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HomeMy WebLinkAbout007 - 04/12/1935 - PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON MUNICIPAL ELECTRIC LIGHT AND POWER 4 1/4% REVENUE BO ORDINANCE No 7 , 19359 BEING AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON MUNICIPAL ELECTRIC LIGHT AND POWER 4j% REVENUE BONDS OF THE CITY OF FORT COLLINS, COLORADO, FOR THE PURPOSE OF ACQUIRING A MUNICIPAL ELECTRIC LIGHT AND POWER SYSTEM, CON- SISTING OF A GENERATING PLANT AND DISTRIBUTION SYSTEY WITH ALL NECESSARY APPURTENANCES, PRESCRIBING THE FORTT OF SAID BONDS, PROVIDING FOR THE PAYMENT OF BOTH THE PRINCIPAL AND INTEREST ON SAID BONDS SOLELY OUT OF THE REVENUE TO BE DE- RIVED FROM THE OPERATION OF SAID SYSTEM, AYD PROVIDING FOR THE SALE OF SAID BONDS AND THE DISPOSAL OF THE PROCEEDS THEREOF WHEREAS, the qualified electors of the City of Fort Col- lins, by the adoption of Section 24 of Article XVIII of the City Charter, have heretofore made it the duty of the City Council forth- with to acquire by any lawful means a municipal electric light and power system, consisting of a generating plant and distribution system with all necessary appurtenances, and to issue in full pay- ment therefor municipal electric light and power interest bearing revenue bonds in an amount not exceeding the principal sum of $745,000 00, which bonds shall be payable solely out of the revenue to be derived from the operation of said system, such bonds in no event to be paid by taxation or out of the general funds of the City, except that the City shall pay reasonable rates for lights and power used for municipal purposes, and have provided that the Counc.Ll shall have the power to maintain and operate said system for the use and benefit of said City and its inhabitants, and shall have all other powers and shall adopt all means necessary or appro- priate, in accordance with the most liberal construction which may be placed thereon, to carry out the requirement, purpose and in- tent of Section 24 of Article XVIII of the City Charter, adopted at a special election held September 12, 1932, and by said charter amendment have repealed all parts of the City Charter and all laws in conflict therewith and further have given to the City Council the right and without other or further preliminaries, full autnority to proceed to acquire a municipal electric light and power system, and r WHEREAS, the said City Council has employed competent engineers and made a survey of the needs and requirements for electrical energy within the city limits and certain fringe terri- tory of the City of Fort Collins and has had certain preliminary plans prepared covering the acquisition of said electric light and power system, and WHEREAS, the said City Council on the basis of such sur- vey and preliminary plans has adopted a plan for the acquisition of said electric light and power system, which plan provides for the acquisition of the present distribution system of The Public Service Company of Colorado in the City of Fort Collins and certain fringe territory and the construction of an adequate generating plant and system, and pursuant thereto has caused condemnation pro- ceedings to be brought in the name of the City against The Public Service Company of Colorado for the purpose of acquiring said dis- tribution system, an award has been made in such condemnation pro- ceedings and upon payment of the amount thereof the City will be entitled to immediate possession of said distribution system, and the City Council has adopted plans for the general design of the generating plant and system, and WHEREAS, in order to procure funds to pay fcr said dis- tribution system and to construct said generating plant and system, which together shall compose and shall hereinafter be referred to as the municipal electric light and power system, the City Council now deems it necessary and proper to authorize the issuance of the afore- said municipal electric light and power interest bearing revenue bonds in an amount not exceeding the principal sum of $745,000 00 as provided in section 24 of Article XVIII of the Charter of the City of Fort Collins NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT COLLINS, COLORADO Section 1 That the proceedings heretofore taken by this body looking to the acquisition by the City of a municipal 2 electric light and pourer system and the issuance in payment there- for of municipal light and power interest bearing revenue bonds in an amount not exceeding the principal sum of $745,000 00 be and the same are in all respects ratified, approved and confirmed Section 2 That to effect full payment for such electric light and power system the City shall issue its obligations to be denominated "Fort Collins Colorado , 44% Light and Power Revenue Bonds " in the aggregate principal amount of Seven Hundred Forty- Five Thousand Dollars ($745,000 00) which bonds shall be payable solely out of the net revenue derived and to be derived from the operation of said system and not otherwise Section 3 That said bonds hereby authorized shall be of the date of April 1, 1935 Seven hundred twenty of saia bonds shall be for the principal sum of One Thousand ($1,000) Dollars each and fifty of said bonds shall be for the principal sum of Five Hundred WOO 00) Dollars each All of said bonds shall be payable to bearer in series as hereinafter set forth shall bear interest at the rate of four and one-quarter per centum (4 ) per annum payable semi-annually on the first days of October and April of each year up to their respective maturities and shall have coupons attached thereto eviaencing such interest, signed with the facsimile signa- ture of the Mayor of the City and countersigned with the facsimile signature of the City Treasurer and of the City Clerk Said bonds shall be signed by the Mayor of the City, countersigned by the City Treasurer, with the seal of the City thereto affixed, and attested by the City Clerk Both principal and interest thereon shall be payable in lawful money of the United States at The United States National Bank of Denver, Colorado Saia bonds shall be numbered and shall mature in series as follows 3 Ml-L.13 incl October 1 1936 $13 000 00 M4-L26 ° April 1 1937 13 000 00 M27-M40 " October 1 1937 14 00o 00 M41-M54 " April 1, 1938 14 000 00 M55-M68 " October 11 1938 14 oo0 00 M69-183 " April 1 1939 15 000 00 M84-M98 " October 1 1939 15,000 00 M99-DT113 " April 1, 1940 15 000 00 M114-I ]28 ° October 11 1940 159000 00 M129-M144 ° April 1, 1941 16,000 00 M145-ha60 " October 1 1941 16 000 00 M161-LU77 " April 1 1942 17,000 00 M178-BLL194 " October 11 1942 179000 00 M195-M211 " April 1 1943 17,000 00 M212-M228 " October 1, 1943 17 000 00 M229-M246 " April 1 1944 18,000 00 M247-M264 ° October 1 1944 18,000 00 M265-1283 " April 12 1945 19 000 00 M284-L502 " October 1 1945 19 ,000 00 M303-M321 " April 11 1946 198000 00 M322-LO41 " October 1 1946 209000 00 M342-Yo-61 " April 1, 1947 20,000 00 M362-AU81 " October 1, 1947 20,000 00 M382-M402 " April 1 1948 21,000 00 M403-LLL423 " October 1, 1948 21 000 00 M424-1445 " April 1 1949 220000 00 M446-DLL467 " October 1 1949 229000 00 M468-M490 " April 1, 1950 23,000 00 11491-k513 " October 1 , 1950 23,000 00 M514-M537 " April 1, 1951 24,000 00 M538-L,561 ° October 1 1951 24 000 00 M562-M586 " April 1, 1952 25 000 00 D1-D50- -"-so October 1 1952 25,000 00 M587-1612 ° April 1 1953 26,000 00 M613-M638 " October 1 1953 26 000 00 M639-M665 ° April 1 1954 27 000 00 M666-1692 " October 1 1954 27 000 00 M693-Li720 " April 1 1955 28,000 00 4 Notwithstanding anything herein provided and the face maturities of said bonds , the City may on any interest date prior to maturity redeem and pay part or all of said bonds at par together with the interest accrued on the principal and unpaid at the time fixed for such redemption, provided that as to bonds re- deemed prior to April 1, 1945 the City shall pay in addition a premium of one per cent (1%) of the principal thereof, and further provided that bonds shall be redeemed in inverse order of maturity Subject to the foregoing if the City shall at any time elect to call and redeem prior to maturity part or all of said bonds notice shall be given by the City of such call and redemption by publishing a notice once in The Denver Post or some other daily newspaper of general circulation published in the City and County of Denver Colorado, such publication to occur not less than thirty days nor more than forty days prior to the time fixed for the redemption and payment of such bonds Within five (5) days of such publication copy of the published notice shall be mailed by the Treasurer of the City to the