HomeMy WebLinkAbout007 - 03/15/1916 - PROVIDING FOR THE ISSUANCE OF CITY NEGOTIABLE COUPON BONDS IN THE AGGREGATE AMOUNT OF $160,000 TO BE I
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ORD INANCE NO. , r
AN ORDINANCE PROVIDING FOR THE ISSUANCE BY
THY, CITY OF FORT COLLINS, IN THE STATE OF COLORADO,
OF ITS NEGOTIABLE ODUPON BONDS IN THE AGGREGATE
AMOUNT OF $1609000,00 TO BE DEUQ$INATED REFUNDING
BONDS, FOR THE PURPOSE OF REFUNDING A LIRE AMOUNT
OF THE OTTSTANDING BONDED IND?,BTEDNESS OF SAID Cit3
XMI<CH .mob NOW OP'LIONAL FOR' REDEMPTION1 , PRESCRIBING
THE FORM OF SAID REFUNDING BONDS AND PROVIDING FOR
ii THE LEVY AND COLLECTION OF AN ANNUAL TAX TO PAY THE
SAME, PRINCIPAL AND INTEREST.
WHEREAS, the City of Fort Collins in the County of
Larzmer and State of Colorado, has heretofore issued and there
are now outstanding and unpaid, its negotiable coupon bonds
designated, "Fort Collins WaterBonds", dated December 1, 1903,
li due December 1, 1918, and redeemable after December 1, 1913,,,
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bearing interest at the rate of four and one-half (0) per eentum
f II per annum, payable somi..annually, and consisting of one hundred
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hi sixty bonds of $1,000.GQ each, nu7mbevo4-frm one to one hundred
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j sixty inclusive, aggregating $�601,000.00, end indebtedness above
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II referred to in all aggregating-the -to=t9l amount of $160,000,00
�1w q,7+tst4tnding bonds due and unpaid but 6bout to become 4e for
payment, and
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it WHEREAS, there are no funds in the treasury of said
city available for the redemption of said bonds or any of th6bb
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or any part thereof, and
�= WHEREAS, by a resolution duly adopted on the sbVtr1 day
fMarch, A: D. 19169 the city council of the city of Fort Collin
determined to issue in a000rdance with the laws of the State of
jColorado and in accordance with the provisions of the charter of
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said city, new boxid.a to be d@nominated Refunding Bonds, the same
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fo be exchanged dollar fordollar for the bonds to be refunded,
the amount of bonds so determined upon to be issued as aforesaid
j being the sum of $160,000.00, 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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QIMIMS, the city council his heretofore determined
that said refunding bonds to be so issued in the aggregate amount
of $1609,000*00 shell be 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 for the bonds to be refunded as aforesaid, as and in
the manre r provided by law and in accordance with the provisions
of the charter of said city, ;
ROw T R BE IT ORDAINED by the city council of
the city of -0 t--Corllins, (in the State of Colorado
Section 1, That by virtue and in pursuance of an act
of the General Assembly of the State of Color ado, entitled, "An
Act to enable cities and towns to refund their bonded
indebted-ness," approved April 12, 1915. and appearing as Chapter 165 of
the Session Laws of Colorado 1915, and in accorden ce with the
provisions of the charter of said city, there shall be issued
bonds of said city of Fort Collins t-o be denominated Refunding
Bonds , to the amount of $160,000*00 for the purpose of refunding
the outstanding bonded indebtedness of said city now 0143,tnsl
for,redemption.
