HomeMy WebLinkAbout007 - 04/10/1934 - PROVIDING FOR THE CONTRACTING OF AN INDEBTEDNESS BY THE CITY AND UPON THE CREDIT THEREOF FOR THE ISS ORDINANCE NO _7__, 19341
BEING AN EMERGENCY ORDINANCE PROVIDING FOR THE CONTRACTING OF
AN INDEBTEDNESS BY THE CITY OF FORT COLLINS, COLORADO, AND UPON
TEE CREDIT THEREOF FOR THE ISSUANCE OF NEGOTIABLE COUPON BONDS
OF SAID CITY FOR $86 ,000,00, FOR THE PURPOSE OF CONSTRUCTING A
CONDUIT IN AND FOR THE CITY OF FORT COLLINS AND TO BE DESIGNATED
AS FORT COLLINS GONDUIT BONDS, PRESCRIBING THE FORM OF SAID BONDS
AND PROVIDING FOR TAX LEVIES TO PAY THE INTEREST ON AND EXTINGUISH
THE PRINCIPAL OF SUCH BONDS
WRMEAS, at the general election of the qualified
electors of the City of Fort Gollins , duly called and held on the
3rd day of April, A D 1934, the following question was submitted
to the duly qualified taxpaying electors of said City, pursuant to
the provisions of Ordinance No, 2, 1934 and Section 15 of Article
XIX of the City Gharter
question submitted
Shall the City Gouncil of the City of Fort
Collins be authorized to contract an inclehtedness on
behalf of the City, and upon the credit thereof, by
issuing the negotiable interest bearing bonds of the
Gity in an aggregate principal amount of not exceeding
$8fi,000.00, for the purpose of constructing q conduit
in and for the City of Fort Collins?
AND AREAS, according to the canvass of the
vote duly returned from said election and duly made by the City
Council, sitting as a Board of Canvassers, on the 6th day of
April, A D 1934, there were eleven hundred thirty-three (1133)
votes cast upon said question, of which seven hundred and six (706)
were cast in favor of said question and for the issuance of said
conduit bonds, and four hundred twenty-seven (427) were cast
against said question and against the issuance of said conduit
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bonds, showing a majority of two hundred seventy-nine (279) votes
cast in favor of the issuance of said conduit bonds, and
WHEREAS, in order to carry out the mandate of
the qualified taxpaying electors of the City of Fort Collins as
expressed upon the above question, it is necessary to authorize
the issuance of bonds pursuant to the authority granted by the
qualified taxpaying electors of the City of Fort Collins as shown
by the canvass of the vote of said electors to obtain funds necessary
for placing in conduit all or part of the canal of the Arthur Irri-
gation Company within the city limits of the City of Fort Collins
NOW, THEREFORE, BE IT ORDAINED By THE CITY COUNCIL OF THE CITY OF
FORT COLLINS
Section 1. That the City of Fort Collins issue
its negotiable coupon bonds in the sum of Eighty-six Thousand
($86,,000.00) Dollars for the purpose of furnishing funds with
Jwhich to place all or part of the canal of the Arthur Irrigation
company in conduit within the city limits of the City of Fort
Collins and thereby contract an indebtedness in said amount for
said purpose
Section 2 That said bonds shall consist of
one hundred seventy-two (172) bonds and shall be issued in de-
nominations of Five Hundred ($500.00) Dollars each, numbered from
one (1) to one hundred seventy-two (172) inclusive and shall bear
date of May 1, 1934 and be absolutely due and payable fifteen (15)
years after the date thereof, but redeemable at the option of said
City any time after ten (10) years from the date thereof, to-wit
May 1, 19 '4, at the office of the City Treasurer in said City
All of said bonds shall bear interest at the rate of four (4) per
cent per annum, payable semi-annually, on the first days of November
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and May of each year until paid, at the office of the City Treasurer
of the City of Fort Collins or the banking house of the Chase
National Bank in the City and State of New York at the option of
the holder of the coupons thereto attached
Section 3 That said bonds shall be sealed
with the corporate seal of said City, sigmmed by the Commissioner of
Safety and Rx-Officio Mayor , attested by the City Clerk and counter-
signed by the 'treasurer of said City, each of said bonds shall have
attached thereto thirty (30) coupons, numbered from one (1) to
thirty (30) inclusive, each representing a semi-annual installment
of interest upon the said bond and securing the payment of interest
as it accrues, which said coupons shall bear the facsimile signature
of the Treasurer of said City and the number of the bond to which
they are attached Said coupons, when so made, executed and delivered
as a part of said bonds , shall be the lawful obligations of said City
securing the payment of said interest in the hands of all persons to
whom they may lawfully come
Section 4 That the form of said bonds and
coupons shall be substantially as follows, to wit
UAITIM STATES OF AMERICL
No. 500.00
CITY OF FORT COLLINS
Larimer County State of Colorado.
