HomeMy WebLinkAbout128 - 09/18/1984 - AUTHORIZING THE ISSUANCE OF STREET OVERSIZING FUND REVENUE NOTE DATED 15, 1984, IN THE PRINCIPAL AMO Y -
0347N
08/28/84
CERTIFIED RECORD
OF
PROCEEDINGS OF THE COUNCIL OF
THE CITY OF FORT COLLINS , COLORADO
RELATING TO AN ORDINANCE
AUTHORIZING THE ISSUANCE OF ITS
STREET OVERSIZING FUND REVENUE NOTE
DATED SEPTEMBER 15 , 1984
IN THE PRINCIPAL AMOUNT OF $286 ,000
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STATE OF COLORADO )
COUNTY OF LARIMER ) ss.
)
CITY OF FORT COLLINS )
The Council of the City of Fort Collins , Colorado , held a
regular meeting at Council Chambers , City Hall , 300 LaPorte
Avenue , Fort Collins , Colorado , on Tuesday, the 4th day of
September , 1984 , at the hour of 5: 30 p.m.
The following persons were present :
Council Members : Gerald Horak , Mayor
E. John Clarke , Assistant Mayor
John Knezovich
William Elliott
Kelly Ohlson
Barbara Rutstein
Ed Stoner
City Manager : John E. Arnold
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Deputy City Clerk: Moll J. Davis
P Y Y Y
The following persons were absent :
None
Council Member Stoner introduced the
following Ordinance , which was read by title , copies of the full
Ordinance having been available in the office of the City Clerk
at least forty-eiqht (48 ) hours prior to the time said Ordinance
was introduced for each Council Member and for inspection and
copying by the general public :
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ORDINANCE NO. 128 ' , 1984
AN ORDINANCE AUTHORIZING THE ISSUANCE OF A CITY
OF FORT COLLINS , , COLORADO, STREET OVERSIZING
REVENUE FUND NOTE, DATED SEPTEMBER 15 , 1984, IN
THE PRINCIPAL AMOUNT OF $286 , 000 ; PRESCRIBING THE
FORM OF NOTE; AND PROVIDING FOR THE PAYMENT OF
THE NOTE AND THE INTEREST THEREON.
WHEREAS , the Council (the "Council" ) of the Citv of Fort
Collins , Colorado (the "City" ) , has heretofore created
Lemay/Harmony Special Improvement District No. 78 (the
"District" ) and authorized the construction and installation of
street and utility improvements (the " Improvements" ) therein ,
all in accordance with the Charter of the City (the "Charter" )
and Chapter 16 of the Code of the City (the "Code" ) ; and
WHEREAS , the Improvements have been or will be constructed
and installed in two phases with Phase 1 Improvements as set
forth in Ordinance No. 117 , 1983, adopted by the Council on
September 20 , 1983, and with Phase 2 Improvements as set forth
in Ordinance No. 127 1984 , adopted by the Council on
September 18 ,_ 1984 ; and
WHEREAS , the construction and installation of the Phase 2
Improvements in the District has conferred and will confer
general benefits to the City as well as special benefits on the
assessable property within the District ; and
WHEREAS , pursuant to Section 16-20 of the Code , the City
extra expenses associated with the
Engineer has computed the p
n
p
improvement of certain streets within the District as arterial
or collector streets rather than as residential streets (the
"Oversizing Costs" ) in connection with the Phase 2 Improvements
and the Oversizing Costs have been approved by the Council ; and
WHEREAS , Section 16-20 of the Code provides that the
Oversizing Costs , as determined by the Council , shall be paid by
the City at large out of general revenues or the City' s Street
Oversizing Fund (the "Street Oversizing Fund" ) established under
Section q5-88 of the Code, and shall not be assessed against
particular properties in the District ; and
WHEREAS , the City Engineer has determined that the
Oversizing Costs within the District to be paid by the City to
Everitt Development , Inc. ("Everitt Development" ) , relating to
the property of Everitt Development , Everitt Lumber Co. , Inc. ,
Everitt Enterprises , Inc. or their affiliates (collectively, the
"Everitt Companies" ) is equal to $286, 000 ; and
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WHEREAS , Section 20. 3 of the Charter authorizes the City, by
Council action and without an election , to issue securities made
payable solely from any source other than ad valorem taxes of
the City;
WHEREAS , the Council has approved the Oversizing Costs
relating to the Phase 2 Improvements to the property within the
District and has determined that a Note of the City payable from