Bank at which said bonds are payable, and to the original underwriter of said bonds or its successors or assigns Such notice shall state the intention of the City to redeem all or part of such unmatured bonds and shall describe said bonds giving the number, denomination and maturity dates thereof unless all of the bonds are to be redeemed and then a general statement thereof shall be sufficient Such notice shall also state when the bonds described in the notice will be redeemed and that after such date interest on the bonds shall cease Notice of election to redeem having been so given the bonds described in the notice shall, on the interest date designated for redemption become due and payable at the place designated therein, and if funds for the payment of said bonds shall on the date designated for redemption be on deposit at The United States National Bank of Denver and available for pay- 5 ment thereof on presentation, interest thereon shall cease on such redemption date If such funds shall not be available at said time and place said bonds shall , until payment, continue to bear interest at the rate aforesaid, payable semi-annually The bonds to be re- deemed must be presented with all coupons maturing on and after the date designated for redemption and all bonds so redeemed shall on payment thereof be cancelled Section 4 Said bonds and interest coupons thereto at- tached shall be in substantially the following form with appropriate changes or insertions to show the principal amounts, serial numbers, and maturity dates, and the number and date of passage of this or- dinance (Form of Bond) UNITED STATES OF AM+ERICA STATE OF COLORADO CITY OF FORT COLLINS Fort Collins 4A% Light and Power Revenue Bond No $ The City of Fort Collins in the County of Larimer and State of Colorado, for value received hereby promises to pay to the bearer hereof out of the special fund hereinbelow designated, but not otherwise, the sum of Dollars in lawful money of the United States of America on the first day of A D 19 , with interest thereon from date until payment at the rate of four and one-quarter per cent (4t%) per annum payable semi-annually on the first day of October and the first day of April in each year, both principal and interest being payable at The United States National Bank of Denver, Colorado, upon presentation and surrender of this bond or the annexed coupons as they severally become due 6 This bond is subject to call and redemption at the option of the City on any semi-annual interest date prior to maturity Notice of such election on the part of the City to redeem will be given by publication of a notice of call in The Denver Post or some other daily newspaper of general circulation in the City and County of Denver State of Coloraao not less than thirty days and not more than forty days prior to such call Bonds shall be redeemed in in- verse order of maturity and for the principal amount of the bond re- deemed plus all accrued interest unpaid to date fixed for redemption plus , if redeemed prior to April 1, 1945 a premium of one per cent (1%) of the principal amount thereof This bond is one of an authorized issue in the aggregate principal amount of Seven Hundred Forty-Five Thousand Dollars 07451000 00) issued in payment for an electric light and power system, acquired or to be acquired by the City, all in full conform- ity with the Constitution and laws of the State of Colorado Section 24 of Article XVIII of the Charter of the City of Fort Collins, duly adopted by vote of the qualified electors of the City prior to the issuance hereof and an ordinance of the City, duly enacted and adopted prior to the issuance hereof, and the City hereby acknowledges receipt of money property labor or material in an amount equal to or in excess of the principal amount of this bond Both the princi- pal of this bond and all interest hereon are payable solely out of a special fund created in full conformity with law and designated the "Fort Collins Light and Power Fund,° to contain the revenues derived and to be derived from said electric power and light system, all as more fully set out in the ordinance of the City authorizing the issuance of the bonds of which this is one The City hereby covenants and agrees that for the payment of this bond and the interest thereon, it will create and main- tain said fund and will deposit therein all of the revenues de- rived from said electric light and power system, as required by 7 said ordinance and out of such fund and as an irrevocable charge thereon will pay this bond and the interest accruing thereon in the manner provided by the ordinance under which this bond is issued being Ordinance No 1935* of the City passed on , 1935 For a description of said fund and the nature and extent of the security afforaed thereby for the pay- ment of this bond reference is made to said ordinance It is hereby certified recited and warranted that the City has not pledged, hypothecated, or anticipated in any wa3 any of the revenues derived or to be derived from the operation of its electric light and power system other than by the issuance of the series of Fort Collins 4j% Light and Power Revenue Bonds of which this is one It is further certified, recited and warranted that all requirements of law have been fully comvlied with by the proper officers of said City in the issuance of this bond and that the obligation heresy created exceeds no limitation imposed by law IN TESTIMONY WHEREOF the City of Fort Collins has caused this bond to be subscribed by its Mayor countersigned by the City Treasurer and the seal of the City to be hereto affixed attested by its City Clerk and the interest coupons hereto an- nexed to be signed with the facsimile signature of the above offi- cials as of the first day of April A D 1935 (SEAL) Mayor ATTEST City Clerk Countersigned City Treasurer 8 41 (Form of Coupon) No On the first day of A D 19 unless the bond to whicn this coupon is attached shall have been called for previous redenption the City of Fort Collins in the County of Larimer and State of Colorado will pay to bearer Dollars in lawful money of the United States at The United States National Bank of Denver Colorado out of the "Fort Collins Light and Power Fund ° but not otherwise being six months' interest on its 414% Light and Power Revenue Bond dated April 1 , 1935 No Facsimile signature ATTEST Mayor Facsimile signature City Clerk Countersigned Facsimile signature City Treasurer Section 5 Said bonds or so many of them as shall be required may be issued and sold at one time or singly or in blocxs from time to time, at public or private sale, for cash at such price or prices as the City Council shall determine , solely to provide the City with money to pay for the municipal electric light and power system Said bonds shall be delivered by the City Treasurer to the purchaser thereof at such time and in such amounts as shall be determined by the City Council The proceeds of such bonds shall be deposited in a separate and special fund and shall be used solely for the purposes set forth in this ordinance, but the purchaser shall in no manner be responsible for the applica- tion or disposal by said City or any of its officers of any of the funds derived from said bonds The issue of said bonds by the City shall constitute a warrant by and on behalf of the City for 9 the benefit of each and every holder of any of said bonds, that said bonds have been issued for a valuable consideration in full conformity with law Section 6 That, notwithstanding anything in this or- dinance elsewnere contained, the principal of and interest upon said bonds shall be payable only out of the net revenue derived and to be derived from the electric light and power system, owned, operated, and controlled by the Ci+y, and in no event shall said bonds, or the interest thereon, be payable from the general funds of said City or from taxes levied upon any of the property therein, but the term "electric light and power system, " as herein used, shall include not only the property to be acquired with the pro- ceeds of said bonds, but all additions and betterments thereto and improvements and extensions thereof hereafter constructed or acquired by the City Section 7 That there is hereby established and creat- ed a fund to be known and maintained as "Fort Collins Light and Power Fund, " to be derived as follows all gross revenues from the operation of said electric light and power system, all funds arising from the sale of by-vroducts, all funds arising from the sale of materials and equipment removed from the system and no longer required for operation, interest on reserves for