HomeMy WebLinkAbout001 - 01/28/1944 - PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON BONDS IN THE AGGREGATE AMOUNT OF $60,000 FOR THE PUR 2F►
ORDINANCE NO. -__i _- SERIES OF. 1944
AN ORDINANCE PROVIDIN3 FOR THE ISSUANCE BY THE CITY 0 PJRT CULLINS COLORADO, OF ITS NE-
GOTIABLE CJU?ON BONDS IN THE AGGREGATE :MOUNT OP SIXTY THOUSAND DOLWS (=60,000.00) , To t
Be DEN MINATED NC:NDUIT REFUNDING BONDS," FOR THE ?URPOSB OF REFUNDING A LIKE AMOUNT 32
uUT5TANLI93 SZNDED INDEBTEDNEZZ UP 54D CITY; PRESCRIBING TdE FORM OF SAID CONDUIT REFUND- !
ING BONDS; PROVIDIY.u^ FJR TdE LEVY & :, "vLLECTION OF AN ANNUAL TAX TO PAY THE SAME, PRIN-
CIPAL AND INTEREST; AND DECLARING o.: EMERGENCY. !
WHEREAS, the City of Fort Collins has heretofore issued, and there are now out-
standing and unpaid, its valid negotiable coupon bonds, as follows:
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$60,000 City of Port Collins, Colorado, Conduit Bonds, dated May 1, {
1934, due May 1, 1949, redeemable May 1, 1944, consisting
of bonds numbered 1 to 120, both Inclusive, in the de-
nomination of j500 each, and bearing interest at the rate
of 4% per annul;
and
WHEREAS, there are no funds in the treasury of said City available for the pay- i
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cent or redemption of said outstanding bonded indebtedness, or any part thereof; and :
WHEREAS, by resolution duly adopted on the 28th day of January, 1944, the City !
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Council of the City of Fort Collins, Colorado, determined to issue, in accordance with the 1
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laws of the State of Colorado, particularly Subdivision 2, Article 12, Chapter 163, Colorado
,
Statutes .nnotsted, 1935, as amended, new bonds to be denominated "Conduit Refunding Sonds,'I
the basis to be exchanged, dollar for dollar, for the bonds to be refunded, the amount of f
bonds so to be issued as aforesaid being tre 3= of Sixty Thousand Dollars ($60,000.00),
and the Certificate of Determination having been ceretof:,re culy made and entered in ard,
upon the records of said City as required by Is ; and
KAR"S, the City :ounclr has here tof)re deter=1FIed that said Conduit Refunding
Bonds so to be issued in the aggregate amount of Sixty Thousand Dollars ($60,000.00) shall
be exchanged, dollar for dollar, for the bonds to be refunded, and said City Council belle As
It to be its duty to issue said C.,duit Refunding Bands and cause the sa=e to be ezcherged,
dollar for dollar, for tie bonds to be refunded, se aforesaid, as and in t:.e manner pro-
vided by law;
BE I7 -:.DAI:.ED BY :niE C-TY ::CID O? THE CITY OF ?.R CO:,LILS, -_
CtiO.R:D�:
-action 1. That by virtue and in pureu�nce of an act of the 5eneral Assembly of
the 3tete Lf Colorado, �ntltled NAn &ct to enable cities and towns to refund their bonded
indebtedness," approved _arc: 116, 1921, and appearing as Subdiv13lon 2, Article lc, Chapter
163, Colorado Statutes &,notated, 1935, as amended, there shall be issued negotiable eoupor
bands of the City of Fort Collins to be denominated "Conduit Refunding Bonds,w in the amount`
of Sixty Thousand Dollars (S60,000.00) , for the purpose of refunding a I14e amount of the
bonded indebtedness of Said City as heretofore described. j
Section 2. That the Mayor and City Clerk of said City of Port Collins be and they
r.ereby are authorized and directed to have prepared negotiable coupon Conduit Refunding
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Banos of said City in the aggregate amount of Sixty Thousand Dollars ($60,000.00).
