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HomeMy WebLinkAbout100 - 08/18/1981 - AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PARK BONDS DATED SEPTEMBER 1, 1981, IN THE AGGREGATE r r — i ORDINANCL NO }00 , 1981 AN ORDINAULE AUrHORI7ING THE ISSUANCE OF CITY OF rORT COLLINS, COLORADO, GENERAL OBLIGATION PART. BONDS , D47ED SEPTCIBER 1, 1981 , IN THE AGGREGATE PRINCIPAL AMOUNT 01 $3 , 000 , 000 , FOR THE PURPOSE OF ACQUIRING , DEVELOPING , REDLVELOPING , EXPANDING , IMPROVING, LkNDSCAPING , AND EQUIDPING POPTIONS OF THE PUBLIC PAP, SYSTEM OF THE CITY 1vHEREAS , at ar election duly called and held _- the City of Fort Collins , Colorado ( the City) , on April 7, 1981, there was submitted to the registered qualif,ed electors of the City the question of issuing general obligation park bonds in an aggregate principal amount not to eAceed $5 , 065 , 000 , and lvdEREAS , the results of sa-d election were duly canvassed by the Board of Elections of the City on April 10 , 1981 , and AHEREAS , a majority OF the votes cast on said question were 1n favor of issuance of said bonds , and WHEREAS , pursuant to ResoluLion No 81- 88 the Council has heretofore auLhorized she piblication and mailing of OfFicial Notice of Bond Sale with respect to City of rort Collins , Colorado , General Obligation Part. Bonds , dated September 1 , 1g81 , in the aggregate principal &,noun, of $3 , 000 , 000 ( thc Bonus) , and WHEREAS, sealed bids for the Bonds were received and opened by the City Finance Dirceuor on August 4 , 1981 , and it was determined that First bat-ional of Chicago_ , ( the Purchaser ) , was the lowes� and best bidder Therefor , end WdLREPS , it is now necessary that thn Council of the City ( the Council) award the sale of she Bonds to the Purchaser and Guthorize the issuarcc of the Bonds .n conform_ty with thr Purchaser ' s bid BE IT ORDPINLD B1 THE COUNCIL OF 7HF CIrY OF FORT COLLINS, COLORADO, AS FOLLOWS 1 the eon�raeL for he purchase of the. Pond is hereby awarded to hr Purchaser at the price spcciFied in she Ourchascr ' s bid and iriro, hL Lt-rms set foi th in th_s Ord ins rjcc. 2 FOI the purpo� c of dcfiavirg , .n wholes or in part , �hc cost nr cC01111 nrl , 0c--clnL,trS , rcdcvrloo, rg , r } pa-id _rg , impiov_rg , La^d ° Ca int c id e 1- '1nC f P I l p1 3 1 .,rtLon � o_ Lh_ uu-)l C p-irl. of ,.hr City, together with all necessary incidental and appurtenant properties and facilities , and the costs incidental thereto , the City shall issue its negotiable coupon General Obligation Park Bonds , dated September 1 , 1981 , in the aggregate principal amount of $3 , 000 , 000 , consisting of 600 bonds in the denomination of $ 5 ,000 each , numbered 1 to 600 , inclusive , payable in lawful money of the United States of America Said Bonds shall bear interest as evidenced by one set of bearer interest coupons as herein set forth The Bonds shall mature serially in regular numerical order on September 1 in each of the following years and principal dmounts and shall bear per annum coupon interest from September 1 , 1981, to the maturity dates of the respective Bonds , except if redeemed prior thereto , at the following coupon interest rates Said coupon interest shall be payable March 1 , 1982 , and semiannually thereafter on the 1st day of September and the 1st day of March of each year If upon presentation at maturity payment of the principal amount of any Bond is not made as provided herein , interest shall continue at the coupon rate designated therein until payment of said principal amount is made in full Bonds numbered Per Annum ( both inclusive) Years Principal Amounts Coupon interest Rate 1 to 10 1982 $ 50 , 000 13 00% 11 to 22 1983 60 ,000 13 00/ 23 to 35 1984 65 , 000 11 007 36 to 49 1985 70 , 000 13 00/s 50 to 64 1986 75 , 000 13 00% 65 to 81 1987 85, 000 13 00/. 82 to 100 1988 95 , 000 12 70% 101 to 120 1989 100 ,000 10 00C 121 to 142 1990 110 , 000 10 101, 143 to 167 1991 125,000 10 207 168 to 194 1992 135 , 000 10 30� 195 to 224 1993 150 ,000 10 45. 