HomeMy WebLinkAbout008 - 09/02/1948 - AUTHORIZING THE IMPROVEMENT OF THE MUNICIPAL ELECTRIC LIGHT AND POWER SYSTEM, AUTHORIZING AND PROVID t rZN
ORDINANCE NO 8 SERIES OF 1948
I
AN UhDIheNCR AUTdwRIZING THE IMPROVEMENT OF TnE MJ ICI?AL ELECTRIC LIGHT AND POKER SYSTEM
JF THE CITY OF FORT COLLINS CCLJRADO AJTdOR14ING A D ?ROVIDIhG FOR THE ISSUANCE F REVENUE
BONDS SERIES SEFIBMBLR 1 1948 FOR THE ?Uk?USE OF DEFRAYING THE C05T OF SpCn IMPROVEMENT
Phhsr.nInINO rhE FOR& OF SAID 30ND. AND OTnER DETAILS IN CONNECTION THEREWITH PROVIDING
FJR ThE CJLLECTIU'% AND DISPOSITION OF THE R_VE UES TO BE DERIVED FROM SUCH SYSTEM,
PROVIDING FJR THE PAYMENT OF SAID BANDS AND DECLARING AN EMERGENCY
7HEREAS the City of Fort Collins, in the County of Larimer and otate of Colorado
Is a public municipal corporation organized and existing as a city under and by virtue of
&rticle Al of theConstitution of the State of Colorado and now owns and operates a mun-
icipal electric 1 it and power system and
WHEREAS the City Council of the City of Fort Collins has determined and does
hereby determine that it is recessary and to the best intere�ta of the City and the 1n
habitants thereof that said municipal light and power system be improved by the acquisition
and instdllation of a new steam generating boiler the cost of such acquisition and instal-
lation to be paid by the issuance of the revenue bonds 'of the City of Fort Collins
9E IT vRDeINED UY TnE CITi COuNGIL OF TnE CITY JP FvRT COLLINS
r
Section 1 Tnat all action heretofore taken by t}re Cit, Council and the officers
of the City of Fort Collins directed toward the improveuent of the muncipal light end power
I system end the issuance of its Electric Light and Power Revenue ponds Series September 1,
t
1948 for t}ne purpose aoove recited be and the same is hereby ratified approved and r
V
confirmed including witnout 1"iting the generality of the foregoing the accepts ce of
f tre proposal for the purchase of said bo"da submitted by Otis 6 Co of Denver, Colorado
rand . terr Brothers 6 Co of nensas City 41ssoari
I
Section 2 Tnat for the ourpose of defraying thecost of improving the municipal
I $ 1
electric light and power oystem by the acquisition and installation of a new steam genera
S
tang boiler tnere shell be and there are hereby authorized to be issued 250 ponds of he
f vity of Fort Collins to be .mown as 'City of Port Collins Electric Light and ?over Revenue i
Bonds Series September 1 1948" in the aggregate principal amount of 4250 000 00 ( or
such lesser amount Be mey oe neceasary to accomplish the ouroose herein recited) which
ponds shall bear date as of tnefirst day of .,eptember 1948 shell consist of 2„0 bonds 1n
t �
the denomination of $1 000 00 each nuwbered from 1 to 250 both inclusive bear ng interest
at the rate of too and one quarter p r centum per anus payable semiannually on the fire t
days of .arcY and oeptember in each year and maturing $12 000 00 on the first da of march
� x
in each of the years 1949 to 19a8 both inclusive and $13 000 00 on the first day of Zep-
both
tember in eacn of the years 1949 to 1958/inclusive
Bonds namoered 126 to 250 both inclusive maturing on and after the first day }
z
of .larch 1954 are subject to redemption in Inverse numerical order at the option of the 1
Ci ) of wort Collins on the first day of September 1953 or on any interest
payment date thereafter prior to maturity at a price equal `o the principal amours` there
of nitn accrued irterest to the redemption date Notice of redemption shall be given by the
Commissionerof 'ina-ce ardSupplies Ex Officlo City Treasurer in the nameof the City
by publication of s-ch notice at least once in each calendar weeK on any day of the week
for at least four sic essive weeAs prior to the redemotion date in a newspaper of general
circulation in the vity of Fort Collirs Colorado and a copy of such notice snall be sent
by registered mail at least tnrity days prior to the redemption date to Otis h Co "first
national Bank Building Denver Colorado and to .tern Brothers h Co 1009-15 Baltimore 1
I
