1965 Maturity Series I 12/1/67 Bonds Nos I-1 to I-10 $ 50,000 12/1/68 Bonds Nos I-11 to I-21 55,000 12/1/69 Bonds Nos I-22 to I-33 6o,000 12/1/70 Bonds Nos I-34 to I-46 65,000 12/1/71 Bonds Nos I-47 to 1-59 65,000 12/1/72 Bonds Nos I-60 to i-73 70,000 12/1/73 Bonds Nos I-74 to I-88 75,000 12/1/74 Bonds Nos I-89 to I-112 120,000 12/1/75 Bonds Nos I-113 to I-137 1253000 12/l/76 Bonds Nos I-138 to I-162 125,000 12/1/77 Bonds Nos I-163 to I-188 1303000 12/1/78 Bonds Nos I-189 to 1-2116 140,000 12/1/79 Bonds Nos I-217 to I-245 145,000 12/1/80 Bonds Nos I-246 to I-275 150,000 12/1/81 Bonds Nos I-276 to I-306 155,000 12/1/82 Bonds Nos I-307 to I-338 160,000 12/1/83 Bonds Nos I-339 to I-371 165,000 12/1/84 Bonds Nos I-372 to I-405 170,000 12/1/85 Bonds Nos I-406 to I-440 175,000 Maturity Series R 6/1/66 Bonds Nos R-1 to R-8 $ 32,000 6/1/67 Bonds Nos R-9 to R-15 35,000 6/1/68 Bonas Nos R-16 to R-22 35,000 6/l/69 Bonds Nos R-23 to R-29 35,000 6/l/70 Bonds Nos R-30 to R-36 352000 6/1/71 Bonds Nos R-37 to R-44 40,000 6/1/72 Bonds Nos R-45 to R-52 40,000 6/1/73 Bonds Nos R-53 to R-60 40,000 -20- EXHIBIT C (Attach List of Outstanding Special Assessment Bonds) Street Improvement Bonds Consolidated Improvement Listrict No 55 Maturity 11/1/70 Bonds Nos 152 to 157 $ 6,000 Consolidated Improvement District No 56 Maturity ll/1/71 Bonds Nos 102 to 108 7,000 Consolidated Improvement District No 57 Maturity 11/1/72 Bonds Nos 84 to 98 $ 15,000 Consolidated Improvement District No 58 Maturity 11/1/74 Bonds Nos 15 to 53 $ 39,000 Street Lighting Bonds Consolidated Street Lighting District No 1 Maturity ll/1/69 Bonds Nos 1 to 38 $ 19,000 -21- STATE OF COLORADO ) COUNTY OF LARIMER SS SIGNATURE CERTIFICATE CITY OF FORT COLLINS ) We, the undersigned, the duly qualified and acting Mayor, City Clerk, and Director of Finance and ex-officio City Treasurer of the City of Fort Collins (herein sometimes designated as the "City") , in the County of Larimer and State of Colorado, do hereby certify 1 That the undersigned at the date of the sign- ing hereinafter stated and on the date hereof, are the duly chosen, qualified, and acting officers authorized to execute the bonds hereinafter described and holding the offices indicated by the official titles set opposite our respective names 2 That on the J31 day of (I)dc , 1965, the undersigned Mayor officially signed, manually subscribed and executed in the name of and on behalf of the City, all of the City's negotiable, coupon bonds described as follows "City of Fort Collins, Colorado, Sewer Refunding and 'Improvement Revenue Bonds, Series June 1, 1965, in the principal amount of $2,492,006 00 (herein sometimes designated as the "1965 revenue bonds") , consisting of I (1) The Improvement Bonds (also designated as "Subseries I") , in the principal amount of $2 ,200,000 002 consisting of 440 bonds in the denom- ination of $5,000 00 each, numbered consecutively in regular numerical order from I-1 to I-440, and (2) The Refunding Bonds (also designated as "Subseries R") in the principal amount of $292,000 00, con- sisting of 60 bonds in the denomina- tion of $5 ,000 00 each, except for bonds numbered R-1 and R-2, which are in the denomination of $1,000 00 each, numbered consecutively from R-1 to R-60, both inclusive " i -22- 3 That the facsimile of the signature of the undersigned City Clerk of the City, who thereby signed, exe- cuted and attested the 1965 revenue bonds in the name of and on behalf of the City, and which facsimile signature appears on each of the 1965 revenue bonds, has been affixed thereto with his knowledge and consent and is hereby adopted 4 That the facsimile of the signature of the undersigned Director of Finance, who thereby countersigned the 1965 revenue bonds , and which facsimile signature appears on each of the 1965 revenue bonds, has been affixed thereto with his knowledge and consent and is hereby adopted 5 That the facsimile of the seal of the City which has been printed on all of the 1965 revenue bonds is a true, perfect, and complete facsimile of the legally adopted, proper, and only official corporate seal of the City and is hereby adopted 6 That the facsimile signatures of the under- signed Maycr , Director of Finance, and City Clerk which appear on each of the coupons attached to the 1965 revenue bonds have been affixed thereto with the knowledge and consent of each of them and are hereby adopted 7 That the facsimile signature of the under- signed City Clerk and the facsimile seal of the City which appear on the Legal Opinion Certificate appended to the approving opinion of Messrs Dawson, Nagel, Sherman & Howard, Attorneys at Law, Denver, Colorado, printed on each of the 1965 revenue bonds have been affixed thereto with his knowledge and consent and are hereby adopted 8 That on the 16thday of April , 19653, which was prior to the date stated in paragraph numbered 2 hereinabove, and prior to fixing our signatures hereon, each of the undersigned of facers caused to be filed with the Secretary of State his or her manual signature certified by him or her under oath, as further evidenced by the "Affi- davit of Filing of Certified Signatures," attached hereto as Exhibit A -23- WITNESS our hands and the seal of the City of Fort Collins, Colorado, this __ZZ- day of t� Alr , 1965 TERM OF OFFICE SIGNATURE OFFICIAL TITLE EMPIRES Mayor April 11, 1967 City Clerk Indefinite Director of Finance and ex-officio City Indefinite (SE ) Treasurer Signatures affixed to the above certificate and upon each of the above-described bonds guaranteed as those of the officials respective ly designated above .