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HomeMy WebLinkAbout064 - 12/12/1974 - AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION WATER REFUNDING BONDS SERIES 1974 IN THE PRINCIPAL AM ORDINANCE NO (p _ l97 � AN ORDINANCF AUrIIORIZTNG THE ISSUANCE OF GFNERAL OBLICA'1ION WATER RFFUVDINC BOPD5 SERIES 1974 IN THE PPINCIPAL AMOUNT OF $1 935 000 OF THE CITY OF FORT COLLINS COLORADO FOR THE PURPOSE OF REFUND- ING $2 365 000 GENERAL OBLIGATION WATER BONDS DATED JUNE 1 1965 PROVIDING FOR THE ESTABLISHMFNT OF AN ESCROW ACCOUNT FOR THE PAYMENT AND RI DEMPTION OF THE OUTSTANDING BONDS TO BE RFFUNDED PRFSCRIBING THE FORM OF THE 1974 PEFUNDINC BONDS PROVIDING FOR THE APPLICATION OF THE NET REVENUES OF THE WATER SYSTEM AND FOR THE LEVY OF TAXES TO PAY SAID RE- FUNDING BONDS AND THE INTFREST THERE04 PRESCRIBING OTHER DETAILS IN CONNECTION THFREWITH, AND DECLAR- ING AN EMERGENCY WHEREAS, the City of Fort Collins in the County of Larimer and State of Colorado, is a political subdivision of the State, a body corporate and politic and a home-rule city pursuant to Article XX of the State Constitution and the Charter of the City and WHEREAS the City Council (herein "Council") deems it ne- cessary to authorize by this Ordinance the issuance of nego- tiable, coupon General Obligation Water Refunding Bonds , Series 1974, of the City to provide funds to refund and pay the outstanding General Obligation Water Bonds of the City described in this Ordinance and WHFRLAS , the City of Fort Collins Colorado by Ordi- nance heretofore adopted and approved by the City Council has authorized the issuance of its Ceneral Obligation Water Bonds Series June 1, 1965, dated June 1 1965 in the amount of $3, 200, 000 (herein the "1965 Issue") , of which there re- main outstanding the amount of $2, 365 000, being bonds num- bered 168 to 640 inclusive bearing interest payable semi- annually on June 1 and December 1 each year and maturing on December 1 as follows 2 Bond Number_ Amounts Years In--rest Rate (All Inclusive) Maturing Maturing (Per Annum) 168 - 203 $180 000 1975 2 907 204 - 240 185 000 1976 2 907 241 - 279 195 000 1977 2 907 280 - 319 200, 000 1978 2 90; 320 - 360 205 000 1979 3 007 361 - 403 215 , 000 1980 3 007 404 - 447 220, 000 1981 3 00% 448 - 493 230 000 1982 3 007 494 - 540 235, 000 1983 3 107 541 - 589 245, 000 1984 3 107 590 - 640 255, 000 1985 3 10% and WHEREAS, bonds maturing December 1, 1975 and thereafter are redeemable prior to maturity at the option of the City in inverse numerical order, on December 1, 1974 and on any in- terest payment date thereafter upon payment of par and ac- crued interest, and WHEREAS, the City Council has determined that it is ne- cessary and in the best interests of the City that the out- standing water bonds described above in the aggregate prin- cipal amount of $2 , 365 , 000 remaining outstanding be refunded (1) in order to remove restricting and ambiguous covenants and to permit the issuance of future general obligation water bonds additionally secured by a pledge of net water revenues of the City on a parity first lien basis, regardless of time of issuance and without satisfaction of an earnings test and thereby to permit the issuance of further bonds on more advantageous terms without question as to the existence of the superior prior pledges or liens and (2) in order to re- duce rates and interest costs and to effect other economies , thereby providing the City with a decrease in total debt requirements in excess of $194, 685 all to the benefit of the City and its inhabitants , in accordance with the Charter and WHEREAS General Obligation Water Refunding Bonds Series 1974 in the amount of $1, 935 000 have been sold and awarded to Boettcher and Company of Denver Colorado for cash at par and accrued interest THEREvCRE BE IT ORDAITTED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO 3 Section 1 That for the purpose of providing funds with which to refund and pay $2 365 , 000 of its 196.E Issue, above described the City of Fort Collins Colorado shall issue its General Obligation Water Refunding Bonds , Series 1974, in the principal amount of $1, 935 , 000 Said Refunding Bonds shall be dated December 1, 1974 shall consist of 387 bonds in the denomination of $5, 000 each numbered 1 to 387 , inclu- sive shall bear interest at the rate of 67 per annum paya- ble on June 1, 1975 and semiannually thereafter on tre lst day of June and the lst day of December each year, and shall mature semiannually on June 1 and December 1 as follows Amount Maturity $ 75 000 June 1 1975 60, 000 December 1 , 1975 75 , 000 June 1 1976 70 