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HomeMy WebLinkAbout136 - 11/23/1982 - AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION WATER BONDS, DATED DECEMBER 1, 1982, IN THE AGGREGATE ORDINANCE NO 1361 1982 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF FORT COLLINS , COLORADO, GENERAL OBLIGATION WATER BONDS , SERIES 1982, DATED DECEMBER 1 , 1982, IN THE AGGREGATE PRINCIPAL AMOUNT OF $4, 1001000, FOR THE PURPOSE OF PROVIDING IMPROVEMENTS TO THE EXISTING WATER SYSTEM OF THE CITY, AND PROVIDING FOR THE LEVY OF AN AD VALOREM TAX AND FOR THE APPLICATION OF CERTAIN WATER RATES , FEES, TOLLS AND CHARGES TO PAY THE PRINCIPAL OF AND INTEREST ON SAID BONDS WHEREAS , there is a need for the City of Fort Collins, Colorado (the City) , to provide improvements (the Improvements) to the existing water system ( the Water System) of the City in order to supply water to the City and the inhabitants thereof, and WHEREAS , pursuant to Colorado Constitution art XI, sec 6 , and Art V, Section 20 2 of the Charter of the City, the Council (the Council) of the City has determined, and does hereby determine , to issue at this time its general obligation water bonds in the aggregate principal amount of $4, 100, 000 for the purpose of proviaing the Improvements to the Water System, in order to supply water to the City and the inhabitants thereof, and WHEREAS , a proposal for the purchase of such bonds on terms favorable to the City has been received from Boettcher & Company, Denver , Colorado (the Purchaser) , which the Council has determined , and does hereby determine, to accept BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO, AS FOLLOWS -3- 1 Award of Contract The contract for the purchase of the Bonds is hereby awaraed to the Purchaser at the price specified in the Purchaser ' s proposal and upon the terms set forth in this ordinance (the Ordinance) 2 Authorization and Description of Bonds For the purpose of providing the Improvements to the Water System, in order to supply water to the City and the inhabitants thereof, together with all necessary incidental and appurtenant properties , facilities , equipment and costs, pursuant to Colorado Constitution art XI, sec 6, and Art V. Section 20 2 of the Charter of the City, the City shall issue its negotiable coupon General Obligation Water Bonds, Series 1982, dated December 1 , 1982, in the aggregate principal amount of $4 , 100, 000 ( the Bonds) , consisting of 820 bonds in the denomination of $5,000 each, numbered 1 to 820, inclusive , payable to bearer The Bonds shall bear interest as evidenced by two sets of bearer interest coupons attached thereto as herein set forth, one of said sets to be designated "A" and the other supplemental set to be designated "B" The Bonds shall mature serially in regular numerical order on December 1 in the years and principal amounts and shall bear per annum "A" coupon interest from December 1, 1982, to the maturity dates of the respective Bonds , except if redeemed prior thereto, at the rates shown in the following table Said "A" coupon interest shall be payable June 1 , 1983, and semiannually thereafter on the 1st day of December and the 1st day of June of each year In addition , all Bonds shall bear supplemental per -4- annum "B" coupon interest for the period from January 1, 1983 , to December 1, 1984 , only, at the rates shown in the following table Saia "B" coupon interest shall be payable June 1, 1983 , and semiannually thereafter during saia period on the 1st day of December and the 1st day of June of each year If upon presentation at maturity payment of any Bond is not made as provided herein , interest shall continue thereon at the "A" coupon interest rate specified therein until the principal thereof is paio in full Per Annum Bonds Numbered Principal Coupon Interest Rates (both inclusive) Years Amounts "A" "B"* 1 to 10 1985 $ 50, 000 7 00% 1 50% 11 to 20 1986 50, 000 7 25% 1 50% 21 to 40 1987 100, 000 7 50% 1 50% 41 to 60 1988 100, 000 7 75% 1 50% 61 to 80 1989 100 , 000 8 00% 1 50% 81 to 100 1990 100, 000 8 25% 1 50% 101 to 125 1991 125 ,000 8 50% 1 50% 126 to 150 1992 125, 000 8 75b 1 500b 151 to 180 1993 150 , 000 9 00% 1 50% 181 to 210 1994 150, 000 9 20% 1 50% 211 to 245 1995 175,000 9 40% 1 50% 246 to 280 1996 175, 000 9 60% 1 50% 281 to 320 1997 200 , 000 9 80% 1 50% 321 to 420 1998 500, 000 9 90% 1 50% 421 to 520 1999 500 , 000 10 00% 1 50% 521 to 620 2000 500, 000 10 10% 1 50% 621 to 720 2001 500 , 000 10 15% 1 50% 721 to 820 2002 500, 000 10 20% 1 50% * payable for the period from January 1 , 1983, to December 1, 1984 , only 3 Pavment ana Redemption of Bonds The principal of and interest on the Bonds shall be payable in lawful money of the United States of America, without deduction for exchange or collection charges , at First Interstate Bank of Fort Collins , -5- Fort Collins , Colorado (tne Paying Agent) , whicn is hereby designatea the paying agent for the Bonds The maximum