,fn,e0[,r.dk.. •nr�__ _. i•. �- i .•`s_.-.�,LLi..s°'.[Sx ya3A.+1r..... ...4tLlfr�e:b�i n• .1+•1
ORDINANCE NO a _SERIES OF 194a 251
&venue Aeneas City Missouri ,uch notice shall specify the number or numbers of the bonds
to be so redeemed ( if lesa than all are to be redeemed) and the date fixed for redemption
and shell further state that on such redemption date there will become and be due and pay-
able upon each bond so to be redeemed at the office of the City Treasurer Port Collins
Colorado the principal amount thereof with accrued interest to the redemption date and
that from and after such date interest will cease to accrue Notice having been given in
the manner herein►d ire provided the bond or bonds so called for redemption shall become
i
due and payable on the redemption date so denigrated and upon presentation thereof at the
office of the City Treasurer Fort Collirs Colorado together with all appurtenant coupons
i
maturing subsequent to the redemption date the City of Port Collins will pay the bond or
bonds so called for redemption
I
The revenue bonds hereby authorized shell be fully negotiable and shall have all
the c,uslities of negotiable paper and the holder or holders thereof shell possess all
rights enjoyed by the holders of negotiable instruments under the provisions of the
I Negotiable Instruments Law Both the principal of and the interest accruing upor said
revenue bonds shall be payable in lawful money of the United States of 4merica without
t deduction for exchange or collection charges at the office of the City Treasurer in
Port Collins Colorado or at the United States NatlonalBank of Denver Denver Colorado
at the option of the holder ..aid revenue bonds shLIl be signed by the Commissioner
of eublic obfety bnd dealth and Ex Officio ,deyar of the City of Port Collins with the seal
of the CItj thereto affixed and attested by the City Clerk and shall be countersigned by
the ommissioner of 9inance and bupplies and Ex-Officio City Treasurer The interest coupons
ittached to said bonds shall be executed with the fecal Ile signature of tie Commissioner
fl of Finance end Supplies and Ex Officio City Ireasurer of the City of Port Collins which
official by the execution of said bonds shell adopt as and for his own proper signature his
facsimile signature appearing on said coupons <11 of said revenue bonds together with
the interest accru ng thereon shall be payable solely out of the sinking fund hereinafter
i
created comooaed of earnings and revenues to be derived from the operation of said City
of Port Collins Lunielpal Electric Light and Power System and not otherwise
Section 3 Said revenue bonds and the appurtenant coupons shall be in substLntiall
I
the following form
(Form of Bond)
UNITED ST TES OF &KZRICO
STbT5 OF CJLOfu.DO COUNTY OF LdrL[3R
City of Port Collins
Electric Light and Power Revenue Bond
I No Series September 1 1948
tl 000 00
The City of Port Collins in theCounty of Lorimer and State of Colorado for value
received hereby promises to pay to the bearer hereof solely from the special find provided
March
therefor as hereinafter set forts on the first day of September L D 19 the principal
aim of
ONE ThOJS&hD DOLLarS
and to Day solely from said special fund interest hereon at the rate of 2 1/4% per annum
payable semiannually on the first dwys of Harch and September in each year upon presentation
I
and surrender of tnis band and of the annexed interest coupons as they severally become due
t
a
t
?52
0RD1NA,NCE No.- .$Exams of
C ootb priacipa.l and interest are p&yabls In lawful moray of the United States of dasries,
without dedactlon for sxcl.aose or collettloa casrtes at the office Of t" tity fre"Wrer•
Fort Collins, Colorado, or the lotted ittteslL.tlaasl bank or Oen*ar. Denver" Colsrado at
the opti2a of the hider
*(Ibis bond is subject to to taptios 2t the optlas of the Clt► at tart Cslltne
on ceptesber 1, 19", or on r-o r I"Orest psyssut date tbsrsarter st a priers s ua% W ttsl
prlr.oipbl warnt theraar, with &eeried interest to the rwdesatlos dais tedeapttos tool1
be mode jpon not ea. tbsh thirty dsrs prior antics *1 lublfgtto& L a swapper sr psa
