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HomeMy WebLinkAbout013 - 11/01/1909 - PROVIDING FOR THE CONSTRUCTION OF WATER WORKS AND TO SUPPLY THE CITY WITH WATER AND FOR THE CONSTRU ORDI NANCE 110. AN ORDINANCE PROVIDING FOR THE CONSTRUCTION OF RATER WORKS X D TO SUPPLY THE CITY OF FORT COLLINS WITH WATER AND FOR fHE CONSTRUCTION OF A FILTERATION PLANT TO PURIFY THE WATER SUPPLY OF SAID CITY Ala'D TO PROVIDE FOR THE ISSUE OF THL NEGOTIABLE COUPON BONDS OF THE CITY TO RAISE FUNDS THEREFOR AND TO PROVIDE A TA:,[ LEVY FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST THEREON. WHEREAS, under the authority of the Constitution and laws of the state of Colorado now in force and the requisite approving vote of the properly qualified voters of the city, the city of Fort Collins has the power to erect, maintain and oper- ate a system of water works for the purpose of supplying the said city and the inhabitants thereof with water for fire and domestic purposes; and WHEREAS. the existing system of water works now owned and operated by the city of Fort Collins is without adequate provision for the purification of the water supply furnished by means of said system to the inhabitants of said city; and WHEREAS, in the opinion of the city council it is necessary to provide a system of water purification in con- nection with said water works for the 'safe--.uarding of the health of the people and for the public welfare'; and in that behalf it is necessary to obtain the funds for such construction by the issue of the negotiable coupon bonds of the city in the aggregate amount of Seventy-five Thousand Dollars ($75,000) ; NOW THEREFORE, BE IT ORDAINED by the city council of the city of Fort Collins, Colorado; Section 1 . That the system of water works for fire and domestic purposes owned, ma.nag�ed and operated by the city of Fort Collins be imp.drved and extended and that such system be constructed and reconstructed so that the cite may have an adequate supply of pure water and that a filtration njant to -1- purify the water supply of said city be construted in accordance with plans and specifications adopted or to be adopted by the city council of said city. ;d Section 2. That for the purpose of providing funds for the construction of sIch works and to supply the city with water as aforesaid, the city shall issue its negotiable coupon bonds in the amount of Seventy-five Thousand Dollars (V75,000) to be designated "City of Fort Collins Water Bonds , Series of 1909" , and consisting of seventy-five (75) bonds in the denomination of One Thousand Dollars ($1,000) each, payable in lawful money of the United States and bearing interest from and after the 15th day of October, A.D. 1909, at the rate of four and one-half (4-i) percent per annum, payable semi-annually on the 15th day of April and October in each year . Said bonds shall be numbered in regular and consecutive order, commencing with number one (1 ) and shall be payable in the order of their number on the 15th day of October A.D. 1924, with the reserved option, however, of the right to pay the same at any time after the 15th day of Octibber, A.D. 1915. Said bonds and the coupons attached thereto shall be payable at the office of the city treasurer of said city in Fort Collins, Colorado, or at the banking house of the National City Bank of New York City at the option of the holder. Said bonds shall bear datethe 15th day of Ootbber A.D. 1909 , shall be si&.ed by the mayor and attested by the city clerk under the official seal of said city, counter- signed by the city treasurer and shall be recorded in a book to be kept by the city clerk for that purpose . There shall be attached to each bond thirty ( 30) coupons numbered consecutive- ly from one (1 ) to thirty (30) , both numbers inclusive, each coupon representing a semi-annual instalment of interest on each bond to which it is attached, and securing the payment of interest as it accrues , and said couponIshall bear the original or fac-simile signature of the treasurer of said city and the -2- 1 number of the bond to which it is attached, anusaid coupons when so made, executed and delivered as a part of said bond to which the same are attached shall be the lawful obligation of said city, securing the payment of interest in the hands of all parties to whom they may come. Section 3 . The said bonds and the coupons thereto attached shall be in substantially the following form: UNITED STATES OF AYTGRICA. STATE OF COLOF.ADO. COUNTY OF LARIMER. CITY OF FORT COLLIE NO. $1 ,000.00 CITY OF FORT COLLINS WATER BOND 3=I S OF 1909 . The city of Fort Collins in the county of Larimer and state of Colorado acknowledges itself indebted and hereby promises to pay to bearer One Thousand Dollars ($1,000) in law- ful money of the United States of America for value received, redeemable at the option of said city after ten years and abso- lutely due and payable fifteen years from the date hereof with interest thereon atthe rate of four and one-half ( 4-F) per cent per annum, payable semi-annually on the 15th day of April and October in each year upon presentation and surrender of the annexed coupons as they severally become due, both principal and interest payable at the office of the city treasurer in the city of Fort Collins or at the National City Bank of New York City at the option of the holder . This bond is issued by the city council of the city of Fort Collins for the purpose of supplying said city with water, under the atathority and in full conformity with the Constitu- tion of the state of Colorado, the provisions of an Act of the General Assembly thereof entitled: "An Act in Relation to Municipal Corporations" , approved April 4, A.D. 1877, and all -3- amendatory and supplemental acts thereto; the provisions of Chapter CXLVII of the Ra:vised Statutes of Colorado, 1908; the requisite approving vote of a majori `�g of the duly qualified voters of the