HomeMy WebLinkAbout009 - 03/10/1975 - AUTHORIZING THE ISSUANCE OF SEWER REFUNDING REVENUE BONDS SERIES 1975 IN THE PRINCIPAL AMOUNT OF $3, ORDINANCE NO 1975-
AN ORDINANCE AUTHORI7ING THE ISSUANCE OF SEWFR RE-
FUNDING REVENUE BONDS SERIES 1975 OF THE CITY Or
FORT COLLINS COLORADO IN THE PRINCIPAL AMOUNT OF
$3 155 000 FOR THE PURPOSE OF REFUNDINP $1 640 000
SEWFR REFUNDING' AND IMPROVEMENT REVEPTUE BONDS
SERIFS JUNE 1 1965 SUBSERIES I AND $2 000 000
SEWFR IMPROVEMENT REVENUE BONDS SERIES JUNE 1
1974 OF THE CITY OF FORT COLLINS PRESCRIBING THE
FORM OF SAID REFUNDING' BONDS PROVIDING FOR THE
APPLICATION OF THE NET REVENUE OF THE SANITARY
SEWER SYSTEM TO PAY THE BONDS AND THE INTEREST
THERFON AND OTHER DETAILS IN CONNLCTION THERE-
WITH PROVIDING FOR THE PROCEEDS OF SAID REFUNDING'
BONDS TO BE DEPOSITED IN A SEPARATE TRUST ACCOUNT
FOR THE PAYMENT OF THE BONDS BEINf REFUNDED AND
DECLARING AN EMERGENCY
2
ORDINANCE NO q 1975'
AN ORDINANCE AUIHORIZING THE ISSUANCE % SEWFR RE-
FUNDING REVENUE BONDS SERIES 1975 01 THE CITY OF
FORT COLLINS COLORADO IN THE PRINCIPAL AMOUNT OF
$3 155 000 FOR THE PURPOSF OF REFUNDINf$1 640 000
SEWER REFUNDING AND IMPROVEMENT REVFNUF BONDS
SERIES JUNE 1 1965 SUBSERIES I AND $2 000 000
SEWER IMPROVEMENT REVENUE BONDS SERIFS JUNF 1
1974 OF THE CITY OF FORT COLLINS PRESCRIBING THE
FORM OF SAID REFUNDING BONDS PROVIDING FOR THE
APPLICATION OF THE NET PFVENUE OF THE SANITARY
SEWER SYSTEM TO PAY THE BONDS AND THE INTEREST
THEREON AND OTHFR DETAILS IN CONNECTION THERE-
WITH PROVIDING FOR THE PROCEEDS OF SAID REFUND-
ING BONDS TO BE DEPOSITED ITS A SFPARATE TRUST AC-
COUNT FOR THE PAY^1FNT OF THE BONDS BEING REFUNDED
AND DECLARING AN EMERGFNCY
WHEREAS the City of Fort Collins in the County of
Larimer and State of Colorado has previously authorized and
issued its Sewer Refunding, and Improvement Pevenue Bonds
Series June 1 1965 Subseries I dated June 1 1965 (herein-
after referred to as the 1965 Issue ) in the total amount
of $2 200 000 of which there now remains outstanding the
principal amount of $1 640 000 consisting of 328 bonds in
the denomination of $5 000 each numbered I-113 to I-440
inclusive bearing interest payable semiannuall, on June 1
and December 1 each year and maturing serially on December 1
as follows
Bond Numbers Amounts Years Interest Rate
(All Inclusive) Maturing Maturing (Per Annum)
I-113 - I-137 $125 000 1975 3/
I-138 - I-162 125 000 1976 37
1-163 - I-188 130 000 1977 3 107
I-189 - I-216 140 000 1978 3 107
T-217 - I-245 145 000 1979 3 107
I-246 - I-275 150 000 1980 3 107
I-276 - I-306 155 000 1981 3-1/87
I-307 - I-338 160 000 1982 3-1/81
I-339 - I-371 165 000 1983 3 20/
I-372 - I-405 170 000 1984 3 207
1-406 - I-L40 175 000 1985 3 207
and
ITHFPEAS bonds of said series maturing December 1 1075
and thereafter are redeemable prior to maturity at the option
of the City in inverse numericll order on December 1 1974
and on any i terest Dayment date thereafter upon payment of
par accrued interest and a premium of 17 of Drincipal and
3
WHEREAS the City of tort Collins nis also Dreviously
authorized and issued its Sewer Improvement Revenue Bonds
Series June 1 1974 dated June 1 1974 (hereinafter re-
ferred to as the 1974 Issue ) in the total amount of
$2 000 000 the entire amount of which now remains outstand-
ing consisting of 400 bonds in the denomination of $5 000
each numbered 1 to 400 inclusive bearing interest paya-
ble semiannually on June 1 and December 1 each year and ma-
turing serially on December 1 as follows
Bond Numbers Amounts Years Interest Rate
(All Inclusive) Maturing Maturing (Per Annum)
1 - 2 $ 10 000 1977 6 257
3 - 4 10 000 1978 6 257
5 - 6 10 000 1979 6 257
7 - 8 10 000 1980 6 257
9 - 10 10 000 1981 6 257
11 - 12 10 000 1982 6 257
13 - 14 10 000 1983 6 25/
15 - 16 10 000 1984 6 25/
17 - 18 10 000 1985 6 25/
19 - 54 180 000 1986 6 257
55 - 91 185 000 1987 6 257
92 - 130 195 000 1988 6 207
131 - 170 200 000 1989 6 207
171 - 212 210 000 1990 6 207
213 - 256 220 000 1991 6 20/
257 - 302 230 000 1992 6 30/
303 - 350 240 000 1993 6 357
351 - 400 250 000 1994 6 407
and
WHEREAS bonds of said series maturing December 1 1984
and thereafter are redeemable prior to maturity at the option
of the City in inverse numerical order on June 1 1g84 and
on any interest payment date thereafter upon payment of par
accrued interest and a premium of 2/ of Drincipal if redeemed
on or before December 1 1988 and upon Dayment of par ac-
crued interest and a premium of 1/ of principal if redeemed
after December 1 1988 and
WHFREAS the City Council has determined that it is ne-
cessary and in the best interests of the City that the out-
standing 1965 and 197A Issues of sewer bonds described
above in the aggregate principal amount of $3 640 000 re-
maining outstanding be refunded (1) in order to remove
4
restricting and ambiguous covenants and to permit the issu-
ance of future sewer re% enue bonds additionally secured by a
pledge of net revenues of the City s sanitary sever system
on a parity first lien basis regardless of time of issuance
and without satisfaction of an earnings test and thereby to
permit the issuance of further bonds on more advantageous
terms without question as to the existence of the superior
prior pledges or liens and (2) in order to reduce rates and
interest costs and to effect other economies thereby provid-
ing the City with a decrease in total requirements in excess
of $ ��j3, �i43 all to the benefit of the City and its inha-
bitants in accordance with the Charter and
WHEREAS Sewer Refunding Re-,enue Bonds Series 1975 in
the amount of $3 155 000 have been sold and awarded to
Boettcher and Company of Denver Colorado for cash at par
and accrued interest
THEREFORE BF IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS COLORADO
Section 1 That for the purpose of providing funds with
which to refund and pay $1 640 000 of its 1965 Issue and
$2 000 000 of its 1974 Issue above described the City of
Fort Collins Colorado shall issue its Sewer Refunding Revenue
Bonds Series 1975 in the principal amount of $3 155 000
Said Refunding Bonds shall be dated March 1 1975 shall con-
sist of 631 bonds in the denomination of 85 000 each num-
bered 1 to 631 inclusive shall bear interest at the rate of
7/ per annum payable June 1 1975 and semiannually thereafter
on the 1st day of June and the 1st day of December each year
and shall mature semiannually on June 1 and December 1 as
follows
5
Amount Maturity
$ 50 000 June 1 1975
65 000 December 1 1975
75 000 June 1 1976
45 000 December 1 1976
75 000 June 1 1977
55 000 December 1 1977
75 000 June 1 1978
65 000 December 1 1978
75 000 June 1 1979
75 000 December 1 1979
100 000 June 1 1980
60 000 December 1 1980
100 000 June 1 1981
70 000 December 1 1981
100 000 June 1 1982
80 000 December 1 1982
100 000 Tune 1 1983
95 000 December 1 1983
125 000 June 1 1984
85 000 December 1 1984
125 000 June 1 1985
100 000 December 1 1985
125 000 June 1 1986
115 000 December 1 1986
150 000 June 1 1987
105 000 December 1 1987
150 000 June 1 1988
125 000 December 1 1988
150 000 June 1 1989
145 000 December 1 1989
150 000 June 1 1990
145 000 December 1 1990
Bonds of this issue maturing December 1 1985 and there-
after shall be redeemable prior to maturity at the option of
the City in inverse numerical order on June 1 1985
and on any interest payment date thereafter upon payment of
par accrued interest and a premium of 3/ of principal
Notice of prior redemption shall be given by publica-
tion at least one tine in a newspaper having general circu-
lation in the City of Fort Collins not less than thirty
(30) days prior to the date of redemption Notice shall also
be given by mailing a copy of the notice by registered
first class mail to Boettcher a-id Company Denver Colo-
rado the original purchaser of the bonds not less than
thirty (30) days prior to the date of redemption
6
The principal of and interest on said Refunding Bonds
shall be payable in lawful money of the United States of
America at the office of the Director of Finance in Fort
Collins Colorado
The 1975 Refunding Bonds shall be signed with the fac-
simile signature of the Mayor with a facsimile of the seal of
the City affixed thereto attested by the manual signature
of the City Clerk and countersigned by the facsimile signa-
ture of the Director of Finance of the City The interest
coupons attached to said bonds shall bear the facsimile sig-
nature of the Director of Finance and when issued as afore-
said as part of said bonds shall be the binding obligations
of the City according, to their import Should any officer
whose manual or facsimile signature appears on said bonds or
the interest coupons attached thereto cease to be such offi-
cer before delivery of the bonds to the purchaser such manu-