` By (BANK SEAL) -24- EXHIBIT A STATE OF, COLORADO ) AFFIDAVIT OF FILING COUNTY OF LARIMER ) SS OF CERTIFIED SIGNATURES CITY OF FORT COLLINS ) Harvey G Johnson , being by me first duly sworn, upon oath deposes and says That he hereby certifies that he is the Mayor of the City of Fort Collins (herein sometimes designated as the "City") , in the County of Larimer and State of Colorado (herein sometimes designated as the "State") , and that the following signature designated by his official title is his own manually executed signature Further aff cant sayeth not M461ar Miles F House , being by me first duly sworn, upon oath deposes and says That he hereby certifies that he is the Director of Finance and ex-officio City Treasurer of the City and that the following signature designated by his official title is his own manually executed signature Further affiant sayeth not Director of Finance Miles F. House , berg by me first duly sworn, upon oath deposes and says That he hereby certifies that he is the City C.Lerk of the City, that the following signature designated by his -25- official title is his own manually executed signature, that pursuant to the Water and Sewer Revenue Bond Act of Colorado, sometimes cited as Article 52, Chapter 139, Colorado Revised Statutes, 1963, he will cause a copy of this affidavit, in- cluding all signatures appearing thereon, to be filed with the Secretary of State of the State of Colorado prior to the affixing and subscribing by the Mayor of his manual signature on the hereinafter-described bonds, as follows "City of Fort Collins, Colorado, Sewer Refunding and Improvement Revenue Bonds, Series June 1, 19650 in the principal amount of $2,492,000 00 (herein sometimes designated as the "1965 revenue bonds") , consisting of (1) The Improvement Bonds (also desig- nated as "Subseries I") , in the princi- pal amount of $2,200,000 00, consisting of 440 bonds in the denomination of $5,000 00 each, numbered consecutively from I-1 to I-440, and (2) The Refunding Bonds (also desig- nated as "Subseries R") , in the princi- pal amount of $292,000 00 consisting of 60 bonds in the denomination of $5,000 00 each, except for bonds num- bered Rml and R-2, which are in the denomination of $1,000 00 each, num- bered consecutively from R-1 to R 60, both inclusive " and prior to the adoption on all of the bonds of the fac- simile signature of the City Clerk of the City by said City Clerk and prior to the adoption on all of the bonds of the facsimile signature of the Director of Finance by said Director of Finance, and prior to the adoption, on all of the coupons appertaining to the bonds, of the facsimile sig- natures of the Mayor, the Director of Finance, and the City Clerk by said officers Further affxant sayeth not /2 1L City Clerk (SEAL) -26- SUBSCRIBED AND SWORN to before me this //y day of p, , 1965 61- My commission expires My Commission expires February 3 1968 Notary Public (NOTARIAL SEAL) -27- STATE OF COLORADO ) DELIVERY CERTIFICATE COUNTY OF LARIMER ) SS AND RECEIPT CITY OF FORT COLLINS ) IT IS HEREBY CERTIFIED by the undersigned, the duly chosen, qualified, and acting Mayor, the City Manager, the Director of Finance and ex-officio City Treasurer, the City Clerk, and the City Attorney of the City of Fort Collins (herein sometimes designated as the "City") , in the County of Larimer and State of Colorado 1 That on the /St=` day of 1965 , the unders ned D rector of Finance delivered to Imm TolvM4vee,�"�te.e- cAuyol// (herein sometimes designat d as the "Purchaser") , bonds described as follows Subseries I of the City of Fort Collins, Colorado, Sewer Refunding and Improvement Revenue Bonds, Series June 1, 1965 , in the principal amount of $2,200,000 00, dated as of the first day of June, 1965 , consisting of 440 bonds in the denomina- tion of $5,000 00 each, numbered from I-1 to I-440, both inclusive (herein sometimes designated as the "Improvement Bonds") , and received on said date from the Purchaser in full payment therefor the following sums Principal $29200,000 00 Premium $ 63 88 Interest from June 1, 1965 $ ?9 S. 77` Total $aT o4 z ti o Less Good Faith Deposit $ RP00 no Net Paid on Delivery $ �/z7 9 9A� 2 That at the time of said delivery, all unma- tured coupons were attached to the Improvement Bonds , and as there were no matured coupons, none were detached therefrom, cancelled, and destroyed -28- 3 That the provisions of the General and No- Litigation Certificate, dated the 7th day of June, A D 1965 , as it concerns the Improvement Bonds, including but not limited to the no-litigation provisions therein, remain true and accurate to the date of this certificate, and each of the numbered paragraphs therein set forth is hereby adopted by reference thereto as if set forth verbatim herein in full IN WITNESS WHEREOF, we have hereunto set our hands and affixed the seal of the City of Fort Collins , Colorado, this IV�k- day of 1965 1� "-JA QtLd:��' kW or City Manager erector ot Finance C er c City Attorne (SEAL) -29- STATE OF COLORADO ) DELIVERY CERTIFICATE COUNTY OF LARIMER ` ) SS AND RECEIPT CITY OF FORT COLLINS ) IT IS HEREBY CERTIFIED by the undersigned, the duly chosen, qualified, and acting Mayor, City Manager, Director of Finance and ex-officio City Treasurer, City Clerk, and City Attorney of the City of Fort Collins (herein sometimes designated as the "City") , in the County of Larimer and State of Colorado 1 That on the f5f' day of , 19653, the undersigned Director of Finance delivered to RoQ ticl�orc..J /Y , ,r , (herein sometimes design t d as the "Purchaser") , bonds described as follows Subseries R of the City of Fort Collins, Colorado, Sewer Refunding and Improvement Revenue Bonds, Series June 1, 1965 in the principal amount of $292:000 06, dated as of the first day of June, 1965, consist- ing of 60 bonds in the denomination of $5,000 00 each, except for bonds numbered R-1 and R-2, which are in the denomination of $1,000 00 each, numbered from R-1 