net effective interest rate authorized for the Bonds is 15% The actual net effective interest rate for the Bonas is 9 9939% Bonds of this issue maturing in the years 1985 through 1997 are not redeemable prior to their respective maturity dates Bonds of this issue maturing in the year 1998 and thereafter are redeemable prior to their respective maturity dates, at the option of the City, on December 1, 1997, and on any interest payment date thereafter , in inverse numberical order , at a price equal to the principal amount of each Bond so redeemed plus accrued interest thereon to the redemption aate Reaemption shall be made upon not less than thirty (30) days ' prior notice by publication of such notice at least once in The Coloradoan , Fort Collins, Colorado, if then in business and publishing , and if not, then in a newspaper of general circulation in the City, and by senaing 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 Purchaser and to the holders of each of the Bonds being redeemed if the names ana aaaresses of such holders ana the numbers of their Bonas are recorded with the City Clerk For this purpose , the nolder of any such Bond may at any time furnisn his name and post office aaaress and the number or numbers of his Bona or Bonas to the City Clerk If any Bona shall have been duly -6- called for redemption and if on or before the redemption gate there shall be deposited with the Paying Agent sufficient funds to pay such Bond at the redemption price , then such Bona shall become due and payable upon such redemption date, and interest shall cease to accrue thereon after the redemption date Any Bonds reaeemed 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 at or after maturity 4 Nature of Obligation The Bonds shall be general ooligations of the City and shall be payable from general ad valorem taxes , except as they may actually be paid from other revenues as provided herein 5 Execution of Bonds and Coupons The Bonds shall be signed in the name and on behalf of the City with the facsimile signature of the Mayor of the City, shall bear a facsimile of the seal of the City, shall be signed and attestea with the facsimile signature of the City Clerk of the City, and shall be countersigned with the manual signature of the Finance Director of the City Eacn of the interest coupons shall be signea with the facsimile signature of the Mayor of the City Should any officer wnose manual or facsimile signature appears on the Bonds or the interest coupons attached thereto 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 6 Form of Bonds and Coupons Tne Bonas and the interest coupons attached thereto shall be in substantially the following form (Form of Bond] UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER CITY OF FORT COLLINS GENERAL OBLIGATION [CATER 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 sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, on the 1st day of December , , with interest thereon from the gate hereof to the maturity date hereof , except if redeemeo prior thereto, as evidenced by interest coupons designated "A" attachea hereto at the rate of ana hundredths per centum ( %) per annum, payable June 1, 1983, and semiannually thereafter on the 1st aay of December and the 1st day of June of each year , and additional interest thereon for the period from January 1, 1983, to December 1 , 1984 , only, as evidenced by supplemental interest coupons designated "B" attached hereto at the rate of one and fifty hundredths per centum (1 50%) per annum, payable June 1, 1983 , and semiannually thereafter during said period on the 1st day of December and the 1st day of June of each year If upon presentation at maturity payment of this Bond is not made as proviaed herein , interest shall continue hereon at the "A" -8- coupon interest rate specifiea herein until the principal hereot is paid in full The principal of ana interest on this Bond are payable , without deduction for exchange or collection charges , at First Interstate Bank of Fort Collins, N A , Fort Collins, Colorado, upon presentation and surrenaer of said coupons and this Bond as they severally become due Bonds of this issue maturing in the years 1985 through 1997 are not redeemable prior to their respective maturity dates Bonds of this issue maturing in the year 1998 ana thereafter are redeemable prior to their respective maturity dates, at the option of the City, on December 1, 1997, and on any interest payment date thereafter , in inverse numerical order , at a price equal to the principal amount of each Bond so redeemed plus accrued interest thereon to the redemption date Redemption shall be made upon not less than thirty (30) days ' prior notice by publication of such notice at least once in The Coloradoan , Fort Collins , Colorado, if then in business and publishing , and if not, then in a newspaper of general circulation in the City and by senaing 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 