225 to 257 1994 165 , 000 10 6N 258 to 293 1995 180 ,000 10 704 294 to 333 1996 200 , 000 11 00q 334 to 377 1997 220 ,000 11 10' 378 to 425 1996 240 , 000 11 20 ' 426 to 478 1999 265,000 11 30f 479 to 536 2000 290 , 000 11 40" 537 to 600 2001 320 ,000 11 00% Bonds of this issue maturing in the years 1982 through 1991 are not redeemable prior to their respective maturity dates Bonds of this issue maturing in the years 1992 through 1994 are redeemable prior to their respective maturity dates , at the option of the City, on September 1 , 1991 , and on any interest payment date thereafter , upon payment of par , accrued interest, and a premium equal to one percent (1 ) of the pr _nc.oal �rroiinL of the Bonds so redeemed Bonds maturing in the year 1995 and thereafter are redeemable prior to their respective maturity dates , at the option of the City, on September 1 , 1991 , and on any interest payment date thereafter , upon payment of par and accrued interest only All Bonds redeemable prior to their respective maturity dates are redeemable in inverse ^_- _rical order Notice of redemption shall be given by the- C.ty ClerF in the name of the City by publication Of such notice at least --,e (1 ) time by one (1 ) publication , such publication being not less than thirty ( 30 ) days prior to the redemption date specified in such notice in The Coloradoan , Fort Collins , Colorado , if then in business and publishing , and if not , then in a newspaper of general circulation published in the City, and in The Daily Bond Buyer , Now York, New York, if then in business and publ-sh_ng , and if not , then in a similar financial newspaper published in New York , New York, and by sending a copy of such notice by certified or registered f.Lrst-class postage prepaid mail , at least thirty (30 ) days prior to the redemption date , to the folder of each of the Bonds being redeemed , if the names and addresses of the Holders are recorded with the City Clerk For this purpose , the Holdcr of any such Bond may at any time furnish his name and address to the City Clerk Stich notice shall specify the number or numbers of the Bonds to be redeemed and the date fixed for redemption and shall further state that on the redemption date there w.11 become due and payable upon each Bond to be redeemed she principal amount thereof, accrued interest on the principal anounu Of each Bond to the redemption date , and any premium payable on prior redemption , and that from and after such date in_erest will cease to accrue Any Bonds redeemed prior to their respective maturity dates by call For prior redemption or otherwise shall not be reissued and shall be cancelled the same as Bonds paid au or after maturity 3 The principal of , interest on , and any premium due in connecLion wish the redorp,.ion of the Ponds shall be p-yable in lawful money of the Uni , ed States of Amcrica wi , hou, dcducuinn for exchange or e011cc,.lori charges , at lirsu Interstate Bark of Fort Collins , N A , -S- in Fort Collins , Colorado ( she Paying Pgent) , 'which is hereby designated the paying agent for this bond issue The maximum net eFfective interest rate for the Bonds of this issue is 12o The actual net cffecuive interest rdtc for the Bonds of this issue isll 065 2 The Bonds shall be general obligations of the r-- and shall be payable from general ad valorem taxes except as tney may actually be paid from other revenues as provided herein 4 The Bonds shall be signed by and on behalf of the City with the facsimile signature of the Mayor , shall bear a facsimile of the seal of the City, shall be signed and attested with the facsimile signature of the City Clerk, and shall be countersigned with the manual signature of the City Finance Director , and each of the Bonds shall have attached thereto coupons bearing the facsimile signature of the Mayor , securing the payment of the interest accruing thereon as it falls due Should any officer whose manual or facsimile signature