depre- ciation and obsolescence and on any other funds belonging to said Fort Collins Light and Power Fund, and all other funds derived either from the operation or ownership of said electric system A The City of Fort Collins hereby irrevocaoly coven- ants and agrees with every holder of said bonds that it will through appropriate action of its City Council, estaolish and en- force a schedule of charges for light and power furnished to con- sumers by means of the property acquired under the provisions of this ordinance and by means of any extensions thereof, additions and betterments thereto and improvements thereon, sufficient at all times punctually to pay the interest accruing upon said bonds, 10 to discharge the principal thereof at maturity and to cover all expenses of operation and maintenance and to accumulate an adequate reserve for depreciation and obsolescence all in accordance with such approved methods of operation and accounting as are usually applied in the operation of similar utilities by public and private corporations, provided, however that so long as the charges for light and power furnished shall be sufficient for the purposes aforesaid, the schedule of charges shall be such as are now in ef- fect or as the City Council may from time to time fix and estab- lish B For all electrical energy furnished by means of the property described as aforesaid and used for public or municipal purposes , the City hereby irrevocably covenants with each and every holder of said bonds that it will pay monthly into said fund reason- able rates for such supply or service C If it should ever be legally determined that any legis- lative or other body or commission has power lawfully to prescribe a lower schedule of rates than that contemplated by this ordinance and if such lower rates should be prescribed, then the payment of the interest upon and the principal of the bonds issued pursuant to the provisions of this ordinance shall constitute a first charge upon the revenue received from said electric light and rower system after deducting minimum operating and maintenance charges only but before setting aside any reserve for depreciation and obsolescence, anything in this ordinance contained to the contrary notwithstanding Section 8 That the Fort Collins Lignt and Power Fund hereby established and created is hereby irrevocably pledged for the purposes and payments herein set forth and none other, so long as any of the bonds issued hereunder are outstanding, to-wit A Out of such fund there shall first be paid the costs and expenses of efficient and economical operation of said electric light and power system including the salary of the manager herein- after described, and a reasonable amount for the development of new business covering advertising, soliciting demonstration and pub- licity and including also necessary replacements but not deprecia- 11 tion or obsolescence charges all in accordance with such approved methods of operation and accounting as are usually apulied in the operation of similar utilities by public and private corporations B There shall next be set up as a reserve within said fund such amount as shall constitute a reasonable reserve for de- preciation and obsolescence in buildings, machinery and equipment such amount to be based upon approved accounting methods and to be not less than 3% nor more than 10% of the gross revenue of the sys- tem Tris reserve shall be used whenever necessary to meet interest and principal requirements of said bonds and may be used at any time to call bonds C There shall next be paid out of saia fund the annual interest and nrincinal requirements of the bonds issued under this ordinance and outstanding at that time The amount necessary for this purpose shall be included in the annual budget and the annual appropriation ordinance of the City and shall be devoted solely to the payment of the interest accruing upon said bonds and the prin- cipal thereof when due D There shall next be paid out of said fund such amount as may be necessary to accumulate and maintain a surplus of $20 000 for working capital E There shall next be paid out of said fund to the City a sum not in excess of $15,000 per annum to be determined by the City Council from time to time in lieu of taxes and other charges which woula be received by the City if said electric light ana power system were privately owned end operated F At the end of each annual period the remainder in said fund, after the payments and reserves hereinbefore specified have been made and set up shall be paid over into a separate fund to be known as "Fort Collins Light and Power Reserve Fund " �I until there has been accumulated in such Reserve Fund t'lie sum of $100 000 Thereafter such payments shall be made only as neces- sary to maintain said Reserve Fund at the figure of $100 ,000 This Reserve Fund may be invested in United States Government bonds 12 or in such municipal bonds as may be eligible to secure savings bank and trust investments in the State of New York known as "super-legals, " or in general obligation bonds of the City of Fort Collins, or in the bonds issued under this ordinance Said Reserve Fund shall be used only to meet the interest and princi- pal requirements of bonds outstanding hereunder at any time or times the revenues from operations shall be insufficient for such f purpose, provided, however, that whenever the amount in said Reserve Fund is Sufficient, together with other funds available for such purpose, to call and redeem all outstanding bonds issued hereunder, the City Council may, in its discretion, use said Reserve Fund for the purpose of calling all of said bonds G At the end of each annual period the remainder in said fund, after the payments and reserves hereinbefore specified have been made and set up, may be devoted, in the discretion of the City Council (1) to the making of extensions of, additions or betterments to , or improvements upon the electric light and power system, where such expenditures will improve the service of or produce net revenues for the system, (2) to the purchase of bonds of this issue in the open marset at less than the call price, or (3) to the call and redemption of bonds as in this ordnance authorized All bonds purchased by the City shall be cancelled and retired Section 9 That the City of Fort Collins hereby irre- vocably covenants and agrees with each and every holder of bonds issued under the provisions of this ordinance that, so long as any of said bonds remain outstanding A It will operate, maintain, and manage its electric light and power system in an economical and efficient manner and supply electric current to the inhabitants of the City of Fort Collins and others under the terms and provisions set forth in this ordinance 13 B It will adopt necessary and customary rules and re- gulations for the efficient and economical operation of said muni- cipal system in accordance with the practice prevailing in private- ly owned utilities of a similar nature, and as soon as operation is commenced will install and maintain a standara system of accounting which shall at all times correctly reflect all financial operations of the system and keep such other records and data as are commonly used by electric utilities privately owned C It will employ at all times a manager for the electric light and power system who shall have had at least six years ' exper- ience in the operation and management of electric utilities and be otherwise competent and fitted for the responsibility of such posi- tion It will give him the right and duty of hiring and discharging assistants and all other employees of the system and of purchasing supplies and equipment for the system subject to necessary super- vision by the City Council to the end that he shall be fully re- aponsible for the economical and efficient operation of the system, and it will pay such manager a salary at all times commensurate with that paid by private utility companies to persons in similar posi- tions of experience and responsibility D It will carry fire insurance, workmen' s compensation insurance and public liability insurance, in such amounts as shall properly protect the system and its operations The amounts of such insurance and the companies and agencies through which written shall be satisfactory to the original underwriter of said bonds or its successors or assigns, but the agencies shall be those located in the City of Fort Collins and selected by the City Council, and the cost of such insurance shall be considered one of the operating costs of the system In the event of loss or damage, insurance money shall be used first for the