000 December 1 1976 100 000 June 1 1977 60 000 December 1 1977 100 000 June 1 , 1978 65 000 December 1 1978 100 000 June 1, 1979 75 000 December 1 1979 100 000 June 1 1980 90 000 December 1, 1980 100 000 June 1, 1981 100, 000 December 1 , 1981 115, 000 June 1 1982 100 000 December 1 1982 125 000 Tune 1 1983 105 , 000 December 1 , 1983 125 000 Tune 1 1984 120 000 December 1 1984 50 000 June 1 1985 25 000 December 1 1985 The 1974 Refunding Bonds shall not be redeemable prior to their respective maturity dates The 1974 Refunding Bonds and the interest coupons at- tached thereto shall be payable in ladful money of the United States of America at the office of the Director of Finance, Fort Collins Colorado Section 2 The 1974 Refunding Bonds shall be signed with the facsimile signature of the Mayor, with a facsimile of the seal of the City affixed thereto , attested by the manual signature of the City Clerk, and countersigned by the facsimile signa- ture of the Director of Finance of the City The interest 4 coupons attached to said bonds shall bear the facsimile sig- nature of the Director of Finance and when issued as afore- said as part of said bonds shall be the binding obligations of the City according to their import Should any officer whose manual or facsimile signature appears on said bonds or the interest coupons attached thereto cease to be such offi- cer before delivery of the bonds to the purchaser such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes Section 3 That the Refunding Bonds and the interest coupons attached thereto shall be in substantially the fol- lowing form 5 (Form of Bond) -- UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER CITY OF FORT COLLINS GENERAL OBLIGATION WATER REFUNDING BOND SERIES 1974 No $5, 000 The City of Fort Collins, in the County of Larimer and State of Colorado (herein the "City") , hereby acknowledges itself indebted and promises to pay to the bearer hereof the sum of FIVE THOUSAND DOLLARS June on the 1st day of December, 19 , with interest thereon at the rate of six per centum (67) per annum, payable on June 1, 1975 and semiannually thereafter on the 1st day of June and the 1st day of December each year, at the office of the Director of Finance, in Fort Collins , Colorado, upon presentation and surrender of said coupons and this bond as they severally be- come due Bonds of this issue are not callable for redemption pri- or to their respective maturity dates This bond is issued by the City Council of the City of Fort Collins , Colorado, for the purpose of providing funds with which to refund Ceneral Obligation Water Bonds of the City under the authority of and in full conformity with the Constitution of the State of Colorado and the Charter of said City and pursuant to an ordinance duly adopted, pub- lished and made a law of said City prior to the issuance of this bond It is hereby certified and recited that all the require- ments of law have been duly complied with by the proper of- ficers of the City in the issuance of this bond that the total debt of the City including that of this bond, does not exceed any limit of indebtedness prescribed by the Constitu- tion or laws of the State of Colorado or the Charter of the 6 City, and that provision has been made for the levy and col- lection of annual taxes on all of the taxable property in the City and the application of the net revenues of the municipal waterworks system of the City sufficient to pay the interest on and the principal of this bond when the same become due The full faith and credit of the City of Fort Collins , Colorado are hereby pledged for the punctual payment of the principal of and interest on this bond IN TESTIMONY WHEREOF, the City Council of the City of Fort Collins , Colorado has caused this bond to be signed with the facsimile signature of the Mayor, sealed with a facsimile of the seal of the City, attested by the manual signature of the City Clerk, countersigned with the facsimile signature of the Director of Finance and the interest coupons attached hereto to be signed with the facsimile signature of the Di- rector of Finance, as of the 1st day of December, 1974 (Facsimile Signature) (FACSIMILE SEAL) Mayor ATTEST (Do Not Sign) City Clerk COUNTERSIGNED (Facsimile Signature) Director of Finance (Form of Interest Coupon) No $ June On the 1st day of December, 19,, the City of Fort Collins , in the County of Larimer State of Colorado will pay to the bearer the amount shown hereon in lawful money of the United States of America, at the office of the Director of Finance, in Fort Collins , Colorado, being interest then due