to R-60, both inclusive (herein sometimes designated as the "Refunding Bonds") , and received on said date from the Purchaser in full payment therefor the following sums Principal $292,000 00 Premium $ /7 s0 Interest from June 1, 1965 $ 337s6 I Total $2cy s o Less Good Faith Deposit $_o goo, I Net Paid on Delivery $ 8Z J 06 2 That at the time of said delivery, all unmatured coupons were attached to the Refunding Bonds, and as there -30- were no matured coupons, none were detached therefrom, can- celled, and destroyed 3 That the provisions of the General and No- Litigation Certificate, dated the 7th day of June 1965 , as it concerns the Refunding Bonds , including but not limited to the no-litigation provisions therein, remain true and accurate to the date of this certificate, and each of the numbered paragraphs therein set forth is hereby adopted by reference thereto as if set forth verbatim herein in full 4 That on the /S day of , 1965, and simultaneously with the delivery of the Refunding Bonds, there was deposited with The First National Bank in Fort Collins, in Fort Collins, Colorado (hereinafter referred to as the "Escrow Bank") , in escrow to be held and paid out as provided in the Escrow Agreement entered into between the City and the Escrow Bank, which is attached hereto as Exhibit A and made a part hereof, the amount of $292,000 00, being the proceeds of the Refunding Bonds, and the sum of $ v from additional moneys legally available therefor Except for $ 30 , to remain initially uninvested, the Escrow Bank has purchased with said deposited proceeds direct obli- gations of the United States of America (herein sometimes designated as "federal securities") , described in Exhibit 1 to said Agreement, which federal securities the City caused to be made available to the Escrow Bank for such purchase The proceeds of the collection of interest and principal of such federal securities, together with the uninvested cash, will be sufficient to permit the prompt payment of interest on and principal of the outstanding bonds being refunded as interest falls due and as principal becomes due pursuant to stated maturity 5 That no charges of the Escrow Bank nor any other service charges or incidental expenses of any kind are to be paid from any amounts deposited in escrow 6 That the undersigned Director of Finance caused to be paid to the Escrow Bank for services to be performed by it in connection with the Escrow Agreement and not to be paid from deposits in escrow the sum of $ -31- ti 7 That all moneys received as accrued interest on the Refunding Bonds at the time of delivery of said Refunding Bonds were immediately deposited by the under- signed Director of Finance into a special fund known as "City of Fort Collins, Colorado, Sewer Refunding and Improvement Revenue Bonds, Series June 1, 1965, Interest and Bond Retirement Fund," to be applied to the payment of interest next due on the 1965 revenue bonds WITNESS our hands and the seal of the City of Fort Collins, Colorado, this ISI�-41 day of �� , 1965 r City Manager s erector of Finance G y Clerk lylk� City Attorn y (SEAL) The First National Bank in Fort Collins, in Fort Collins, Colorado, which now is a commercial bank located within the State of Colorado and is a member of the Federal Deposit Insurance Corporation, hereby acknowledges that it has received the identical direct obligations of the United States of America as are set forth on Exhibit 1 of the Escrow Agreement dated as of the first day of June, 1965 , and entered into between the City and said Bank, and that it holds said federal securities and the uninvested sum of $ '' �8/. ,3D , pursuant to said Escrow Agreement -32- IN WITNESS WHEREOF, The First National Bank in Fort Collins has caused this Certificate to be signed in its corporate name by one of its Trust Officers and its corpor- ate seal to be hereunto affixed, this day of �►u,,,Q 1965 THE FIRST NATIONAL BANK IN FORT COLLINS By JA jtyl4qj3��� Trust Officer (BANK SEAL) -33- EXHIBIT A (ATTACH EXECUTED ESCROW AGREEMENT DATED AS OF JUNE 19 1965) BETWEEN CITY OF FORT COLLINS, COLORADO AND THE FIRST NATIONAL BANK IN FORT COLLINS FORT COLLINS, COLORADO (consisting of pages (1) to (16) , both inclusive) -34- ESCROW AGREEMENT DATED as of the first day of June, 1965 , but actually executed on the fS� day of 1965 , made by and between the City of Fort Collins (hereinafter sometimes designated as the "City") , in the County of Larimer and State of Colorado, a body corporate and politic duly organized and existing under the laws of the State of Colorado, party of the first part, and The First National Bank in Fort Collins, in the City of Fort Collins, Colorado (hereinafter some- times designated as the "Escrow Bank") , a national bank having and exercising full and complete trust powers, duly organized and existing under the laws of the United States of America, being a member of the Federal Deposit Insurance Corporation, and having an office and a principal place of business in the City of Fort Collins and State of Colorado, party of the second part WHEREAS, the City now owns, operates and maintains a municipal sanitary sewer system (herein sometimes desig- nated as the "sewerage facilities," as the "sewer system" or merely as the "system") , and WHEREAS, the sole outstanding bonds payable from, and the payment of which is secured by a pledge of, revenues derived from the operation of the sewer system, or any part thereof, are the bonds validly issued pursuant to proceedings duly had and taken of the following issues (herein sometimes collectively designated as the "outstanding bonds ') 1 The City of Fort Collins Sewer and Water Revenue Bonds, Dated March 1, 1948 (herein sometimes designated as the "1948 revenue bonds") , issued pur- suant