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HomeMy WebLinkAbout097 - 10/17/1978 - AUTHORIZING THE ISSUANCE OF BONDS PAYABLE FROM PARKLAND FEES ORDINANCE NO. 97 , 1978 BEING AN ORDINANCE AUTHORIZING THE ISSUANCE OF BONDS PAYABLE FROM PARKLAND FEES WHEREAS, the City of Fort Collins desires to purchase the following described real property situate in the County of Larimer, State of Colorado, to-wit: A tract of land situate in the South 1/2 of Section 36, Township 7 North, Range 69 West of the Sixth P.M , Fort Collins, Colorado, which considering the South line of the Sough- east 1/4 of said Section 36 as bearing S 89 52' E and with all bearings contained herein relative thereto is contained within the boundary lines which begin at a point on the West line of the Southeast 1/4 of said Section 36 which bears N 00 10140" W 900 00 feet from the South 1/4 corner of said Section 36 and run thence N 00 10140" W 423 68 feet to the Southeast corner of the Northeast 1/4 of the Southwest 1/4 of said Section 36; thence W 702.00 feet along the South line of the North- east 1/4 of the said Southwest 1/4, thence North 498.18 feet, thence along the arc of a 1220.00 foot radius curve to the left a distance of 430 85 feet, the long chord of whic8 bears S 60 40' 50" E 428 71 feet thence S 70 48' E 40 00 feet; thence along the arc of a 1150 00 foot radius curve to the right a distance of 859 08 feet, the long chord of which bears S 49 24 ' E 839.22 fe8t, thence S 28 0-0' E 111 37 feet, thence S 89 49 '20" W 425 90 feet to the point of beginning containing 8 0509 acres more or less and, WHEREAS, the City of Fort Collins and the owner of said property desire that payment for said property shall be, in part, by two bonds to be issued by the City each in the prinicipal amount of Twenty Four Thousand Dollars ($24,000 ) , and, t WHEREAS, Section 20 4 of Article V of the Charter of the City of Fort Collins provides as follows "Section 20.4 . Revenue securities "The City, by Council action and without an election, may issue securities made payable solely from revenues derived from the operation of the project or capital improvement acquired with the securities' proceeds, or from other projects or improvements, or from the proceeds from any sales tax, use tax or other excise tax, or solely from any source or sources or any combination thereof other than ad valorem taxes of the City. " and, WHEREAS, the City Council desires to authorize the issuance of two bonds pursuant to the foregoing provision of the City Charter, to be used as partial payment for the above-described property NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS Section 1. For the purpose of acquiring the following described real property situate in the County of Larimer, State of Colorado, to-wit A tract of land situate in the South 1/2 of Section 36, Township 7 North, Range 69 West of the Sixth P M , Fort Collins, Colorado, which considering the South line of the Sou8h- east 1/4 of said Section 36 as bearing S 89 52 ' E and with all bearings contained herein relative thereto is contained within the boundary lines which begin at a point on the West line of the Sortheast 1/4 0£ said Section 36 which bears N 00 10140" W 900 .00 feet from the South 164 corner of said Section 36 and run thence N 00 10140" W 423.68 feet to the South- east corner of the Northeast 1/4 of the Southwest 1/4 of said Section 36; thence W 702.00 feet along the South line of the Northeast 1/4 of the said Southwest 1/4; thence North 498.18 feet; thence along the arc of a 1220.00 foot radius curve to the left a distance of 438 95 feet, the long chord of which bears S 60 40 '50" E 428.71 feet thence S 70Q48 ' E 40 00 feet, thence Along the arc of a 1150 00 foot radius curve -2- to the right a distance of 859 05 feet, the long chord of which bears S 49824 ' E 839 .22 feet thence S 28 00 ' E 171 37 feet, thence S 89 49120" W 425 90 feet to the point of beginning containing 8 0509 acres more or less. two bonds of the City of Fort Collins payable only out of the revenues of parkland fees imposed by Chapter 82 of the Code of the City of Fort Collins, are hereby authorized to be issued by the Director of Finance of the City of Fort Collins. Each of such bonds shall be in the principal amount of Twenty Four Thousand Dollars ($24 ,000 ) and shall bear interest at the rate of Six Percent (6%) per annum. One of the bonds shall be due and payable one year from the date of issuance and the other shall be due and payable two years from date of issuance The bonds shall be subscribed by the Mayor, countersigned by the Director of Finance and shall have the corporate seal of the City affixed thereto, attested by the City Clerk Section 2. Said bonds shall be substantially in the following form: UNITED STATES OF AMERICA Bond STATE OF COLORADO CITY OF FORT COLLINS PARKLAND FEE REVENUE BOND $24 ,000 00 Date The City of Fort Collins, in the County of Larimer and State of Colorado, for value received, acknowledges itself indebted and hereby promises to pay to the bearer hereof (but only out of revenues referred to in said bond) , the sum of TWENTY FOUR THOUSAND and N01100 DOLLARS in lawful money of the United States of America, at the office of the Director of Finance of said City, year(s) from the date hereof, including interest accrued thereon at the rate of 6% per annum from date until payment -3- This bond is payable solely out of the proceeds of the parkland fees of the City of Fort Collins imposed by Chapter 82 of the Code of the City of Fort Collins, and in no event shall any part of this bond be payable from the proceeds of ad valorem taxes of the City. By the issuance of this bond, the City of Fort Collins covenants and agrees, so long as either of such bonds are outstanding, not to repeal the ordinance imposing the parkland fee from which this bond is to be paid nor to reduce the parkland fees required below the present amount of such fees, but to keep such parkland fee ordinance in full force and effect to the extent required to pay this bond in full when due This bond shall be presented by the bearer for payments on its due date and if not so presented shall cease to accrue interest after its due date IN TESTIMONY WHEREOF, the said City of Fort Collins has caused this bond to be subscribed by its Mayor, countersigned by its Director of Finance, and attested by i City Clerk under the seal of said City SEAL or ATTEST COUNTERSIGNED: _-1 _ --- City Clerk Director of Finance Section 3. The Director of Finance is authorized to exchange said bonds for the property described in Section 1 of this ordinance Introduced, considered favorably on first reading, and ordered published this 3rd day of October A D 1978, and to be presented for final passage on the 1 day of October, A.D. 1978. ATTEST M r 2 7zo(�' - - A#-0 y Clerk -4- Passed and 'adopted on final reading this 17th day of October, A.D. 1978. ATTEST City Clerk -5-