Section 3. That said bonds hereby authorized shall be negotiable in torn, pay-
able to bearer, shall bear date the first day of February, 1944, shall be in the denoains-
tior. of One Thousand rollers ($1,000.00) each, add shall be numbered, bear interest, and
=attire serially, as follows: {
Bond In-erest L'aturity Total Amount
Numbers Rate Data Due Each Year
1 to 4, Inc. 1 1/4% May 1, 1945 $4,000.00
5 to 9, Inc. 1 1/4% May 1, 1946 5,0:)0.00
Y
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127
ORDINANCE No- 1 _SERIES OF 1944
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10 to 14, inc 1 1/4% May 1, 1947 $5,000 00
15 to 19, inc 1 1/4% May 1, 1948 5,000 00
20 to 25, inc 1 1/4% May 1, 1949 6,000 00
28 to 31, inc 1 3/4% May 10 1950 8,000 00
32 to 37, inc 1 3/4% May 1, 1951 6,000 00
1 , 38 to 44, inc 1 3/4% May 1, 1952 7,000 00 i{
45 to 52, inc 1 3/4% May 1, 1953 8,000 00
53 to 60, inc 1 3/4% May 1, 1954 8,000 00
Said interest shall be payable on May 1, 1944, and semiannually tnereafter on the first day
of May in each leer
The principal of said bonds and the interest accruing thereon shall be payable in
lawful money of the United States of America at the office of the City Treasurer in Fort �I
E
Collins, Colorado iI
Said bonds shall be executed in the name of the City, signed by the Mayor, coun-
tersigned by the City Treasurer, with the seal of said City affixed thereto, and attested
by the City ClerA of said City The interest accruing on said bands shall be evidenced by e
semiannual interest coupons thereto attached, bearing the engraved facsimile signature of �I
the City Treasurer of said City, and when so executed, such coupons shall be the binding
obligations of the City according to their import
Section 4 Said bonds and the coupons to be attached thereto shall be in sub-
stantially the following form r
(Fora of Bond)
UNITED STATES OF AMERICA
STATE OF COLGRADO COUNTY OF LARIMER
4 CITY OF dORT COLLINS
CONDUIT PEFUNDING 3014D
Issue of February 1, 1944
No $1,000
The City of Fort Collins, in the County of Larimer and State of Colorado, for
value received, acenowledges itself indebted and hereby promises to pay to the bearer here-
of the sum of
ONE TdCUSAND DJLLARS
t in lawful money of the United States of America, on the first day of May, A D 19_,
witn interest thereon at the rate of per centum
per annum, payable on the first day of May, 1944, and semiannually tnereafter on the first
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day of November anc the first day of May in each year, upon presentation and surrender of
this bond and the attached coupons as they severally oecome doe, both principal and interest
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being payable at the office o� the City Treasurer in Fort Collins, Colorado
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Tnis bond is one of an issue made by the City of Fo-t Collins for the purpose of
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paying, redeeming, and refunding unpaid oeyable lawful and valid bonds of said City and
the lawful and valid indebtedness evidenced thereby, under, bl virtue of, and in full con-
formity witn the provisiors of an act of the General Assembly of the State of Colo-ado, en-
titled "An Act to enable cities and towns to refund tneir bonded inaebtedness," approved
aerch 16, 1921, being Subdivision 2, Article 12 Chapter 183, Colorado Statates Annotated,
' 1935, as amended, and an ordinance duly adopted and made a law of said City prior to the
issue of this bond, and it Is hereby certified and warranted that all the reeuirements of
law have been complied with by the proper officers in the issuing of this bond. i
It Is further recited, certified, and warranted that the total indebtedness of ;
the City of Fort Collins, including that of this bond, does not exceed any limit of Indebt-
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ness or other limitation prescribed by the Constitution or Statutes of the State of Colorado
1,28
ORDINANCE NO 1 SERIES OF 1944
othat the total indebtedness of the City of Port Collins is not inerassed by the issuance I
hereof, and that provision has been made for the levy and collection of a direct annual
ad valorem tax on all of the taxable property in said City sufficient to pay the principal
of this bond and the interest accruing thereon, respectively, as the some become due
The full faits and credit of the City of Port Collins are hereby pledged for the
punctual payment of the principal of and the interest on this bond
IN TESTIMONY ZdEREOF, the City Council of the City of Port Collins has caused ]]
this bond to be executed in the name of the City, signed by its Mayor, countersigned by
Ito City Treasurer, under the seal of said City, affixed and attested by its City Clerk,
{ and has caused the annexed interest coupons to be executed with the engraved facsimile
signature of its Cit/ Treasurer, as of tnis first day of February, A D 1944
(SEAL) (Do not sign)
" Mayor
ATTEST COUNTERSIGNEQ
(Do not elan)
(Do not sign)
City lens ty reasurer
k (Form of Coupon) I
� 1 1/4$ 1 3/4¢ � 1
No Bonds Bonds
(May 1, 1944, coupon) - � fq N'
i
e
(All subsequent )
I coupons) - - - - - 6 e5 8 75 ;
d On the first day of November' A D 19_, the City of Port Collins, in the
State of Colorado, promises to pay to the bearer I
I � DOLLARS
in lawful money of the United States of Amer.ca, at the office of the City Treasurer in
IN Fort Collins, Colorado, being three months' interest on its Conduit Refunding Bond f six 8 , Issue
�- of February 1, 1944,
No "