to Ordinance No 5-1948, finally adopted and approved on the 24th day of June, 1948 (herein sometimes (1) designated as the "1948 bond ordinance") authorized and issued in the original principal amount of $195,000 00, consisting of 195 bonds in the denomination of $1,000 00 each, numbered consecutively from 1 to 195, both inclu- sive, bearing interest at the rate of two and three- fourths per centum (2-3/4%) per annum, payable semi- annually on the first days of March and September of each year, according to interest coupons attached to said bonds, and being numbered and maturing serially on March 1, as follows Bond Numbers Amounts Years (All Inclusive) Maturing Maturing 1 - 5 $5,000 00 1949 6 - 10 5 ,000 00 1950 11 - 15 59000 00 1951 16 - 20 53,000 00 1952 21 - 25 59000 00 1953 26 - 30 5,000 00 1954 31 - 35 5,000 00 1955 36 - 40 5,000 00 1956 41 - 45 51000 00 1957 46 - 51 63,000 00 1958 52 - 57 6,000 00 1959 58 - 63 6,000 00 1960 64 - 80 17,000 00 1961 81 - 98 18,000 00 1962 99 - 117 19,000 00 1963 118 - 136 192000 00 1964 137 - 155 19,000 00 1965 156 - 175 202000 00 1966 176 - 195 209000 00 1967 Both principal of and interest on said bonds are pay- able in lawful money of the United States of America, at the office of the City Treasurer in Fort Collins, Colorado Bonds maturing from 1954 to 1967, both inclusive, are redeemable at the option of the City on March 1, 1953, and on any interest payment date there- after Any redemptions made prior to March 1, 1958, shall be made at par and a premium of 2-1/27 of prin- cipal 0n March 1, 1958, and thereafter, redemptions before maturity shall be made at par without premium Redemptions shall be made in inverse numerical order Said bonds are payable solely and only out of the net (2) revenue to be derived by the City from and through the operation of the sewer system, and, if necessary, out of the net revenue to be derived from the operation of its water system There are now outstanding and unpaid bonds of said issue in the principal amount of $35,000 00, consisting of bonds numbered 156 to 170, both inclusive, maturing serially on the first day of March in the year 1966, and bonds numbered 176 to 195, both inclu- sive, maturing serially on the first day of March in the year 1967 , and 2 The "City of Fort Collins Sewer Improvement Revenue Bonds , Series January 1, 1959" (herein some- times designated as the "1959 revenue bonds") issued pursuant to Ordinance No 36, 1958, finally adopted and approved on the 26th day of November, 1958 (herein sometimes designated as the "1959 bond ordinance") , authorized and issued in the original principal amount of $300,000 00, bearing date as of the first day of January, 1959, consisting of 300 bonds in the denomina- tion of $1,000 00 each, numbered from 1 to 300, both inclusive, bearing interest until their respective maturities at the rate of three and one-quarter per centum (3-1/47) per annum, payable semiannually on the first days of January and July in each year, commencing on the first day of July, 1959, and being numbered and maturing serially in regular numerical order on the first day of January in each of the designated years, as follows Bond Numbers Amounts Years (All Inclusive) Maturing MaturTng 1 - 6 $63,000 00 1960 7 - 12 62000 00 1961 13 - 19 7,000 00 1962 20 - 26 7,000 00 1963 27 - 34 82000 00 1964 35 - 43 92000 00 1965 44 - 57 143,000 00 1966 58 - 68 119000 00 1967 69 - 99 31,000 00 1968 100 - 131 329000 00 1969 132 - 164 332000 00 1970 (3) Bond Numbers Amounts Years (All Inclusive tl�a u_ring al�turing 165 - 197 $339000 00 1971 198 - 231 343,000 00 1972 232 - 265 34,000 00 1973 266 - 300 35 ,000 00 1974 bonds numbered 132 to 300, both inclusive, maturing on and after the first day of January, 1970, being subject to prior redemption, at the option of the City of Fort Collins, in inverse numerical order, on the first day of January, 1969, or on any interest payment date thereafter prior to maturity, upon payment of the prin- cipal amount thereof, plus accrued interest to the redemption date, and a premium consisting of three per centum (37) of such principal amount, the 1959 revenue bonds being payable both as to principal and interest solely from the net revenues derived from the operation of the municipal sewer system, in lawful money of the United States of America, without deduction for ex- change or collection charges, at the office of the Director of Finance and ex-officio City Treasurer, Fort Collins, Colorado, of which issue there are now out- standing and unpaid bonds in the principal amount o $257,000 00, consisting of bonds numbered 44 to 354.0 both inclusive, maturing serially on the first day of January in each of the years 1966 to 1974, both inclusive, and WHEREAS, the City Council of the City (herein sometimes designated as the "Council") , pursuant to the "Water and Sewer Revenue Bond Act of Colorado," sometimes cited as Article 52, Chapter 139, Colorado Revised Statutes, 1963 (herein sometimes designated as the "Bond Act") , and to Ordinance No 15, 1965, finally passed and adopted on the first day of April, 1965 (sometimes designated as the "6-1-65 sewer revenue bond ordinance") , in the name of and on behalf of the City, has authorized the issuance of the City° s nego- tiable, coupon bonds designated as City of Fort Collins, (4) � � 1 ` t � CITY OF FORT COLLINS LARIMER COUNTY COLORADO REVENUE BONDS Interest Payment Schedule A 7 Sewer and Water Revenue Bonds dated March 1 1948 Principal Maturity date Interest Interest payment amount March 1 rate September 1 March 1 $ 20 000 1967 A 7 $ 275 00 275 00 Interest payable year ending March 1 1967 275 00 275 00 15 000 1966 21 206 25 206 25 Interest payable year ending March 1 1966 $ 481 25 481 25 Sewer Improvement Revenue Bonds, Series January 