s1reAlat1.0 in Silo wity of tort Collies. Colorsdmj, is the Masser wad apoa the sawllttoas
provided In the osdlnknes &uthorisias the lssam"o of this bond )
Ibis bond to one or an 18.440 made for the purpose of boravtss the osslsipot !feet to
light and power aystea or the City of part Colitss roll 1s tootoratty with the eattatltytIm
and laws Of the ctute of Colorado wed eorttic ordloarees set r*zatattoms or malt City &a t
adopted sod roFprovwas briar to the teas hereor this Wed dots rant weatttuta sod indeb-
tedness or the bolt) or Fort Colifas sfthia the aeenIV4 or why coastitatfotwl at ststatory
provision or ltaltation, sat to pestle solely out r a speelal Moab ertsted to fail taa-
formitty with low and doelin"" tb* "Fort :alltaa case rl* `I t maw b-owrr fgte ea'aposed
or eeraings and reve. Age derived lay the City rraie trts osc"tloa Of tom aaaleipat eltesrls
light m. d power ay&tws- at is Nertiby eertlrte3 reelt*l arm sarrc'& et that for tts psysost
of this load. tt* City or tart Collins *lil emote oral aslatmfo estt hwA Mr„sslt therein
sit reseipts derived from the ainiclpsl tight cat poser system "t Out of such rteelpts
and as as irrevocable p1wise thereof had etarf* taer an will p r We mAd had the Interest
aeer.lad hwre.a is the &WMer p-svide4 by tine ordin&nto infer whlez ibis lead is Tema"
For a destripti..n of said f.ad and tie notate 64-1 latest Of the a"Car"y strart" tlets• �
r- by for the p.peeat o• a.ts Ward, ret3r.asm to wads to said otel"Utt* s
This b2a4 to &Abject to tam s-edit" sad awry halter hsreor ty tits
� u
i
�saw &drove with tho o,11gor snit av*rf aaw m float h list t rear that (s) tao St.trorp or
tr to aw d to ►May transfuse stalt vest title is thle band Omd fro tb: issere t eai`tpzao sit•
bebod hereto in s wL trurerwo ter tow seas extent rar all parva"s as walls t+. * delivery
Anger lice otrcAaa ertes or at* aft-attrbie taatrsamt say"Ier to �esrer (b) the 00`tr-r
and mar tog*at of Sae si liar my trust tt m bearer at MIS bolas as tie s-zclat* Zmer ft'-roor
for all purpose&. 6n4 "all Akit to off etvd, ty tar #"tit* is tLe tmtrary; Cot the
prtnelpal of fang the lattrsst ,tor tr.is best shall .* paid0, sat this mi and es" of the �
**Apams appertataint thoreto uro tra"forsoly, trot tram sai *IUL- ' Mawr away "altisa
►&teees th* ob tsar sae tac arts oat ar &top iatera*diate a %ter heron, or sm;F ast-Offs At
ernes-slstss sod (d) toe aArt*a or to the obitga• as say steak of tGs osllsor of this bind
wad of eseb or the es y4" was t Cw a i 41"bt lop to U0 oL issr far t.'.* saes
•t 1s tirta•r cart r1s3, r*eited had Barr sted ttxt *it ttm sogatrseemts of UM
Have boon f..111 caaplivd sit& , F tors prap+r off leers or said :its is the la..se at this
awns
a.p~_ J. •as v.tt of tort C011'02 has ss.ssd thta ilostrl* LI;ht say
a�sa*r ievea.e :end. �arles -*ptwtter 1. 1016. to se otatst by else Cawlssi'srr:r +tf rabils
yi&tl .rod asrolth sad p. ef aa:ra in r of s City Of hrt COMINGal.m with Um se ar tte►
:& tfl City
Ur+sasta ar-ta&t sat sttebt*d by the MY Cfark oar som%; olped 61' th• Com"sa/tAssr et
1 t �
04
t �
^ 1p S r
r
Y
253
ORDINANCE No..a _.,SERIES OF 1948
Finance and aupplles end fix Offlcio City Treasurer and has caused the interest coupons
hereto attached to be executed with the faeelmlle aignsture of said Commissioner of Finance
and.upplles andHx Officlo City Treasurer which official by the execution of this bond does
adopt as and for his own proper elgnature his facsimile signature appearing on said coupons
all an of the first day of bbptembero 1948
(SEAL) do not a
Colas loner o ?ubl c1 efety and
Health and Ex Offieio lleyor
&Tlh-T COuhT&R..I0N5D
(do not elan) (do not clan)
ity er Co,=iss over oP nance andSupplies
and Ex Officio City Treasurer
•(to be inserted in bonds numbered 126 to 250 both inclusive m. tacing March 1 1954
and thereafter )
(Form of Coupon)
ho #11 25
�[areh
va the first day of oeptember a D 19 *(unless the bond to which this
coupon is attached is sooner redeemed) the City of Fort Collins in theCounty of Lbrimer
and 3tete of Colorado will pdy to bearer in lawful money of the dnited States of America