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1 (Facsimile signature) A
City Treasurer i
Section 5 That when issued the Conduit Refunding Bonds hereby+ authorized shall
If
be exchanged, dollar for dollar, for the bonds to be refunded, and the said Conduit Refund-
ing Bonds shall not be issued until the outstanding bonds above described nave b6en can-
celled In an amount equal to or in excess of the bonds so issued, and all accrued interest
on the bonds to be refunded shell be paid oefore suen Conduit Refunding Bonds are issued 1
In exchange therefor '
i� Section 8 That the interest falling due on said bonds on the first day of Us/ �
and the first day of November, 1944, shall be paid out of the general revenues of said City,i
and for the purpose of reimbursing said general revenues for sold interest, to meet the in-
terest accruing on said bonds after the first day of November, 1944, as the same shall be-
come due, and for the purpose of paying the principal of said bonds es it becomes due ser-
ially in the years 1945 to 1954, inclusive, there shall be levied on all taxable property T
In said City, in addition to all other taxes, direct annual taxes sufficient to produce
the following amounts
Year of
i
Levy Levy for Interest Levy for Principal Total
Sec Year
1944 $694 05 to ) $4,000 00
reimburse general ) j5,594 05
revenues )
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ORDINANCE NO I _SERIES OF 1944
wri.wasa�M.w .wn
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1945 $843 76 $5,000 00 $5,843 75
1946 781 25 5,000 00 5,781 25
1947 718 75 5,000 00 5,718 75
1948 650 00 6,000 00 6,650 00
1949 560 00 8,000 00 6,560 00
1950 455 00 6,000 00 6,455 30
1951 341 25 7,000 00 7,341 25 )
1952 210 00 8,000 00 81210 00
1953 70 00 8,000 00 8,070 00
And said taxes when collected anall be placed in a fund to be celled the "Redemption round
to Pay Conduit Refunding Bonds dated February 1, 1944,e and said taxes shall be applied
solely for the purpose of the payment of said interest and principal of said bonds respec-
tively, and for no other purpose whatever, until the bonds authorized under this ordinance,
principal and interest, shall have been fully paid, satisfied, and discharged, bit nothing
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hereir contained shall be so construed as to prevent said City from applying any other
funds that may be in the treasury of the City and available for that purpose to the payment
of said interest or principal as the same respectively mature, and upon any such applica-
tion the levy or levies herein provided for may thereupon to that extent be diminished
Section 7 That the provisions of this ordinance and each of the bonds and the
interest coupons issued pursuant thereto shall constitute, and the same are hereby declared
to be, a binding and irrevocable contract between the said City and the holder from time to
time of each of said bonds and the interest coupons thereto attached
Section 8 Tnat after said bonds are issued this ordinance shall not be altered
or repealed until the bonds heresy authorized shall have been fully paid, both principal
and interest
Section 9 Tnat all ordinances or resolutions, or parts thereof, heretofore a-
dopted in conflict with the provisions hereof be, and the same are, hereby repealed
Section 10 That this ordinance shall, witnin one weeA following its passage,
be puolished once in full in "Fort Collins Express-Courier," a daily news paper of the City
of Fort Collins, and shall be recorded in the "Ordinance T'ecord" of sold Cit/ kept for that C
purpose, with a certificate of adoption authenticated bj the certificate of the publisher b
and by the signatures of the Mayqr and Clerk
Eedtion 11 Tnat it is necessary for the refunding proe-edings herein provided #
to be completed as soon as possible in order that the said City may obtain the benefit of
the present offer to exchange the outstanding bonds for Conduit Refunding Bonds therefore,
It is hereby declared tnat an emergency exists and that this ordinance is necessary for the
im.nediate preservation of the public peace, healtn, and safety and shall become effective
I immediately upon its publication
,DOPTED AID .PPPOVEC This 28th day of January, 1944
- -- - --Mayo
(SEAL)
ATTEST
City Clerk
` STATE OF COLORADO, )
as
County of Larimer )
I, MILES P HOUSE, City Clerk of the City of Port Collins, do hereby certify and
declare that the foregoing Ordinance, consisting of eleven (11) Sections, was duly proposed
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and read at length at a regular meeting of the City Council, held on the 28th day of .Jennary, ;
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ORDINANCE NO.___ 1_ SERIES OF 1944
w. C. 1844, and was duly adopted and ordered published in the Port Collins Express-Ccurler, f
a daily newspaper anal the official newspaper of the City of Port COIIIns by the unanimous
vote of all the members of the City Council , se an emergency ordinance In accordance with
tLe prcvlslor.s of £ectlor.s a and 7 of 6rticle IV of the City Charter, cf the City of Port
Colllns, and thereafter and on to-wit: ti:e 313t day of January, A. D. 1944, caid Ordinance
No. 1 was duly published in the Port Collins Express-Courier, a daily newspaper published
In the City of Port Collins, Colorcdo.
I� 4iTAEoi :: EP.fiO?, I cave i:ereunto set my hand and affixed the seal of said
City, this 31st day of January, A. D. 1944.
t
City Clerk
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(EE6L) !
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