HomeMy WebLinkAbout011 - 06/28/1956 - CREATING A FUND FOR THE PAYMENT OF BONDS ISSUED BY THE CITY FOR THE UTILITIES IN THE DIVISION OF WAT t
ORDINANCE NO ll 1956
CREATING A FUND FOR THE PAYMENT OF BONDS ISSUED BY THE
CITY FOR THE UTILITIES IN THE DIVISION OF WATER OF THE
DEPARTMENT OF THE MUNICIPAL PUBLIC UTILITIES
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT —COLLINS-
Section 1 There is hereby created a fund to pay the principal of
any bonds issued by the City of Fort Collins to extend and improve the utilities
in the Division of Water of the Department of Municipal Public Utilities
Section 2 There is hereby transferred into said fund the sum of
6218,200 and there shall be paid monthly into said fund all of the revenues
of the Water Division, except such moneys as may be required to meet current
operating costs as determined by the annual appropriation budget This Hind is
to include all depreciation and obsolescence funds until further ordered by Council
Section 3 The moneys in said fund shall be invested in Government
bonds or bonds of the C_ty of Fort Collins by the Director of Finance or in such
other securities as may be authorized by the City Council by resolution
Section 4 There shall be paid out of said fund moneys necessary to
retire the bonds issued by the City of Fort Collins for said Division as same
become due.
Introduced, considered favorably on first reading and ordered published
this 17th day of May, A D 1956, and to be presented for final passage on June
28, 1956
Mayor
ATTEST
/ City Clerk
Passed and adopted on final reading this 28th day of June, AA D 1956.
Mayor
ATTEST
City Clerk