al or facsimile signature shall nevertheless be valid and
sufficient for all purposes
Section 2 That the Refunding Bonds and the interest
coupons attached thereto shall be in substantially the fol-
lowing form
1
(Form of Bond)
UNITED STATES OF AMERICA
SLATE OF COLORADO COUNTY OF LARIMER
CITY OF 1OP1 COLLINS
SEWER RFFU VDINI(' PY-VENUE BOND SERIES 1975
No $5 000
The City of Fort Collins in the County of Larimer and
State of Colorado for value recei\ed hereby promises to
pa} to the bearer hereof out of the special fund or funds
hezeinafter designated but not otherwise the principal sum
of
FIFE THOUSAND DOLLARS
June
on the 1st day of December 19 with interest thereon at
the rate of seven per centum (7")
per annum payable on June 1 1975 and semiannually thereafter
on the lst day of June and the 1st day of December each year
as evidenced by interest coupons attached hereto both prin-
cipal and interest being Da}able in lawful money of the United
States of America at the office of the Director of Finance in
Fort Collins Colorado upon presentation and surrender of the
annexed coupons and this bond as they severally become due
Bonds of this issue maturing December 1 1985 and there-
after are redeemable in inverse numerical order at the option
of the City on June 1 1985 and on any interest payment
date thereafter upon payment of par accruea interest and a
premium of 3/ of principal Notice of such prior redemption
shall be given in the time and manner as more particularly
set forth in the Ordinance authorizing the issuance of this
bond
This bond is issued by the City Council of the City of
Fort Collins Colorado for the purpose of paving
and refunding lawful and valid outstanding sewer re-, enue
bonds of the City under the authority of and in full con-
formity with the City Charter and the Constitutio , of the
8
State of Colorado and pursuant to an Ordinance of said City
duly adopted published and made a law of the City prior to
the issuance of this bond
Both the principal of and the interest on this bond are
pa}able solely out of a special fund created in full con-
formity with law and designated as the Citv of Fort Collins
Sewer Fund which Fund shall contain all of the income and
revenue derived by the City from the operation of the munici -
pal sanitary sewer system from which will first be paid the
necessary and reasonable costs and expenses of the operation
and maintenance of the system If necessary payment of prin-
cipal and interestshall be made from the City of Fort Collins
Sewer Refunding Revenue Bond Reserve Fund" created for such
purpose all as is more particularly set forth in the Ordi-
nance authorizing the issuance of this bond The bonds of
this issue are equitably and ratablv secured by a lien on the
net income and revenue of the municipal sanitary sewer system
It is hereby recited certified and warranted that for
the payment of this bond the City of Fort Collins has cre-
ated and will maintain said Fund and will deposit therein the
amounts and revenue specified in saia Ordinance and out of
said Fund as an irrevocable charee thereon will pay this
bond and the interest thereon in the manner provided by
said Ordinance For a description of the Fund and the na-
ture and extent of the security afforded thereby for the pay-
ment of this bond reference is made to that Ordinance
This bond does not constitute a debt or indebtedness of
the City of Fort Collins within the meaning of any Charter or
constitutional limitation and shall not be considered or
held to be a general oblipation of the City
It is hereby certified and recited that all acts and
things required to be done and conditions and things re-
quired to exist precedent to and in the issuance of this
bond to render the same lawful and talid have happened been
9
properly done and performed and did exist in regular and
due time, form and manner as required by law
For the payment of this bond and the interest thereon
the City of Foit Collins pledges the exercise of all its
lawful corporate powers
IN TESTIMONY ITHEREOF the City Council of the City of
Fort Collins Colorado has caused this bond to be signed Tith
the facsimile signature of the Mavor sealed with a facsimile
of the seal of the City attested by the manual signature of
the City Clerk countersigned pith the facsimile signature of
the Director of Finance and th- �ntpresi coupons attached
hereto to be signed with the facsimile signature of the Di-
rector of Finance as of the 1st day of March 1975
CITY OF FORT COLLINS COLORADO
(FACSIMILE SEAL) (Facsimile Signature)
Mayor
ATTEST
(Do Aot Sign)
City Clerk
COUNTERSIGNED
(Facsimile Signature)
Director ot Finance5-
10
(Poem of Interest Coupon)
No $
June
On the 1st day of December 19 unless the bond to
��hich 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 pa} to bearer the
amount shown hereon in lawful money of the United States of
America at the office of the Director of Finance in Fort
Collins Colorado out of the City of Fort Collins Sewer
Fund or if necessary from the City of Fort Collins Sewer
Refunding Revenue Bond Reserve Fund but not otherwise be-
ing interest then due on its Sewer Refunding Revenue Bond
Series 1975 dated March 1 19/5 bearing
No
(Facsimile Signature)
Director of finance
11
Section 3 Disposition of Bond Proceeds The bonds
shall be sold and delivered to the Purchaser solely to pro-
vide the City with money for the purpose of redeeming and
refunding the outstanding 1965 and 1974 Issues
The proceeds of the bonds herein authorized shall be
used only for the purposes recited above provided however
that all or any portion of the bond proceeds may be temporari-
ly invested or reinvested pending such use in securities or
obligations which are lawful investments for such munici-
palities in the State of Colorado It is hereby covenanted
and agreed by the City that any temporary investment or re-
investment of the bond proceeds or any portion thereof
shall be of such nature and extent and for such period that
the bonds of the City shall not be or become arbitrage bonds
within the meaning of Section 103 (d) of the Internal Revenue
Code and pertinent regulations thereto and such proceeds if
so invested or reinvested shall be subject to the limita-
tions and restrictions of said Section 103 (d) as the same
now exists or may later be amended and shall further be
sub3ect to any applicable regulations of the Internal Revenue
Service
Neither the purchaser of said bonds nor the subsequent
holders of any of them shall be responsible for the applica-
tion or disposal by the City or anv of its officers of the
funds derived from the sale thereof
The issue of said bonds by the City shall constitute
a warranty by and on behalf of the City for the benefit of
each and every holder of any of said bonds and that said
bonds have been issued for a valuable consideration in full
conformity with law
Section 4 Reimbursement of Principal and Interest If ne-
cessary the principal and interest due or said bonds on
June 1 1975 shall be advanced from any fund of the City
available therefor said amount to be later reimbursed from
12
the net revenues of the sanitary sewer system The principal
of and interest on said bonds shall be payable sole13 out of
the net income and revenue to be derived by the City from the
operation of the sanitary sewer system as specified in this
Ordinance The term sanitary sewer system shall include
not only the property comprising the sanitary sewer system
at the present time but all improvements and extensions
hereafter constructed or acquired by the City
Section 5 Rates and Charges for Sanitary Sewer
Service The City Council of the City covenants that it will
continue in force rates and charges for services rendered by
the sanitary sewer system to create income and revenue each
year sufficient to pay maintenance and operation expenses
of the system an amount equal to not less than 120' of the
maximum annual interest and principal requirements
of the bonds authorized herein and all bonds outstanding and
payable from the revenues of the system
In the event that the
revenues at any time are not sufficient to make such payments
the City shall increase the rates and charges for sanitary
sewer service to such an extent as to insure the payments
and accumulations required by this Ordinance
It shall be the duty of the City to establish maintain
and enforce such rates continuously until all of said bonds
and the interest thereon have been fully paid and discharged
Section 6 Payment of Principal and Interest - Sewer
Fund That for purposes of this Ordinance a separate ac-
count shall be set aside maintained and known as the City
of Fort Collins Sewer Fund So long as any of the bonds
hereby authorized shall be outstanding either as to prin-