purpose of restoring or replacing the property lost or damaged, and the remainder shall be paid into the Fort Collins Light and Power Fund 14 E On or before the loth day of the second month after the City has acquired possession of the distribution system and on or before the loth day of each month thereafter, the City will furnish to The United States National Bank of Denver, as paying agent for the bonds and the original underwriter of said bonds or its successors or assigns , with a summary of the receipts and disbursements of said system for the preceding month and at least once a year shall furnish said Bank and said firm, or its successors or assigns , with a copy of an annual audit of the accounts of said system, which audit shall be made by a certified public accountant, acceptable to said firm, or to its successors or assigns F It will keep all moneys in the Fort Collins Light and Power Fund deposited as provided by the City Charter of the City of Fort Collins, and, if possible in banks which are members of the Federal Deposit Insurance Corporation and it will have such deposits secured as now provided by the said City Charter G It will not alienate said property or any part there- of, or any of the extensions or betterments thereof or additions thereto in such manner or to such extent as might ,jeopardize the security for the payment of said bonds from said Fort Collins Light and Power Fund But the City may sell any portion of said property which shall have been replaced by other property of at least equal value or which shall cease to be necessary for the efficient opera- tion of said property provided, however that in the event of any sale as aforesaid, such consideration shall be paid into said Fort Collins Light and Power Fund, and be used for the purposes of said fund Section 10 That when complete detailed plans and speci- fications of the generating plant and system shall have been received by the City of Fort Collins , the City shall forthwith call for bids from responsible contractors, for the erection of said generating plant and system, giving such notice of call for bids as the said 0 15 City Council may by resolution direct When said bids have been re- ceived the same shall be considered by the City Council at a regular or special meeting thereof and if any bid or bids so received be ac- cepted by the City Council a contract shall thereupon forthwith be entered into between the City of Fort Collins and the successful bidder, which contract shall be executed on behalf of the City by the Mayor under the Seal of the City, duly attested by the City Clerk, and such contractor as a part of such contract, shall furnish to the City a good and sufficient corporate surety bond to be signed by two corporate sureties , to be approved by the City Council conditioned for the performance of said contract on the part of the contractor, provided, however that the City Council shall accept no bid which will involve an expenditure for said generating plant and system greater than the amount available for such purpose from the proceeds of the bonds authorized by this ordinance, taking into account all other expenditures to be paid from such proceeds as set forth in the next succeeding section Section 11 That the proceeds derived from the sale of any and all of the bonds authorized by this ordinance, and deposited in the separate and special fund as by "Section 5" above provided shall be used solely for Vie following purposes to- sit for the pay- ment of all costs and expenses heretofore or hereafter incurred in connection wita preliminary plans and surveys for said electric light and power system and final plans and specifications for said generat- ing plant and system, for payment of the cost of acquiring the dis- tribution system of The Public Service Company of Colorado as finally determined, including all costs and expenses heretofore or hereafter incurred in litigation connected therewith, for the reconstruction alteration and extension of said distributing system in any respects necessary to its efficient operation as a part of a complete electric light and power system for the City, for payment of cost of construc- tion of a complete generating plant and system, for payment of all costs and expenses heretofore or hereafter incurred in litigation 16 connected with the acquisition by the City of said system or any part thereof or with the issuance of the bonds authorized by this ordinance, for payment of interest on said bonds during the period of acquisition and construction and, generally, for the payment of all costs and expenses heretofore or hereafter incurred in the acquisition by the City of a complete electric light and power sys- tem with all necessary appurtenances Any balance remaining in said fund derived from the proceeds of said bonds after all of the foregoing purposes have been satisfied shall be transferred and paid over to the "Fort Collins Light and Power Reserve Fund" above de- scribed and used for the purposes of said Reserve Fund Section 12 In the event of any default on the part of the City in making any of the payments required by this ordinance or in the keeping of its covenants hereunder, and such default shall continue for a period of thirty (30) days the City shall appoint a manager of said system who shall be satisfactory to the original underwriter of said bonds, or its successors or assigns Said manager shall have full control over said system, subject only to the control of the City Council, and he shall enforce such rates and charges fixed by the City Council as will be sufficient to make the payments required by this ordinance The salary of said manager shall be chargeable to the Fort Collins Light and Power Fund If under such management all defaults are remedied and the payments re- quired herein are promptly made for a period of six months, the City shall have the privilege of changing such management with or without the consent of said original underwriter of said bonds, its succes- sors or assigns, but if there shall be any subsequent default, the conditions set forth in this Section shall again prevail 17 Section 13 All ordinances or parts thereof in conflict with this ordinance are hereby repealed Section 14 After said bonds or any of them shall have been issued this ordinance shall be irrepealable until said bonds and the interest thereon shall be fully paid, satisfied, and dis- charged, in the manner herein provided Section 15 This orainance after its passage, shall be recorded in the City Book of ordinances, kept for that purpose, authenticated by the signatures of the Mayor and the City Clerk and shall be published in the official newspaper of the City and shall be in full force and effect as provided by law Section 16 By reason of the fact that said City and its inhabitants are not properly or adequately supplied with electric light and power, it is hereby declared that an emergency exists that this ordinance is necessary to the immediate preserva- tion of the public health peace and safety, and that it shall be in full force and effect upon its passage Passed and adopted signed and approvea this /.? day of f��1 A D 1935 (SEAL) Mayor ATTEST City Clerk 18 i AFFIDAVIT OF PUBLIC I rKf Sr as R h C$r P 11 of # n STATE OF COLORADO ) and )} th SS last County of Larimei S of C40'e! Ape P t�(/1,J being first duly f l� d sworn deposes and says Phat he Is the , `� 8 I5 n /D 328 Of the P 1 t V last ag a newspaper published In the city of 1♦ort nt � Collins In the County and State aforesaid and has a personal a knowledge of the facts contained herein 87 uff b That the annexed notice or advertisement taken from said v newspaper has been published in said newspaper once each at L"2� " L for successive L` ` % ld That the first publication of said notice or advertisement was in the Issue of said newspaper dated the Y day of A D/199� and the last was in the Issue dated the day of AD197i� �1 x That the said newspaper is duly qualified for the purpose of publishing legal notices and advertisements within the meaning 1 of an Act of the General Assembly of the State of Colorado en titled An Act to amend an Act entitled An Act concerning legal notices advertisements and publications and the fees of i printers and publishers thereof and to repeal all acts and parts of acts in conflict with the provisions of this Act Approved March 30th 1923 as amended by Chapter 113 Session Laws I of 1931 G 1 Subscribed and sworn to before me t is A day of \ A D 191' Ify eommissi Tres R ��+ (9 3 C i VOTARY PUB IC 1 t 1TIGN _ last D INTEREST ON .PAID EONDS yo the Hameent nt said bonds 11 'shaInds ands no¢longernrequired[tot