1 1959 Principal Maturity date Interest Interest payment amount Janaury 1 rate July I January 1 $ 35 000 1974 A 7 $ 568 75 568 75 Interest payable year ending January 1 1974 568 75 568 75 34 000 1973 A 552 50 552 50 Interest payable year ending January 1 1973 1 121 25 1 121 25 34 000 1972 A 552 50 552 50 Interest payable year ending January 1 1972 1 673 75 1 673 75 33 000 1971 A 536 25 536 25 Interest payable year ending January 1 1971 2 210 00 2 210 00 33 000 1970 A 536 25 536 25 Interest payable year ending January 1 1970 2 746 25 2 746 25 32 000 1969 A 520 00 520 00 Interest payable year ending January 1 1969 3 266 25 3 266 25 31 000 1968 3y 503 75 503 75 Interest payable year ending January 1 1968 3 770 00 3 770 00 11 000 1967 A 178 75 178 75 Interest payable year ending January 1 1967 3 948 75 3 948 75 14 000 1966 A 227 50 227 50 Interest payable year ending January 1 1966 $ 4 176 25 4 176 25 Colorado, Sewer Refunding and Improvement Revenue Bonds, Series June 1, 1965 (herein sometimes designated as the "1965 revenue bonds") in the aggregate principal amount of $2,492,000 00, consisting of the Improvements Bonds, as therein defined (also sometimes designated as "Subseries I") and the Refunding Bonds as therein defined (also designated as "Subseries R") Subseries R of the 1965 revenue bonds, in the principal amount of $292,000 00, has been authorized for the purpose of refunding, paying and discharging the outstanding bonds payable from and constituting a lien upon the revenues of the sewer system, and WHEREAS, the Council has considered, found, and determined, and does hereby declare that the City proposes to pay after the first day of June, 1965 , the interest on and the principal of 1948 revenue bonds numbered 156 to 170, both inclusive, and 176 to 195, both inclusive, in the aggregate principal amount of $35 ,000 00, and the interest on and the principal of 1959 revenue bonds numbered 44 to 300, both inclusive, in the aggregate principal amount of $257 ,000 00, at their respective maturities, with $292,000 00 of the proceeds of "Subseries R" of the 1965 revenue bonds and other moneys of the City legally available therefor, and WHEREAS, a copy of the 6-1-65 sewer revenue bond ordinance has been delivered to the Escrow Bank and the pro- visions therein set forth are herein incorporated in their entirety by reference thereto as if set forth herein ver- batim in full, including without limitation the definitions therein, and WHEREAS, the federal securities to be purchased by the Escrow Bank for the account of the City, with appropriate maturities and yfblds to insure the payment of the outstand- ing bonds to be refunded, both principal and interest, as the same become due at their respective maturities, are hereinafter described in Exhibit 1 attached hereto, and WHEREAS, a schedule of receipts from the redemp- tion of such federal securities and a schedule of debt (5) payments and disbursements, attached hereto as Exhibit 2, demonstrate the sufficiency of the federal securities and uninvested moneys accounted for hereunder to redeem and pay the outstanding bonds to be refunded as the same become due NOW, THEREFORE, THIS ESCROW AGREEMENT WiTNESSETH That in consideration of the mutual agreements herein contained, in consideration of Ten Dollars ($10 00) duly paid by the City to the Escrow Bank at or before the ensealing and the delivery of these presents, the receipt whereof is hereby acknowledged, and in order to secure the payment of the principal of and the interest on the City' s outstanding bonds to be refunded, as the same become due, at their respective maturities, as heretofore provided, the parties hereto mutually undertake, promise and agree for themselves, their respective representatives, successors and assigns, as follows Section 1 Deposit of Money and Acquisition of Securities Simultaneously with the delivery of Subseries R of the 1965 revenue bonds , and subject to their issuance, there will be deposited with the Escrow Bank in escrow to be held and accounted for in a separate trust account hereby created (herein sometimes designated as the "Escrow Account") and paid out as provided in this agreement, a sum sufficient to purchase from the Fiscal Agent the federal securities designated in Exhibit 1 hereof and the sum of $ A161, from moneys of the City legally available therefor The Escrow Bank is to purchase with the total amount deposited, except for the sum of $ .tI291, 30 , the federal securities set forth in Exhibit 1, which securities the City will cause to be made available by the Fiscal Agent to the Bank It is agreed that the federal securities to be so purchased are such that if interest thereon and principal thereof are paid as interest and principal become due, the proceeds of the collection of such interest and principal, together with the uninvested cash, will be sufficient to permit the prompt payment of interest on and principal of the outstanding bonds to be refunded as interest falls due and as principal becomes due on their respectively stated maturity dates (6) Section 2 Holding and Disposition of Securities and Money The Escrow Bank agrees that it will hold the federal securities so purchased, the uninvested money ini- tially received, and the money received from time to time as interest on and principal of federal securities in trust to secure and for the payment of principal of and interest on the outstanding bonds to be refunded and will collect the principal of and interest on the federal securities held by it hereunder promptly as such principal and interest become due, and, except as provided in Section 6 hereof, the Escrow Bank will apply all money so collected and not reinvested under the following Section to the payment of principal of and interest on