without deduction for exchange or collection charges at the office of the City Treasurer
Fort Collins, Colorado or the united States tational Bank of Denver Denver Colorado
at the option of the holder the sum of
I ELEVEN aND c5/100 DOLLARS
1� solely from and secured by a pledge of the special fund referred to In and for the seml-
Iannual lntere.t then due upon its Electric Light and rower RevenueBond Series September
1 1948 and numbered 4
(Facglmllt(Facglmllt sleture)
commissioner of inenee and
Supplies and Ex Offieio City 1
Treasurer
*(To be inserted in coupons maturing after eptember 1 1953 sttacned to oonds
i
number 126 to 250 both inclusive )
Section 4 Thbt when tre City of Fort Collins shall have commenced the operation
of said light and power system said system shall thereafter be operated cortinuously for
tce purposes of this ordinanee on a fiscal year basis commencing on the first day of Septegbe
it each gear and ending on the thirty-first day of August of the succeeding year
Ihere is hereby created a special fund to be known Es the •Port Collins Electric
Light h rower Fund into which there shell be paid from time to time after the adoption of
this ordinance all ircome End reverues derived from the operation of the light and power
system So long as any of the bonds hereby authorized shall be outstanding either as to
i
principal or interest the Fort CollinsElectrie Light and rower Fund shell be admiristered
as follows
(1) before any moneys in such fund are used for any other purpose all reesinable
expenses of maintaining and operating the system for such mOnth shall be paid from
arch fund Each expenses shell be only for tte legitimate expenses of operation
and main enance and shall include the expense or carrying adeyuete lns. rsnce
1
b t k
�' f
54
ORDINANCE NO.. a .SERIES OF 1948
(2) There shall be and there is hereby created a fund to be known as the •Port
Collins Electric Light and rower Revenue Bond Fund' After making provisions for
maintenance and operation as aforesaid there shall be set aside and paid into
said fund all income and revenues derived from the operation of the light and
power system until the amount deposited in said faad equals or exceeds the
total amount of principal of and Interest on said revenue oonds falling due during
the current fiscal year and the next ensuing fiscal year
(3) After mbktng the provisions of Subsections (1) and (2) of tale Section 4
the City Council may set aside each year as a depreciation and improvement
fund such percentage of the income and revenues derived from the opera Ion of
said light and power system as the City Council ahefl determine to be necessary
for makf t good any depreciation in said light and power system and in making
4 such a csLslone and l.iprovements hereof or additions thereto as the city
I Council may fray year to year einsider advisable provided however that not
more then ter per cant of such income and revenues for any year shall be so net
aside The morey in this fund may be used for the aforesaid oarposes end if
not so used may be transferred to the Port CollinsEleetrie Light and Power Revenue
Bond 'und Tne amount in the depreciation and improvement fund shall oe used
whenever necessary to meet Interest and principal reaalrements on said revenue
oonds
(4) any surplus rexaln ng in the °ort Collins Electric ..fight and Power nand in
excess of the a=oant necessary to meet the provisions of sabeections (1) (c)
and (3) of this ..eetion 4 xey oe transferred to the general fund of the City
of Fort Collins provided that tre amount t^ensferred in cry one month shall not
exceed $5 030 00 any further surplus remaining in said Fort Collins Electric
Light and ?over Fund shall be applied as follows
(a) In mading sacn exten�lans and lonrovements of the Light snd'ower system
or additions tnereto as tie City Council from year to year considers
advisable
(b) Prior to .e,te=er 1 1953 to the purchase in the ope.. =Lrket of bonds
authorized by t,is ordinance at the beat pr ce dotalraole wrien oonds
snall tnere pon be cancelled and soco"dly Ii tie event the City is