appears on the Bonds or the coupons thereto attached cease to be such officer before delivery of the Bonds to the Purchaser , such manual or facsimile signature shall nevertheless be valid and sufFicient for all purposes 5 Said Bonds and the interest coupons attached thereto shall be in substantially the following form -6- J [ corm of Bond] UNTIED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER CITY OF FORT COLLINS GFNLRAL OBLIGITION PARK BOND No $5, 000 The City of Fort Collins, in the County of_ Larimer and State of Colorado , for value received , hereby acknowledges Itself indebted and promises to pay to the bearer hereof the principal stun of FIVE THOUSAND DOLLARS in lawful money of the United States of America, on the 1st day of September , with interest thereon froT the date hereof to the maturity date of this Bond , except if redeemed prior thereto, as evidenced by one set of bearer interest coupons hereto attached at the rate of and hundredths per centum (_ _% ) per annum , payable March 1, 1982 , and semiannually thereafter on the 1st day of September and the 1st day of March of each year The principal of , interest on , and any premium due in connection w.th the redemption of th-s Bond are payable , without deduction for exchange or collection charges , at the office of First Interstate Bank of Fort Collins , N A , in Fort Collins , Colorado , upon preserLation and surrender of said coupons and this Bond as they severally become due If upon presentation at maturity payment of the principal amount of this Bond is not made , interest shall continue at the coupon rate designated therein until payment of said principal amount is made in Full Bonds of this issue maturing in the years 1982 through 1991 are not redeemable prior to their respective maturity dates Bonds o ° this issue maturing in the years 1992 through 1994 are reaecmablo prior to their resp(_cLi,. P miturl �y dates , at the option of the City, on September 1 , 1991 , and on interesu paymcn� daucs _hereafter , upon payment of par , accrued inscrest , and a premium equal to one percent ( 1% ) of the principal amount of uhe F")nds so redccmeO Bolds maturing in she year 1995 and thercaFLer arc redeemable prior uo their respective matilriuy dates , at uhc ont_on OF _he City, on 4ep�ember 1 , 1991 , and of m y in�crc �t payment d� tc LherpdF=e- , upon payment of par -ind deeruCa 1nLcrCst Dnl } Ill Bo w s cdccm,bIc prior to their res,)cctive ma , ur _ty ae �rs ,rc rcar, m blc an rse -,nmzr cal order o ice vF ICdCnp:..un shall be y .ven oy the City Clerk �n Lhc name of the Ci �y by publication of such notice at least one ( 1 ) time by one ( 1 ) publication , such publication being not less than thirty ( 30 ) days prior to the redemption date speciFied in such notice in The Coloradoan , Fort Collins , Coloraao , if then in business and publishing , and if not, then in a newspaper of general c.rculatio-i published in the City, and in The Daily Bond Buyer , New York, New York, if then in business and publishing , and if rot , then in a similar financial newspaper published in New York, New York, and by sending a copy of such notice by certified or registered first-class postage prepaid mail , at least thirty ( 30 ) days prior to the redemption date , to the Holder of each of the Bonds being redeemed , if the names and addresses of the Holders arc recorded with the City Clerk For this purpose , the Holder of any such Bond may at any time furnish his name and address to the City Clerk Such notice shall specify the number or numbers of the Bonds to be redeemed and the date fixed for redemption and shall further state that on the redemption date there will become due and payable upon each Bond to be redeemed the principal amount thereof , accrued interest on the principal amount of each Bond to the redemption date , and any premium payable on prior reaemption , and that from and after such date interest will cease to accrue This Bond .s one of a series issued by the