the moneys deposited in the Street Oversizing Fund from time to
time should be issued in the amount of $286 , 000 (the "Note" )
payable to Everitt Development ; and
WHEREAS , it is necessary to authorize the issuance of the
Note and to provide for the payment thereof ; and
WHEREAS , the Council has determined to issue City of Fort
Collins , Colorado , Lemay/Harmony Special Improvement District
No. 78 (Phase 2) , Special Assessment Bonds , dated September 15,
1984 , in the aggregate principal amount of $3,100 , 000 (the
"Bonds" ) in order to provide for the cost of constructing and
installing the Phase 2 Improvements within the District,
toqether with all necessary and incidental costs and. expenses
permitted by the Charter and the Code ; and
WHEREAS , Everitt Development has agreed to deliver the Note
upon its issuance to the United Bank of Fort Collins National
Association (the "Escrow Agent" ) to be held in the custody of
the Escrow Agent pursuant to the terms of an Escrow Agreement
(the "Escrow Agreement" ) dated as of September 15 , 1984 , among
the City, Everitt Development and the Escrow Agent , as
collateral security for the payment of a portion of the
principal of and interest on the Bonds .
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS ,
COLORADO AS FOLLOWS :
1. In order to provide for the Oversizinq Costs associated
with the Phase 2 Improvements in the District due to Everitt
Development , the City shall issue its Street Oversizing Fund
Revenue Note , dated September 15, 1984 , in the principal amount
of $286 , 000 in substantially the following form:
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[Form of Note]
UNITED STATES OF AMERICA
STATE OF COLORADO
COUNTY OF LARIMER
CITY OF FORT COLLINS
STREET OVERSIZING REVENUE FUND NOTE
R-1 $286 , 000
The City of Fort Collins (the "City" ) , in the County of
Larimer and State of Colorado , for value received , hereby
promises to pay to Everitt Development , Inc . ("Everitt
Development" ) , or registered assigns , solely out of the special
fund hereinafter described but not otherwise , the principal sum
of $286 , 000 or so much thereof as remains unpaid from time to
time (the "Principal Balance" ) , on the dates as provided herein ,
unless this Note shall have been prepaid in full pursuant to the
terms hereof , and in like manner to pav interest on the
Principal Balance from the date on which the Phase 2
Improvements as defined herein have been accepted by the City
until the Principal Balance has been paid in full at the rate
of ten and 775/1000 percent (10.775%) per annum, such interest
computed on the basis of a month of 30 days and a year of 360
days , in lawful money of the United States of America .
The interest on this Note is payable annually on the
thirtieth day after the date on which installments of principal
of and interest on the assessments levied by the City with
respect to the Improvements become due and payable (the
"Assessments Installment Due Date" ) in any year.
This Note shall be paid in ten (10) equal annual
installments of principal in, the amount of $28 , 600 on the
thirtieth day after the Assessments Installment Due Date , in any
year , for a period beginning on the thirtieth day after the
first Assessments Installment Due Date and ending on the
thirtieth day after the tenth Assessments Installment Due Date.
This Note may be prepaid in full at any time at the option
of the City at a price equal to the Principal Balance plus
accrued interest thereon to the prepayment date. Further , this
Note shall be prepaid in full by the City if Everitt
Development , Everitt Lumber Co . , Inc. , Everitt Enterprises ,
Inc. , their affiliates (collectively, the "Everitt Companies" ) ,
or any surviving , resulting or transferee entity of any of the
Everitt Companies fails to pay when due any assessment levied
against their properties within the Lemay/Harmony Special
Improvement District No. 78 (the "District" ) for the Phase 2
Improvements (the "Phase 2 Improvements" ) within the District as
described in Ordinance No. 128 1984 , adopted by the City
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Council on September 18 , 1984 , at a price equal to the Principal
Balance plus accrued interest thereon to the prepayment date.
