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HomeMy WebLinkAbout012 - 06/23/1955 - CONTRACTING AN INDEBTEDNESS ON BEHALF OF THE CITY BY ISSUING BONDS IN THE PRINCIPAL SUM OF $50,000 • k t ORDINANCE NO. 12 , 1955 BEING AN ORDINANCE TO CONTRACT AN I TEAS ON BEHALF OF THE CITY OF FORT CQLLINS, 05WRADO, AND DrON THE CREDIT THEREOF BY ISSUING BONDS OF SAID CITY IN THE PRINCIPAL So OF $50,006 00-FOR THE PURPOSE-OF ACa MNG-AND IRPROVING AN AIRPORT SITB-FOR SAID CITY, PRESCRIBING THE FORM OF AND PROVIDING FOR THE PAYMENT OF SAID WNDS WHEREAS, at a special election held in the City of Fort Collins, Larimer County, Colorado, on the 5th day of October, A. D. 1954, more than a majority of the qualified taxpaying electors of said City voting on the question submitted authorized the City Council of said City to contract an indebtedness on behalf of said City and upon the credit thereof by issuing the negotiable coupon bonds of said City in the sum of $50,000.00 for the purpose of acquiring and improving an airport site for such City, and W117REAS, the City Council considers it necessary and advisable to authorize the issuance-of bonds in the amount of $50,000.00 for such purpose. NoW'9 TOM ORBI BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS Section 1. That for the purpose of providing funds for acquiring and improving an airport site for said City, the Council on behalf of said City and upon the credit thereof, shall issue the negotiable coupon bonds of said City in the principal sum of $50,000.00, consisting of 50 bonds in the denomination of $1,000 00 each, numbered 1 to 50 inclusive, payable in lawful money of the United States of America and bearing interest from and after the lot day of July, A. D. 1955, at the rate of 3 percent per annum, payable semi-annually on the lot days of January and July of each year, evidenced by interest coupons attached to said bonds Said bonds shall be due and payable on the lot day of July as follows $5,000 00 in each of the years 1956 to 1965,inclusive, bonds maturing in the years 1961 to 1965, both inclusive, shall be redeemable at the option of the City on July 1, 1960, and on any interest payment date thereafter, in inverse numerical order, on notice to the original purchaser of said bonds and notice l published once in a newspaper of general circulation in Fort Collins, Colorado, at least 30 days before the date of redemption. Said bonds and the coupons thereto attached shall be payable at the office of the Director of Finance in Fort Collins, Colorado, they shall bear date the lst day of July, A D 1955, and shall be signed by the Mayor and the Director of Finance of said City, attested by the City Clerk under the official seal of said City; all coupons shall bear the original or facsimile signature of the Director of Finance of said City. Section 2 That the said bonds and coupons thereto attached shall be in substantially the following form (Form of Bond) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF L&RHTME CITY OF FORT COLLINS AIRPORT IMPROVES BOND No $13,000 00 The City of Fort Collins, in the County of Lar mer and State of Colorado, acknowledges itself indebted and hereby promises to pay to the bearer hereof ONE THOUSAND DOLLARS on the 1st day of July, A D 19_, with-interest thereon at the rate of three per center (3%) per annum, payable sem—annual y on the 1st day of January and the 1st day of July in each year, both principal and interest being payable 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 —2— °,(This bond is redeemable at the option of the City on July 12 1960, and on any interest date thereafter in inverse numerical order in the issue of which it is one ) This bond is issued by the Council of the City of Fort Collins for the purpose of acquiring and improving an airport site for said City, under the authority of and in full conformity with the Constitution and lays of the State of Colorado, and the Charter of said City, and pursuant to an ordinance of^said city duly adopted, published and made-a law of said City prior to the issuance of this bond. It is hereby certified and recited that the issuance of this bond was duly authorized by the qualified taxpaying electors of said City at a special municipal election, and that all the requirements of law have been fully complied with by the proper officers of said City in the issuance of this bond, that the total debt of said City, including that of this bond, does not exceed any limit of indebtedness prescribed by the Constitution or laws of