Boettcher & Company, Denver , Colorado, and to the holders of each of the Bonas being redeemed if the names ana addresses of such nolders and the numbers of their Bonas are recoioed witn the City Clerk For this purpose , the holder of any such Bond may at any time furnish his name and post office address and the number or -9- numbers of his Bond or Bonds to the City Clerk If this Bond shall have been duly called for redemption and if on or before the redemption date there shall be deposited with First Interstate Bank of Fort Collins , N A , Fort Collins, Coloraao, sufficient funds to pay this Bond at the redemption price, then this Bond shall become aue and payable upon such redemption date , and interest shall cease to accrue hereon after the redemption date This Bond is one of a series issuea by the City of Fort Collins , Colorado, for the purpose of providing improvements to the existing water system or the City, in order to supply water to the City and the inhabitants thereof , together with all necessary incidental and appurtenant properties, facilities, equipment and costs , by virtue of and in full conformity with the Constitution of the State of Colorado, the Charter of the City, and all other laws of the State of Coloraao thereunto enabling , and pursuant to an ordinance of the City duly adopted and made a law of the City prior to the issuance of this Bond , and it is hereby recited, certified and warranted that all the requirements of law have been fully complied with by the proper officers of the City in issuing this Bona It is further nereby recited , certified and warranted that the total indebtedness of the City, including that of this Bond, does not exceed any constitutional , charter or statutory limitation of the State of Coloraao or of the City, and that provision has been made for the levy and collection of a direct -10- annual tax on all the taxable property within the City and for the application of certain water rates, fees, tolls and charges of the City sufficient to pay the principal of and interest on this Bond as the same respectively become due The full faith and credit of the City is hereby pledged for the punctual payment of the principal of and the interest on this Bond Reference is hereby maae to the orainance of the City authorizing the issuance of this Bond, and to any and all modifications thereof and amendments thereto, for a description of the provisions , terms and conditions upon which this Bond is issued and secured, including , without limitation, definition of terms urea herein , the nature ana extent of the security for this Bond , provisions with respect to the application of the proceeds of this Bond, the rights , duties and obligations of the City and the members of its Council, and the rights of the holder of this Bond IN TESTIMONY WHEREOF, the Council of the City of Fort Collins , Colorado, has caused this Bond to be signed by and on behalf of the City with the facsimile signature of the Mayor of the City, to be sealed with a facsimile of the seal of the City, to be signed ana attested with the facsimile signature of the City Clerk of the City, and to be countersigned with the manual signature of the Finance Director of the City, and has caused -11- the interest coupons attached hereto to be signed with the facsimile signature of the Mayor of the City, all as of the 1st day of December , 1982 CIPY OF FORT COLLINS, COLORADO By (Facsimile Signature) Mayor (FACS II I I LE) ( SEAL ) Attest (Facsimile Signature) City Clerk Countersigned (Manual Signature) Finance Director [End of Form of Bond) -12- [Form of Interest Coupon] No $ June, On the 1st day of December , , unless the Bona to which this coupon is attached , if redeemable , has been called for prior redemption, the City of Fort Collins, in the County of Larimer ana State of Colorado , will pay to bearer the amount shown hereon in lawful money of the United States of America, without deduction for exchange or collection charges, at First Interstate Bank of Fort Collins, N A , Fort Collins, Colorado, being interest then due on its General Obligation Water Bond , Series 1982, dated December 1, 1982, bearing No (Facsimile Signature) Mayor City of Fort Collins, Colorado [End of Form of Interest Coupon] -13- I 7 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 ProDects Fund of the City and used for the purposes stated herein 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 holder 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 8 Ad Valorem Taxes If required , the interest to become due on the Bonds in 1983 shall be advanced from any revenues or funds of the City lawfully available therefor For the purpose of reimbursing any such advance and also for the purpose of paying the interest on and principal of the Bonds as the same become due and payable the Council shall annually fix and certify a rate of levy for ad valorem taxes to the Board of -14- County Commissioners of Larimer