on its General Obligation Water Refunding Bond, Series 1974, dated December 1, 1974, bearing No (Facsimile Signature) Director of Finance 8 Section 4 When said Refunding Bonds have been duly executed the Director of Finance is hereby directed to de- liver the bonds to the purchaser thereof on receipt of the agreed purchase price therefor The proceeds of the Refund- ing Bonds shall be used only for the purpose stated therein and for paying the costs and expenses incurred incidental to the issuance of said bonds and for no other purpose whatever Neither the purchaser of said bonds nor the subsequent holder of any of them shall be responsible for the application or disposal by the City, or any of its officers , of any of the funds derived from the sale thereof Section 5 For the purpose of providing the necessary funds to meet the interest accruing on the Refunding Bonds as the same becomes due and for the purpose of providing for the payment of the said bonds as they mature, there shall be levied on all the taxable property of the City, in addition to all other taxes , direct annual taxes sufficient to pay said interest and Drincipal promptly as the same become due, and said taxes when collected shall be applied solelv for the purpose of the payment of the interest on and the principal of the bonds , respectively and for no other purpose what- ever until the indebtedness so contracted under this Ordi- nance both principal and interest, shall have been fully paid satisfied and discharged but nothing herein contained shall be so construed as to prevent the City from applying any other funds available or committed for that Durpose to the payment of said interest or principal as the same, re- spectively, mature and upon such payments the levies herein provided may thereupon to that extent be diminished The sums produced by the levies hereinabove provided to meet the interest on the Refunding Bonds and to discharge the prin- cipal thereof when due are hereby applied for that purpose and said amounts shall be included in the annual budget reso- lutions and the appropriation ordinances to be adopted and 9 r � passed by the Council in each year if such actions shall be necessary to effectuate the provisions of this Ordinance while any of the Refunding Bonds herein authorized either as to principal or interest are outstanding or unpaid No Char- ter, statutory or constitutional provisions enacted after the issuance of the Refunding Bonds herein authorized shall in any manner be construed as limiting or impairing the obligation of the City to levy ad valorem taxes without limitation of rate or amount for the payment of the principal of and inter- est on the bonds herein authorized Section 6 The City hereby irrevocably pledges to pay the principal of and the interest on the Refunding Bonds from the net revenues of the municipal waterworks system (herein "system") The City hereby reserves the right to secure, without restriction any water bonds and refunding water bonds of the City hereafter issued equally and ratably with the December 1, 1974 Refunding Bonds The City also hereby commits itself to fix and annually to maintain rates and charges for water and services furnished by the system which, together with moneys on hand and available therefor, will be sufficient to pay operation and maintenance expenses of the system and the principal of and interest on all bonds and other obligations of the system as they respectively become due The term "net revenues" as used herein refers to the gross revenues of the system after the payment of operation and maintenance expenses The term "operation and maintenance expenses" as used herein means all current reasonable and ne- cessary expenses of operating maintaining; and repairing the system, but does not include any allowance for depreciation or capital replacements and improvements Section 7 The terms "municipal waterworks system" or "system" as used herein shall include not only the property comprising the waterworks system of the City of Fort Collins at the present time, but all additions and betterments 10 thereto and improvements and extensions thereto which may hereafter be constructed or acquired by the City Section 8 The City hereby additionally irrevocably covenants and agrees with each and every holder of the Re- funding Bonds that so long as any of said bonds remain out- standing (a) It will continue to operate and manage the system in an efficient and economical manner and keep and maintain separate accounts of the receipts and disbursements thereof in such manner that the revenues thereof may at all