the outstanding bonds to be refunded as interest falls due and as principal falls due on their respective stated maturity dates Section 3 Reinvestments Except as limited by Section 139-52-12(3) , Bond Act, as from time to time amended, the Escrow Bank may reinvest any moneys received in payment of the principal of and interest on the direct obligations of the United States set forth in Exhibit 1 hereof, or otherwise, and accounted for in the Escrow Account in bills, certificates of indebtedness, notes, bonds, or similar securities which are direct obligations of, or which securities are uncondi- tionally and fully guaranteed as to both principal and inter- est by, the United States of America (herein sometimes desig- nated as "federal securities") , and which federal securities mature prior to the date or dates when the proceeds thereof must be available for the prompt payment of the interest on and the principal of the outstanding bonds to be refunded, provided, however, the Escrow Bank shall have no obligation by virtue of this agreement, general trust law, or otherwise, to make any investment or reinvestment of any moneys in escrow at any time except as provided in Section l hereof and as hereinafter provided in this Section At any time when the Escrow Bank has on hand any moneys accounted for in the Escrow Account in excess of $5,000 00 which will not be needed for a period of thirty days or more for the making of a required payment on the outstanding bonds to be refunded, (7) the Escrow Bank shall invest such surplus or so much thereof as can be so invested in federal securities which fall due prior to the date on which the moneys so invested will be needed to make such required payments on the outstanding bonds to be refunded Section 4 Sufficiency of Escrow The escrowed proceeds, investments and reinvestments shall be in an amount which at all times shall be at least sufficient to pay the outstanding bonds to be refunded as they become due at their respective maturities If for any reason at any time the moneys and the known minimum yield from federal securities accounted for in the Escrow Account shall appear to be insufficient to meet such payments , the City shall forthwith deposit in the Escrow Account such additional money as may be required to meet fully the amount to become due and payable Notice of such insufficiency shall be given to the City by the Escrow Bank pursuant to Section 8 hereof, but the Escrow Bank shall in no manner be respon- sible for the City° s failure to make any such deposit Section 5 Credit Arrangements with Paying Agent The Escrow Bank shall make such credit arrangements and transfers to the credit of the Director of Finance and ex- officio City Treasurer, as paying agent for the outstanding bonds to be refunded, as will assure, to the extent of money in the Escrow Account properly allocable to and available therefor, the payment of the outstanding bonds to be refunded and the interest coupons appertaining thereto as the same are presented for payment Section 6 Termination of Escrow Whenever all of the principal and interest payable on the outstanding bonds to be refunded shall have been paid, if there shall remain in the Escrow Bank any money, such remaining money shall be held subject to the instructions of the City, except that there shall be retained by the Escrow Bank money sufficient to pay any outstanding bonds to be refunded or coupons appertaining thereto not theretofore presented for payment by the holders thereof until such date as the (8) right to demand payment thereof by such holders shall have been barred by the pertinent statute of limitations then existing and such moneys shall then be held subject to the instructions of the City Section 7 Fees and Costs The Escrow Bank°s total fees and costs for and in carrying out the provisions of this agreement have been fixed at $ 73-0 DO , which amount is to be paid simultaneously with the issuance of the 1965 revenue bonds by the Fiscal Agent directly to the Escrow Bank as payment in full of all charges of the Escrow Bank appertaining to this agreement for services performed hereunder Said payment for service rendered and to be rendered shall not be for deposit in the Escrow Account Section 8 Possible Deficiencies If at any time it shall appear to the Escrow Bank that the money or the interest or principal of federal securities in escrow allo- cable for such use hereunder will not be sufficient to make any payment due to the holders of any of the outstanding bonds to be refunded, the Escrow Bank shall notify the City as soon as reasonably practicable of such fact and of the amount of such deficiency and the reason therefor Section 9 Reports Ins , 196Z, and in _ of each year there ter until termination of th Escrow Account for which provision is herein made, the Escrow Bank shall submit to the City a report covering all money it shall have received and all payments it shall have made or caused to be made hereunder during the preceding fiscal year ending on � wow ,s1— of each year, except that the first such report shall reflect all such transac- tions previously made Such report shall also list all federal securities held in the Escrow Account and the amount of money existing in the Escrow Account on of such preceding year Section 10 Character of Deposit It is recog- nized that title to the federal securities and money held in the Escrow Account from time to time shall remain vested in the City but subject always to the prior charge and lien (9) thereof of this Escrow Agreement and the use thereof required to be made by the provisions of this agreement The Escrow Bank shall hold all such money and obligations in the Escrow Account as a special trust fund and account separate and wholly segregated from all