County, Colorado, which taxes , in addition to all other such taxes, when levied on all of the taxable property in the City, in each of the years 1983 to 2001, inclusive, will raise ad valorem tax revenues sufficient to make such reimbursement and to meet promptly and make such Bond principal and interest payments as the same become due In the event any of saia levies shall fail to produce an amount sufficient to pay the interest on and the principal of the Bonds becoming due in the next succeeding year , the deficit shall be made up in the next levy, ana taxes shall continue to be levied until the Bonds and the interest thereon shall be paid in full All such taxes, when collected, shall be deposited in the Water Fund 9 Water Revenues By Ordinance No 64 , 1974, and Ordinance No 109 , 1977 , respectively , the Council has authorized the issuance by the City of its General Obligation Water Refunding Bonds , Series 1974 , dated December 1 , 1974 , in the original aggregate principal amount of $1 , 935, 000, and its General Obligation Water Bonds , Series 1977 , dated October 1, 1977, in the original aggregate principal amount of $51000, 000 (collectively, the Prior Bonds) In addition to the provision for a tax levy for the payment of the Prior Bonds, said Ordinances provide for a pledge of the net revenues of the Water System for the payment of the principal of and interest on the Prior Bonds Similarly , the City hereby irrevocably pledges to pay the principal of and the interest on the Bonds from the net revenues of the Water System The City hereby reserves the -15- right to secure , without restriction , any water bonds and water refunding bonds of the City hereafter issued equally and ratably with the Prior Bonds and the Bonds The City also hereby commits itself to fix and annually to maintain rates , fees, tolls , and charges for water and services furnished by the Water System which , together with moneys on hand and available therefor , will be sufficient to pay operation and maintenance expenses of the water System and the principal of and interest on all bonds and other obligations of the City pertaining to the Water System, as they respectively become due, and for the other payments required by Art IX, Section 6 of the Charter of the City All sucn water revenues , when collected, shall be deposited in the Water Fund The term "net revenues" as used herein refers to the gross revenues of the Water System after the payment of operation and maintenance expenses The term "operation and maintenance expenses" as used herein means all current reasonable and necessary expenses of operating , maintaining and repairing the Water System, but does not include any allowance for depreciation or capital replacements and improvements The term "eater System" as used herein includes not only the property comprising the Water System of the City at the present time , but all aaditions and betterments thereto and improvements and eytensions thereto which may hereafter be acquired , constructed or installed by the City 10 Payment of Principal and Interest From any moneys on deposit in the ;rater Fund or , if required , from any other -16- unrestricted fund of the City , the City shall pay each installment of interest on and principal of the Bonds and any other obligations issued and payable from the Water Fund until the Bonds , both principal and interest, shall be fully paia, satisfied and discharged Nothing herein contained shall be so construed as to prevent the City from committing and applying any other funds or revenues that may now or hereafter be in the possession of the City and legally available for the purpose of payment of the interest on or the principal of the Bonds 11 Arbitrage Covenant The City covenants that it will make no investment or other use of the proceeds of the Bonds at any time during the term thereof which, if such investment or other use had been reasonably expected on the date the Bonds are issued , would have caused the Bonas to be arbitrage bonds within the meaning of Section 103 (c) of the Internal Revenue Code of 1954 , as amended , and the regulations promulgated thereunder by the United States Treasury Department, unless , under any provision of law hereafter enacted, the interest paid on the Bonds (a) shall be excludible from the gross income of a recipient thereof for federal income tax purposes without regard to whether or not the Bonds are arbitrage bonds , or (b) shall be exempt from all feaeral income taxation 12 Other Covenants The City additionally covenants that so long as any of the Bonos remain outstanding and unpaid (a) It will continue to operate and manage the Water System in an efficient and economical manner and keep and maintain separate accounts of the receipts and disbursements -17- tnereof in such manner that the revenues thereof may at all times be reaaily and accurately determined (b) It will not sell or alienate any of the property constituting all or any