times be readily and accurately determined (b) It will not sell or alienate any of the property constituting any part or all of the system in any manner or to any extent as might reduce the security provided for the payment of ttie Refunding 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 system (c) The rates for all services rendered by the system to the City and to its inhabitants and to all consumers with- in or without the boundaries of the City shall be reasonable and just taking into account and consideration the cost and value of the system and the proper and necessary allow- ances for the depreciation thereof and the amounts necessary for the retirement of all bonds and other securities or ob- ligations payable from the revenues of the system and the accruing interest thereon (d) There shall be charged against all purchasers of service such rates and amounts as shall be adequate to meet the requirements of this and the preceding secitons hereof, and said rates and amounts from the system shall be sufficient to satisfy the requirements of Section 6 hereof 11 (e) The Citj shall cause all rates fee,, and service charges appertaining to the system to be collected as soon as reasonable shall prescribe and enforce rules and regula- tions for the payment thereof and for the connection with and the disconnection from properties of the system, and shall provide methods of collection and penalties , including but not limited to denial of service for non-payment of such rates , fees and service charges to the end that net revenues of the system shall be adequate to meet the requirements hereof (f) At regular periods each vear it will render bills for water services furnished Until paid, all water rates , fees tolls and charges shall constitute a lien on the prop- erty served, and the City shall take whatever action is le- gally 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 Boettcher and Company, purchasers of the Refunding Bonds with a com- plete statement of the receipts and disbursements of and for the system for the fiscal year immediately preceding such statements (h) It will carry workmen' s compensation public lia- bility and other forms of insurance on insurable system property in such amounts as is customarily carried on prudently operated systems of like character Section 9 The proceeds derived from the sale of the Refunding Bonds authorized herein in an amount not less than $1 935 000 and the accrued interest on the bonds be- ing refunded, shall be deposited pith the First National Bank Fort Collins Colorado (hereinafter the "Bahl-") in a separate fund and escrow account hereby created and known as the "City of Fort Collins General Ob- ligation Water Bonds Series 1965 Escrow Account", herein 12 designated as the "Refunding Escrow Account" or "Escrow Ac- count" , which account shall be at all times sufficient to- gether with any interest to be deriaved from the investment and any temporary reinvestment of the deposits or any part thereof, in direct obligations of or obligations guaranteed by the United States of America, to pay the principal of and interest on the outstanding issue to be retired, at their re- spective maturities , as follows 1965 Issue Bonds numbered 168 to 640, inclusive maturing in the years 1975 and thereafter, shall be paid and retired at their respective maturity dates , at the office of the Director of Finance in Fort Collins, Colorado, according to their origi- nal terms Interest on the outstanding bonds of the 1965 Issue shall be paid as the same accrues according to the original terms of said bonds until said bonds mature Section 10 The Bank shall invest the funds on deposit in the Refunding Fscrow Account in direct obligations of or obligations guaranteed by the United States of America, and shall fully secure anv cash balance in said account in the manner required by law for other trust funds Section 11 If for any reason at any time, the funds on hand in such Refunding Escrow Account shall be insuffi- cient to meet the payments required as the same shall be about to become due and payable, the City Council of the City shall forthwith deposit in such Refunding Escros Account such additional funds as may be required fully to meet the amount so about to become due and payable Section 12 The Bank shall from time to time redeem all or a portion of the obligations in said Refunding Escrow Account in sufficient amounts so that the proceeds there- from and the interest thereon as the same accrues will be sufficient to meet the interest requirements on the out- standing Issue as such interest accrues , and