cipal or interest 311 income and revenues derived from the
operation of the s} stem except the City s existing, sewer
trunk line assessments sewer main line assessments and
sewer tap fees and the plant investment fees credited to
13
the City s existing Sewer Capital Improvement Fund shall be
deposited into the Sewer Fund
That so long as any of the bonds hereby authorized shall
be outstanding either as to principal or interest or both
the following payments shall be made from the Sewer Fund
A 0 & M Expenses First as a first charge thereon
there shall be set aside from time to time moneys sufficient
to pay operation and maintenance expenses of the system as
they become due and payable and thereupon they shall be
promptly paid Any surplus remaining at the end of the Fiscal
Year (January 1 to December 31 inclusive) and not needed for
operation and maintenance expenses shall be transferred to
the Sewer Fund and be used for the purposes thereof as herein
provided
B 1975 Refunding Bond Fund Payments Second from any
moneys remaining in the Sewer Fund i e from the net income
of the sewer system there shall be deposited into a separate
account hereby created and to be known as the City of Fort
Collins Sewer Pefunding Revenue Bonds Series 1975;, Bond
Fund (herein referred to as the ' 1975 Bond Fund or as the
Bond Fund ) the following
(1) Monthly commencing on the 1st day of April
1975 an amount in equal monthly installments necessary to-
gether with any moneys therein and available therefor to
pay the next maturing installment of interest on the 1975 Re-
funding Revenue Bonds then outstanding and monthly thereafter
commencing on said interest payment date one-sixth of the
amount necessary to pay the next maturing installment of in-
terest on the outstanding 197^ refunding revenue bonds
(2) Monthly commencing on the 1st day of April
1975 an amount in equal monthly installments necessary to-
gether with any moneys therein and available therefor to pay
the next maturing installment of principal of the outstanding
1975 refundinf revenue bonds and monthly thereafter commenc-
ing on said principal payment date one-sixth of the amount
necessary to pay the next maturing installment of principal on
the 1975 refunding revenue bonds
14
C 1975 efunding Reserve Fund Payments Third but
concurrently with the payments required b) the next preceding
paragraph B of this Section there shall be established a fund
known as City of Fort Collins Sewer Refunding Revenue Bonds
Reserve Fund in a total amount of $350 000 Said Peserve Fund
shall be initiated by a deposit of $ CS oo The balance of
said Reserve Fund shall be accumulated not later than June 1
1982 by equal monthly deposits from the Sewer Fund The Re-
serve Fund shall be maintained until such time as the amount
therein will be sufficient to pay all of the outstanding re-
funding revenue bonds and the interest thereon The money in
the Reserve Fund may be used to prevent defaults in the payment
of the bonds herein authorized and interest thereon but if
used for such purpose it shall be restored to the fund as soon
as possible Moneys in the Reserve Fund may be invested in di-
rect obligations of the United States Government or in obliga-
tions or securities of any agency or instrumentality thereof
and the interest from any such investments shall be considered
as revenues of the sanitary sewer system
D Remaining Funds After the Daynents required by A B
and C of this Section 6 any moneys remaining in the Sewer
Fund may be used to pay for the e%tension and improvement of
the sanitary sewer system of the City for the redemption of
outstanding sewer refunding bonds of the City or for any
other lawful purpose
Section 7 Covenants of the City The City herebv further
irrevocably covenants and agrees with each and every holder of
the Refunding Revenue Bonds issued under the provisions of this
Ordinance that so long as any of said bonds remain outstanding
(a) It will continue to operate and manage the municipal
sanitary sewer system in an efficient and economical manner
and keep and maintain separate accounts of the receipts and
expenses thereof in such a manner that the revenue thereof
payable into the Bond Fund created by this Ordinance may at
all times be readily and accurately determined
(b) The City will furnish no free service for the
sanitary sewer system and that if the City shall use the
15
facilities of the sanitary sewer system for its own purposes
it shall pay monthly a fair and reasonable amount for such
service In no event shall the City pay a greater amount
than would be charged a private consumer for the same amount
of service The City shall include in its annual appropria-
tion and budgets amounts sufficient to pay for all service
so used
(c) It will not sell or alienate any of the property
constituting any part or all of the sanitary sewer system in
any manner or to any extent as might reduce the security pro-
vided for the payment of the bonds authorized herein but the
City may sell any portion of such property which shall have
been replaced by other similar property of at least equal
value or which shall cease to be necessary for the efficient
operation of said system provided however that in the
event of any sale or sales as aforesaid consideration shall
be paid into the Sewer Fund and shall be used for the pur-
poses of said Fund
(d) At regular periods each year it will render bills
for sanitary sewer services furnished Until paid all
sanitary sewer rates and charges shall constitute a lien on
the property served and the City shall take whatever action
is legally permissible promptly to enforce and collect de-
linquent sanitary sewer charges and if water service is
provided it shall shut off such water service from property
delinquent in the payment of the sanitary sewer rates and
charges
(e) At least once each year it will furnish the original
purchaser of the bonds a statement of the receipts of and
the disbursements for the system for the fiscal year immedi-
arely preceding each statement
(f) It will carry workmen s compensation public lia-
bility and such other forms of insuraLice on insuzable sanitary
sewer property as would ordinarily be o^rried by utilities
16
having similar properties of equal value such insurance being
in such amounts as will protect the system and its operation
Section 8 Additional Bonds--Requirements and Limitations
No additional bonds shall be issued payable from the net in-
come and revenue of the sanitary sever system and having a lien
upon such net income and revenue ihich is superior to the lien
of the bonds authorized herein
The City shall not issue any additional bonds payable
from the net income and revenue of the sanitary sewer system and
having a lien on such income and revenue on a parity with the
Refunding Bonds authorized by this Ordinance unless each of
the following requirements is met
(a) The City is current in the payment of all principal
and interest of the Refunding Bonds and the deposit to and
accumulation of the Reserve Fund c~eated b% this Ordinance
(b) The net income and revenue of the sanitary sewer
system received in the preceding fiscal year shall have been
equal to 1 20 times the maximum annual reaui-ements for prin-
cipal and interest of the 1975 Refunding Revenue Bonds and all
outstanding bonds payable from the revenues of the system If
new rates and charges for sanitary sewer service have been
effected between the end of the fiscal year and the date of
the issuance of the new bonds then the net income and revenue
can be ad3usted by applying new rates and charges to the
quantities of service actually furnished during such preceding
fiscal year
(c) Projected Earnings Test The estimated annual
revenues to be derived from the operation of the sewer system
for the twelve months immediately succeeding the completion of
the facilities to be acquired with the proceeds of the addi-
tional bonds or obligations shall be an amount equal to the
sum of the following (1) the estimated operation and main-
tenance expenses of the sewer system for said twelve months and
17
(2) an amount representing one hundred twenty per centum
(120 ') of the combined maximum annual principal and interest
requirements of the outstanding revenue bonds and other obli-
gations of the City payable from and constituting a lien
upon revenues of the sewer system and the bonds or other
obligations proposed to be issued (excluding any reserves
therefor) The projected net income and revenue of the
sanitary sewer system shall be determined by a competent
feasibility and rate engineer
Nothing herein shall prevent the City from issuing addi-
tional bonds having a junior or subordinate lien on the net