other funds and securities of the Escrow Bank or deposited therein, and shall never commingle such money or securities with other money or securities All uninvested money held at any time in the Escrow Account shall be continuously secured by the deposit in a Federal Reserve Bank of federal securities in a principal amount always not less than the total amount of uninvested money in the Escrow Account In the event of the Escrow Bank' s fail- ure to account for any money or federal securities held by it in the Escrow Account, such money and obligations shall be and remain the property of the City, and if for any reason such money or securities cannot be identified, all other assets of the Escrow Bank shall be impressed with a trust for the amount thereof and the City shall be entitled to a preferred claim upon such assets No money paid into and accounted for in the Escrow Account shall ever be consid- ered as a banking deposit and the Escrow Bank shall have no right or title with respect thereto Section 11 Purchaser' s Responsibility The pur- chaser and holders from time to time of the Refunding Bonds shall be in no manner responsible for the application or disposition of the proceeds thereof nor of any money or federal securities held in the Escrow Account Section 12 Irrevocability The 1965 revenue bonds shall be issued in reliance upon this Escrow Agreement and except as herein provided this agreement shall be irre- vocable and not subject to amendment after any of the 1965 revenue bonds shall have been issued If, however, in carrying out their respective duties under this agreement, the City or the Escrow Bank shall find that by reason of some error of omission or otherwise in the provisions hereof an amendment is desirable in order to give effect to the true intention and purpose of this agreement, one or more (10) amendments may be agreed upon by the City and the Escrow Bank, and a suit for declaratory judgment filed by the City or the Escrow Bank in a court of competent jurisdiction requesting the consideration and approval of such amendment Notice of the pendency of such action shall be given to holders of the 1965 revenue bonds and of the outstanding bonds to be refunded by publication of an appropriate notice at least one time in a newspaper or journal published in the City of New York, as well as in such other manner (if any) as may be required by court rule ,or statute of the jurisdiction Within a period of thirty days following the completion of such publication any holder of any 1965 reve- nue bond or of any outstanding bond to be refunded and not yet retired and any taxpayer of the City may intervene in such action and ask to be heard When the court shall have heard all such persons wishing to be heard and shall have considered the evidence and the facts, if it shall enter a judgment finding that the proposed amendment or amendments may legally be made and will effectuate the intention and purposes of the trust, this agreement may be so amended and the amendment or amendments so made shall be effective Section 13 Exculpatory Paragraph The duties and responsibilities of the Escrow Bank are limited to those expressly and specifically stated in this agreement The Escrow Bank shall not be personally liable for any act it may do or omit to do hereunder, while acting with reasonable care, except for duties expressly imposed upon the Escrow Bank hereunder or as otherwise expressly provided herein The Escrow Bank shall be under no obligation to inquire into or be in any way responsible for the performance or nonper- formance by the City of any of its obligations, nor shall it be responsible in any manner for the recitals or statements contained herein or in the outstanding or proposed bonds or any proceedings taken in connection therewith, such recitals and statements being made solely by the City Nothing in this agreement shall be construed to create any obligations or liabilities on the part of the Escrow Bank to any holders (11) of the outstanding bonds to be refunded or the 1965 revenue bonds or anyone other than the City Section 14 Time of Essence Time shall be of the essence in the performance of the obligations from time to time imposed upon the Escrow Bank by this agreement Section 15 Severability If any section, para- graph, clause or provision of this Escrow Agreement shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Escrow Agreement IN WITNESS WHEREOF, the City of Fort Collins , Colorado, has caused this Escrow Agreement to be signed in its corporate name by its Mayor and attested by the City Clerk thereof under the seal of the City, and The First National Bank in Fort Collins has caused this Escrow Agree- ment to be signed in its corporate name by its President or one of its Vice Presidents, sealed with its corporate seal, and attested by a Trust Officer or one of its Assistant Trust Officers, all as of the day and year first above written CITY OF FORT COLLINS, COLORADO By (SEAL) IFayQr Attest City Clerk THE FIRST NATIONAL BANK IN FORT COLLINS President or (BANK SEAL) Vice President Attest /J/?L M±��_ - ust Officer or Assistant Trust Officer (12) STATE OF COLORADO ) COUNTY OF LARIMER ) SS CITY OF FORT COLLINS )) On this 5th day of June 1965 , before me personally appeared Harvey G _ Jnhnann and Miles F House , to me personally known, who being by me duly sworn, did say that they are respectively the Mayor of the City of Fort Collins, Colorado, and the City Clerk thereof, at the City of Fort Collins in the County of Larimer and State of Colorado, that the seal affixed to the fore- going instrument is the corporate seal of the City of Fort Collins, that said instrument was signed and sealed in behalf of said corporation by authority of its City Council, and that said Mayor