HomeMy WebLinkAbout004 - 02/13/1929 - PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON BONDS IN THE AGGREGATE AMOUNT OF $70,000 FOR THE PUR n t •
ORDINANCE NO 4, 1929
AN ORDINANCE PROVIDING FOR THE ISSUANCE BY THE CITY OF FORT COLLINS,
LARIMER COUNTY, COLORADO, OF ITS NEGOTIABLE COUPON BONDS IN THE
AGGREGATE AMOUNT OF SEVENTY THOUSAND DOLLARS ($70,000 ) TO BE DENOMI-
NATED REFUNDING BONDS, FOR THE PURPOSE OF REFUNDING A LIKE AMOUNT OF
OUTSTANDIITG BONDED INDEBTEDNESS OF SAID CITY WHICH WILL BECOME REDEEM-
ABLE AT THE OPTION OF SAID CITY ON THE FIRST DAY OF MARCH, A D 1929,
PRESCRIBING THE FORM OF SAID REFUNDING BONDS AMID PROVIDING FOR THE LEVY
AND COLLECTION OF AN ANNUAL TAX TO PAY THE SAME, PRINCIPAL AND INTER-
EST, REPEALING ALL ORDINANCES, RESOLUTIONS OR PARTS THEREOF IN CONFLICT
HEREWITH, AND DECLARING AN EMERGENCY
WHEREAS, the City of Fort Collins, Colorado, has heretofore
issued and there are now outstanding and unpaid its negotiable coupon
bonds consisting of City of Fort Collins Municipal Railway Purchase
Bonds, in the amount of Seventy Thousand Dollars ($70,000 ) dated
March 1, 1919, due and payable March 1, 1934, redeemable after Burch
1, 1929, bearing interest at the rate of Five (5) per centum per
annum, said indebtedness being outstanding bonds due and unpaid, and
redeemable at the option of said city on and after March 1, 1929, and
WHEREAS, there are and will be no funds in the treasury of
said city available for the redemption of the balance of said outstanding
bonded indebtedness in the amount of Seventy Thousand Dollars ($70,000 )
or any part thereof, and
WHEREAS, by a resolution duly adopted on the 13th day of
February, A D 1929, the City Council of the City of Fort Collins,
Colorado, determined to issue, in accordance with the laws of the State
of Colorado, particularly Chapter 237, Session Laws of Colorado, 1921,
new bonds to be denominated Refunding Bonds, the same to be exchanged
dollar for dollar for the bonds to be refunded, or to be sold at the
option of the city and the proceeds used to pay and redeem a like amount
of the outstanding bonded indebtedness of said city dated March 1, 1919,
the amount of bonds so determined upon to be issued as aforesaid, being
the sum of Seventy Thousand Dollars ($70,000 ) and the certificate of
such determination having been heretofore duly made and entered in and
upon the records of said City as required by law, and
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WHEREAS, the City Council has heretofore determined that
said refunding bonds so to be issued in the aggregate amount of Seventy
Thousand Dollars ($70,000 ) shall be sold or exchanged dollar for dollar,
for the bonds to be refunded, and said City Council believe it to be
their duty to issue said refunding bonds and cause the same to be
exchanged, dollar for dollar, for the bonds to be refunded as afore-
said, or to be sold and the proceeds used to pay and redeem a like
amount of said outstanding bonded indebtedness, as and in the manner
provided by law,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FORT COLLINS LARIMER COUNTY, COLORADO
Section 1 That by virtue and in pursuance of an Act of
the General Assembly of the State of Colorado, entitled "An Act to
enable cities and towns to refund their bonded indebtedness, " approved
March 16th, 1921, and appearing as Chapter 237 of the Session Laws
of Colorado, 1921, and in accordance with the provisions of the
Charter of said City there shall be issued negotiable coupon bonds
of said City of Fort Collins, to be denominated Refunding Bonds in
the amount of Seventy Thousand Dollars ($70,000 ) for the purpose of
refunding a like amount of the outstanding indebtedness of said City
redeemable at the option of said City on and after the 1st day of
March, A D 1929, and which said indebtedness the City Council of said
City has and does hereby determine to call in and pay and redeem
Section 2 That the Mayor and City Clerk of said City of
Fort Collins be and they are hereby authorized and directed to have
prepared negotiable coupon refunding bonds of said city in the said
aggregate amount of Seventy Thousand Dollars ($70,000 )
Section 3 That said bonds hereby authorized shall be
negotiable in form, payable to bearer shall bear date the 1st day of
March, A D 1929, shall bear interest at the rate of Four (4,%) per
centum per annum, payable semi-annually on the 1st days of March and
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September in each year, shall consist of Fifty-six Bonds in the
denomination of $1,000 each, and Twenty-eight Bonds in the denomi-
nation of $500 each, said bonds shall mature as follows to-wit
$2,500 of bonds being due on March lst of each of the years 1934
to 1961, both inclusive, the city reserving the right to redeem