income and revenue of the sanitary sewer system of the City
provided that all payments and accumulations required to be
made by this Ordinance are current and that the City is in
compliance with all the covenants of this Ordinance
Section 9 Refunding Fscrow Account The proceeds de-
rived from the sale of the Pefunding Bonds authorized herein
in an amount not less than $3 155 000 and tie accrued inter-
est on the bonds being refunded shall be deposited with the
First National Bank Fort Collins Colorado (hereinafter the
Bank ) in a separate fund and escrow account hereby created
and known as the 'City of Fort Collins 1965 and 1974 Issues
Sewer Refunding Revenue Fscrow Account herein designated
as the Refunding Escrow Account or Escrow Account which
account shall be at all times sufficient together with any
interest to be derived from the investment and any temporary
reinvestment of the deposits or any part thereof in direct
obligations of or obligations guaranteed by the United States
of America to pay the principal of and interest on the out-
standing 1965 and 1974 Issues to be retired at their respec-
tive maturities as follows
1965 Issue
All outstanding bonds of this issue being bonds numbered
I-113 to I-440 inclusive shall be Dazd and retired at their
respective maturity dates at the office of the Director of
18
Finance in Fort Collins Colorado according, to their original
terms
1974 Issue
All outstanding bonds of this issue being bonds numbered
1 to 400 inclusive shall be paid and retired at their re-
spective maturity dates at the office of the Director of
Finance in Fort Collins Colorado according to their original
terms
Interest on the outstanding bonds of the 1965 and 1974
Issues shall be paid as the same accrues according to the
original terms of said bonds until said bonds mature
Section 10 Investments in Refunding Escrow Account
The Bank shall invest the funds on deposit in the Refunding
Escrow Account in direct obligations of or obligations
guaranteed by the United States of America and shall fully
secure any cash balance in said account in the manner re-
quired by law for other trust funds
If for any reason at any time the funds on hand in
such Refunding Escrow Account shall be _nsufficient to meet
the Dayments required as the same shall be about to become
due and payable the City Council of the City shall forth-
with deposit in such Refunding Escrow Account such addi-
tional funds as may be required fully to meet the amount so
about to become due and payable
Section 11 Obligations of Escrow Bank The Bank
shall from time to time redeem all or a portion of the obli-
gations in said Refunding Escrow Account in sufficient
amounts so that the proceeds therefrom and the interest
thereon as the same accrues will be sufficient to meet the
interest requirements on the outstanding 1Q65 and 1974 Is-
sues as such interest accrues and to pa-, said bonds at their
respective maturities according to the schedule hereinabova
set forth
19
Scction 12 Authorization to Execute Escrow Account
The Mayor Clerk and Directoi of Finance of the City shall
and they are hereby authorized and directed to tale all ne-
cessary or appropriate action toward the execution of a
proper Fscrow Agreement with the Bank concerninf the de -
posits in investments of and disbursements from said Re-
funding Escrow Account and such other agreements as may be
necessary or desirable to effectuate the provisions of this
Ordinance and comply with the reauirements of law
Section 13 Notice of RefundinP On or about the date
when the Refunding Bonds are delivered or within a reasona-
ble time thereafter the Director of Finance is authorized
and directed to publish a notice of refunding one time in a
newspaper published in the City
Section 14 Costs and Expenses of Pefunding All costs
and expenses incurred in connection with the issuance and
payment of the Refunding Revenue Bonds herein authorized
shall be paid exclusively from the proceeds of said bonds or
from the revenue of the sanitary sewer system and in no
event shall any of such costs or expenses or the principal
of or interest on said bonds be paid out of or charged to
the general funds or tax levies of the CitS
Section 15 Ratification and Approval of Prior Action
That all actions heretofore taken by the officers and mem-
bers of the Citv Council not inconsistent with the provi-
sions of this Ordinance relating to the authorisation sale
issuance and delivery of said refunding revenue bonds be
and the same are hereby ratified approved and confirmed
Section 16 Severability That if any one or more
sections or parts of this Ordinance shall be adjudged unen-
forceable or invalid such ]ud�ment shall not affect impair
or invalidate the remaining provisions of this Ordinance it
being the intention that the xar_ous provisions hereof are
severable
20
Section 17 Repealer All ordinances or parts thereof
in conflict with this Ordinance are hereby repealed
Section 18 Ordinance Irrepealable After said bonds
are issued this Ordinance shall be and remain irrepealable
until said bonds and the interest thereon shall have been
fully paid satisfied and discharged
Section 19 Declaration of Emergency By reason of
the fact that the municipal bond market and the government
bond market are subject to sudden and unpredictable changes
the savings and other advantages afforded to the City by re-
funding the issues of outstanding Sewer Revenue Bonds de-
scribed in this Ordinance could be drastically reduced or
eliminated thus jeopardizing the entire plan of refunding
all to the detriment of the City and its inhabitants it is
hereby declared that an emergency exists and that this Or-
dinance is necessary for the immediate preservation or pro-
tection of public health property or safety and that this
Ordinance shall become effective immediately and shall be
numbered and recorded in the Ordinance Record authenticated
by the signatures of the Mayor and the City Clerk shall be
published in the Fort Collins Coloradoan a newspaper of the
City published and of general circulation therein within 5
days after passage and such publication shall also be au-
thenticated by the signatures of the Mayor and City Clerk
INTRODUCED PRESEgTED AND FINALLY PASSED THIS 4TH DAY
OF FEBRUARY 1975
( S E A L ) �aY9
ATTEST
V
City Clerk
21
Thereupon Councilman Russell moved that
said Ordinance be passed and adopted as read b} title only
as an emergency ordinance Councilman Bowling
seconded the motion
The question being upon the passage and adoption of the
Ordinance the roll was called w-th the following result
Those voting AYE
Mayor J TT N Fead
Councilmen Charles Bowling
Nancv P Gray
Mabel Preble
Margaret F Peeves
Jack Russell
Farl Wilkinson
Those voting NAY
The presiding officer thereupon declared that the
Mayor and at least five members of the entire Council having
voted in favor thereof the motion was carried and the Or-
dinance duly passed and adopted as an emergencv ordinance
It was then ordered that said Ordinance be recorded by
the City Clerk in the Ordinance Record of the City and a
copy of said Ordinance be published in a newspaper of wide
circulation in the Citv
After consideration of other business to come before
the City Council the meeting was anjourned
( S E A L ) TT
ATTEST
City Clerk
22
STATE Or COLORADO )
COUNTY OF LARIMER ) ss
CITY OF FORT COLLINS )
I Verna Lewis Citv Clerk of the City of Fort Collins
Colorado do hereby certify that the foregoing pages num-
bered 1 to 22 inclusive constitute a true and correct copy
of the record of the proceedings of the City Council taken
at a regular meeting thereof held at the City Hall in said
City on the 4th day of February 1975 insofar as said pro-
ceedings relate to an ordinance authorizing the issuance of
Sewer Refunding Revenue Bonds Series 1975 of the City in
the principal amount of $3 155 000 dated March 1 1975
which was introduced and amassed as an emergency measure a
true and correct copy of which is set forth in full in the
proceedings of the Council that the original ordinance has
been duly authenticated by the signatures of the Mayor and
myself as City Clerk of said City sealed with the seal of
the City and recorded in the book kept for that purpose in
my office which record has been dulv signed by said offi-
cers and sealed with the seal of the City
IN WITNESS iTFERFOF I have hereunto set my hand and af-
fixed the seal of the Cit) this Ya day of February 1975
( S E A L ) City Clerk S
L
23
(Attach Affidavit- of Publication of Ordinance )
Public Notice Public Notice 1
AFFIDAVIT OF PUBLICATION each ad 1131 MI s b<a II IC est payabl win IIyonJ he) Pe nd
din Declmbemb e I<den yea a d tl m t rg x IIy M Dec rit�idl)td�[� mean n
STATE OF COLORADO Bond Numbe s Amuu0ls Yea s A�21d gst Gate the
es!