operhe ation: osLbe itriam8goerd repiacftF Fort YD it he LELY OUT OF THE REVENUE TO [ vo red 2N OFI 4AH)FSYI4TEM$AND FRO- one deposit atUnitedd StetelanNa and obsolescenceAdd deny c(other and pPowert Fund. Fort Collins Light DWG FOR THE 6ALF. OF SAID Ilona' Bank of Denver and available funds belonging to said Fort Collins E. On or before the loth day of g actlantand all other the second month after the City has 114D8 AND THE DISPOSAL OF for payment thereof on presentation, Light and Power Fund; era- ae wired possession of thfinee distribution IE PROCEEDS THEREOF. interest thereon a falsucha funds shallon suck" bonfood ordowneehiphoE said electric eys- oTata If montad adh thereafterha[h¢h Ci[Y redemptioday n date. sVHEREAS. the qualified electors of not be available at said time and place tam. tional Bxnk of Denver, as aytng agent >City OP Fort Collins, Ay the adop- said bonds shall. until DAYmeq con- A. The City Of Fort Collins hereb will furnish to The United Ste semi-annually. The every hot err of said bonds L at (t witty, for the bonds, and the anginal ,oiler- n of Section 24 of Article XYIII n[ tlnue to bear interest at the rate irrevocably covenants and agreae witri ➢ 1 City Charter. have heretofore made aforesaid, Payable throw h appro riate xenon of its City writer nP said bonds, or its Slicnfasthe eatabinsh and enforce a sch,d- or ase/gn-. with a aummaty the duty of the City Council forth- bonds to be redeemed must be Dreamt- & p rower or is and disbursements Of maid th to acqquire by any lawful means'ed with all coupons mahirin em and ule O4( rharg¢a for light a means power system for the Receding month, and of munlc ps, electric light and powerIafter the date designated de reall o ie rt acquired under the Dro- at leas[ once a year shall furnish said stem, consisting of a generatin tlon and all bonds so redeemed shall on fhren Plied o consum¢ra by t system with ad Sir sent thereof be cancelled. visions Of this ordinance and by means Bank and said firm, or it, angceamota nit and distribu lav P cessary appurtenances, and to issue SECTION 4. Said bonds and interest of any extensions thereof, al additions or assigns, with a copy of d anon full payment therefor municipal coupons the attached shall be in and betterments thereto, and improve• audit o[ the accounts o4 sari eylltem, nitric light and power interest bear- aul stantially the Following form with manta thereon, sufficient at all Imes which udit shall be made aecb acceptable to g revenue bonds in an amount not appropriate changes Or receiving to punctual to pay the interest accruing maidfield. public accountant, ceedmgg the p r 1 n c 1 p a I sum Of show the principal amounts, serial upon said bonds, to discharge the prin- said firm. or to its successors or aa- 45,000.(W, which bonds Abell be Pay- numbers. and maturity dates, end the cipal thereof maturity, and to cover signs, de solely out of the revenue to be number and date of pseaage Of this at l expenses of operation and mainten- F. Collinswill keepp all moneys in the ttived from the operation of said ordinance: ante and to accumulate an adequate Fort C Ltro end Power Fund •stem, such bonds in no event to be (Form of Band) reserve for depreciation and climates- deponitod. as provided byy the City lid by taxation or out of the gen- UNITED STATES OF AMERICA Lance, ail in accordance with much ap- Chatter of the City Of Fort Collins. 'U fund, of the City, except that the STATE OF COLORADO proved methods of O ,ration and ac- and, LT possible.th in banks which are ity shall pay reasonable rates for CITY OF FORT COLLINS counting as us usually applied In the members of.the Federal wi have Ieur- tlrta and power used for municipal port Collins 4%1q Light and Power operation of similar utilities by public ante tie secured and o will have such lrpomea, and have provided that the Revenue Bond and tests curpporations; PROVIDED, deposits secured a er. provided by suncil shall have the power to main- No. $_ HOWEVHR. thot eo long am the the said City Charter. tin and operate said ayatem for the The City o[Fort Collins 1n the Coup- charges for light and peace furnished G. It will. riot alienate said propab ee and benefit of acid City and its t of Lorimer and State of Colorado, Ihall as euftictem for the purpnaes ty, it, any part tbereof, o any of the ihabitante, and shall have nil other [nr valve received, hereby promisee tf aforesaid, the schedule of charges ahall extensions or betterments thereof or owara and shall adopt Ali means nec- pay to the beater hereof not Of ills be such as are now In effect, or as additions thereto in such manner or to 5aery or appl'oprlxte, in aceordance special fund herainhelow designated, the Clty Council may. from time to such extent as might Jeopardlae the -it the at ItberaI wantraction bat not otherwise, the sum of— time, fix and establish, security rot ilia ayyment of said-bond- ,Ills may be placed thm•eon. to carry Dollars in lawful money nP Of Unit- B. For all electrical energy fur- from said Fort (Pol ills Light and Pow- ,Ills the requitement purpose and in- eAffiateS of Amerina nil the firmt day rushed by means,of the prODert.y de- err Fund. But the City may cell any ant N Section 24 oL Article XVIII of of A 1) 19—. with in- scribed as aforeawe and used or pub- portion of mid Pan 9ertotherhlceoaertil he City Charter. adopted xf a special terest thereon from date un ill payment 11, or municipal purpnaes, the City love been replaced by ➢ P legion held September 12. 793L: and at the roe of four and one-quarter hereby Irrevocably cuvenoto with each of at least equal value, nr which cie 1 y said charter amendmonf have i•e percent (4skrl) per annum, per able end ¢vary holder of said bonds that it cease to be necessary to',the efficient pealed all parts oY the City Charter P y .nil all Iowa in Conflict therewith and semi-annually on the first day o[ Or,- will pay monthly i^to said fund rex- oED,peration of said Fprat In opmythe: PRO urthe• have given to the Clly Coun- lobar and file first day of April in cone Is rates to such supply or aerv- any aHOWEVER,saffo ms d, xuch considers.- it the rizht and without other otut- each year. both principal and intereat ice. her preliminaries, full authority to being payable nt The United etntan C. IT It should ever be legally de- [ion shall be paid into said Fort Col- Colorado. [ermined that any legislative Or other ]ins Light and Power Fund, and be lmceed to acquire a municipal electric National Bank of Denver, lwdy or cosnmisaion lice powat lawfully used or the fro uses of said fund. lglit and power system; and upon presentation and xunender nt WHEREAS, the said Cityy Council thin bond nr tbec&onexa coupons ae to prescribe scrib lie. than that coa lower a by lthia �:ltdig tailed pianoland speclf'recationx of te the lag employed ama etent eug+nears and This bond Is subject to eall mul re- nance. And it such lower rate, Should generating plant and system shall have 'ads a survey oLQ the needs and re darn lion at the option of the City on ba preerrtbed, then Lhe payment of been received by the (,1tv of Fort Col- lunements for electrical energy with an Pmemf-annual interest date prior the interest upon and the principal of Ile, the City shall Forthwith call for n the city limit,- and certain fringe tO maturity. Notire of much election On the bonds [sawed pursuant to the pro- Aide from responsible eneconratin replant erritory of the City of Fort Collins the art of Lila City to redeem will be visions of this ordinance shall con- the erection O'in i sugenerating h noticegof tall and has had certain preliminary plans P arepared covering the acquisition Of given by puhliratinn of a notice of a[itute a first charee upon the revenue and system, o g sold electric light and Howler system: call In THE DENVER POST or some received from Bald electric light and by beds as t a direct. C7tyhencouncil said bid and other daily newspaper of general air- power system after deducting minimum by resolution i ert. e es on- WHEREAS, the said City Council r111atiou in the City and Count Ylesa of jpeTbudt gbefOre setting maintenance asidoatany re- considered en byeltile Cved ity sCouncil inat.ba m the basis of such survey and arc.