Council of the City of rort Collins , Colorado , for the purpose of providing funds to defray, in whole or in part , the cost of acquiring , developing , redeveloping , expanding , _rrproving , landscap-ng ana equipping portions of the public park sys,cm of the City, together with all necessary incidental and appurtenant properties and facilities , and the costs inc.dental thereto , by virtue of and in full conFormiuy with the Constitution of uhe Statc of Colorado, the home rule charter of the C_�y, and all o,hcr la.7s of the Statc of Colorado thcrcun ,o enabling , and pursuant to an Ordinance of �hr� COur'C .1 duly adopted prior to the issuance of ,his Bona It is herby recited , CCrtiFied aid varran:eo that all the requirements of law have been fully complica c,i ,h by she proper orFiecrs of Lhc City in issuinq :his Bond -8- 1, �S fU, hcr hereby rcci ,cd , c.cr ificd and warrantea Lha, the total indebtedness of said City, including that of this Bond , does not exceed any constitutional , cnartcr or stauiitory limitation of the Statc of Colorado , chat at a election lawfully held in the City on the 7th day of April , 1981 , the ";dance of this Bond was duly authorized by the registered qualified electors of the Ciuy votinc at said election , and that provision has been made for the levy and collection of a direct annual tax upon all Laeablc property _n `_he City sufFicient to pay the interest on and the principal of this Bond as the same respectively become due The full faith and credit of uhe City of Fort Collins , in the County of Larimer and State of Colorado, is hereby pledged for the payment of the principal of and interest on this Bond IN WITNESS WHEREOF, the City Council of 01e City of Fort Collins , Colorado , has caused this Bond to be signed in its name and on its behalf with the facsimile signature of the Mayor of the City, to be sealed with the facsimile seal of the City, to be signed and attested with the facsimile signature of the City Clcrk of the City, and to be countersigned with the ma^ual signature of she Financc Director of the City, and has caused LhP a,,ached coupcns to be signed with the Facsimile signature of the Mayor of the City, all as of she 1st day of September , 1981 CITY OF FORT COLLINS , COLORADO ( FACSIMILE) By ( Facsimile Signature) Mayor ( SEAL ) Attcst ( Facsimile Signaturc ) City Clerk Coun`_ersigncd ( Manual Signa,urc ) rin�ncc Director ------ [ End OF corm OF Bond) -9 [ Interest Coupon Form] No $ March , On the lst day of September , unless the Bond to which this coupon is attacnea , if reoe�nablp , has been called for prior redemption , the City of Fort Collins , in the County of -arimer and State of Colorado , will pay to bearer the amount_ shown hereon in lawful money of the United States of America , at First Interstate Bank OF Fort Collins , N A , in Fort Collins , Colorado , being interest then dUe on its General Obligation Park Bond , dated September 1 , 1981 , bearing No ( Facsimile Sagna�Ure) Mayor City of Fort Collins , Colorado [ End of Interest Coupon Form] -10- 6 Said Bonds, when ereeutcd as provldvd by law , shall be deli%, ered by the C_ty Finance Director to the Purchaser upon receiving full payment therefor in accordance with the bid of the Purchaser The proceeds derived from said Bond sale shall be used for the purposes stated herein and for no other purposes , provided , however , that any portion of the bond proceeds may be temporar_' invested pending such use , with such temporary investment to be made cons_stent with the covenant made in paragraph 9 hereof Neither the Purchaser of sa-d Bonds ror the holder of any of them shall be in any way responsible for the application of the proceeds of said Bonds by the City or any of its officers 7 For the purpose of paying the interest on and principal of sa-d Bonds as the same become due and payable , respectively, the Council shall annually fix and cert_fy a rate of levy for ad valorem taxes to ,,he Board of County Commissioners of