to pay or call 13 in and redeem said bonds at their respective maturities , ac- cording to the schedule hereinabove set forth Section 13 The Mayor Clerk and Director of Finance of the City shall, and they are hereby authorized and directed to take all necessary or appropriate action toward the exe- cution of a proper Escrow Agreement with the Bank concerning the deposits in investments of and disbursements from said Refunding Escrow Account, and such other agreements as may be necessary or desirable to effectuate the provisions of this a Ordinance and comply with the requirements of law Section 14 On or about the date when the Refunding Bonds are delivered, or within a reasonable time thereafter, the Director of Finance is authorized and directed to publish a notice of refunding one time in a newspaper published in the City Section 15 The City covenants and agrees that it will make no use of the proceeds of the bonds authorized herein which might cause such obligations to be arbitrage bonds within the meaning of Section 103 (d) of the Internal Revenue Code of 1954, as amended, and the Regulations proposed and in effect thereunder Section 16 That if any one or more sections or parts of this Ordinance shall be adjudged unenforceable or invalid such judgment shall not affect impair or invalidate the re- maining provisions of this Ordinance it being the intention that the various provisions hereof are severable Section 17 All ordinances or parts thereof in conflict with this Ordinance are hereby repealed Section 18 After said Refunding Bonds are issued this Ordinance shall be and remain irrepealable until said bonds and the interest thereon shall have been fully paid satis- fied and discharged Section 19 By reason of the fact that the municipal bond market and the government bond market are subject to 14 J �t sudden and unpredictable changes the savings and other ad- vantages afforded to the City by refunding the issue of out- standing General Obligation Water Bonds described in this Or- dinance could be drastically reduced or eliminated, thus jeopardizing the entire plan of refunding, all to the detri- ment of the City and its inhabitants , it is hereby declared that an emergency exists and that this Ordinance is neces- sary for the immediate preservation or protection of public health, property or safety, and that this Ordinance shall be- come effective immediately, and shall be numbered and record- ed in the Ordinance Record, authenticated by the signatures of the Mayor and of the City Clerk, shall be published in the (2,0 1 0 �r c.-d a a 1n a newspaper of the City published and of general circulation therein within 5 days after passage, and such publication shall also be au- thenticated by the signatures of the Mayor and City Clerk INTRODUCED, PRESFNTED AND FINALLY PASSED THIS 12TH DAY OF DECEMBER, 1974 ( S E A L ) /Ma r — ATTEST City C er 15 4 Thereupon Councilman U moved that said Ordinance be passed and adopted as read as an emer- gency ordinance Councilman seconded the motion The question being upon the passage and adoption of the Ordinance, the roll was called with the following result Those voting AYE Mayor J IT N Fead Councilmen Charles Bowling Nancv P Gray Mabel Preble Margaret F Reeves Jack Russell Earl Wilkinson Those voting NAY yi o v, e- The presiding officer thereupon declared that, the Mayor and at least four members of the entire Council having voted in favor thereof, the motion was carried and the Or- dinance duly passed and adopted as an emergency ordinance It was then ordered that said Ordinance be recorded by the City Clerk in the Ordinance Record of the City, and a copy of said Ordinance be published in a newspauer of wide circulation in the City After consideration of other business to come before the City Council. the meeting was adjourned ( SEAL N(a) ear ATTEST City Cler 16 STATE OF COLORADO ) COUNTY OF LARIMER ) s s CITY OF FORT COLLINS ) I Verna Lewis City Clerk of Fort Collins Colorado do hereby certify that the foregoing pages numbered 1 to 16 inclusive contain a true and correct copy of the proceedings taken by the City Council of the City at a regular meeting thereof held on Thursday, the 12th day of December, 1974, so far as said proceedings relate to an ordinance authorizing the issuance of Ceneral Obligation dater Refunding Bonds , Series 1974, of the City, in the principal amount of $1 935 , 000, which was introduced and passed as an emergency measure a true and correct copy of which-is set forth in full in the proceedings of the Council that the original Ordinance has been duly authenticated by the signatures