- Denver, State of Colorado not Y. rionary fylans has adopted a Plan fa' that, thirty days and no[ mare than ae•ve for depreciation and obsolescence,eCin regular ar special meeting thereof an Ana acquisition of sed ,lectric light forty data Prior to swell call. Bonds anything in this ordinance contained c any bid or bids eo received n ac- me power system, which plan pro- shall be redeemed in inverse order of to the contrary notwithstanding. canted by the Cliy Council, a contract ilet there ri for the bution eysom of Thef the PubliprSery afa the bon dd far the redeemed pride ail accrued Lighount t andNPo hut Fund hereby Collinse Fort atah shall between the City wof Fort Collins lee Company of Colorado in the CILY let...at unpaid to date fixed for re- lisped and created la hereby vrevoc- tract and the successful a ex utedeq which f of if Fort Collins and certain fringe err- dam➢[ion, Etna, 1f redeemed prior to ably pledged for the to, aand none the City bythe Mayordunde[bthei Seal -itory and the construction of an ode- Aprilw,,,) L 1th . a premium n[one percent payments herein eat forth, to- Clerk. and such contractor es a Dar[ Leads generating plant anti system; fl^%.) Of ffie Principal amount (hereof. other, ale long ae Any of the binge is- of the City, duly attestedontract by the City and pursuant thereto has uuaed con- The, bond is one of an authorized sued hereunder are outstanding, of such contract, shall furnish to the rate damnation proceedings to be brought issue in the aggregate printpnal amount wit: ere in the name Of the City agaColoradc andSDollare ($746,000.00)Issued mve bD Y- be paldnthefc costs and dexpenses olf effi- surety bond,to be signed by twfficient oocot- cot- Public, Service Company o in-_ City Council conditioned for the per- tor the purpose of acquiring said ilia- sent to r an electric light and power cient and economical operation of said povate sureties, to be approved by the tribution ayatem; an award has been system. acquired or to be acquired by electric light and provfer[deystmanager formance of said contract on the part made in such condemnation proceed- the City, all in full conformity with clueing the salary and a reason- oI the contractor: PROVIDED, H W- ing- and upon payment of the amount the Constitution and laws of the State herelna[ter deacrlbed, that the City Council shall ac- LOSS a[ the City wL1i be entitled to em- of Colorado, Section 24 of Article able amount for the develoDmont of EVER, involve mediate Poaseae Ci1A11ty f said distribution action P`ortl Collins, guy Adopted he by vote of aal of icitlblRsi demrnwtrati n veringAdvertising' Venditute idfoWhaxidwillenernt nKa Plant pystem; and the Y p CC but not de ...Indian or obsol- available for such porn, from the fedem-aforthegeneral Council ban the the the )cc It01 tend City prior.,Add Including Alan necessary replace- and sY"stem greater than the amount, generating plant and system: p taking into account Ali WHEREAS, In order to procure name of the City, duly enacted and ¢scent¢ charges, all thuds accordance with proceeds of the bonds to acc unzed b funds to pay for said distribution Syxgg- adopted prior o the nizamece hereof: ouch approved methods of operation oth expends g be tam and to construct tterr'shall raenlptionP City 1eprobertyNlaboreges re- and or al in the operation not similarre usxu[elltlealiby such proceeds expenditures nnetlforth loathe id next plant and system, compose and shall hereie ter be ra- Cereal in an amount aquae to or In ex- Ruh. and private next be be lens. as a auccetdingg 11. That the motion. ferred to as the municipal elf tr Counrtt bond of the the prpnllpalnofntb of bond reserve iwi:hill maid,fund such up mount rived from the sale f any r and dall dof and power system, Y tO and all interest hereon are Payable as shall Constitute a reasonable re- the bonds authorized , this r now deems it necessary mad proper Section 5" authorize the Issuance of the aforesaid solely oat Of x speaialiw and mrvbuildings rttmaehinery. Oandlaequep- ande¢special (u deposited by the dSoleSeparate municipal electric light and pow, in- ,nil an ter b oa o wit: for forest bearing revenue bonds A n- ad the 'Fort Cc it Light. and Power sent, such amount o e based upon, above provided, Sphalt be need apl¢IY sum of $74fi3O(10.00 as ro� vide in sec- and to be derived from said electric be not less than a/ nor more than the ayment of all coats and expenses amount not exceeding the prinipul Fund." tO contain the revenues delved apDraved aCcounting mekhods and to To the following urp sa, lung and Lion 24 of Article XVIlI of the Char- Power and light system, all ar oncen more }0",:. of the groae revenue of the sys- heretofore osed whenf hereafter rec�urred In ter o[ the Clty EFORE,CHF,nsIT OR- Cfty authorizing [Lhe oiea¢ano o[ the ever necessary the tem.. I rea seevto�meaall telnte ea[and surveys for ft aidrelelecttle fight and NOW THER Tilt Clty hereby covenants and and may he used at any time;Yo call d[icationa for said genera[ng plant DNOW BY THE CITY COUNCIL OF bands of which thin is one. Principal ogwrements of said pandit powandar system and ayatemfor ami gent nt the cant THE CITY OF FORT COLLINS, agraee that for the Payment of this COLORADG: bond and the interest thereon, it will bonds There shall next be p U out of of acquirng the distribution system SECTION 1. That the Vtceedings avid fund the annual Interegf and prin- of The Public Service Company of heretofore taken by this body looking create and maintain said fund and cipal requirements of the Aonda issued Colorado AS finally determined. In- to the acquisition by the City of a will deposit therein all of the revenues under this ordinance and outstanding eluding all wets and expenses hereto- municipal electric light and power sys- derived from amid electric light Add at that time. The amount necessary fore or hereafter'incurred in litigation tem and the issuance in payment[hare- power system, as required by said or- ter this purpose shall be included in connoted therewith; for the reconstTuc- for of municipal light and power in- finance. and out of such fund, and as the annual budget and the annual Be- lion, alteration and extension of said incest bearing revenue borsch in an an irrevocable charge thereon will PAY reprla[lon ordinance of the. City, and distributing system in any respects amount not exceeding the Principal sum this bond and the Interest accruing Iliali be devoted solely to the payment necessary to rota efficient operation am of $745.000.00. be and the same are In thereon in the manner provided by the of the interest accruing upon said a part o[ A complete electric light and all aspects retitled, approved and con- ordinance under which this on s 36. bonde and the principal thereof when power system for the City; to PAY• firmed. sued, being Ordinance No.— 1935. due. met of,cost of construction of a com- SECTION 2. That to effect full Pay- at For ae d It eacdpon^sot said fund and She D. Theo shall next be paid out of plete generating plant and system; for ment for much electric 11gqht and power nature and oLie, of the security ab said Ptind much amount As may. be pa ment of all coats and expenses here. ayatem, the City shall (Seen its obh- nature ihreby for the pAYment of necessary to Accumulate and maintain to oreor hereafter incurred in lltiga- RatI do' to he denominated and rt Coe- this bond, reference fe made to said a surplus Of $20,000 for working Laid- tion connected with the acquisition by gat Colorado, %, a ate tal. the City of said System or any part Revenue Banda,' m the aggr g ordinance. E. There shall next be paid out of thereof or with the issuance of the principal amount of Seven bun- It Is hereby certified, recited and said fund to the City a sum, not in bonds authorized by this Ordinance: deed Forty-Fivs T h o u a a n d Dollars it that the City has not excess Of $15.000 per annual, to be de• for payment of interest on said bonds ($740,000.00). which bond$ shall be PAY- pledged, hypothecated or anticipated I termyned by the Crty Council, from dut•lug the period of acquisition and able solely out of the not revenue de- in any way real Of t�1e avenues de- time o time, in lieu of taxes and construction: and, Seneral,y, for the rived and to be derived from the nyyer rived or to be derived from the Opern-(other charges which would be received ppayment of all coats and expen-ee anion of said system and not otriec- lion oY its electric 11Rht and Dower by the City if said electric light and heretofore or hereafter incurred 1^ the wise. system.,other than by the issuance Of power syyat=were privately owned and ncgWaltlon by the City of a complete SECTION S. That sac bonde hereby the Aertem of Fort. Collins 4i4n/-LIgg t peratotl. electric light and power system with authorized shall be of the data of and Power Revenue Hands, o� whi F. At the slid of each mmual period all necessary appurtenances. Any bat- .,April 1. 1985- Seven ,Imndred twenty Of this is one. the remainder in said fund, after the once remaining in said fund derived said bonds Shall be for the principal l aid bonds after each,of One Thousand n d(bonds)shalllab, warranted that allCreipqu remante of a ®PetlfeeIt ImVa beenamade and iaet tup. 