FORT COLLINS CONDUIT BOND
The City of Fort Collins in the County of Larimer
and State of Colorado , for value received, acknowledges itself to
owe and hereby promises to pay to bearer Five Hundred ($500.00)
Dollars lawful money of the United States of America, on the first
day of May, A- D 1949 , at the office of the City Treasurer in the
City of Fort Collins, with interest thereon at the rate of four (4)
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Y
per centum per annum, payable semi-annually, on the first days
of November and May in each year, at the office of the City
Treasurer aforesaid or at the banking house of the Chase National
Bank in the City and State of New York, U S A , at the option of
the holder upon presentation and surrender of the annexed coupons
as they severally become due
The City reserves the right to redeem this
bond, at par with accrued interest to the date of redemption, on
or at any time after the first day of May, A D 1944, upon at
least thirty days* prior notice given by publication at least once
a week for at least three successive weeks , in a newspaper published
and of general circulation in the City of Fort Collins, such notice
designating the number of the bond and the redemption date , after
which date this bond shall cease to bear interest
This bond is issued by the City of Fort Collins
for the purpose of securing funds to pay for the construction of
a conduit in and for the City of Fort Collins in pursuance of an
ordinance of said City duly passed, adopted, published and made a
law of said City prior to the issuance hereof, and under and by
virtue of and in strict compliance with the constitution and laws
of the State of Colorado and the power and authority contained in
Section 15, of Article = of the City Charter, respecting the
matter of incurring indebtedness on behalf of the City, and it is
hereby certified, recited and warranted that the authorization to
contract an indebtedness on behalf of the City and upon the credit
thereof by issuing negotiable interest bearing bonds of the City in
an amount not exceeding Eighty-six Thousand ($86 ,000 00) Dollars
for the purpose of constructing a conduit in and for the City of
Fort Collins , was at a general election duly called and held on
the 3rd day of April, A D 1934-, in said City according to law
prior to the issuance of this bond, duly approved by a majority
of the taxpaying electors voting at said election, that all con-
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ditions required to exist and acts and things required to be done
precedent to and in the issuance of this bond to render the same
lawful and valid did exist and have been properly done and per-
formed in regular and due time , form and manner as required by
law, that the total debt of said City, including that of this
bond, except the debt incurred in supplying the City with water
and water works , does not exceed any limit of indebtedness pre-
scribed by the constitution or the laws of the State of Colorado ,
and that the said ordinance provides for the levying of a tax
sufficient to pay the annual interest on this bond and extinguish
the principal thereof within the time limited for the same to run
and containing such other provisions as are required by law
IN TESTIMONY WHEREOF, the said City of Fort
Collins has caused this bond to be sealed with its corporate seal,
signed by its Commissioner of Safety and Ex-Officio Mayor, attested
by its City Clerk and countersigned by its City Treasurer this
first day of May, A D 1934
Commissioner of Safety and
(CITY SEAL) Ex-Officio Mayor
Attest City Clerk
Countersigned City Treasurer
FORM OF COUPON
No 10 00
On the first day of , A D 19
for value received, the City of Fort Collins in the County of
Larimer and State of Colorado , will pay to the bearer Ten ($10.00)
Dollars lawful money of the United States of America at the office
of the City Treasurer in said City , or at the banking house of the
Chase National Bank in the City and State of New York, U S A ,
at the option of the holder , being six months' interest on its
Conduit Bond No
City Treasurer
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Section 5 That said bonds when executed as above
provided, shall be delivered by the City Treasurer to the purchaser
or purchasers thereof, at such time and in such amounts as shall be
determined by the City Council, after such notice of sale as the
City Council shall direct The proceeds of such bonds shall be
used solely for the purpose in this ordinance set forth and the
proceeds from the sale of such bonds are hereby appropriated for
said purpose, but the purchasers of said- bonds shall in no manner be
responsible for the application or disposal by said City or any of
its officers of any of the funds derived from the sale thereof
All moneys received from the sale of said bonds shall be deposited
to the credit of FORT COLLINS CONDUIT BOND FUND
If it is not necessary to sell all of the bonds