city authorizing the erection of water works to supply said city and the inhabitants thereof with water and in pursuance of an ordinance of said city duly adopted, published and made a law of said city prior to the issue of this bond; and it is hereby certified and recited that all the requirements of law have been fully complied with by the proper officers in the issue of this bond. It is further certified that provision has been made for 'the levy and collection of an annual tax sufficient to pay the interest on this bond and also the principal thereof when the same become due . The faith and credit of the city of Fort Collins are hereby pledged for the punctual payment of the principal and interest on this bond. IN TESTIMONY WHEREOF, the city council of the city of Fort Collins has caused this bond to be signed by the mayor of said city, attested by the 'Clerk thereof under the seal of the city and countersigned by its treasurer, this 15th day of October A.D . 1909 . ATTEST: Mayor. City Clerk . ( Countersigned) City Treasurer. (Form of Coupon) $22.50 On the day of the city of Fort Collins in the county of Larimer, state of Colorado, ill pay the bearer twenty-two and 50/100 dollars ( $22.50) at -4- the office of the city treasurer in Fort Collins, Colorado, or at the National City Bank of New York City at the option of the holder, being six months interest on the City of Fort Collins Pater Bond Series of 1909 , No .__ (Fac-simile Signature) City Trea.suer. Section 4. That said bonds shall be delivered by the city treasurer to the purchaser thereof and the proceeds thereof shall be used solely for the purposes in this Ordinance set forth. Section 5 . That there be and there hereby is levied upon each and every dollar of valuation of the taxable property within said city of Fort Collins , annually, in addition to all other taxes, a tax sufficient to pay the semi-annual in- terest on all of said bonds outstanding and also a tax sufficiert to produce one-fifteenth part of the principal of said bonds for the purpose of extinguishing the principal of said bonds within fifteen (15) years from the date 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 annual- ly as shall be necessary for the purpose aforesaid and due under this Ordinance, and the said taxes when collected shall be ap- plied only to the payment of the principal and interest of 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 . Provided, however, and it is hereby so ordered and directed that the earnings from the water works system of said city, over and above the cost of operating, maintaining and improv- ing the same , shall be placed in the Bond Fund hereby and by other Ordinances of the city created, to be applied to the pay- ment of the interest and principal of the bonds hereby author - -5- ized as well as to the payment of the interest and principal of the bonds of the city heretofore issued and outstanding and ,orovided further that any surplus of Ouch revenues over and above the provisions hereby made and which are hereby required to be paid in any one year, may be placed in the general fund and used in the payment of the general expenses of the city; and provided also that in the case of the payment in any one year into said Bond Fund of any of the net revenues of the said waterworks of said city applicable to the payment of the bonds herein provided for, interest andprincipal as aforesaid, then and in that event, the tax levy hereinbefore provided for may for the next succeeding year be reduced so as to raise only such an amount as may be necessary to meet the interest on such bonds when and as the same accrues together with the sum herein pro- vided for necessary to extinguish the principal of said bonds at maturity. And the suns hereinbefore provided for 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 appro- priation bills passed by the city council of said city in each year respectively . Section 6 . It shall be .the duty of the city coun- cil of said city , annually, at the time and in the manner pro- vided by law for levying other city taxes, if such action shall be necessary to effectuate the it ovisions of this Ordinance to ratify and carry outthe provisions hereof with reference to the levying and collection of tqxes , and shall require the officers of and for said city to levy, extend and collect such taxes in the manner provided by law for the purpose of creating a fund for the payment of the interest and the principal of said bonds, and said taxes when collected shall be kept for and applied only to the payment of the interest and principal of said bonds as -6- hereinbefore specified . Section 7 . This Ordinance shall be and remain irre - pealable until said bonds and the interest thereon shall have been fully paid, satisfied and discharged as herein provided. Section 8 . This Ordinance immediately upon its final passage shall be recorded in the Book of Ordinances of said city kept for that purpose, authenticated by the signatures of the mayor and clerk and shall be published in The Weekly Currier, a newspaper published within thelimits of the city, and shall be in full force and effect five days after such publication. Introduced, read and ordered published this day of «-:/<Tov A.D. 1909 . Passed and adopted, signed / appro this day of T = X A.D. 1909 . i ATTEST: \ rT City Clerk . I , Robert S. Fedder, City Clerk in and for the city of Fort Collins, Colorado, do hereby certify that the foregoing Ordinance was introduced and read in full at a regular meeting of the city council of the city of Fort Collins, Colorado, legally held on the 1 , day of Ot't r A.D.1909 , and was pub- lished in The Weekly Currier , a newspaper of general circulation published in said city, on the /� ;` dais of A.D .1909, and was duly passed and adopted by said city council at a7-z' 14 a'-/ a-1 meeting thereof held on the � day of �� ''f�- A.D. 1909 . . —�-- City Clerk.