Larimer County, Colorado , which when levied on all of the taxable property in the City, in each of the years 1981 to 2000, inclusive , will raise ad valorem tax revenues sufficient to meet promptly such Bond principal and interest payments , as well as any other requirements of the City for such tax revenues The foregoing provisions of this Ordnance are hereby declared to be the certificate of the Council to the Board of County Commissioners of Larimer County, Colorado , showing the aggregate amount of taxes to be levied by sa-d Board of County Commissioners from time to time , as required by law, For the purpose of paying the principal of sa-d Bonds and the interest thereon as the same shall hereafter mature or accrue Such taxes shall be collected in the s, me manner as other City taxes and when collected shall be placed in the Dabt Service Fund of the C-ty ( the Debt Service Euna ) , and shall b, applied solely for the Payment of _he principal of and interest on the Bonds, until she Bonus , both principal and .nueres, , shall be Eully pa-d , satisfiLd and discharged Nothing herein shall be so cons -rued as to preveRl the C_ _y From commit,irg and applying any other Funds that mRy no.i or h rFaf,er be in thr Gcnera] Fund of th-2 Cl , y and 1-_gally avallabl2 For tR� lJnrpO S(' Of pdVm�n_ OF Ln� pr_Rc_pal of or In erest on anc Bonds , a^d ino _he epol _edt _on of cny oull I such F1 ,ds is ar,)r said the ad -11- \, alorem tax mill levy or levies pro,� tdFd herein m-y herrupon be diminished to she extent the requ_remcnts for such Bond principal and interest paympnts for the particular year arr thcrpby diminished In the event any of said tax levies uhau may be made by the City shall fail to pro.3uc,e an amount suFFicien. to pay the principal of and interest on the Bonds becoming due _n the next succeed-* g year , the deficit shall b- made up in the next levy, and taxes shall continue to by levied until the Bonds and the interest thereon shall be paid in full Nothing herein shall be construed to limit the right of the City :n any fiscal year to use any funds which are not required to pay the principal of and interest on the Bonds for such year for any lawful purpose 8 The sums hereinbefore provided to pay the interest on said Bonds and the principal thereof, when due , are hereby appropriated for that purpose , and said amounts for each year shall be included in the annual budget and the appropriation ordinance or measures to be adopted or passed by the Council in each year , respectively, while any of the Bonds herein authorized , either as to principal or interest , are outstanding and unpaid No provisions of ary constitution , charter , statute , ordinance , resolution, or other order or measure enacued after the issuance OF she Bonds herein authorized shall in any manner be construed as limiting or impairing the obligation of the City to levy taxes as provided herein It shall be the duty of th- COUnC1L annually at the time and in the manner provided by law for levyinq other City taxes , if such action shall be necessary to effectua,e the provisions of this Ord-nance , to rat_fy and carry ou, the provisions hereof with reference to the levy and collection of the ad valorem taxes herein sppcifipd , and to require the officers of and For the City to levy, extend and collect said taxes in the manner provided by law For the purpo,p of pro% _e :ng funds for ,.he paympn� of the principal of the Fonds authorized herein and th- interest accruinq thereon promptly as th_ same , respectively, b-cojp� duc 9 Thp C _y c.ovLnan,s with the holders of the Brands thaw iu will m i , no lisp of the proeceds of the Bonl1s at any t_,m- durinq the term _h -cf- wh cn , if such use n,❑ b- n 'as()nai,ly pnn c �kd of the dame -1 Z- �hc Ponds arc lssuud , would have caused the Bonds to be arbitrage bonds within the meaning Of Sec ,lon 103 ( c) of she Internal RevcnUe Code of 1954 , as amended , and the regulations promulgated thereunder by _he Unitod Suates 