COUNTY OF LARIMER } ss (All I Clue <) Mat 9 r ru I A n m) and sea
11, a
1 177— 1137 f125 000 14 9/1 N ,}, Jb Ne in
1130— 1163 125000 %19 1 3% espon
1163— 1118 130 OW 11 71 310% de d
7llllard C Johnson 1199- 1716 10000 )978 3TO% The
being first duly sworn zv - I z<s lasf1110 1979„ br 310'ti c ry for
17eA— I775 75o 000 r �,19W y �'0% haw be
1776— 1 306 1S5 ODD
upon oath deposes and says That he is the A 8V -D1 r£LtOr 1307- M 160 Wo s 'S1 (1 h 3 • nre ash
of the Fort Collins Coloradoan that he has personal knowledge of I339 -145 170070 320% labl
P 8 I37z— 105 165000 } 7 320% So IS y
all the facts set forth in this affidavit that the Fort Collins Colo- 1 06- 1440 175 ODD it, yb t- 3 W% Solely a
he sa
radoan is a public daily newspaper of general circulation having �i } }F, �') Y system
its principal office and place of business situated in said County of am bo d a sa tl x es mat g D«c111ob i 't9f,} sT to ne a e ,��<tY
Larimer that said Fort Collins Co]oradoan is printed and publish edeem of P Of I in hl ty I the pf on I in C ry n <Yie norm 1 d rJa Sect a
ed daily except Saturdays and legal holidays that said Fort Collins °C mbe 1 1914 no o 9 I I payme I d I lh alf Yme I I pa co e a
uM I aft Map m moll fpr cP 1 and sa t y
Coloradoan is a daily newspaper duly qualified for the purpose WHEREAS 11k C ty of F I C II a h x p C �lyid i d 7 sued is me men
Sevrt Impr eon I R en Bonds Se e9 J rc l 1976 A J s.197e lhv9 a arse 1304 d
set forth within the meaning of Chapter 109 Article 1 Sections 11 at ad to a the 1974 ISW I the I I I ono t W sz ono dM ji, ent mW I of author
to 18 inclusive of Colorado Revised Statutes 1963 and any amend eeaacn" tar me a It 4D)ncl re `hone )9 i�I payable cam�aPf lllymJ oess m p men
ment thereof passed prior to the date hereof that said newspaper Dec mWIa hwa horn I gx Ilyon Dec mWIa Ianpyk smh
had prior to January 1 1936 and has ever since said date been 9ondN mbe s Alfw I I Y 1 it 1 t Itamrs
admitted to the United States Mails as second class matter under (All) I s a) Alat aJ ASauyq (PerA mu dxha
the provisions of the Act of March 3 1879 and any amendments I - z 10ODD1
197> I' 6 o Sect
ao
thereof that said newspaper is printed in whole in said County of 3- ' to aao 197eyi;Rc ` 16 Fort c
5— 6 10 coo 1979 6 z5S I M 9
Larimer and has a general circulation therein that said newspaper 7- e 10 ODD 11980 v 625% opat o
had been so printed and published as a 9- l0 10ODD i9p)
P P public daiiv newspaper of n - 1z 10 ODD r w '�7�"n`#1#j ers� arse
general circulation in said County of Larimer uninterruptedly and 13s- ie io 0o i98a ; essa Fors
continuously during the period of more than fifty two consecutive 17- is 1000D 19as,'},a, 6IR P Re
19— Ss ]so Din 1 5 6 7S% F M
weeks next prior t0 the first issue thereof containing the annexed 55— 91 195 ODD ` 19pp ' 670 to AI0 a
legal notice or advertisement that said annexed legal notice or �' 1°° ws aoo - 1 c 670%% they e
ec
advertisement was published in the regular and entire editions of vi -iv ioo000 990 r 6 all eon n
said newspaper for 713—256 370009 1 r'1"1 }- , 670% needed)
257-307 33D OWSti{p9A 630% endbev
151 -100 750000 {jl 60% Sewer9F
day a at
nWHEREAS bolls a $a d se a mat 9 De embe I 9a6'e� Wipe
a e Reland
OT1E 91LGDE76Y�EXVD�CB6 OR Kra-day Of each successive week !deem Of Pr form r rY rth Opt f th C rY A F! 19 that the first publication of said legal notice or advertisement was J rc1 1911 Min nv nr esi payme ro I )here n�7 RPaY ned�p« tl MO On FU d d a 0
to eeer a d a Prem m 1 r o1 P C Pal 1 edeemedbd Or Dkem&n 1 )9ee stalim
a d Ponpaymeht OIPa ued I stand, P emi mggfl d qI i NC<mLW the !t
after Dec meet 1 1988 M $ �P.G"� }I` Wr t M
in the regular and entire edition of said newspaper on the 7-th WHEREAS The C q Cauncil h der m ed In t {{ s m the best I th a
t I est of the C tY in I the Wt I M N IMS d 19741f 1 Soros deu W cutstand
T- Saw thethe 99 e9 t V m Pal mom I d S°b0 Mot *1 f$Ndst M n9 be (7)A
�bLllcLL AD 19 of (1) J ve eri now est IN lamb 9ua7 cow-" ,Dd r9perm r me Insralln
day of 1'
y Z5 that the last iw m eta esew< evenueboM dd t onaly sec red by P ofnet evenues the ne I
Of the C ty s sa I Y sesce y l m on a W I)y i sl I fN51 IIm of l me d bonds a
publication of said legal notice or advertisement was in the regular swance amw1W sat Oact cn Of a 9stest a 01114, by tq llltrhe sw me me arm
off the band on nl0r all 1 9ews t m w tiro 19 est m TO < tent of the efum
wper«pr«pledtles«Ion nd(7) 00 roved C ate { P! est rots Mt C 1975
and entire edition of said nex stater of the ft7h day of"cesnd ib9ovnosll)r rrre ee frd a ciy Yna ys dnavbtl%I�1 11 aanceow in iantlbro
th Ch r d ) '}+,. 99��z t r I m
WHEREAS Sewe Ref M gRe eB Ms 1975"I1 9 a$3155 Bob bale ce
of P'ebru I ry A Dig 75 and that copies of "Rae abeen
acc Ildndi w dedr Boen In rof Land rd 6 ydyo�forcAM I monthly
tm
each number of said paper in which said notice or advertisement THEREFORE BE IT ORDAINED BY THE L s I7Y OF FORT e en
was published were delivered by carriers or transmitted b mail COLLINS COLORADO v
D went
Y sea on o That 5 I the Propose a Pro d p4 f m nd Paf f sed f
to each of the subscribers of said paper ace ing to the accustom fo rt OPT of Its i96s Issu a a t 197 1 74lstFlfee the c ry e Remry i
Fan ramm W1or8do span g f 9tlibp,@g 'Genes 1975 ttK abl9
ed mode of business th office PrInC DV arroumas3)ss oro sat n14 gealersb�p �rbn1 }915 sn II 1 me y
ConLita6)I bprfdl rhederomU1a 1 au0o0 n tpimheredl )mclug sh 11 D a«
bee liar on t the t d 7YiSPef7 JI1 ^ �.}' 1➢]; 9Fyse IlaM 11It moneys
�/ There fret pp rho 1 r ddr of J rc p rM 1aI y.bt oaf f) and sn B Sewe a
J• 6�J6 m faro sCR1 uafl%mJ 4w Sec plbe) fhllews UUfE' �'1 awe
M r ) t ys 'a ry Sec)!