all of the bonds outstanding on or at any time after the first day
of March, A D 1939
The principal of said bonds and the interest accruing
thereon shall be payable in gold coin of the United States of America
of, or equal to, the present standard of weight and fineness, at
the City Treasurer's Office, Fort Collins, Colorado Said bonds
shall be signed by the Commissioner of Safety & Ex-Officio Mayor,
countersigned by the Commissioner of Finance & Ex-Officio City Treas-
urer, with the seal of said City affixed thereto, and attested by
the City Clerk of said City The interest accruing on said bonds
shall be evidenced by semi-annual interest coupons thereto attached,
bearing the engraved facsimile signature of the Treasurer of said
city, and when so executed such coupons shall be the binding obli-
gations of the city according to their import
Section 4 Said bonds and coupons to be attached thereto
shall be in substantially the following form
UNITED STATES OF AMERICA
STATE OF COLORADO COUNTY OF LARIMER
CITY OF FORT COLLINS
REFUNDING BOND
No SERIES OF 1929
The City of Fort Collins, Larimer County, Colorado, for
value received hereby acknowledges itself indebted and promises to pay
to bearer the sum of Dollars, in gold coin
of the United States of America of, or equal to, the present standard
of weight and fineness, on the, lst day of March, A D 19 , with
interest thereon from the date hereof at the rate of Four per centum
per annum, payable semi-annually in like medium, on the first days of
March and September in each year, as evidenced by interest coupons here-
to attached, both principal and interest payable at the City Treasurerts
Office, Fort Collins, Colorado, upon presentation of this bond or said
coupons respectively The city reserves the right to redeem this bond
on or at any time after the first day of March, A D 1939
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This bond is issued by the City of Fort Collins, Colorado,
for the purpose of paying, redeeming and refunding a like amount of
outstanding unpaid, payable, lawful and valid bonds of said City, and
the lawful and valid indebtedness evidenced thereby, under, by virtue
of and in full conformity with the provisions of an Act of the General
Assembly of the State of Colorado, entitled, "An Act to enable cities
and towns to refund their bonded indebtedness", approved March 16,
1921, being Chapter 237 Session Laws of Colorado, 1921, and pursuant
to the Charter of said City and an ordinance duly adopted by the City
Council of said City at a lawful meeting thereof, held prior to the
issuance of this bond, and it is hereby certified and recited that all
acts and things required to be done and conditions and things required
to exist precedent to and in the issuing of this bond to render the same
lawful and valid, have happened, been properly done and performed, and do
exist in regular and due time, form and manner as required by law, and
that the total debt of said City of Fort Collins, including that of this
bond, exceeds neither the statutory nor the constitutional limitations
of the State of Colorado or the Charter of said City, that said total
debt is not increased by the issuance hereof, and that provision has
been made for the levy and collection of a direct annual tax on all the
taxable property of said city sufficient to pay the principal and inter-
est of this bond as the same respectively come due
The full faith and credit of the City of Fort Collins are
hereby pledged for the punctual payment of the principal of and the
interest upon this bond
IN WITNESS WHEREOF, the City of Fort Collins, Larimer County,
Colorado, by its City Council, has caused this bond to be signed by its
Commissioner of Safety & Ex-Officio Mayor, countersigned by its
Commissioner of Finance & Ex-Officio City Treasurer, and sealed with
its corporate seal, and attested by its City Clerk, and has caused the
annexed interest coupons to be executed with the engraved facsimile
signature of its said Treasurer, this 1st day of March, A D 1929
COMMISSIONER OF SAFETY & EX-0 I IO
MAYOR
COUNTERSIGNED
OMMISSIONER OF FINANCE & EX-OFFI IO
CITY TREASURER
ATTEST
CITY CLERK
(Form of Coupon)
No
March
On the First day of September, A D 19 , the City of
Fort Collins, in the State of Colorado, promises to pay to the bearer
Dollars in gold coin of the United States
of America of, or equa o, the present standard of weight and fineness,
at the City Treasurer's Office, in Fort Collins, Colorado, being six
months + interest on its Refunding Bond, Series of 1929, dated March 1,
A D 1929
NO
COMMISSIONER OF FINANCE & EX-OFFICIO
-4- CIlY TREASURER
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Section 5 That when issued, the refunding bonds hereby