This Note is a special .and limited obligation of the City
payable solely out of and secured by an irrevocable (but not
exclusive) pledge of all of the assets of the Street Oversizing
Fund of the City, from time to time , for the purpose of
providing payment to Everitt Development of the extra costs
incurred by the Everitt Companies in improving certain streets
within the District as arterial or collector streets rather than
residential streets , as more specifically provided
in an
ordinance of the City (the "Ordinance" ) authorizing the issuance
of this Note. This Note and the interest hereon do not
constitute a debt or indebtedness of the City within the meaning
of any constitutional , home rule charter or statutory provision
or limitation of the State of Colorado.
Payment of the principal of and interest on this Note shall
be made solely from , and as security for such payment there are
irrevocably (but not exclusively) pledged , pursuant to the
Ordinance , all of the assets of the City' s Street Oversizing
Fund (the Street Oversizing Fund" ) created pursuant to Section
95-88 of the Code of the City of Fort Collins , Colorado (the
"Code" ) , including all moneys deposited and held therein , from
time to time , into which Fund the City has covenanted in the
Ordinance to continue to deposit all street oversizing fees and
charges collected by the City pursuant to Sections 95-90 and
95-91 of the Code. In addition , the City may at its option
augment such funds with any other moneys of the City legally
available for expenditure for the purposes thereof as provided
in the Ordinance.
This Note is secured by a lien on all of the assets of the
Street Oversizing Fund including all moneys deposited and held
therein , and constitutes an irrevocable , first lien (but not
necessarily an exclusive first lien) upon such assets . Other
City notes or obligations may be issued and made payable from
the assets of the Street Oversizing Fund having a lien thereon
on a parity with the lien of this Note in accordance with the
provisions of the Ordinance. Further , the City may use the
assets of the Street Oversizing Fund from time to time to
provide for street oversizing costs throughout the City. The
covenants and agrees with Everitt City co t Development and any
registered assigns that it will keep and perform all of the
covenants of this Note and of the Ordinance.
It is hereby recited , certified and warranted that all of
the requirements of law have been fully complied with by the
proper officers of the City in the issuance of this Note ; that
it is issued pursuant to and in strict conformity with the
Constitution and all other laws of the State of Colorado ,
including the Home Rule Charter of the City, and with the
Ordinance ; that this Note does not contravene any
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constitutional , charter or statutory limitation of the State of
Colorado ; and that this Note is issued under the authoritv of
the Ordinance.
For the payment of this Note and the interest hereon , the
City pledges the exercise of all its lawful corporate powers.
IN WITNESS WHEREOF, the Council of the City of Fort Collins ,
Colorado has caused this Note to be executed in its name and on
its behalf with the signature of the Mayor of the City, to be
sealed with the seal of the City, to be signed and attested with
the signature of the City Clerk of the City and to be
countersigned with the signature of the Finance Director of the
City, all as of the 15th day of September , 1984.
CITY OF FORT COLLINS , COLORADO
By
Mayor
Countersigned :
Finance Director
(SEAL)
ATTEST:
City Clerk
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto United Bank of Fort Collins National Association,
as escrow agent under an Escrow Agreement dated as of
September 15, 1984 , among the City of Fort Collins, Colorado ,
Everitt Development, Inc. and United Bank of Fort Collins
National Association the within Note and all rights thereunder .
Dated : October , 1984
EVERITT DEVELOPMENT, INC .
By:
Gerald R. Haxton, President
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2. The Mayor , the Finance Director and the City Clerk are
hereby authorized to execute the Note as provided therein and
deliver the Note to the Escrow Agent pursuant to the terms of
the Escrow Agreement. .
3 . , All of the , assets of the Street Oversizing Fund ,
including all moneys deposited and held therein ,_ from time to
time , are hereby pledged to secure the payment of the principal
of and interest - on the Note subject to the ability of the City
to issue other obligations payable from such assets and the
application of such assets for the payment of other street
oversizing costs for improvement projects throughout the City.