Section 2. That the commissioner of Publis Safety &
Health and ex-officio Mayor and the city clerk of said city of
Fort Collins be and they -are hereby authorized and directed to
have prepared $he negotiable coupon bonds of the city in the
said aggregate amount of $1600000.00,
Section 3. That said bonds hereby authorized shall
be negotiable in form, payable to bearer, shall bear date the
first day of Maroh, A. D. 1916, shall bear interest at the rate
of four and one-half (4*) per centum per annum, payable semi-
annually on the first days of September and March in each year,
shall consist of one hundred sixty bonds numbered consecutively
from one to one hundred sixty, inclusive, in the denomination
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of $1,000 each, said bonds shall mature in equal annual install-
ments as provided by law and in aceordapee with the provisions of
the charter of said city, the first installment consisting of
bonds numbered one to eight inclusive, for 61,000 each, aggregat_
ing $8,000 , maturing on the first day of March, A. D 1921, and on
the first day of March in each year thereafter to and including
the year 1940, eight more of said bonds in consecutive order
shall mature , being eight bonds of $1,000 each The numbers of
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said bonds, denominations, maturity dates and number of coupons
v to be attached to each bond shall be as follows
BOND NO DENOMINATION NO. OF COUPON MATURITY DATE
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1-8 $19000 10 March 1, 1921
9-16 10000 12 March 1, 1922
AM 17-24 n 1,000 -VA 14 March 1, 1923
25-32 19000 16 March 1, 1924
33-40 1,000 18 March 1, 1925
41-48 10000 20_ Maroh.1, 1992Q26µ
49-56 1,000 _ 22 March 1, 1
57.64 1,000 24 March 1, 1928
65-72 19000 26 March 11 1929
73-80 11000 28 March % 1930
81-88 19000 30 March 1, 1931
t 89-96 1,000 32 March 1, 1932
97-104 1,000 34 March 1, 1933
105-112 10000 36 March 19 1934
113-120 19000 38 March 11 1935
121-128 19000 40 March 11 1936
120-136 19000 42 March 19 1937
131-144 19000 44 March 1, 1938
145-152 11000 46 March 1, 1939
153-160 10000 48 March 19 1940
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 banking house of Kountze Brothers in the City 4nd State of
New York, U. S. A. Said bonds shall be signed by the Commissioner
of Public Safety & Health and ex-officio Mayor, countersigned by
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the Commissioner of Finance and Supplies and ex-offieio Treasurer,
with the seal of the city affixed thereto, am attested by the
clerk of said city The interest accruing on said bonds will be
evidenced by semi-annual interest coupons thereto attached, bearing
the engraved fac-simile Signature of the said ex-officio trea-urer
of said city, and when so execated such coupons shall be the bind-
ing obligations of the city aocordzng to their import
Section 4 Said bonds and coupons to be attached
( thereto shall be in substantially the following form
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UNITED STATES OF AMERICA
STATE OF COLOEADO -COUNTY OF LARIMER
- CITY OF FORT COLLPS
N0. $1,000
REFUNDING BOND
SERIES OF MARCH 19 1916, ,
The City of Fort Collins, in the Countj of Larimer and
State of Colorado, for value received, hereby acknowledges
itself indebted and promises to pay to bearer the sum of one
thousand dollars in gold coin of the United States of America,
of or qqual to the present standard of weight and fineness on
the first day of March, A. D. 19 , with interest thereon
from the date hereof at the rate of four and one-half per centum
per annum, payable semiannually, on the first day of September
and the first day of March in each year, as evidenced by
interest coupons hereto attached, both principal and interest
payable at the banking house of Kountze Brothers, innthe city
and state of New York, U. S. A. , upon presentation of this bond
or said coupons respectively.
This bond is issued by the eity of Fort Collins for the
purpose of paying, redeeming acid refunding a like Amount of
the outstanding, unpaid, payable, lawful and valid bonds of
said city, and the lawful and valid indebtedness evidenced
thereby, and in exchange therefor, under, by virtue of and in
full conformity with 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 April 129 19150
and in accordance with the provisions of the charter of said
tcity, and all other acts thereunto enabling, and pursuant to
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
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render the same lawful and valid,halel been properly done
and performed, a nd did exist in regular and due time, form and
manner as required by law, and that th% total debt of said oity
of Fort Collins, including this bond exceeds neither the statutory
nor the constitutional limitations of the State of Colorado and
that said total debt is not increased by the issuance hereof.
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 has caused
this bond to be signed by the commissioner of public safety and
health and ex-offioio mayor, countersigned by the commissioner of
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finance and supplies and ex..officio city treasurer and sealed� ,with
the corporate seal, and attested by its olerk, and has caused the "Fo
annexed interest coupons to be executed with the engraved fac-
simile signature of its said commissioner of finance and supplies
and ex-offioio city treasures , as of this first day of Mareh,
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A. D. 1916.
CMMISSIOX-ER OF PUBLIC SAFETY &
HEALTH AND Eg-OFFIOIO MAYOR
ATTEST.
I CITY CLEIM
OOUNTERSIGNED
COMMISSIONER OF FINANCE S PLIES
AND EX-OFFICIO CITY TREASURER
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(FORnl OF COUPON)
NO. S22,50
d On the first day of March and September, A. D. 19
the City of Fort Collins, in the County of Larimer and State
of Colorado, promises to pay to bearer twenty two and 50/100
dollars, in gold coin of the United States of America, of or
equal to the present standard of weight and fineness at the
banking house of Kountze Brothers, in the City and State of
New York, U. S. A , being six months' interest on its
refunding bond dated March, 1, A. D. 1916, and bearing
No.