of the Mayor and myself as City Clerk of said City, sealed with the seal of the City and recorded in the book kept for that purpose in my office which record has been dulv signed by said officers and sealed with the sea] of the City IN WITNESS WHEREOF I have hereunto set my hand and af- fixed the seal of the City this / -�7t4day of December 1974 ( S E A L ) City—Clerk 17 r � a (Attach Affidavit of Publication of Ordinance ) a etes Sect o 8 an e y no sta (.n (a)it a AFFIDAVIT OF PUBLICATION OkDINANCENO 64 1974 th e a 0 the e0f 5 AN ORDINANCE AUTHORIZING THE ISSUANCE OF GEN17RAL OBLIGATION e afely ee STATE OF COLORADO WATER REFUNDING BONDS SERIES 1974 IN THE PRINCIPAL AMOUNT OF b) It ss Sl 935 C00 OF THE CITY OF FORT COLLINS COLORADO FOR THE PURPOSE OF s stem COUNTY OF LARIMER REFUNDING$2 355000 GENERAL OBLIGATION WATER BONDS DATED JUNE 1 payme 1 0 1965 PROVIDING FOR THE ESTABLISHMENT OF AN ESCROW ACCOUNT FOR v, ch shall THE PAYMENT AND REDEMPTION OF THE OU STANDING BONDS TO BE v,l cnsh REFUNDED PRESCRIBING THE FORM OF THE 1974 REFUNDING BONDS (u The PROVIDING FOR THE APPLICATION OF THE NET REVENUES OF THE WATER c I0a11 co 1 T SYSTEM AND FOR THE LEVY OF TAXES TO PAY SAID REFUNDING BONDS AND just la being first duly sworn THE INTEREST THEREON PRESCRIBING OTHER DETAILS IN CCNN-- TION P, a THEREWITH AND DECLARING AN EMERGENCY ne essary to from re e upon oa h deposes and says That he is the _t l; WHEREAS the City of Fort Coll ns n the County of Lar mer and Stateof Colorado s (d)The e pol t cat subd v s on of the State a body corporate nd pol t c and a home rule c ty shall be a of the Fort Collins Colorudoan that he has personal knowledge of pursuant to Art cleXXof the State Const tut on and the Charter of the Cty and sa0 aesa all the frets set forth in this affidavit that the Fort Collins Colo WHEREAS the C Count I(here n Count I )deems t necessary to author ie sect 6n this Ord Hance the ssuance ng of nego able coupon General 0 I gat on Water Refund h9 (e)The radoan is a public daily newspaper of general circulation having Bonds res 1974 of the Cty to provide funds to refund and pay the o stan ng to becollec General Col gat on Water Bonds of the C ty descr bed n th s Ord nance and to Ire p its principal office and place of business situated in said County of WHEREAS the C ty of Fort Coll is Colorado by Ord nance heretofore a opted a d p o e I es Larimer that said Fort Collins Coloradoan is rented and publish apipWater o ed Bonds the C ty Count I has author Zed the ssuance of is f a at O0 gat on b t not 1 P Water Bonds Ser es June 1 1965 dated June 1 1965 nine amount of$3 200 OW(he r ch es rc ed dai13 except Saturda3 s and legal holidays that said Fort Collins the 1965 Issue ) of wh ch the a rema n outstand ng the amount of$2 365000 b 9 re me bonds numbered 168 to 640 nclus ve bear ng nterest payable sera annually on J 1 )At e Color doan is a daih newspaper duly qualified for the purpose and December I each year and matur ng on December I as follows paJ a set forth within the meaning of Chapter 109 Article 1 Sections 11 Bond N tubers Amounts Years ( a (All Indus ve) Matur ng Matur ng (PePer An m) lr An mi a 0 tq let to 18 inclusive of Colorado Revised Statutes 1963 and any amend if u ' 168 203 S180 000 1975 290 dent thereof passed prior to the date hereof that said newspaper 204 240 185 ow 1976 29 for theses had prior to Januar3 1 1936 and has ever since said date been 241 279 195OW 1977 29C s ace c 280 319 200 000 1978 2 90 admitted to the United States Malls as gccond class matter under 320 360 205000 1979 300 p en ly 361 403 215 COO 1980 3 M Sect on the provisions of tl e Act of March 3 1879 and any amendments 404 447 220000 1981 303 1•0 e thereof that said newspaper is printed in whole in said County of 448 493 230000 1982 300 r I ocu 494 540 235 000 1983 3 101 (1- a at Larimer and has a geneial circulation therein that said newspaper 1 541 589 245000 1984 310° k o as had been so p-lnted and published as a public daily newspaper of 590 640 255000 1985 310 Account c vencial ciieulation in said County of Larimer uninterruptedly and and f om ine WHEREAS bonds m t g December 1 1975 a d the arse a e e curable p o to ire eof continuously during the period of more than fifty two consecutive matur ty at the opt on off the C ty n In e se Hume cal o de on Decembe 1 1974 a u on Am ca weeks next prior to the first issue thereof containing the annexed any nterest payment date thereafter uponpaymentofpa a Jacc ued serest a d the rres WHEREAS the C ty Count I has d to m ned that 1 s essa y and n the best legal notice or advertisement that said annexed legal