the State of Colorado, or the Charter of said City, and that provision has been made for the levy and collection of annual taims sufficient to pay the interest an and the principal of this bond when the same become due. The faith and credit of the City of Fort Collins are hereby irrevocably pledged for the punctual payment of the principal of and the interest on this bond IN TE'STIMNY bMMMF., the Council of the City of Fort Collins, on behalf of said City, has canned this bond to be signed by the N�ayor and Director of Finance of said City, sealed with the seal of the City, attested by the Clerk thereof, and the attached coupons to be signed with the facsimile -3� signature of the Director of Finance of said City, as of the lst day of July, A D 1955 ayor ( SEAL Directoro e ATTEST City C er r (This clause to be inserted in bonds maturing in 1961 to 1965, both inclusive.) (Form of Coupon) No $15,00 On the first day of January and July, A. D. 19 ,*(unless the bond to which this coupon is attached has been called for previous redemption) the City of Fort Collins, in the County of Larimer and State of Colorado, will pay to bearer FlFTE M AND no/100 DOLLARS in lawful money of the United States of America; at the office of the Director of Finance, being six monthss interest on City of Fort Collins Airport Improvement Bond, dated July 1, 1955, bearing No. (Facsimile Signature) Director of Finance *(This clause to appear in coupons due January 1, 1961 and thereafter.) -4- 3 That when said bonds have been duly executed the City shall deliver the same to the purchaser thereof, on receipt of the agreed purchase price therefor The funds realized from the sale of said bonds shall be applied solely to the purpose of acquiring and improving an airport site for said City, and for no other purpose whatsoever, but neither the purchaser nor any subsequent holder of said bonds shall be responsible for the application or disposal by said City, or arjy of its officers, of any of the funds derived from the sale thereof Section 4 For the purpose of meeting the interest on said bonds promptly and as the same becomes due, and for the purpose of providing for the ultimate payment and redemption of the said bonds, there shall be levied on all the taxable property in said City, in addition to all other taxes, direct annual taxes in each of the years 1955 to 1964, inclusive, which shall be sufficient promptly to pay said interest and principal when due. Said taxes, when collected, shall be deposited in a special fund to be known as the "Airport Improvement Fund", and such taxes shall be applied solely to the purpose of the payment of the interest on and the principal of said bonds, respectively, and for no other purpose whatever, until the indebtedness so contracted under this ordinance, both principal and interest, shall have been fully paid, satisfied and discharged The sums hereinbefore provided to meet the interest on said bonds, and to discharge the principal thereof when due, are hereby appropriated for that purpose, and said amount for each year shall also be included in the annual budget and the appropriation bills to be adopted and passed by the City Council of said City in each year respectively. Section 5. It shall be the duty of the Council of said City, annually, at the time and in the manner proviaed by law for levying other city taxes, if -5- such action shall be necessary to effectuate the provisions of this ordinance, to ratify and carry out the provisions hereof with reference to the levying of taxes and the collectson of taxes, and said City Council shall require the officers of and for said pity to levy, extend and-collect such taxes in the manner provided by law for the purpose of creating a fund for the payment of the principal of said bonds and interest thereon, and such taxes, when collected, shall be kept for,and applied only to the payment of the interest on and principal of said bonds, as hereinbefore provided Section 6 All ordinances, or parts thereof, in conflict with this ordinance, are hereby repealed Section 7 After said bonds are issued, this ordinance shall be and remain irrepealable until said bonds and the interest thereon shall be fully paid, satisfied and discharged Introduced, considered favorably on first reading and ordered published this 26th day of May, A D 1955, and to be presented for final passage on the 23rd day of June, A D 1955. ayor ATTEST '& city Cler c Passed and-adopted on final reading this 3�h day of June, A. D 1955 ATTEST City Clerk _6.