This pledge shall be valid and binding from and after the date
of the delivery of the Note and the moneys as received by the
City from street oversizing fees and charges and hereby pledged
shall immediately be subject to the lien of this pledge without
any physical delivery thereof , any filing, or further act , and-
the lien of this pledge and the obligation to perform the
contractual provisions hereby made shall have priority over any
and all other obligations and liabilities of the City except as
herein otherwise expressly provided and the lien of this pledge
shall be valid and binding as against all parties having claims
of any kind . in tort , contract or otherwise against the City
(except as herein otherwise expressly provided) , irrespective of
whether such parties have notice thereof.
4 . The City hereby covenants and agrees with the
registered owner of the Note at any time as follows :
(a) The City will prescribe, revise and collect street
oversizing fees and charges to be deposited to the Street
Oversizing Fund in accordance with the provisions of
Ordinance No. 112 , 1979 , adopted September 11 , 1979 , as
codified in Sections 95-88 through 95-92 of the Code.
(b) The City will either (i) maintain the Street
Oversizing Fund as provided in the Code and , as set forth in
Section 95-91 of the Code, adjust , at least annually upon
the recommendation of the Director of Public Works , the
street oversizing fees and charges to reflect the actual
costs of street oversizing as indicated either by billings
received by the City for street oversizing or by other
reasonable means ; or (ii) in the event that the Council has
determined that the Street Oversizing Fund shall no longer
be maintained , deposit with the Escrow Agent sums sufficient
to provide for the payment of the principal of and interest
on the Note when due .
5. This Ordinance is and shall constitute a legislative
measure of the City and after the Note is issued this Ordinance
shall constitute an irrevocable contract between the City and
the registered owner of the Note at any time. This Ordinance
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shall be and shall remain irrepealable until the Note shall be
fully paid , cancelled and discharged as herein provided.
6 . All ordinances , resolutions , and other instruments or
parts thereof inconsistent herewith are hereby repealed to the
extent only of such inconsistency. This repealer shall not be
construed to revive any ordinance, resolution , or other
instrument or part thereof heretofore repealed.
7. If any section , subsection , paragraph , clause or other
provision of this Ordinance shall for any reason be held to be
invalid or unenforceable , the invalidity or unenforceability
thereof shall not affect any of the remaining sections ,
subsections , paragraphs , clauses or provisions of this Ordinance.
INTRODUCED , READ , APPROVED AT FIRST READING AND ORDERED
PUBLISHED ONCE IN FULL this 4th day of September , 1984 .
CITY OF FORT COLLINS , COLORADO
By
Mayor
(SEAL)
ATTEST:
Al""~ City C1eiEsJ
The foregoing Ordinance will be presented for final passage
at a regular meeting of the Council , to be held at Council
Chambers , City Hall , 300 LaPorte Avenue , Fort Collins , Colorado ,
on Tuesday, the 18th day of September , 1984 , at 5 : 30 p.m.
-9-
READ , FINALLY PASSED ON SECOND READING , AND ORDERED
PUBLISHED ONCE BY NUMBER AND TITLE ONLY this 18th day of
September , 1984 .
CITY OF FORT COLLINS , COLORADO
By: '(bl
(CITY) Mayor"
(SEAL)
Attest :
n
City Clerk
-10-
Council Member Stoner moved that the foregoing
Ordinance heretofore introduced and read by title be approved on
first reading . Council Member Rutstein seconded the motion.
The question being upon the approval on first reading of the
Ordinance , the roll was called with the following results :
Council Members voting "AYE" : Gerald Horak
E. John Clarke
John Knezovich
William Elliott
Kelly Ohlson
Barbara Rutstein
Ed Stoner
Council Members voting "NAY" : None
The Mayor thereupon declared that , a majority of the Council
Members having voted in favor thereof , the motion was carried
and the Ordinance duly approved on first reading .
Thereupon the Mayor ordered said Ordinance published once in
full together with a notice giving the date when said Ordinance
will be presented for final passage in The Coloradoan , a
newspaper of general circulation published in the City, at least
seven (7) days before presentation for final passage .