(FAC.SIMILE SIGNATURBt
COMMISSIONSR OF FIN UR & S ES
AND EX-OFFICIO CITY 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, and shall not be issued until the 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 accrubd
interest on any of said bonds to be refunded shall be paid before
such refunding bonds are issued in exchange therefor.
Section 6 That the interest due on said bordds September
1, 1916 and March 1, 1917, shall be paid out of the general revenue
Rind of said city, and for the purpose of reimbursing said general
revenues for the payment of interest so taken from them, m d for
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the purpose of providing the necessary funds to ,pay the interest
on said bonds after March 1, 1917, as the same becomes due, and
to pay the principal of said bonds as they lscome due serially,
in the years 1921 to 1940, inolusive, there shall be levied on
_ all of the taxable property in said city in addition to all otheTe
taxes, the following direct annual tax4"to-.w t . f w A
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Year of levy For interest For Principal Tom 1
T 1916 . 7,200 &[,zoo
1917 70200 170?QO
1918 71200 79,200
1919 71,200 79200
1920 69840 $89000 149840
1921 69480 8,000 140480
1922 6,120 89000 14 A20
1923 53,760 89000 131,760
1924 5,4001 81,000 139400
1925 1^,� 5,040 K 80000 130040
r I 1926 4,680 80,000 129,680
1927 4,320 0,000 129320
1928 3,960 8,000 119960
1929 30600 8,000 119600
1930 3,240 80000 119,240
1931 2,880 80000 100,880
1932 2,520 8,000 102520
1933 29160 82.000 109,160
1934 10,800 80000 99,800
1935 19440 8,000 99,440
1936 19080 810000 99,080
1937 720 80000 89,720
1938 360 80,000 82,360
1939 81,000 80000
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And said taxes when collected shall be placed in a fund to
be called the "Redemption Fund to Pay Refunding Bonds dated
March 1, 1916" and saidA axes 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 and in accordance with the
provisions of the charter of said city, principal andiinterest
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 herein provided for may thereupon to that extent
be diihinished.
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 said city and the holder from
time to time of each of said bonds and the interest coupons
thereto appertaining.
Section 8. That this ordinance shall not be altered or
repealed until the bonds hereby authorized shall have been fully
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paid, both principal and interest.
Section 9. All ordinances or resolutions, or parts there..
of, heretofore adopted, in conflict with the provisions hereof,
be and the same hereby are repealed
Section 10. This ordinance, after its introduction and
reading, shall be published in full in The Fort Collins Morning
Express, a daily newspaper of general circulation published in
the City of Fort Collins, in its issue of the 4th day of
Burch, A. D. 1916, and after its final passage shall be recorded
in the ordinance record, to be authenticated by the signatures
of the Commissioner of Public Safety and Health and Ex-Offioio
Mayor and attested with the corporate seal by the City Clerk, and
published one insertion in The Fort Collins horning Express, a
daily newspaper of general circulation published in the City of
Fort Collins, and shall take effect and be in force upon the
expiration of five days after it has been so published
Introduced, read and ordered published this 3 � � _
day of Yte�$.�.+i.�i`��� A• D. 1916. �J7
SIO 3 F PU IC SAFE Y &
HEALTH AND Eg-OFFICIO MAYOR
ATTyST
(SEAL)
Published
I. Ray Baxter, Zity Clerk of the -City of Fort_ dollius�,�
do hereby certify dnd declare that the foregoing ordinance, con-
sisting of ten sections, was duly introduced and read at length
adjourned regular
at an 7-meeting of the city council held on the thirdL
day of March, A. D. 1916, and was duly ordered by an "Aye"
and "Nay" , vote to be published in The Fort Collins Morning
Express, in accordance with the provisions of Section 7, of
Article 4, of the City Charter an , thereayft r, and on, to-wit
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the day of March, 1916, atn4gpiffilM m ting of the city
council said ordinance came before said council on the final
passage, a_period of more thanfbxe days having elapsed since the
publication thereof as herein, set forth, and that said ordinance
was upon second reading duly adopted as an ordinance and there-
after and on, to-wit the 16 day of ,,arch, 1916, said
Ordinance NO 1' 1916, as finally passed, adopted and approved
was duly published in the City of Fort Collins, Colorado , in
Fort Collins Morning Express, a daily newspaper, as required by
said provisions of Section 7. and Aitiole 4, of the City
Chgrte r.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the corporate seal, this 4 day of .--th, A. D.
1916,
6 � `- ��
ITY CLERK
(SEAL)
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