and City Clerk acknowledged said instru- ment to be the free act and deed of said corporation GIVEN under my hand and official seal this 5th day of June , A D 1965 My Commission exp res February 3 196& otary Public (NOTARIAL SEAL) (13) STATE OF COLORADO ) COUNTY OF LARIMER ) SS CITY OF FORT COLLINS ) On this 15th day of June , 1965, before me personally appeared Paul A E Miller and Wj 11 jam J Brennan , to me personally known, who being by me duly sworn, did say that they are respectively *thwxPrAxddleW a Vice President * and a * Trust Officer * xXxMxD3i7xt )WES W* of The First National Bank in Fort Collins, in Fort Collins, Colorado, that the seal affixed to the fore- going instrument is the corporate seal of said corporation, that said instrument was signed and sealed in behalf of said corporation by authority of its board of directors, and that said * Ff"M� 9t * Vice President* and *Trust Officer* *Aloxfct=Ptxx'Xr=cbcxQftckgm.r* acknowledged said instrument to be the free act and deed of said corporation GIVEN under my hand and official seal this 15th day of June , 1965 my commissw expw'es May 28 1968 Notary Public (NOTARIAL SEAL) (14) GOVERNMENT SECURITIES NEEDED n FOR ESCROW United States Treasury Obligations $14 000 00 Bills 12-31-65 $14 000 00 Bills 2-28-66 $11 000 00 4/ Notes 11-15-66 $19 000 00 3-5/8/ Notes 2-15-67 $30 000 00 3-5/8/ Bonds 11-15-67 $31 000 00 3-7/8/ Bonds 11-15-68 f $32 000 00 4/ Bonds 10-1-69 $32 000 00 4/ Bonds 8-15-70 $33 000 00 3-7/8/ Bonds 11-15-71 $34 000 00 4/ Bonds 8-15-72 $34 000 00 4-1/8/ Bonds 11-15-73 , y � 1 I , I 1, , , i I 1 � � 1 . s EXHIBIT 1 Escrow Trust Account Required U S Government Securities t, (15) EXHIBIT 2 (Attach Debt Payment Schedule) Debt Payment Schedule Sewer & dater Revenue Bonds, March 1, 1948 Maturity Date Bonds Numbers Principle Amt 3/1/66 156/170 $150000000 3/2/67 176/195 200000 00 Interest payable semi-annually beginning, September 1, 1965 @ 2 3/4% Sewer Improvement Revenue Bonds, January 1, 1959 Maturity Date Bonds Numbers Principle Amt. 1/1/66 W-57 $14,000*00 l/1/67 58/68 11,000 00 1/1/68 69/99 31,000 00 1/1/69 100/131 32,000 00 l/1/70 132/164 33,000 00 1/1/71 165/197 339000 00 1/1/72 198/231 349000 00 1/1/73 232/265 34,000.00 1/1/74 266/300 35,000.00 Interest payable semiannually beginning July 1, 1965 © 3 1/4% (16) PEAT MARWICK MITCHELL & CO CERTIFIED PUBLIC ACCOUNTANTS 2800 SECURrrY LIFE BUILDING DENVER COLORADO 80202 May 13 1965 Boettcher and Company 828 Seventeenth Street Denver Colorado 80202 Attention Mr Thomas I Baxter Jr Gentlemen As requested we have reviewed the calculations in the attached schedules pre pared by you of the proposed debt payment schedule and proposed escrow fund transactions involving the presently outstanding City of Fort Collins Larimer County Colorado Sewer and Water Revenue Bonds dated March 1 1948 and Sewer Improvement Revenue Bonds series January 1 1959 We have also read the opinions of the approving attorneys Myles P Tallmadge dated July 20 1948 and Dawson Nagel Sherman and Howard dated February 12 1959 provided by you relating to the issue of the obligations insofar as the presently outstanding obligations are described with respect to principal outstanding interest rates and redemption provisions Also based upon information supplied by you it is our understanding that Bonds numbered 171 through 175 inclusive of the issue dated March 1 1948 in the amount of $5 000 with the original ma turity of March 1 1966 have been redeemed and cancelled ahead of scheduled ma turity In our opinion the calculations in the attached proposed debt payment schedule relating to the presently outstanding Bonds as described above are correct based upon the recitals in the attorneys' opinions described above Also in our opinion the calculations as to transactions in the proposed refund ing escrow account are correct based upon information as to principal amounts of U S Government obligations interest rates and payment dates shown on the schedule of escrow transactions Assuming that principal of and interest on the U S Government obligations in escrow are paid when due and the cash is deposited as indicated on the schedule of escrow transactions we are of the opinion that the Government obligations are such and mature at such times that interest income received therefrom and the proceeds of collection of principal will be sufficient and will be received in due time to make possible the prompt payment of principal and interest on the above described bonds to be refunded as such principal and interest become due in accordance with the proposed debt payment schedule Yours truly �j• i City of Fort Collins Larimer County Colorado Sewer and Water Revenue Bonds Dated March 1 1948 and Sewer Improvement Revenue Bonds Series January 1 1959 Debt Payment Schedule and Total Disbursements July 1, 1965 through January 1 1974 Sewer and Water Sewer Improvement Revenue Bonds Revenue Bonds Dated March 1, 1948 Series January 1, 1959 Total Principal Interest Principal Interest Disbursements 1965 July 1 $4 176 25 $ 4 176 25 September 1 $481 25 481 25 1966 January 1 $14 000 4 176 25 18 17u 25 March 1 $15 000 481 25 15 481 25 July 1 3 948 75 3 948 75 September 1 275 00 275 00 1967 January 1 11 000 3 948 75 14 948 75 March 1 20 000 275 00 20 275 00 July 1 3 770 00 3 770 00 1968 January 1 31 000 3 770 00 34 770 00 July 1 3 266 25 3 266 25 1969 January 1 32 000 3 266 25 35 266 25 July 1 2 746 25 2 746 25 1970 January 1 33 000 2 746 25 35 746 25 July 1 2 210 00 2 210 00 1971 January 1 33 000 2 210 00 35 210 00 July 1 1 673 75 1 673 75 1972 January 1 34 000 1 673 75 35 673 75 July 1 1 121 25 1 121 25 1973 January 1 34 000 1 121 25 35 121 25 July 1 568 75 568 75 1974 January 1 35 ,000 568 75 35 ,568 75 35 000 $1,512 50 $257,000 $46,962 50 $340,475 00