After consideration of other business to come before the
Council , the meeting was adjourned . /J
Mayor
(CITY) City of Fort Collins , Colorado
(SEAL)
Attest :
p��
City Cl
City of Fort Collins , Colorado
-11-
STATE OF COLORADO )
COUNTY OF LARIMER ) ss .
CITY OF FORT COLLINS )
The Council of the City of Fort Collins , Colorado , held a
regular meeting at Council Chambers , City Hall , 300 LaPorte
Avenue , Fort Collins , Colorado , on Tuesday, the 18th day of
September , 1984 , at the hour of 5 : 30 p.m.
The following persons were present :
Council Members : Gerald Horak , Mayor
XEXXz=mX) Xkn,xX4kkX�RXRXktxxNkknR
John Knezovich
Kelly Ohlson
Barbara Rutstein
Ed Stoner
X1X1lEJyXYMSAW(ll;X "XnX>%xx)( qR*A
Assistant City Manager: Verna Lewis
City Clerk : Wanda M . Krajicek
The following persons were absent :
E. John Clarke, Assistant Mayor
William Elliott, Councilmember
John E. Arnold, City Manager
The Mayor informed the Council that Ordinance No. 12S
1984 , which was introduced, approved on first reading , and
ordered published once in full at a regular meeting of the
Council , held on September 4 , 1984 , was duly published in The
Coloradoan , a newspaper of general circulation published in the
City, in its issue of September 7, 1984.
Thereupon , Council Member Rutstein moved the final
passage of Ordinance No. 128 , 1984 . Council Member Ohl son
seconded the motion , and the question being upon the final
passage of said Ordinance , the roll was called with the
following result :
Council Members voting "AYE" : Gerald Horak
)9XXXbVAxx)1U0)0X
John Knezovich
M3(1(X�6Y�d4 X k k#XahX
Kelly Ohlson
Barbara Rutstein
Ed Stoner
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Council Members voting "NAY" : None
The Mayor thereupon declared that a majority of the Council
Members having voted in favor thereof, the motion was carried
and the Ordinance finally passed.
Thereupon the Mayor ordered said Ordinance published by
number and title only together with a notice of the final
passage of the Ordinance in The Coloradoan , a newspaper of
general circulation published in the City, within five (5) days
after said final passage.
After consideration of other business to come before the
Council the meeting was adjourned.
Mayor
City of Fort Collins , Colorado
(CITY)
(SEAL)
Attest :
City Clerk
City of Fort Collins , Colorado
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STATE OF COLORADO )
COUNTY OF LARIMER ) ss .
CITY OF FORT COLLINS )
I , Wanda M. Krajicek ,. City Clerk of the City of Fort
Collins , Colorado , do hereby certify that the attached copy of
Ordinance No. 128 , 1984 , is a true and correct copy; that said
Ordinance was introduced - and approved on first reading by the
Council of the City of Fort Collins , Colorado , at a regular
meeting thereof , held at Council Chambers , City Hall ,
, the regular meetinq
300 LaPorte Avenue , Fort Collins , Colorado 9 place thereof , on Tuesday, the 4th day of September , 1984 ; that
said Ordinance was finally passed on second reading by said
Council at a regular meeting of thereof , held at Council
Chambers , City Hall , 300 LaPorte Avenue , Fort Collins , Colorado ,
the regular meeting place thereof , on Tuesday, the 18th day of
September , 1984 ; that a true copy of said Ordinance has been
authenticated by the signatures of the Mayor of said City and
myself as City Clerk thereof , sealed with the seal of the City,
and numbered and recorded in a book marked- "Ordinance—Record"
kept for that purpose in my office ; and that said Ordinance was
duly published once in full together with a notice giving the
date when said Ordinance would be presented for final passage
and once by number and title only together with a notice of the
final passage thereof in The Coloradoan , a newspaper of general
circulation published in the City, in its issues of September 9,
1984 , and September 23, 1984, as evidenced by the certificates
of the publisher attached hereto at pages 15 and 16 . I further
c e�ify — tY�'at—�t�Tt9 Pages 1 through 13, inclusive ,
constitute a true and correct copy of the record of the
proceedings of said Council at its aforesaid meetings , insofar
as said proceedings relate to said Ordinance ; that said
proceedings were duly had and taken , that the meetings were duly
held ; and that the persons were present at said meetings as
therein shown.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal
of the City of Fort Collins , Colorado, this24thday of September ,
1984.
