HomeMy WebLinkAbout086 - 07/16/1991 - AMENDING ORDINANCE NO. 159, 1984 TO EXPAND THE PURPOSES FOR WHICH PROCEEDS OF GENERAL OBLIGATION WAT BD19218.A(GF)
ORDINANCE NO. 86 , 1991
AN ORDINANCE AMENDING ORDINANCE NO. 159, 1984 ,
TO EXPAND THE PURPOSES FOR WHICH PROCEEDS OF
THE CITY OF FORT COLLINS, COLORADO, GENERAL
OBLIGATION WATER BONDS, SERIES 1984, DATED
NOVEMBER 1, 1984, IN THE AGGREGATE PRINCIPAL
AMOUNT OF $7,750, 000 MAY BE USED.
WHEREAS, the City of Fort Collins, Colorado (the City) , has
heretofore issued and sold its General Obligation Water Bonds,
Series 1984, dated November 1, 1984, in the aggregate principal
amount of $7,750, 000 (the Bonds) pursuant to Ordinance No. 159,
1984 (the Bond Ordinance) ; and
WHEREAS, the net proceeds of the Bonds were deposited in the
Capital Projects Fund of the City (the Capital Projects Fund) and
thereafter transferred to the Water Fund of the City (the Water
Fund) for the purposes specified in Section 11 of the Bond
Ordinance; and
WHEREAS, of the net proceeds deposited in the Capital Projects
Fund and thereafter transferred to the Water Fund the sum of
approximately $2, 200, 000 remains unspent; and
WHEREAS, the City desires to use such unspent proceeds for the
payment of principal of and interest on the Bonds and for the
payment of costs incidental thereto; and
WHEREAS, the Bonds were refunded by the City of Fort Collins,
Colorado, General Obligation Water Refunding and Improvement Bonds,
Series 1986, dated August 1, 1986, in the aggregate principal
amount of $33 , 030, 000; and
WHEREAS, as a consequence of the refunding of the Bonds and
the defeasance of the covenants contained in the Bond Ordinance,
Section 11 of the Bond Ordinance may be amended without the consent
of the registered owners of the Bonds.
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS,
COLORADO, AS FOLLOWS:
1. Amendment of Bond Ordinance. Section 11 of the Bond
Ordinance is hereby amended as follows:
11. Disposition of Bonds and Proceeds. The Bonds, when
executed as provided herein, shall be delivered by any one of
the officers of the City to the Purchaser upon receipt of full
payment therefor in accordance with the contract of purchase
therefor.
Upon receipt of the proceeds of the Bonds the City shall
deposit in the Water Fund of the City (the Water Fund)
interest accrued on the Bonds from the date thereof to the
delivery date thereof. Said sum shall be held in the Water
Fund and applied to the payment of interest first due on the
Bonds.
The original proceeds of the Bonds, exclusive of accrued
interest, shall be deposited in the Capital Projects Fund of
the City or the Water Fund and used to pay the costs of
issuing the Bonds, to pay principal and interest on the Bonds
to pay the costs of providing the Improvements to the Water
System and to pay other costs incident to the foregoing, and
for no other purposes, provided, however, that any portion of
the bond proceeds may be temporarily invested pending such
use, with such temporary investment to be made consistent with
the covenant hereinafter made concerning arbitrage bonds.
Neither the Purchaser nor the owner of any of the Bonds
shall be in any way responsible for the application of the
proceeds of the Bonds by the City or any of its officers.
2. Authorized Action. The officers of the City are hereby
authorized and directed to enter into such agreements and take all
action necessary or appropriate to effectuate the provisions of
this ordinance and to comply with the requirements of law,
including without limitation the payment of the interest on the
Bonds as the same shall accrue and the principal of the Bonds at
maturity or upon prior redemption from the sources herein specified
without further warrant or order.
3 . Ratification. All action not inconsistent with the
provisions of this ordinance heretofore taken by the City or its
officers and otherwise by the City directed toward the adoption of
this ordinance and the implementation hereof is hereby ratified,
approved and confirmed.
4 . Repealer. All acts, orders, resolutions, ordinances, or
parts thereof, taken by the City in conflict with this ordinance
are hereby repealed, except that this repealer shall not be
construed so as to revive any act, order, resolution, ordinance,
or part thereof, heretofore repealed.
5. Severability. If any paragraph, clause or provision of
this ordinance is judicially adjudged invalid or unenforceable,
such judgment shall not affect, impair or invalidate the remaining
paragraphs, clauses or provisions hereof, the intention being that
the various paragraphs, clauses or provisions hereof are severable.
BD19218.A(PF) 2 06/19/91
I
INTRODUCED, READ, APPROVED ON FIRST READING AND ORDERED
PUBLISHED BY NUMBER AND TITLE ONLY this 2nd day of July, 1991.
CITY OF FORT COLLINS, COLORADO
By' ill /1
J V
(CITY) Mayor
(SEAL)
ATTEST:
City Clerk
READ, FINALLY PASSED ON SECOND READING AND ORDERED PUBLISHED
BY NUMBER AND TITLE ONLY this 16th day of July, 1991.
CITY OF FORT COLLINS, COLORADO
By:
(CITY) Mayor
(SEAL)
ATTEST:�
City Clerk "
3 6/19/91