anLole to parciase ooncs I.. the open market at a fair ?rice to the purchase
of secaritie- anien tre direct oollgati-ns of t}e nited S stes of d=eriea
sawn securities and tre interest ae ruing thereon o be and eonstitat'e a
part of the Fort Collins -lectrie Light and Po-er heverue 9ona Fund
(c) On and after Septemb r 1 1953 to the narcnase in the open market of
ooncs a-tlorized oy this ordinance at the best Brice abtsin"le at less than '
the cell orice which b rds snall We a-p n be cancelled or in the event
that t,e City Is unanle to purchase bonds in tre oper mLrdet Lt less tasn
the cell pric then to the re emption of the oonds autnorized by this or-
dinence i-i the na .ner ana to the ex ant herein provioed
(5) Tne amount paid into the Fort Collins Elactrie Ligk•t and ?over Revenge Bond
Fund created un er tyre provisions of subsection (E) of this Section 4 shall be
deposited in Ina First Rational Sand Po Collins. Colorado in a nand
s count to oe diet s-par_te from all otter accounts a-d to oe dnosa as the
Fort Collias Electric Light and Power Revenue Bond Fund and shell b- used
solely a. 3 only any said f_nd is nereby expressly and exclusively pledged for
the a. rpa�e of 3s$Ing t' e principal a d interest of the bonds herein authorized
to oe issued -aid payments snall oe made into said furd on the first day of
seen month exeeat anon the first day of any =ontn snall oe a --unday or legal
holida, nsaen event each palms is stall be made on the next succeeding secular
day ire amount o' tre =ontbly payments to be made into the said Bond Fund
ohall commence on the first day of tre =.onth succeeding the date of tie issuance
of tare oa ds rereln eat..orized auen deposit to the extent t at it is not guar-
anteed oy tie Feder 1 Leposit Insurance Corporation saal be co tiraogsly secured
oy securities wrier ere legal Invest=ents under the laws of the State of Colorado fI
Sec'lon 5 -nut the City of Fort Collins hereby covenants vita the holders of f
any and ell of the r veLue oonds herein eatnorized to be Issued `nut so long as eaj of said
oonds are outstanding the City will e�U alisa sach rates for services rendered by or
tnroagr the system Ls will c e_ a Income sufficient to pay all reasonable expenses of oper-
ation and to create a net revenue which skull be saffieient to pay interest eoapons on
the reve-ue oonds authorized by this ordinance as they anall mature and to provide a pond
sinking fund amen will be sdeaaate to discharge said bonds as a-d anon they srall matare
and to zaiitain s..en rates continuously until the bonds autnorized by this ordinance have
beer fully 11 undated The City further covenants that no free service shall ce farnished
by the system sno tr-t any use thereof or of the services rendered tnereby by the City
of Fort Collins or any department or agency thereof will be paid for at the reasonable value
5f tam servic s so rendered The income so derived from services rendered the City shall be
deemed income derived from the operation of the system to be used and accounted for iq the
r
same ma .ner as any otner income derived from tre operation of the system
255
ORDINAMA NO a _SERIES OF-Igo
oeetlon 6 all *ills for electric service sapplied by the light and power system
i
shell be rendered monthly at the established rates on or about the first day of the month
succeeding the month daring which such service use rendered or such bills may be rendered
on b regularly established day of each and every month In which the service was rendered
4
In the event such bills are not paid in fall within forty days after the date when
rendered service shall be discontinued
Seetl�a 7 The City of Port Collins hereby covenants and agrees continuously to
op rate said system so long as any of the bonds herein authorized are outstanding to main
train sold system In efficient operating condition and to make each extensions Improvements
or additions thereto be may be necessary or bdvisable to Insure its economical and efficient
operation at ell times and to an extent sufficient to suo 1 p y public or private demands
for service within the City of Port Collins and the territory if any which the City shall