part of the Water System in any manner or to any extent as might reduce the security provided for the payment of the Bonds, but the City may sell any portion of such property which shall have been replaced by other similar property of at least equal value or which shall cease to be necessary for the efficient operation of the Water System (c) The rates, fees, tolls and charges for all services rendered by the Water System to the City and to its inhabitants and to all consumers within or witnout the boundaries of the City shall be reasonable and Dust , taking into account and consideration the cost and value of the Water System and the proper and necessary allowance for the depreciation thereof and the amounts necessary for the retirement of all bonds and other securities or obligations payable from the revenues of the Water System and the interest thereon (d) There shall be charged against all purchasers of service such rates, fees, tolls, and charges as shall be adequate to meet the requirements of this Ordinance (e) The City shall cause all rates, fees, tolls and charges appertaining to the Water System to be collected as soon as reasonable, shall prescribe and enforce rules and regulations for the payment thereof ana for the connection with and the disconnection from properties of the Water System, and shall provide methods of collection and penalties , including but not -18- limitea to denial of service for non-payment of such rates, fees, tolls and charges to the end that net revenues of the Water System shall be adequate to meet the requirements hereof (f) At regular periods each year it will render bills for water services furnished Until paid , all water rates , fees , tolls and charges shall constitute a lien on the property servea, and th City shall take whatever action is legally permissible promptly to enforce and collect delinquent water rates , fees, tolls and charges and to enforce said liens (g) At least once each year it will furnish the Purcnaser with a complete statement of the receipts and disbursements of and for the Water System for the fiscal year immediately preceding such statement (h) It will carry workmen' s compensation, public liability and other forms of insurance on insurable Water System property in sucn amounts as is customarily carried on pruaently operated systems of like character 13 Approoriation of Sums The sums hereinbefore provided to pay the interest on the Bonds and to discharge the principal thereof , when due, are hereby appropriated for that purpose, and saia amounts for each year shall be included in the annual buaget and the appropriations ordinance, resolution, or measures to be adopted or passed by the Council in each year , respectively, while any of the Bonds , either as to principal or interest, are outstanding and unpaid It shall be the auty of the Council annually at the time and in the manner provided by law for levying other City taxes , if -19- such action shall be necessary to effectuate the provisions of this Orainance, to ratify and carry out the provisions hereof with reference to the levy and collection of the ad valorem tax and the imposition, administration, enforcement and collection of the water rates, fees , tolls and charges , all as herein specified , and to require the officers of the City to levy, extend and collect said ad valorem tax in the manner provided by law and to impose, administer , enforce and collect said water rates, fees, tolls and charges for the purpose of providing funds for the payment of the operation and maintenance expenses of the water System and the payment of the principal of the Bonas ana the interest accruing thereon promptly as the same, respectively , become due 14 Defeasance When all of the principal of, the interest on, and any premium due in connection with the redemption of the Bonas have been duly paid, all obligations hereunder shall thereby be discharged and the Bonds shall no longer be deemed to be outstanding There shall be deemed to be such due payment when the City has placed in escrow or in trust with a trust bank located within or without the State of Colorado, moneys or bills , certificates of indebtedness , notes , bonds or similar securities which are direct obligations of, or the principal and interest of which obligations are unconditionally guaranteed by, the United States of America (Feaeral Securities) in an amount sufficient ( including the known minimum yield available for such purpose from Federal Securities in which such amount may wholly or in part be initially invested) to meet all payment -20- requirements of the Bonds , as the same become due to the final maturities of the Bonds or upon any redemption date as of which the City shall have exercised or shall have obligated itself to exercise its prior redemption option by a call of Bonds for payment then The Federal Securities shall become due prior to the respective times at which the proceeds thereof shall be neeaed , in accordance with a schedule established and agreed upon between the City and such bank at the time of the creation of the escrow or trust , or the Federal Securities shall be suo7ect to redemption at the option of the holder thereof to assure such availability as so needed to meet such schedule 15 Rights and Immunities Except as herein otherwise expressly provided , nothing herein expressed or implied is intended or shall be construed to confer upon or to give to any person, other than the City and the holders from time to time of the Bonds and any coupons thereunto pertaining , any right, remedy or claim under or by reason hereof or any covenant, condition or stipulation hereof All the covenants, stipulations , promises and agreements herein contained by and on behalf of the City shall be for the sole and exclusive benefit of the City and any holder of any Bonds and any coupons thereunto pertaining No recourse shall be had for the payment of the principal of and interest on the Bonds or for any claim based thereon or otherwise upon this Ordinance , or any other instrument pertaining hereto , against any individual member of the Council or any officer or other agent of the City, past, present or -21- future , either airectly or indirectly through the City , or otherwise , whether by virtue of any constitution, charter, statute or rule of law, or by the enforcement of any penalty or otherwise , all such liability, if any, being by the acceptance of the Bonds ana as a part of the consideration of their issuance specially waived ana released 16 Ratification All action not inconsistent with the provisions of tnis Ordinance heretofore taken by the City or its officers and otnerwise by the City directed toward providing the Improvements to the Water System and the issuance and delivery of the Bonds is hereby ratified , approved and confirmed 17 Facsimile Signatures Pursuant to the Uniform Facsimile Signature of Public Officials Act , part 1 of article 55 of title 11, Colorado Revised Statutes 1973, as amended, the Mayor and the City Clerk shall forthwith, and in any event prior to the time the Bonds are delivered to the Purchaser, file with the Colorado Secretary of State their manual signatures certified by them under oath 18 Authorized Action The officers of the City are nereby autnorized and directed to enter into such agreements and take all action necessary or appropriate to effectuate the provisions of tnis Ordinance and to comply with the requirements of law, including without limiting the generality of the foregoing a The printing of the Bonds , including the printing upon each of such Bonds of a copy of the approving legal opinion of Ballard , Spahr , Andrews & Ingersoll , bond counsel, duly certified by the City Clerk, -22- b The preparation of a bond offering brochure, official statement, or offering circular , if any such is to be prepared , for the use of prospective purchasers of the Bonds, incluaing the Purchaser and its associates if any, c The execution of such certificates as may reasonably be required by the Purchaser relating to the signing of the Bonds , the tenure and identity of the City officials, the assessed valuation and indebteaness of the City, if in accordance with the facts the absence of litigation, pending or threatened, affecting the valiaity of the Bonds , and receipt of the bond purchase price and of the Bonas, d The making of various statements, recitals, certifications and warranties provided in the form of Bond set forth in this Ordinance, and e 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 without further warrant or order 19 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 20 Ordinance Irrepealable This Ordinance is , and shall constitute, a legislative measure of the City, and after the Bonds are issued and outstanding , this Ordinance shall constitute a contract between the City and the holder or holders -23- of the Bonds , and shall be and remain irrepealable until the Bonds and the interest accruing thereon shall have been fully paid , satisfied and discharged 21 Severability If any paragraph, clause or provision of this Ordinance is 3udicially ad3udged invalid or unenforceable , such ]udgment 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 INTRODUCED, READ, APPROVED ON FIRST READING, AND ORDERED PUBLISHED ONCE IN FULL THIS 9th day of November , 1982 CITY OF FORT COLLINS , COLORADO By (CITY) Mayor (SEAL) ATTEST 14U4 h st�" City Clerk The foregoing Ordinance will be presented for final passage at the continuation of the Council ' s aa3ourned regular meeting of November 16, 1982, to be held at Council Chambers , City Hall, 300 LaPorte Avenue , Fort Collins, Colorado, on Tuesday, the 23rd day of November , 1982, at 5 30 p m -24- READ, FINALLY PASSED ON SECOND READING, AND ORDERED PUBLISHLD ONCE BY NUMBER AND TITLE ONLY this 23rd day of November , 1982 CITY OF FORT COLLINS, COLORADO By (JzLn��— (CITY) Mayor (SEAL) ATTEST City C1erK -25-