'Treasury Department , unless , under any provision of law hereafter enacted , the intertst paid on the Bonds ( a) shall be excludable From the gross income of a recipient thereof for federal income tax purposes wi,hOuL regard �o whether nr not such Bonds are arbitrage bonds, or ( b) shall be exemp, from all federal income taxation 10 All actions heretofore taken by the City and by the officers of the City not inconsistent herewiuh directed toward the authorization , issuance and sale of the Bonds are hereby ratified , approved and confirm-d 11 Pursuant to the UniForm Facsimile Signature of Public OfFic_als Act , part 1 of article 55 of title 11 , Colorado Revised Statutes 1973 , as amenaed , the Mayor and the Ci�y Clerk shall forthwith , and in any event prior to tnc time the Bonds are delivered to the Purchaser thereof , File with the Colorado Secre�ary of State their manual signatures cer�ified by th -m under oath 12 The officers OF the City are hereby authorized and directed uO enter into such agier�mpn�s and take all action necessary or appropriate to eFfectuate the provisions of this Ordinanc, and to comply wish she rpgUirements of law, including , without limiting the generality of the foregoing a The printing of the Bonds herein authorized , including the printing upon each of such Bonds of a copy of the approving opinion of bond counsel , duly certified by the City Clerk, and b The execution of such certifica�cs as may be reasonably required by she Purchaser of the Conas relating uo the signing of the Bonds , the tenure and _d�n_ity OF hc- City officials , the outs�anding bondr-d _ndebtcdness and asse s-O valuation of the City, if in accoidancc w101 the facts , h - absence OF 11tlga _1on , oending of thr( atenr,d , eff2e.ting th, vallOity Of the Ponds, L _CCipt OF the Cond puLchasc prier and uh, accuracy and completcn, ss OF Lip OF 10-OLIPa;it)j prop idpo n she l' rllrl _nar r 0FflClcl Su'j'rm, nu < nd � oFf1C-dl c>,d ,( mtn fUrnLSh-❑ Ln p OSPI Cl jVr b ]yr LS OF Lh - 13onos, aid _11_ c Tile mak_ng or various statemen_s , recitals , certifications and warranties provided in the form of Bond sc , foruh in this Ordinance , and d The preparation and execution of Official Statemen� for the use of prospec"ive purchasers of the Bonds , including , w.thout 1_mita,zon , the Purchascr and its associates , if any 13 All ordinances , resolutions , acts , orders , or pa is thereof , taken by the City and in conflict with this Ordinance are hereby repealed , except that this repealer shall not be construed so as to revive any ordinance , resolution , act , order , or part thereof here �ofore repealed 14 This Ordinance is , and shall constitute , a legisla�ive measure of the City, and after the Bonds hereby authorized are issued , sold , and are outstanding , this Ordinance shall constitute a contract between the City and the holder or holders of said Bonds , and shall be and remain irrepealable until said Bonds and the interest accruing thereon shall have been fully paid , satisfied and discharged 15 If any paragraph , clause or provision of this Ordinance is judicially adjudged invalid or unenforceable , such judgmen, shall not affect , impair or invalidate the remaining paragraphs , clauses or provisions hereof, the intention b-ing that the various paragraphs , clauses or provisions hereof are severable INTRODUCED, READ, APPROVLD ON FIRST READING, AND ORDERED PUBLISHED ONCE IN FULL THIS 4`_h day of August , 1981 CITY OF FORT COLLINS , COLORADO By ` ( CITY) Mayor ( SEAL) ATTEST The foregoing Ordinance will be prLscnted For final passage a� a rr-9 'lar m-e _inq of the Council to b- held at Council Chamb rs , City 11-111 , 300 LaP,3rt rvfnie , lor _ Coll�n� , Colorado , on Tu-sc'ay, she 18th d< F rugiis`_ , a _ 6 30 o m -1 '4- l%L/\D, FINALLI PASSFD ON SLCOND ' LADING , AND ORDERED PUBLISHED ONCE B] NUMBER AND TITLE ONLY Lh:s 18th day of Angus,. , 1981 CITY AF FORT COLLINS , COLORADO I1 BY Vv ( CITY) Mayor ( SLAL) ATTEST - City r k�� -15-