HomeMy WebLinkAbout033 - 03/29/1977 - AUTHORIZING THE ISSUANCE OF A BOND PAYABLE FROM SALES TAX REVENUES 1 �
J
I�
1
ORDINANCE NO 33 , 1977
BEING AN ORDINANCE AUTHORIZING THE ISSUANCE OF A
BOND PAYABLE FROM SALES TAX REVENUES
WHEREAS, the City of Fort Collins has contracted for
the purchase of the following described real property situate
in the County of Larimer, State of Colorado, to-wit
Lot 8 , Block 133 in the City of Fort Collins,
Colorado,
and
WHEREAS, said contract of purchase provides that payment
for said property shall be by a bond to be issued by the
City in the principal amount of $27, 000.00, bearing interest
at the rate of 6-2/38 per annum, payable ten years from date
of issuance, and
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
of 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 a bond pursuant to the foregoing provision of
the City Charter, to be used as payment for the property ,
described above
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:
Lot 8, Block 133 in the City of Fort Collins,
Colorado,
a bond of the City of Fort Collins payable only out of the
revenues of the sales tax imposed by Chapter 104 of the Code
of the City of Fort Collins is hereby authorized to be
issued by the Director of Finance of the City of Fort Collins.
Such bond shall be in the principal amount of $27,000.00,
shall bear interest at the rate of 6-2/3% per annum payable
quarterly, and shall be due and payable ten years from date
of issuance The interest accruing under said bond shall, be
evidenced by coupons attached to the principal bond, attested
by the facsimile signature of the City Clerk. The bond
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 bond and coupon attached thereto shall
be substantially in the following form:
UNITED STATES OF AMERICA
STATE OF COLORADO CITY OF FORT COLLINS -
SALES TAX REVENUE BOND
$27, 000 00
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 SEVEN THOUSAND and N0/100 DOLLARS
in lawful money of the United States of America, at the
office of the Director of Finance of said City, ten years
from the date hereof, with interest thereon from date until
payment, payable quarterly at the office of the Director of
Finance of the City of Fort Collins, upon presentation and
surrender of the annexed coupons as they severally become
due
This bond is payable solely out of the proceeds of the
sales tax of the City of Fort Collins imposed by Chapter 104
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 not to repeal
the sales tax from which this bond is to be paid below the
level required to pay this bond upon its maturity but to
keep such sales tax in full force and effect to the extent
required to pay this bond in full when due.
-2-
a
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 its City Clerk,
under the seal of said City, and the interest coupons hereto
attached to be attested by the facsimile signature of the
City Clerk as of the day of , 1977.
SEAL Mayor
ATTEST COUNTERSIGNED
City Clerk Director of Finance
(Form Coupon)
No. $450 00
On the day of 19_, the City of
Fort Collins will pay to bearer
FOUR HUNDRED FIFTY and N0/100 DOLLARS
in lawful money of the United States of America, at the
office of the Director of Finance of Fort Collins, Colorado,
being three (3) months' interest on its sales tax revenue
bond dated , 1977, to which this coupon is
attached
(Facsimile Signature)
City Clerk
Section 3. The Director of Finance is authorized td
exchange said bond for the property described in Section 1
of this ordinance
Introduced, considered favorably on first reading, and
ordered published this 15th day of March, A D. 1977, and to
be presented for final passage on the29th day of Marcb , A.D.
1977.
�,!�:,Zvo,
ATTEST Mayor
ty Clerk
-3-
Passed and adopted on final reading this 29th day of
March , A.D. 1977.
ATTEST or
City Clerk
-4-