herein authorized to be issued to raise funds for the project
herein specified, such bonds as are undisposed of and in the hands
of the City Treasurer, shall not be issued, but shall be canceled
by action of the City Council and so marked upon their face and a
record thereof made by the proper officer of the City
It shall be the duty of the City Treasurer,
before delivery of any of said bonds to the purchaser, to duly
register each said bond in a book of record kept for the purpose
Section 6 That in- each of the years A D 1934
to 1948 inclusive , there shall be and is hereby levied upon each
and every dollar of valuation of the taxable property within said
City of Fort Collins , in addition to all other taxes, a tax sufficient
to pay one year's interest on all of said bonds outstanding, and in
each of the years A D 1934. to 194.3 inclusive, a tax sufficient to
produce Two Thousand ($2000.00) Dollars for the purpose of extinguish-
ing Twenty Thousand ($20 ,000.00) Dollars of the principal of said
bonds within the ten (10) year period from the date of said bonds
And in each of the years 1944 to 1948 inclusive a tax sufficient to
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produce the sum of Thirteen Thousand Two Hundred ($13,200 00)
Dollars, for the purpose of extinguishing the remainder of the
principal of said bonds, and the taxing and collecting officers of
said City are hereby authorized and required to levy and cause to be
extended such taxes , annually, as shall be necessary for the purpose
aforesaid and due under this ordinance, and the said tax., when
collected , shall be applied only to the payment of the principal
of and interest upon said bonds respectively and for no other purpose
whatever until the indebtedness contracted under this ordinance, both
principal and interest, shall be fully paid, satisfied and discharged
This section, however, shall not be construed so as to prevent the
said City from applying any other funds that may be in the City
Treasury and available for that purpose , to the payment of the
interest and principal of said bonds as the same respectively become
due.
And the sums hereinbefore specified to meet the
interest on- said bonds and to discharge the principal thereof when
due, are hereby appropriated for that purpose, and said amount for
each year shall also be included in the annual appropriation bills
passed by the City Council of said City in each year respectively,
Section 7 It shall be the duty of the City
Council of said City, annually, at the time and in the manner
provided- by law for levying other city taxes, if such action shall
be necessary to effectuate the provisions of this ordinance, to
ratify and carry out the provisions hereof with reference to the
levying and collection of taxes and requiring the officers of and-
for said City to compute , levy and collect such taxes in the manner
provided by law, for the purpose of creating a fund for the payment
of the interest and principal of said bonds, and said tax when
collected, shall be kept for and only applied to the payment of
said interest and principal of said bonds as hereinbefore specified
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and the fund so created by the collection of taxes shall be placed
to the credit of the FORT COLLINS CONDUIT BOND FUND, and shall be
so named and kept by the City Clerk and City Treasurer upon the
respective books of said officers and shall be held subject to
investment by the City Council under the provisions of Section 3
of Article = of the City Charter
Section 8 This ordinance shall be irrepealable
until the indebtedness herein provided for shall be fully paid,
satisfied and discharged
Section 9. In the opinion of the City Council,
an emergency exists for the preservation of the public health,
peace and safety, and this Ordinance shall take effect upon its
passage under and by virtue of the authority contained in Sections
6 and 7 of Article IV of the City Charter
Introduced., read at length and adopted by the
unanimous vote of all the members of the City Council at a regular
adjourned meeting held this /O A-X day of April, A D 1934,
Gommissioner of Safety and Ex-Officio
Mayor
ATTEST
ity Clerk
STATE OF COLORADO )
ss
Countyof Larimer )
I, A J ROSENOW, City Clerk of the
City of Fort Collins, do hereby certify and declare that the
aforesaid Ordinance, consisting of nine (9) seations, was duly
proposed and read at length at a regular adjourned meeting of the
City Council, held on the /O day of April, A D 1934, 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 pro-
visions of Sections 6 and-7 of Article IV of the City Charter,
AC
and thereafter and on to-wit the // r day of April, A D 19549
said Ordinance No was duly published in the Fort Collins
Express-Courier, a daily newspaper published in the City of Fort
Collins, Colorado
IN WIMESS WHEREOF, I have hereunto set
my hand and affixed the seal of said City, this // day of
April, A D 1934
City lerk