'R of h thetoforegoiceeds nga purposes have for ills l0prlD0ipal s¢ache Flee ofndereddp proper officersfullyoco ai 1,led i n th by the too beall bktiwvnover as. into Collins C fund LBht De en id overf(ed to the shall 'Fcrtr Collinsn Light aeries shall bernatterAl ett forth, shall lmulance igation of this o created and that ono Las been a cumulated n Reserve il suchnlReservil e Said R and used Power Reserve be purposesdof Fund the sum of $100,000. Thereafter aatd Reserve Fund. bear interest at the rate of four and limitation imposed by law.' such payments shall be made only as SECTION 12. In the event of any de- one-quarter Per can (4i/afn> per an-' IN TESTIMONY WHEREOF, the necessary to maintain said Reserve fault on the part of the City in mak- num, payable semi-annually on the City of Fort Collins has caused this Fund at the figure of $100,000. Thin !n¢ any of the payments required by first days of October and April of bond to he subscribed by its Mayor, Reserve Fund may be invested in Unit- this ordinance or in the keeping of each year ap to their respective ma- countersigned by the City Treasurer, ed States Government bonds or In such its covenants hereunder, and such de- turities, and shall have croupous at- and the seal of the Ci to be hereto municipal bonds as may be eligible to fault shall ecotone for a period of tacked thereto evidencing such inter- affixed, attested by Its City Clerk, and secure savings bank and trust invest- thirty (30) days, the d s shall n o est, signed with the facsimile signature the interest cc ant hereto annexed manta in the State �Y New York point a in, of said system who of the Mayor of the City, and coon- to be signed with 'the facsimile aigna- known ag "super-legals,' or In general shall be satisfactory to the original tersigned with the facsimile signature Kure of the above officials ae of the.. obtlganion Aonda of the City of Fort underwriter of said hands, or its sue su - of the City Trearer and of the City first day of April, A. D. 1935. Colima, or in the bonds issued under caseate or assigns. Said manager shall Clerk. Said bonds shall be signed by ! - thin ordinance. Said Reserve Fund have full control over said system, sub- the Mayor of the City, countersigned Mayor shall be.used only to meet the Inteoat Jett only to the control of the City by the City Treasurer, with the seal and principal requirements of bond- Council, and he shall enforce Such or the City, thereto affixed. and at- (SEAL) d outstanding hei'ountler at any time or rates and charges fixed by the City tested by the City Clerk. Both prin- ATTESTr times the revenues from operations I Council as will be sufficient to make coral end inteoat thereon shall^ be shall be`ineutP�c�e t fast such Hu�poae; the payments required by this or - n -.. e..,- ..., ma. w1A, of said manager rlved�and'to be derived Yrom the near- it any way Yy m ' my .,u« a`- Omt to Lune, m net oe razes one rmt alien of said system and not othez- rived or to be tlorivod Srom the opm•a- other chwrgeS which would be received pal wine. tlon of its electric tight and DOwer by the City if said electric light and ]ter a stem, other than by the iaeuance of ewer a stem were privately SECTION 3. That maid bonds hereby p dt' pr Y owned and acq t a Aeries of Fort Collins 41koJ_Liyy t authorized shell be of the date of and Power Revenue $coda, air whiC paFtutA[ the end of each annual period all April 1, 1 s Seven for tile twenty of this is one. the remainder to said flood, after the ant said bonds Thousand be [or the princlars recited And payments and reserves Isreinhefore fro I eum Of One Thousand (bonds hall be It is further certified, l each, and fifty of said bonds shall ed warranted that all complied hy the shall ed have been made and set up, all for the prpotpal sum o. Five Hundred have been telly complied with by the to b be paid over into t separate fight bee (;SOO.00) pelisse each. All of said proper officers of said City in the is- t0 be known as, 'Fort Collins Light psi bonds Shall be payable to bearer in nuance of this bond and that the ob- and Power Reserve Fund," until there an( aeries as hereinafter set forth, shall ligation hereby created exceeds no has been accumulated in such Reserve nice bear interest at the rate of four and limitation imposed by law. Fund the sum of $100.000. Thereafter sal one-quarter per contain (40)) per an. IN TESTIMONY WHEREOF, the such payments shall be made only as $ eum, payable Aeml-ennu ly on the City of-Fort Collins has caused this necessary [o maintain said Reserve In first days of October and April of bond to be subscribed by its Mayor, Fund at the figure of invented Ili nit- iny each year up to their respective me- countersigned by the City Treasurer, Reserve Fund may be invested hn Unit- flit turities, and shallhave coupons at• and the seal of the Cityy to be hereto ed States Government bonds or in such its tached thereto evidencing such Inter- affixed, attested by its City Clerk, and municipal bonds as may be eligible to fat set, signed with the facsimile At at the interest coupons hereto annexed secure savings bank and trust invert• thi of the Mayor of the City and coun- to be signed with the facsimile signa- knots in the State of New York pot tersigmed with the facaimlle signature lure of the above officials as of the known as "super-tegala, or in generat shn of the City Treasurer and of the Clty first day of April, A. D. 1935, obliggation bonds o[ the City of Fort can Clerk. Said bonds shall be signed by Colllna. or I. the bonds issued under vex the Mayor of the City, countersigned this ordinance. Said Reserve Fund be by the City Treasurer, with the seal Mayor shall be used only to meet the interest Jet of the City thereto affixed. and at (SEAL) '' and principal requirements of 'bonds Co tested by the City Clerk. Both prin- ATTESTe Outstanding hereunder at any time or rat cipal and interest thereon Shall be ,r. times the revenues from operations CO payable In lawful money of the United " shall be insufficient for such purpose; Staten at The United States National City Clerk PROVIDED, HOWEVER, that when- na Bank of Denver, Colorado. Said bonds Counteraigned; ever the amount in sat Reserve Fund Shin shall be numbered and shall mature is Sufficient, together with other funds. LI, In series as follows: available for such purpose, to call and out MI-MIS Incl. October 1,19361513,000.00 City Treasurer, redeem all outstanding bands Issued an M14-M26 April 1,1937 13.000.00 hereunder, the City Council may, in its pr(Fenn of Coupon) dlecretlon, use said Reserve Fund for in( M27-M90 October 1,1988 14,000.00 No. b the purpose of calling all of said lei M41-M64 April 1,1988 14.000.00 On the first day of A. D. bonds. M55-M68 October 1,1988 14,000.00 19-, unless the bond to which this G. At the cud of each annual wl M68-M83 April 1,1939 15,000.00 coupon is attached shall have been period or M84-Ia98 October 1,1939 15.000.00 called for previous redemption. the City the remainder in said fund, attar the au M99-M113 Aril 1,1940 15,000.00 of Fort Collins in the County of Larl- specified and reserves and u . all p apec141ed have been made and set up. co M114-14128 October 1.,194 16,000.00 else. and State of Colorado, will pay may be devoted, in the discretion of,allM129-1a144 April 1,1941 16,000.00 to bearer the City Council ill to the making of M161-MI77 October 1,1942 17,000.00 Dollars t lawful is of the United M161-M377 April 1,194.. 17,000.W Staten at Thb United States National extensions of, additions or betterments IN M178-Ml% October 1,1942 17,000.00 Bank of Denver, Colorado, out AP the to, or improvements upon the electric ar M195-S4211 April 1,1943 17,000.00 "Fort Coiling Light anA Power Fund," light and power System, where such M212-Il October 1,1943 17,0(q.(10 but not otherwise, being six mnoth0, expenditures will improve the service of M229-M246 April 1,1944 19.000.00 interest on its 41.ev Light and Power of of produce net revenues for the or M247-M264 October 1,1944 18,pW.00 Revenue $end, r�atad A➢rll 1. 1936, syatent, (2) to the purchase of bands sa M265-M283 April 1,1945 191)00.001111 No. of Qnla issue in Ute open market at, ah M284-M302 October 1,]A45 7.A,OW.00 Facsimile signature lees than the call price. or (3) to the ch M303-M321 April 1,1946 19:000.00 call end redemption iz bonds ao in vi M322-M341 " October 1,1946 20,000.00 Mayor. this purordchase() by authorized. All bonds M342-M361 ' April 1,'1947 20,000.ot) ATTEST: pm•ehanad re the City shall be can- Ica M362-M381 " October 1, 1947 20,000.09 Facsimile signature (:cited and retired. CI M382-M402 " April 1., 1948 21,000.00 __-..