Subscribed and sworn to before me at d within the County of J 4 i kl� >et a9 vis
f so 03) t j +� JUrci 19)5 Provlsa
'1T ds 000 <( 1 Dec mbe91 1975 ( I
a� � AS 60° p hr,71a S `I ti976 off pi
Larimer State of Colorado this /h'- day of�' =y KL M thee c
a5 Q00 _ t Decpat mbe 1 1976 Ke pis
7$000 ) JJl<11971
Dec! 1 1977 det«m
MIT
d5A00 1 CR1 f t Oec m rcl 1978 C lyshal
A D 1'1 IS 000 > ti W `�+a ,E 1-s`�> -J J ne 979 monthly
J QJllli 1 S v 1, 13 l.s uUt00ef 4 19// 73.0 R it Dec mMl Inv 9 eater
L I00 W0 1 i,cln,�t � 1 J het im !aryl
My commission expires _ t00D .a. 1v 1 DK 'roe ) la° f"T rI
1°°o3a J rc) 1") a (C)
7000D De mete) 1981 IS taey
IOOOOQ ODD J e ) 1987 Prrti dt0
���_ No ODD I! ( Decemhe 1 19B7 Ill)p
Notary Pubhc l95 OW r Decembe 1 i9ii r rem
/ 950W Dec mbe 1199U a de arro
FU d
1 t Of 1 t V 011111 S t Decembe 1 1985 Delivered to y 125000000 4 J 11966 ISopel�TV
— _ _ —1- 0 33oX 580 ` 115 ODD Dec mbe 1 1986 to a to
1 74 abi balm oso000 J rcl 19e7 dec
O Dec 17 them uollins, GO 80522 95-P ImoDD ine19" 1 l
12S ODD Dec mbe 1 199 stet me
1500M J ne )9a9 Immeda
14S 009 Dec be 1 19e9 fN I
I50009 J he, 1990 w ant
145000 Decembe 1 1990 t i t es t
WHIP
BOWS of in s ssw m 1 9 Dec mbe 1 1985 a d to 1t h If M edeem bl Seal«
D «IOmalu ty at theopto din Cry se in C I«tle J el )9a5dM shall be
24 9 a y merest payment date thereof r Pon payment of par acc ued merest am a �d e
pemumd3% lp Coal d
NO m a pa edempton shall be 9 an by Wbl Ton at I astlone tme T
heC
a of these
newspepe he 99e al c I ton in C ty f F t C It Miles the th rty(77)of p«rit the d I of edempt on N I shall also be 9 by m w th the
1 9 OPY of the in ne
MI C by e9 to f I Ia ma 1 to BPett he a d Compa y De Colo ado the ( )I
On
or I; I W chase of the bond not less the th iv (30) d y p «I the d I of genes a
edempt al of Mlle
Tft p ncap`I a nd r est on sa d f? f nd 8ontl m siwl l he payabl lam I n onry
.. . ... ...,. — ..,— _ _.. _ (b) 1
I.". w v w I ny ee vy,ne rK IT 9 at din D KIorofF d ' Yr
of to C ty Th tern WPM it hoot sad bone h II M to f m 1 9re1 f In s5
d the D Kto of F nc d wlen es d ss ed tar P n of sa d ImdS nail be apply g
the b M 9 m1 gat on of the C ty of 9 I line mWt Should y off er whose Such p K
m low kt im I 9 I At W Sa d bonds"In t MI Wpms altacllM ICI P
theret W I be such off C befor del Y of the bond t the W h se Such Ope t an
and lorlac mlesgrat shall ne IMIe55M Id M utf Mt lor IIW Doss, COmplet0
Sect M 2 That the Ref M n9 Bonds Min, I I Wpon ffached thereto SM11 be 00I gat W
SubSk 11 Ilythef Ilowmform operaton
I
amou
(Form fB d) ma m
UNITED STATES OF AMERICA ndother
STATE OF COLORADO COUNTY OF LARIMER th sew,
CITYOF FORT COLLINS y SW
SEWER REFUNDING REVENUE BOND SERIES1975 ytem Sh
N — $5000 Noth 9
The C iy of FO t C II the CW ty of L m d St t of C lot do for Iue S a0(d
K Ved ndallf W m SeS 1 Pay 1 th be M apt out f the pK I f d or i M p Hided I
It nafk des grated but not tWrww thep pal m f W
sect W
FIVE THOUSAND DOLLARS R f hens
J ne tee I
0 the I t d y If Dec rMer 19--w th tKest the eon t the t of seven per am m B It Far
(7%)Re m payable W J to 1 1975 d Sam Ily In it on the ISt d y of W t h
J W Mthe lst day of Dec mbe achy a d, CM by t nt Wpon dltached Sews R
beret both p ntM t tnt M 9 W y bl I wf I money 1 to Un led States of Ex MA
Arne a at the off I In D Kt I F C F t Coll C lorado Pon togethe
p esentdt on of U d 1 the W C po d in band as they se a ally estme t
becomedue q a mitt
Bond of th S saw m t Ig Dec nn a 11"S M th it deem bl mist M
W met I ts at the pt on of th C ty 0 J 1 19I S d an y t<as, 19651sau
paymenhe t the edit ponpayme tdpa M t est tl p m mdJ%d AIIM 1
W Mpal NtadSuchp Ke0 mplonNallbeg min Im Mm reraSWr< bepida
partcularly Yhlorth the Ord and tip gtt10 and ith bond F am
TM enrol S ssW by the C ty CW c I f the C ty of Fort Coll Colorado la the I974ISW
WrPW0IPaYngaM et Mn9lawf I of altlWiSt M 9sewer ue bonds of the All W15
C IY Urckr the a that ty of If III Mf m ty w th Ih C tV Ch rIK M the Con pa d and
St tut W Of the Stated Colo ado d puma Ito O d M 0f sa of C ty of ly dap F and
led Wblshed Mmade lawdtheC tYp I th M Of th bond 1 est
Both to p en pal d W In t e5t on In 5 bond P Y III solely WI of spec I CI 11<5 a
I on fed 1 It onf m ty w in I w a d d 9 ated to C ty IF s III i ppc S
Sewer F M will h Fu d h II t It f Ih con, d (k ed by to II tS OepW I
WI
f om the optf dIM1 m CPal Ot Ysewe yt mf Irwin hwlll Ibtp d qed ton
In teP6So ydd sonabl Ost d W sesofth M t)on It In ten c d 9 tlat tat
the yskm If necassa y ptsym TOP M p I d t est hall W made f om ton C ty If to a
of Fort Col rN Sewer Refo of 9 R M Bond Rae F d ted to uch pu pose hall be
II M c W t I ly Sett th the O d and In 9 to SSIIaM of In S d no o,
boon Th bolds of th save a K I bly M I bly sec ed by I on the rrl Ex
me nd to m yern,i palsy t y sewe yst m aboutowA(
MAC
It Shereby Kled WIf ed Mw led In It In P ym oon e tdth b theCtY Sect be
on l
d Fort Coll ns h c led arld w i ma 1 5 tl F d d w II depos t ther the K oaf e
mpu I M even Spec f nd se d 0 o a M Wt d sa d Fund So That th
a Kable ha 9e the tort w 11 pay in S boon d the te est thereon in m ne S if t t
Pro,dM by Sad Ord Ce For cn,: Pt m f the F d M in t and t t of S Ch t e
the Sec ty alto ded the eby f the payn, 1 I to S M of ef M made t that th $Chad I
Od
Th 5 bond does not sit t debt 0 no bted SS of In C ty, f For)Coll w th Sect on I
in red g of any Ch to 0 on t t i onal I m tat o d Sh 11 rot be cons on etl a Of F a
Wolf beageve I00lg tondfMCtY necesay
It heeby CKtf Ma O K fed that all t Mth
9 tq etl t he done nd ton win theBRef M 9
e t same
and w n9 d acid h t Precede 11 tl Ion of M Win bond 1 ender des b10
IonsameI Sul land Ie nor n potted! beers ed ed yIa dpMamed Mee eq erne,
I eWYl and duet me bond
ndm rest as e0 in Cl w SectonI
FK titwol all d Ih s bond Mite tKest th eon fh C IY d Fort C011 rs Pledges (lei yKnd
the TESTIMONY
IW WHEREOF
F 1h I powtyC and of Kt
IN TESTI Mndt0WSREOF Ih 11tef CIOI 1h t IFM Cay rrs C l ado"th Cty
Ca Seem bond a It 5 geed w ih ion f m 9 at I Ion May Sealed w th d Sect I
lac fe l d in Se d the C 1 Ifest by m en 1 9 1 1 the C ty Cl k Won w
W k gmad w In Ion(Ks m l q t I m D KI of F M a d to I aft of Ion zed
Wpm attaso had nK to 1( or l97 w[h In 1 m 59 f d th D Kt d of
to se i
F and d5d fen 15t0 y Iona ch 1915 p n paid
CITYOF FORT COLLINS COLORADO Ia es of lh
(FKSMI S9 I ) SKIM)
Mayor by the di
(FACSIMILE SEAL) th 5 Ord
ATTEST erg en
(DoNotS91 Secto 1
Sh II be ad
C ty Clerk at date
COUNTERSIGNED WSP0
(Facs in 1 5 9 a1U e) SKI on l
(D Kid I F Me) he eby m
Sect 11
(Fo m of 1 to est Coupon) be end am
No————— S—__-- Pa d sat sf
J Se tons
On the 1st d y I Decembe 19-- In the bond t wh h th S Wpm s Nuched I me k t
edeemable has been tied 10 W Or edempt m in,C ty Of Forl Coll the Cot, IV ch gas In
ORDINANCE NO 9 1975 of La me a It St t d Colorado w B pay t bea er Ion mou I Shown IIKe9 lawf I but t d m