authorized shall be exchanged, dollar for dollar, for the bonds to be
refunded, or shall be sold and the proceeds used solely for the payment
of the said outstanding bonded indebtedness consisting of $70,000
Municipal Railway Purchase Bonds dated March 1, 1919, and they shall
not be issued until the said outstanding bonds to be refunded have
been called in and cancelled in an amount equal to or in excess of
the bonds so issued and all accrued interest on any of said bonds to
be refunded shall be paid before such refunding bonds are issued in
exchange therefor
Section 6 For the purpose of paying the interest accruing
on said bonds and the creating of a sinking fund for the ultimate pay-
ment and redemption of said bonds, there shall be levied on all taxable
property in said Cit3 , in addition to all other taxes direct annual
taxes, in the following amounts and at the following times, to-wit
YEAR
OF FOR FOR
LEVY INTEREST PRINCIPAL TOTAL
1929 $4,200 ---- $4,200
1930 2,800 ---- 2,800
1931 2,800 ---- 2,800
1932 211800 ---- 2,800
1933 21750 $20500 5,250
1934 2,650 2,500 5,150
1935 2,550 2,500 59050
1936 22450 2,500 4,950
1937 2,350 2,500 4,850
1938 2,250 2,500 4,750
1939 2,150 2,500 4,650
1940 2,050 2,500 4,550
1941 1,950 2,500 4,450
1942 12850 2,500 4,350
1943 1,750 2,500 4,250
1944 1,650 2,500 4,150
1945 1,550 2,500 4,050
1946 19450 2,500 3,950
1947 1,350 29,500 31850
1948 11250 2,500 3,750
1949 19150 2,500 3,650
1950 1,050 21500 3,550
1951 950 2,500 3,450
1952 850 20500 35350
1953 750 2$ 00 3,250
1954 650 2,500 3,150
1955 550 2,500 3,050
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YEAR
OF FOR FOR
LEVY INTEREST PRINCIPAL TOTAL
1956 450 2,500 2,950
1957 350 2,500 2,850
1958 250 2,500 2,750
1959 150 2,500 2,650
1960 50 2,500 2,550
And said taxes when collected shall be placed in a fund to be
called the "Redemption Fund to Pay Refunding Bonds dated March 1, A D
1929", and said taxes shall be applied solely for the purpose of the
payment of said interest and principal of said bonds respectively,
and for no other purpose whatever until the bonds authorized under this
ordinance, principal and interest, shall have been fully paid, satisfied
and discharged, but nothing herein 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
the said interest or principal as the same respectively mature and the
levy or levies 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 con-
stitute, and the same are hereby declared to be a binding and irrevocable
contract between said City and the holder from time to time of each of
said bonds and the interest coupons thereto appertaining
Section 8 That after said bonds are issued this ordinance shall
not be altered or repealed until the bonds hereby authorized shall have
been fully paid, both principal and interest
Section 9 All ordinances or resolutions, or parts thereof,
heretofore adopted in conflict with the provisions hereof, be, apd the
same hereby are repealed
Section 10 That it is necessary for the refunding proceedings
herein provided for to be completed as soon as possible in order that
the said City may obtain the benefit of the present unusually high price
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of municipal bonds and an emergency is therefore hereby declared, and
that it is necessary for public peace, health and safety that this ordinance
become effective twenty-four hours after publication as required by law,
therefore this ordinance, immediately upon its passage, shall be recorded
in the book of ordinances of said City kept for that purpose, and
authenticated by the signatures of the Mayor and City Clerk, and shall
be published once in "The Fort Collins Express Courier", a newspaper
published within the limits of the said City, as required by law and
ordinances of said City, and shall be in full force and effect twenty-
four hours after such publication
PASSED AND ADOPTED, SIGNED AND APPROVED THIS 13th DAY OF FEBRUARY,
A D 1929
COMMISSIONER -
(SEAL) MA0
91
ATTEST
...:
urn CLERK
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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
ten (10) sections was duly proposed and read at length at a regular
adjourned meeting of the City Council held on the 13th day of February,
A D 1929, 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 the 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, of
the City of Fort Collins, and thereafter and on towit the 18th day
of February, A D 1929, said Ordinance No 4 was duly published in
the Fort Collins Express-Courier, a daily newspaper published in the
City of Fort Collins, Colorado
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the seal of said City, this 18th day of February, A D 1929
CITY CLERY�
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