deter.alne to serve adjacent thereto £o long as ani of the bonds authorized by this
ordinance are outstanding and unpaid the City will maintain insurance on said system of
the kind and amount as would be normally carried by prlv�te comasnies engaged in a similar
business and will keep proper books of records and accounts separate from all other records
t
and accounts in which complete and correct entries shall be made of all transactions
relating to said system wnich records and accounts will be Kept in substcntiElly the same
form as aaproved by tre Peder. l sower Commission r for iriVate utilities and which records
t will be oper for the insaactlon of the holder of spy of the bonds authorized hereunder at
all reasonsole times The City will cause an annual audit to be made by an Independent
firm of certified oublic accountants of the books of the system and of the records of the
City relating tnereto and will include in addition to the asual material and without
I soecifically limiting the same the following
A Cetailed statement of Income and expenses of the system
3 Statement of casets and liabilities
C A Sep�rete statement of operations showing
1 Tne number of customers oy classes
2 Tne total kilowatt consamotion by customer classes
j 3 Revenues ay class of customers
G
t D accountant's comae to on the manner In wnich the City has carried out the
! terms of tnls ordinance
! B accountant's recommendation of any change or improvements in financial operation
P List of all Insarance policies showing the essential details and coverage
A copy of a-ch annual eadit anall as furnisned Otis 6 Co and-tern Brothers h
Co togetner witn quarterly operating stLtements The holder or holders of twenty-five
per cent in aggregate pr ncipal amount of the bonds Issued hereunder and at any time
outstanding shall nave the rignt at �11 reesonaol- times to Insaect the system and all
records accounts and data of the City of Port Collins relating thereto and upon request
the Git of Fort Zollins will farnish to such bond holders each financial statpments and
i
otner information relating to the City of Port Collins and Its electric light and ooaer
system bs sacn holder or holders may from time to time reasonably regaire The expense
of auditing and of furrishing said reports and Lecoants shall be considered as an
operating expense
Section 8 The Cit, further covenants that so long as any of the bonds hereby
aatnorized are outstanding and unpaid toe City will not great any franchise or license
for a competing system nor shall It permit daring said period (except as it stay legally
be required to ao so) any person firm or cor3oration to SSpply electric light and power x
t
facilities for domestic or commercial purposes to any consumer Ir public orLprlrnte within
the amity of Port ollins
ORDINANCr- NO a SERIES OF_l�ae
1
Sectlon 9 otaing in this ordinance shall be construed in such mann r se to
prevent the issuance by the City of Fort Collins of additional bonds payable from the in-
come derived from the operation of the system erd constituting a lien upon said income
on b ptrit with the lien of t!e bonds her in authorized for the purpose of defraying the
cost of eatensions end improvements provided however thct so long as any of the bonds
herei cuthorized are outatbrdirg ro additional bonds or other obligations pledging Spy
portion of the revenues of the system shell be issued unless tte average annual revenues
of the system for the two fiacel years immedictely preceding such issuance shell have been
equal after the dedu tion of reasonable expen es of operation to an amount not less than
150j& of tte total maximum amount of principal and interest on the bonds herein autnorized
and the principal and irterest on the bonds propose to be issued felling due thereafter
daring any one fiscal year
any additional bonds issued it compliance with tre terms hereof shall beer
intere t payable semianrually on the first days of Septemoer and .larch In each year and
sh-11 mature on tke first day of -aptemoer or the first day o` Lerch daring tie term of