AN ORDINANCE AUTHORIZING THE ISSUANCE OF SEWER REFUNDING 1rWtY Of the tdS1 has of Ant Ith off I the D ector of Me Fort ed tow
REVENUE BONGS SERIES 1975 OF THE CITY OF FORT COLLINS COLORADO IN Coll m C lorado WI d the C ty,d F 1 C II Sewe F d I reCnSa y 1 ono ton of ID e Olin,
THE PRINCIPAL AMOUNT OF$J ISS ODD FOR THE PURPOSE OF REFUNDING C tY 0f Fort Coll M Sewe R f W rg Revenue Bond Rest F tl but Mt oflerw se
SIA40000 SEWER REFUNDING AND IMPROVEMENT REVENUE BONDS SERIES be ng nt est the of W is Sewe R 1 of rg R Vert a Bond Se M 1975 of ton Ma ch health p at
JUNE I IW5 SUBSERIES I AND S20MOM SEWER IMPROVEMENT REVENUE 1 IW5 be rg M sh 11 t
BONDS SERIES JUNE 1 1974 OF THE CITY OF FORT COLLINS PRESCRIBING No————— Colnat"
THE FORMOF SAID REFUNDING BONDS PROVIDING FOR THE APPLICATION __ IF m1 $9 at 1 Colo afk OF THE NET REVENUE OF THE SANITARY SEWER SYSTEM TO PAY THE BONDS D Kto dF ante dine May(
AND THE INTEREST THEREON AND OTHER DETAILS IN CONNECTION INTROD
THEREWITH PROVIDING FOR THE PROCEEDS OF SAID REFUNDING BONDS Sect m J D Spos t on of 8 d P oceed Th bonds Sh It be Solo d del ad to the FEBRUAR
TO BE DEPOSITED IN A SEPARATE TRUST ACCOUNT FOR THE PAYMENT OF W Chaser Solely to pro de the C ty w in moray to th p pots,of Naem n9 and
THE BONDS BEING REFUNDED AND OECLARI NG AN EMERGENCY ef" gtlewlstandrgl%5 MI97f ISSp,S JWN F
Theproceethi mted
WHEREAS in C fy 01 Fort C II Its In Co ty f L me and St I Of Color W hove PMdedd bhebord erth
a that all or, Y port on 01 ion b,4 V,,,,ds th,be term Mayor
has pre ously utho zed d 55 ec t Sewe R t dW d ImW me t Revmu, ports ly It ntedo er asled peon 9such use sec teS or obl9 ten win e (S Ba91L5 k SK es J ha 1 1965 5 bse ei I d fed J re 1 1965(h It Ix ed to as tie lawful IPI far Such m p t es ATTEST
Ion St le d C la 4 II lerebY Ve a L
11saUe ) in total dmW 1 d S9 i00 000 01 Soh Ch ion raw pmd n5 WtSidM rg Covenanted and ag eed by the C ty IMt y tempo y n Ime t or a estmmt Of C ty CI I
hhep CPalAn't f$1640000 on t 9197Bbod In deMm tond15000 thebOndfalf0ddf WJ YPOTOrthee01Shallbe IS It t Met t dforsuch Fa t Coll n
AIDWII I w ft
ft
Ad pa b pl 1 0 11 0 I P SI aWdO
WIItw IA Was I I ow I ad tlVI At IW
a*o'A 1 S W JI III, ) P O s UI Pa l DWI 5 3WIYa10)
lawl ado W1W IAIJ VIAgN Pfq I P
Iq Add off 11
U spud P VS 0 IS I W to 1 d W d a41
wl Won 5W W w P05 Uw I I W 11 hNp P
AI D at11 top 1 AUt w0)Paw P aq 11 VS 5161 1 av„f uo Iwr(
W Ion A WI A VSS.OW ll 1 1 I P Ion W d fa luaWa
M,IVIMAI W I 11 1 u'led.
1 mdW lq W<4
l I
poop P a l VI W AaPIApo P swp AI ap1e4 At O VI Ad P
It,10 IRLI&O O P l 1 Ilea
So 1 VI I S a 11051 IU A AI qVt AVI Ood P W P,Il I
ag11 U W VII A 91 PI VI
pawatue aq j, IA W 0111 onw101 At 1aV1 SIMIP)CO(u017iS
SIM I I w l oil "Umns aq 11 4 P Isa as 1 o polso CIS I ot l to(PIT
supl 41. l au I wweI aPodW0 M 0aq IW 11 VSAIDWll
a4I 41 M Splpq arw I q
8214ON mggnd 021401,
NOTICE OF REFUNDINC
of
CITI OF IORT COILINS LARITER COUNTY COIOF.ADO
SEi7FR REFUNDIN(' AND IMUROVEMENT REVFNUF BONDS
SERIES FUNL 1 5 SUBSERIES I
and
SEWER IMPPOVEMENT REVENUF BONDS SERIFS JUrNF 1 1974
PUBLIC NOTICE IS HEREBY CIVFN That sewer revenue bonds
of the City of Fort Collins Larimer County Colorado in the
aggregate amount of $3 640 000 have been refunded by action
of the City Council of the City as follows
JUNE 1 1965 ISSUE
All bonds of Subseries I of the June 1 1965 issue ma-
turing in the years 1975 to 1985 inclusive numbered I-113 to
I-440 inclusive and the interest thereon shall be paid at
their normal maturities according to their original terms
JUNE 1 1974 ISSUE
All bonds of the June 1 1974 issue maturing in the
years 1977 to 1994 inclusive numbered 1 to 400 inclusive
and the interest thereon shall be paid at their normal ma-
turities according to their original terms
THIS NOTICE GIVEN by order of the City Council of the
City of Fort Collins Larimer County Colorado as of this
4th day of February 1975
/s/ Charlie D Cain
Director of Finance
25
(Insert Affidavit of Publication of Notice of Refundinp )
26
ST�,TF OF COLORADO )
) ss
CITY AND COUNTY OF DENVER )
CERTIFIFD PUBLIC ACCOUNTP\T S VERIFICATION
The undersigned of Peat Mar-
wick Mitchell & Co of Denver Colorado hereby certifies
as follows
1 That PEAT MARWICK MITCHELL & CO is a partnership
and firm of Certified Public AccoLntants duly authorized
and acting as such under and pursuant to the laws of the
State of Colorado and that he is a partner in said firm
2 That under date of in a letter
addressed to Boettcher and Compan of Denver Colorado a
copy of which is hereto attached as part of Exhibit A
said firm has reported on its review of calculations of the
proposed escrow fund transactions involvinp the presently
outstanding Sewer Refundinp and Improvement Revenue Bonds
Series June 1 1965 Subseries I dated June 1 1965 and
the presently outstanding Sewer Revenue Improvement Pevenue
Bonds Series June 1 1974 dated June 1 1974 all of the
City of Fort Collins Larimer County Colorado
3 That schedules of the calculations and the assump-
tions under which such calculations were made were included
with the above letter and are also attached hereto as a
further part of Exhibit A
4 That as stated in the above letter We believe
the calculations as to transactions in the proposed refund-
ing escrow account are correct based upon information as to
principal amounts of obligations of or guaranteed by the
United States Covernment interest rates and pavment dates
shown on the schedule of proposed escrow fund transactions
5 As indicated by the calculations in the schedule of
escrow fund transactions which are based upon the assump-
tions and recitals in the above letter cash balances in the
27
escrow fund would be equal to or more than the required
disbursements on the various disbursement dates
6 fhat in the execution of this Certificate he is
duly luthor L ed and acting for and on behalf of the firm of
Peat Marwick Mitchell & Co
IN WITNESS WHEREOF he has caused this Certificate to
be signed this day of 1975
of PEAT MAR11ICK MITCHELL & CO
28
EXHIBIT A
(Attach letter dated as referred to
above Schedule of Fscrow Transactions annlc Schedule of Bond
Requirements )
29
STATE OF COLORADO )
COUNTY OF LARIMER ) ss
CITY OF FORT COLLINS )
GFNERAL AID NO-LITIGATION CERTIFICATE
The undersigned each for himself and not one for
another being first duly sworn on oath deposes and says
1 That they are respectively the duly elected or
appointed qualified and acting Mayor City Clerk and Di-
rector of Finance of the City of Fort Collins Colorado
2 That the City of Fort Collins is organized and is
operating under the provisions of the Constitution of the
State of Colorado and a City Charter as amended said Char-
ter having been adopted on January 22 1955 and that the
validity of such Charter or the incorporation of Fort Collins
as a City is not being contested
3 That for the period from the 4th day of February