(CITY) City Clerk
(SEAL) City of Fort Collins , Colorado
��a ",
Deputy City l vv
e
City of Fort Collins, Colorado
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STATE OF COLORADO )
COUNTY OF LARIMER ) ss.
CITY OF FORT COLLINS )
(Attach affidavit of publication in full of Ordinance and
notice giving date when Ordinance to be presented for final
passage. )
-15-
STATE OF COLORADO )
COUNTY OF LARIMER ) ss .
CITY OF FORT COLLINS )
(Attach affidavit of publication of Ordinance by number and
title only and notice of final passage thereof. )
-16-
The Coloradoan
STATF OF COLORADO )
)ss. AFFIDAVIT OF PUBLICATION
COUNTY OF LARIMER 1
Donna Boltz being first duly sworn upon oath, deposes
and says: That said is the LeP-a L_G_1.eJ'LS-._ ._.—_—..._ of The Coloradoan;
that said has personal knowledge of all facts set forth in this affidavit; that The Coloradoan
is a public daily newspaper of general circulation, having its principal office and place of
business situated in said County of Larimer; that said Coloradoan is printed and published
daily; that said Coloradoan is a daily newspaper, duly qualified for the purpose set forth
within the meaning of Chapter 109, Article 1, Sections 1-1 to 1-8 inclusive of Colorado
Revised Statutes 1973, and any amendment thereof passed prior to the date hereof; that
said newspaper had, prior to January 1, 1936, and has ever since said date been admitted to
the United States Mails as second class matter under the provisions of the Act of March 3,
1879, and any amendments thereof, that said newspaper is printed in whole in said County
of Larimer and has a general circulation therein; that said newspaper has been so printed
and published as a public daily newspaper of general circulation in said County of Lar-
imer, uninterruptedly and continuously, during the period of more than fifty-two consecu-
tive weeks next prior to the first issue thereof containing the annexed legal notice of
advertisement; that said annexed legal notice or advertisement was published in the
regular and entire editions of said newspaper for
One
day
successive Xmpek KklR - —.--- x>. )CX%ix xLx(x)e",x(C w %lx; that the
first publication of said legal notice or advertisement was in the regular and entire edition
of said newspaper on the 21 r d day of Se.p t emb a-r--- . A.D. 19g4_; that the last
Dublication of said legal notice or advertisement was in the regular and entire edition of
said newspaper on the day of — - A.D. 19 _, and that
copies of each number of said paper in which said notice or advertisement was published
were delivered by carriers or transmitted by mail to each of the subscribers of said paper,
according to the accustomed mode of business in this office.
x-46
Subscribed and sworn to before me, at and within the County of Larimer, State of Colorado
this 3 _ Sevtembery A.D. 19_84 .
fly Commission Expires August 15, 1987
My commission expires _ 1212,Rive ide, fort 2olllms, CO 80524
v.
1 Notary Public
City Clerk
P .O . BOx 580
Fort Collins , CO 80522
Delivered to ------.-------- -- ---------.- -
ORDINANCE NO. 128 , 1984
AN ORDINANCE AUTHORIZING THE ISSUANCE OF A CITY
OF FORT COLLINS , COLORADO, STREET OVERSIZING FUND
REVENUE NOTE, DATED SEPTEMBER 15, 1984, IN THE
PRINCIPAL AMOUNT OF $286 , 000 ; PRESCRIBING THE
FORM OF NOTE ; AND PROVIDING FOR THE PAYMENT OF
THE NOTE AND THE INTEREST THEREON.
READ, FINALLY PASSED ON SECOND READING , AND ORDERED
PUBLISHED ONCE BY NUMBER AND TITLE ONLY this 18th day of
September 1984 .
CITY OF FORT COLLINS , COLORADO(CITY) Mayor
(SEAL)
Attest :
City Clerk �-
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