--___ SECTION 9. That the City of Fort p9 kI403-M923 October 1, 1949 21,000.00 City Cleric Collins hereby irrevocably eavenauts to 14424-14446 April 1, 1949 22,000.00 Countersigned: antl agrees with cloth and every holder at M446-M467 October 1,1949 22,000.00 Facsimile signature of bonds issued under the provisions tit M468-M490 April 1,1950 23,000.00 of this ordinance that, so long,as any Ili M49)-M513 October 1,19BO n3.000.00 City Treasurer. of said bonds remain outstanding: la M514-11,1537 April 1, 1951 24,000.00 SECTION 5. Said bonds, or no many A. It will operate, maintain, and 14638-11,1561 October 1,1961 24,000.W of them as shad be required, may be manage its electric light and power tb M562-M586 April 1,1952 25,000.00 issued and sold at one time, or sing- system in an economical and efficient DI-D50 October 1,1952 25,000.00 ly or in blocks from time to time, at manner end supply electric current to w M587-M612 April 1,1953 26,000.00 public or private sale, for cash, at the inhabitants of s the City of Fort h( M613-M638 October 1,19M 26,000.00 such price or prices as the City Coun- Collins and others under the terms and ie Nan-lit April 1,1954 27,000.00 cil shall determine, solely to provide provisions set forth In this ordinance. t0 M666-M692 October 1,1954 27,000.00 the City with money to pay or the tuB.rnery It will adopt necessary and case pt M693-M720 April 1,1955 2P,1100.ID efficient linen and re latices for the it p municipal electric light and power eys- fro Notwithstanding anything herein➢ro- rem. Said bonds shell be delivered by effirient and economical operation o[ cal vided and the face maturities of Said the City Treasurer to the purchaser said the p municipal system, in aceurAnncre 'bonds, the City may on any interest thereof at earn time and in much with the emetics prevailing in private- pI date prior to maturity. re sent and amounts as shall be determined by file ly owned ntlitieS o( a .vimtim, nature: 11 Pay part of all Of Sold bonds at par, City Council. The proceeds of such and as anon nuI operation Is cmu- together with the interest Accrued on bonds shall be deposited bt a neimmte Insured, will install and maintain a tile nc e priipal atilt unpaid of the time and special fund and shall be used standard system of ertounting wltirh fixed for Such redemption; PROVIDED solely Ins the purposes set forth in finashall at el} limes mrrecity reflect at] I. that as to bonds castellated price to this ordinance, but the purchaser Shall keel) u (other r o the n d data cold A April 1. 945, the City shall ay iu keep such other• records and data as p 1 o p a tin manner is responsible for the are privately Oy used by eleclrI atilitles 11%,addition a premium 1 tin° pperry d application or disposal by said City or privately owned. FUR of the prineipxl thereof' and any of It., Officers of any of the funds C. R will Pill toy at till times a FURTHER PROVIDED that, bonds derived front said bonds. The uSti of managov for the a ectl'Ic light and ow- S' Shall be redeemed in inverse dct d said bonds by the City shall copxtltute p maturity. Subject to the PoregoinA if m. warrant. by and mI behalf of the Ctty et Syeteu. will) shall have had at IOasl'. the City Shall at any time dace to call fur the benefit of mac_b and every hold- six locals' expel•immn in the operation C' I and redeem prior to maturity, part or rr of any of said bonds: that said and management of electric utilities all of said bonds, notice shall be given bands have been issued for a valuable and be otherwise competent and fit- it by the City of such call and re emp- consideration in full conformity with fed for the responsibility of such pull- ct tion by publishing a native once m law. toot. It wi it give him the right and O THE DE VER POST or some other it of hiring and tliecharging asais- s( SECTION 6. That. notwithstanding tents and all other em o ens of the al daily newspaper of general circulation P. Y anything in this ordinance elsewhere system, and of purchasin au ubliahed n the City and County o[ g pplios and C contained, the principal of and inter- a cal nver, Colorado, such publication to p q Parent for the system, subtext to A est upon said bonde shall be payable necessar su 'occur not leas than thirty days nor Y Pervision by the City t more than forty days prior to the time only out of the net revenue derived Council, to the end that he shall be C p and to be derived from the electric full res risible for the economical p' fixed for the redemption and yyayment light and war system, owned, opera- y po tl of Such bonds. Within five (5) data g Po Y P and efficient operation of the system; led, and controlled by the City. and a of such publication, copy of the pu - .and it will pay such manager i salary to no event shall acid heads, or the Trees notice shall be mailed by the at all times commensurate with that C interest thereon. be payable from then y Treasurer of the City to the Bank at general funds of aald City or from ��aonr+y in private ti ositians of ex per- 1t which said bonds ere payable, and to {axes levied upon any of the pro art il p O$UINANCY. NO. 7, I823, the original underwriter of said bonds. Ihrreiu; hue the form "elerlrlr Pighl sees mid responsibility. o or its mucce .urn p nsr:gna. Such not- D 11. will a:ry fin. iiyur u[e tee shall star the intention n( Ih. COY no" p t va m_' :t+ herein used, wtrkmel's ro n.n plan in pat re and A L.❑ a Ind. 'lot uy the property to REIN{; AN ORDINANCE I-RON WING to redeem ell "or Plot, of sort unuta he d uI...I with the roceeda of said public, liability insnrame in •urh w FOR TOP,' TS)IUAN(E OP NEGOTI- I Lured funds and shall desert be Said 1 o amounts am shall p operly plolert the it ABLE COUPON Mt1NICIPAT. ELF,('- bonde giving the number, l ncm' : bud I cat. all add Rimta and Netter- Ayatem mot Its nperatlmn� The amnunta 11 eels tl t r, end un :lvements nnr1 TBIC LIGHT AND POWER •t% tmU sort maLurllY ixl:ev thereof can ors - p o! atiCh insw ai a Ind the :n::tin else li R N;V N:N 11F. BONDS /ITS THE CITY OF all of file bonds u'e be :r teed wrf '�tr: : there�f herea(tae constvC I'apd 'ageuries Lhtm vIi wi i h wrli.fmi h FORT (OI1JNS, COLORADO. FOR a1111 then a gg 000lal Witownt tilnlel•1' lerl rTlhi�ed by the City. 1mile l be mattafA t; y In the otillal 'V TOE I ii$PDNE Op' AC®UIBING A Isbell he sufftionr Surh Shall I SC('t(qDf 7. 'Picot there IS hereby er. underwriter of said hood: 1 its mar It MUNICIPAL ELECTRIC LIGHT AND o also state when tom bond., dearrlhed Ixbb,herl- and ues.tvd a fund to bin ceasnea m• Assogum, but till ag$encles PO "Es SYSTEM CONSISTING OF A -'. in the notice will be redeemed and known and maintained as "Fort Collins shall be those located in Ole CitY of h GENr.RATISG pLtANT ANb I)IS RI• that after such date interest on the Light and Power Fiend," to be derived Fort Collins and selected by the City a BUTION SYSTEM WITH ALL NE-'bonds shall cease. Notice of election to as follows: all gross revenues LrOm hunrli and the out of sorb vsuranre A h RA$Y AYPURTENAN CF.S; PBE- redeem having been so gluon. Inn beryls' Iarc ]er lion of Sai I elarfri,. light and 'hall h onnl l led me aP th C CRIBIN( IIIS P/IBM IF MAID descl'ihed In the notice shalt, on the puller system; Ia sums can m- Urim 11:.' " I' r f -•:. BONDS PROVIDING FOR THE PAY- interest date designated far reclemp- the sale of by-products; all funds art.,- of b- or L inn 1•-n o.,e mvnny MEYT OF BOTH THIS PRINCIPAL I lion, become due and payable at the tug from the sale of materials and I shall be used first fur the purpose of It T� i STATE OF COLORADO ) SS County of Larimer ) I, A J ROSENOW, City Clerk of the City of Fort Collins, do hereby certify and declare that the foregoing Ordinance, consisting of sixteen (16) sections, was duly proposed and read at length at a regular meeting of the City Council held on the 12th day of April, A D 1935, and was duly adopted and ordered published in the Fort Collins Express-Courier, a daily newspaper and the official newspaper of the City of Fort Collins, by the unanimous vote of all members of the City Council, as an Emergency Ordinance, in accordance with the provisions of Sections 6 and 7 of Article IV of the City Charter, and thereafter and on to—wit the .18th day of April , A D 1935, said Ordinance No 7, 1935 was duly published in the Fort Collins Express-Courier, a daily newspaper published in the City of Fort Collins, Colorado, and that said Ordinance has been duly transcribed in the City of Fort Collins Record Book of Ordinances IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said City this 18th day of April, A D 1935 City Clerk