1975 to the date of this affidavit the following were and
now are the duly elected or appointed qualified and acting
members of the City Council and officers of said City
Mayor J W N Fead
Assistant Mayor Nancy P Cray
Councilmen Charles D Bowling,
Mabel Preble
Margaret E Peeves
Jack Russell
Earl Wilkinson
City Manager Robert L Brunton
City Clerk Verna Lewis
Director of
Finance Charlie D Cain
30
4 That cxceot aq provided in Ordinarce No `
adopted and approved by the City Council on February 4 1975
authorizing the City s Sewer Refundinp Revenue Bonds Series
1975 in the principal amount of $3 155 000 dated March 1
1975 there are no liens or encumbrances against the sewer
system of the City
5 That there is no litigation pending or threatened
so far as is known to the undersigned with reference to the
issuance of the City of Fort Collins Sewer Refunding Revenue
Bonds Series 1975 dated March 1 1975 in the amount of
$3 155 000 and that nothing exists to hinder or prevent the
issuance of said bonds in said amount
6 That the manual signatures of J 11 N Fead Mayor
and Charlie D Cain Director of Finance have heretofore
been filed with the Secretary of State of Colorado in ac-
cordance with law
IN UITNESS WHEREOF We have hereunto set our hands and
the official seal of the City of Fort Collins this day
of March 1975
( S E A L ) Maycy
ity Clerk
Director of Finance
Subscribed and separately sworn to before me this
day of March 1975
My commission expires My COM91iss on a ,. �s Aagust 13 I971,
(NOTARY SEAL) 'Votary Public
31
SIGNATURE CERTIFICATE
I the undersigned Anna Mae Peterson of Fort
Collins Colorado do hereby certify that I am personally
acquainted with J W N Fead Mayor Verna Lewis City
Clerk and with Charlie D Cain Director of Finance all
of the City of Fort Collins Colorado that I know the above-
mentioned officers were the Mayor City Clerk and Director
of Finance respectively of said City upon the date of the
execution and delivery of Sewer Pefunding Revenue Bonds
Series 1975 of said City dated March 1 1975 in the prin-
cipal amount of $3 155 000 consisting of 631 bonds in the
denomination of $5 000 each numbered 1 to 631 inclusive
that I am acquainted with the signatures and facsimile sig-
natures of said officers and know that the signatures and
facsimile signatures appearing upon said bonds and the cou-
pons thereto attached are the signatures or facsimile sig-
natures of said officers resuectively and that said offi-
cers have to this Certificate subscribed their respective
manual signatures ash follows
/_ C G-
�2A�-c-(
Director of Finance
i y -Clerk
SIGNED AND CERTIFIED This _10_ day of March 1975
a,22z� (
( S E A L ) of Fort Collins Colorado
My Commission expires August 19 1iff
32
STATE OF COLORADO )
COUNTY OF LARIMER ) ss
CITY OF FORT COLLINS )
The undersigned Director of Finance of the City of Fort
Collins Colorado herebv certifies that City of Fort Collins
Sewer Refunding Revenue Bonds Series 1975 dated March 1
1975 in the amount of $3 155 000 in the denomination of
$5 000 each numbered 1 to 631 inclusive were delivered to
the purchaser thereof receiving therefor the following
amounts
Principal (par amount) -------------- S3 155 000 00
Accrued Interest from March 1 1975- s6 al QJ~
Total received----------------- $ 6C uI CJ
IN WITNESS WHEREOF I have hereunto set my hand and the
seal of the City this day of March 1975
/L[Lliw h( Z ,,....
( S E A i, ) Director of Finance
33
STATE OF COLORADO )
COUNTY OF LARIMER ) ss
CITY OF FORT COLLINS )
CERTIFICATE AS TO ARBITRAGE
I Charlie D Cain Director of Finance of the City of
Fort Collins Larimer County Colorado (the City ) HEREBY
CERTIFY with respect to the City s $3 155 000 Sewer Refunding
Revenue Bonds Series 1975 dated March 1 1975 (the Bonds )
being issued this day that on the basis of the facts esti-
mates and circumstances in existence on the date htereof I
do not expect that the proceeds of the Bonds will be used in a
manner that would cause such Bonds to be arbitrage bonds
within the meaning of Section 103 (d) of the Internal Revenue
Code of 1954 as amended (the ' Code ) Temporary Treasury
Regulations Section 13 4 and Proposed Treasury Regulations
Sections 1 103-13 and 1 103-14
Such facts estimates and circumstances are as follows
1 Except as stated in paragraph 4 nerein below all
of the net proceeds of sale of the Bonds , ill be used to
purchase a portfolio of obligations (the Acquired Obliga-
tions )
2 The yield on the Acquired Obligations will not ex-
ceed the yield on the Bonds as shown in the schedules at-
tached hereto
3 The City has covenanted in its Bond Ordinance
adopted and approved February 4 1975 (the Ordinance )
not to use the proceeds of the Bonds so as to cause them to
be arbitrage bonds within the meaning of Section 103 (d) of
the Code and the Regulations in effect and proposed there-
under
4 The amount of the Bond proceeds used to acquire ob-
ligations which will produce a Meld materially higher than
34
the yield on the Bonds is less than a major portion of the
proceeds as defined in Proposed Treasury Regulation Section
1 103-13 (b) (1) (ii) as shown in the schedule attached hereto
5 The City has provided in the Agreement with the Re-
funding Agent the First National Bank Fort Collins Colo-
rado that the proceeds shall be reinvested after the maturi-
ty date of the obligations purchased with said proceeds only
if such reinvestment will not cause the Bonds to be arbitrage
bonds within the meaning of Section 103 (d) of the Code and
the Regulations in effect and proposed thereunder
6 The proceeds invested as provided in paragraphs 4
and 5 hereinabove will not be invested at a yield in excess
of the vield which could be obtained for such obligations if
purchased on the open market
7 The City has not received notice that its Certifi-
cate may not be relied upon with respect to its own issues
nor has it been advised that any such adverse action by the
Commissioner of Internal Revenue is contemplated
8 The terms used herein will have the same meaning
given to such terms in the Ordinance
To the best of my knowledge and belief there are no
other facts estimates and circumstances which would materi-
ally change the expectations herein expressed
IN WITNESS WHEREOF I have hereunto set my hand this
A day of March 1975
Director o Finance
35
t -
OPINION OF COUNSLL
Based on our examination of law and review of the ac-
companying certificate we are of the opinion that facts
estimates and circumstances are sufficiently set forth in
the certificate to satisfy the criteria which are necessary
under sections 1 103-13 and 1 103-14 of the proposed regu-
lations under section 103 (d) of the Internal Revenue Code to
support the conclusion that the bonds will not be arbitrage
bonds No matters have come to our attention which make
unreasonable or incorrect the representations made in the
certificate
36