said bonds In determi ing wnetner edditional bonds may be is-aed as aforesaid consider-
ation shall be giver to any probable reduction in operating aid maintenance costs that
will result from the expend tire of tre finds proposed to be derived from tYA is�aence
a d sale of said oonds
Eeetior 10 Ihat the Com=isslener of ?ublic Safety and dealtn and Ea-Offieio
layor the City Clerd and t e Co=issioner of Finance erd .upplies erd Ex Officio City
Areasurer of the City of Fort Collirs are hereby _uthorized and directed to prepare and
execute said sonde as nerein provided pon tte execution of said bonds as nereir orovided
the shall be celivered to the Com+.lasioner of Finerce and -upplies and Ex vfficio City
Treasurer of tre City to be by him delivered to Otis d Co erd Stern 3rothers 3 Co in
accorde ce vita tre contract of purcnase '"he Officers of the City are nereby further
I
autnorized and directed to take el steps ano do all things recessary to effect the delivery ,
of sale scads including witnout limiti g the ge erelity of tre foregoing the execution
i
of final certificbtes certifyirg as to the tenure of tre municipal officials the execution _
a d delivery of the oonds the essence of litigation either threatened or pe ding affect
I
ing tre validity tn-reof Inc trot said coma constitute a first ien on the net revenues
of the system
Section 11 het tre proceeds derived from the sale of sbid bonds shall be used
solely for tre parpobe o4bc4uiring a an cip-1 el c ric light erd oower system n and for
tie :.ity of Fort Collirs ou the purchasers of said bonds shall in ro ms ier be responsitle
for the . pplicbtiOn or ai pos�l by sal City or ary of its officers of any of the proceeds
aerived from tre sale of tre sonde
.ect on 12 inat notwitnstbrdirg any provisions hereir eon eined the term
rev nues or income from the system shall include all income cad revenue derived by
t1,e Cit of Fort eollins from the operetion of the lectrie lignt and pow-- system whether
resulting from improvements a tensions repairs or bett resents to the system or otherwise
and shall include all revenues received oy the sit of Fort Collins or s y municipal
corporation succeedirg to the rignts of tie City of Fort Lollins from said system and
from the sale of electrical power and eiergy or the furrishing of electric light and
power f-cilities to the irhboltcrts of what is no- the City of Fort Colli s (1 eluding all
territorial enrexations Anicn may be made) or from the able of electric cower end erergy
distriouted by me- a of said system owned arc operated by said City as the same may at qny
time exist to s-rve customers outside of the city limits as well as customers within the
city limits
' l
251
ORDINANCE NO 8 _SERIES OF 1948
1
Section 13 That so long as any of the bonds herein butnorized to be issued are
outstarding a d unpaid the municipal officials having custody of funds derived from the
operation of trig municipal electric light and power cyst m shall give bond with a corporate
suroty approved by the City Council in an amount ct least equal to the total funds in
the custody of suen officials at any one time wnieh bond shall be conditioned upon the
proper bpplicatior of Salo funds Tne cost and premium of obtaining suen bonds shall be
curibi erect . an up rating coat
.ection 14 Ihat so long as ary of the bonds herein authorized to be issued are
outstandirg said City shall not mortgage ple go or otherwise encumber the system or any
part thereof shall rot sell lease or othernlEe dispose of ery substantial portion of the
system and shall not issue a y obligations for the peyment of wnich the net revenues of
t the system are pledged except as in this ordinance provided
Section 15 If default shell at any time be made in the due observance or per-
t
formaree of any covenant or condition herein required to be kept or performed by the City
of Port Collins and such default shall continue f r e period of thirty days after written
notice thereof to the City from any holder of one or more bonds or from any holder of the
coupons representing interest thereon at any time outstarding tnen and in such event
any nolder of any one or more of said bonds or any of the coupons represerting interest
f thereon may eitner Et law or in equity oy suit ectior mcndemas or otner appropriate
proceeding in any court of competent jurisdiction protect the Her created by this ordinance
on the revenues of said light and power system and may oy snit actio mandamus or other
appropriate proceeding or proceedings enforce and eomoel the performance of any duty im-
posed upon said City by the provisions of this ordins ce ircluding the making and collecting
of sufficient rates End charges on the a gregetion of the i come a d revenues of said
system and the proper application thereof and farther Including the appointment of a
receiver to operate the system durirg default on behalf of the City but for the benefit
of the holderb of the bonds herein authorized
� ..action 1 That if any one or more sections sentences clauses or parts of
ttis ordinarce shall for any reason oe questioned or held irvelid such judgment shall not
_f act impair or invalidate the remaining provisions of this ordinance but shell be
confined In Its operation to the specific sections sertences clauses or parts of to a
ordinance so held unco-stitutlonal and invalid aid the inapplicability and invalidity of
any section sentence clause or parte of this ordinance in Eny one or more in tanees shall
not Effect or prejudice I-i any nay the applicaollity and validity of this ordinance in any
other instarces
' action 17 Inat all ordlnc ces or sorts of ordinarces inconslstert here-7ith
are hereby repealed to the extent on y of such inconsistency This repealer shall not be
# construed to revive any ordirance or part of any ordirance heretofore repealed
-ection 18/ Th t tnis ord nance may be amended or a-pplemente- by ordinaices
i
adopted by tre City Council in accordance with the law- of tie .tate of Colorado with
the holders of
the written consent of/75P of the bonds authorized by tnis ordinance and outstanding Et
I
the time of the adoption of such amendatory or supplemental ordlns-ice provided however
that no such ordinance shell have the effect of permitting (a) an ektension of the maturity
of any bond authorized by this ordinance or (b) a re uction in the principal amount of any
t
I `
i
258
ORDINANCE NO__a__rSERIES OF 1g48 f
F bond or the rate of intere-t therear or (c) the creation of a lien upon or a pledge of
f revenues rbnking prior to or on a pLrity with the lien or pledge erected by this ordinance
or (d) a reduction of the principal bmount of ponds required for consent to a-ch amendatory
or s pplementbl ordinance
Section 19 That by reason of the fact that the City of Port Collins and its i
irnr.blt&nts are rot properly or adequately supplied with electric light and power service
at t e present time it is her by declared th_t tnis ordinance is necsss.ry for the immeoiat
prebery ti n he public peace heblth a d safety
�D ?TAD ahD a PrOVED tnis end day of oeptember 1948
1
Comr ss oner Or rklollar6afety rand
(SS.L) ealtn a c --x „fficio .a/or
Attest r( ,
ICity Clerk
-T..Ik jF CJLORoDO )
ss
CJuh11 OF "Z;IAEE )
I Lil s F house Cit., Clerk of the City of Port Collins Colorcdo do hereby
I
certify and declare that the foregoing ordlnaree consisting of rineteen sections was
duly prop sed and rebd at lergth at e r gular neeting of the vity Council held on the {
1
c^nd dby of .eptember < D 1948 and wb duly adopted and ordered nublisned in the Port {
Collins Coloradoar a daily resspap r and the official rerspeper of the City of Fort Collins
by tte unarimous vote of 611 memoers of the Citf Council as an Emergency Ordinance
In accordance witr the provi fors of _actions G a d 7 of article IV of tre City Charter
end therecfter aid on to wit the 7th eay of September 4 D 1948 sold Ordinance to 8
was duly publiohed in the Port Collins oloradoar a daily nerspaper pub ished in the
City of Fort Collins Colorado
t I% 6II E..- WnE?_ IP i have hereunto set my nand and affixed the seal of said City
l
tkis 7th dby of aeptember D 1948 —
(S EA L) City Clerk
�
{
1
f
f
I
1 S � S r k ti �✓ fi