notice or terests of the C ty that the outstand ng water bonds descr ed abo e n the agg egate 19651ss e advertisement was published in the regular and entire editions of for c pal amo ntof$2365000 emanngoutstandng be of ded(1) norde to e o e Bo Ls restr ct ng and amb guous coyenants and to pe m 1 the ssuance of fut a cone at be 03 said newspaper for obl gat onwater bonds add t onally sec ed by a pledg of net water e e eso the c ty F a cc on a par ty f rst 1 en bas s regardless of 1 me of ssua cc and tho 1 sat start o of an I 1 earn ngs test and the Clay to perm 1 the ssuance of fu tl er bo us o mo a ad an ageous acco d terms w thout quest on as to the a stence of the s pe o p 0 plec ges it I e s a 0(2) S CI 0 1 n P 1 1 t7 ,a'r n order t0 reduce rates and nterest costs and to effect other econom es the coy n u ect successive weeks on ____ _ _ of each successive week pro d ng the C ty w In a der ease n Iota debt requ ements n e cess of$194 685 all to shall I that the first publication of said legal notice or advertisement was the hWHEREAS General Obl gat benef I of the C ty and Ishab on Water Refund ng BondsnSer sn1974 naheamo ntof ter ndoisect c $1 935 OOO ha a been sold a d awa ded to Boettcher and Comapny of Den a Colo ado Acco I forcash atparandaccrued nterest b cor __L1 THEREFOREmil COLLINS COLORADOT ORDAINED BY THE COUNCIL OF THE CITY OF FORT amo c in the regular and entire edition of said newspaper on the Sect on 1 That for the put pose of pro d ng funds w th wh ch to efu u a d pay Scc o 1 $2 365 000 of is 1965 Issue above descr bed the C ty of Fort Coll ns Colorado shall ssue n sa d Rc day Of _ ! 7 I Its Genera r l Obl gat on Water Refund ng Bonds Ser es 1974 n the pr nc pal amount of a d the y _ _ _ A D 19 _ that the last $1 935 OOO Sa d Refund ng Bond shall be dated December 1 1974 shall cons st of 387 equ e publication of Bald legal notice or advertisement was in the regular bends n thedenom not onof S5000each numbered 1 to387 nclus ve shall bea me est re(eem s at the rate of 61, per annum payable on June 1 1975 and sem annually the cafre 0 the set to Ih 1st day of June and the 1st day of December each year and shall matu a se a n ally Sect o and entire edition of said newspaper of the _1 ' _ day on June l and December l as follows eeecblo t s Amount t I a of A D 19 ^_ and that copies of $75000 J 1 197 d S I I each number Of said paper In w 60 000 Dece hich said notice Or advertisement 75OW J 1975 e 1 1976 a of c was published were delivered by carriers or transmitted by mail 70OW Decemb 1 1976 Sect to each of the si 6 .bscribers of said paper according to the accustom 10000 J 1 1977 w cis 000 Decemt 1 1977 w th n t ed mode of business i thi�ffice 100 000 J e 1 1978 and the r, 65 000 Decen b 1978 Sect on 100 000 J e 1 1 1979 Iudged ur ^ ) 75 000 Decemb 1 19 9 ema n �LL'yzLl ,1, v_— 100 000 J t c l 19 0 he of a —+-- — Sect 50000 De Cfl'IJC 1 1980 pcale Subscribed and sworn to before me at an ithin the County of 11� Decembe i i931 Sect o 115 000 Jun 1 1982 epeal ,y�/ 100 000 December 1 1987 a d s r ��— y i&,Z. �/��� 15 000 J e 1 1983 Sect o Lorimer State of Colorado this _ day o 105000 Decemoe 1 1983 bo d m 125000 J nee 1984 a a sac 120 000 D tub 1 19B4 W 1 B 50000 Jun el 1985 thus Ie0 A D 19 25000 De embe 1 1985 nh b la Con ili s on Clad res 01,tobor 4 1977 e � The 1974 Refund ng Bonds shall not be edeemable p o to the eslxct a maru ty safety a a My Commission expires ___------ ---- dates bered ar The 1974 Refund ng Bonds and the me est coupons attached thereto shall be payable Mayo a n lawful money of the Un ted States of Anne ca at the off ce of ire D ecto of F ante C ty p / Fort Coll ns Colorado pubs car Sect on 2 The 1974 Refund ng Bonds shall be s g led w th the fats I le s gnature of the I NT R^ -- -- — Mayor w in a fats m le of the seal of the C ty aff xed the eto attested by the m nual DECEN Notary Public s gnature of the C ty Clerk and counters gned by the fats m le s Chat re of the D ector of F nance of the C ty The nterest co pons attached to sa d bonds shall bea the fac J W s In gnature of the D rector of F na cc and when ssued is Iforesa d as plrr of sa d May ., bonds shall be the b nd ng obl gat ons of the C ty accord nq to the r n port Shoulu any IS E A L (,J t Ol r O J I, ('o, L off cer whose manual or fats m le s gnature appears on sa d bonds or the nterest Delivered t0_____— — __Y _ coupons attached thereto cease to be such off cer before del very of the bonds to the ATTES —fF 0�c -------------- ---------- P Po 1� ( D v�' �Oil purchaser such manual or fats m le s gnature shall nevertheless be val d and suit c ens r1 1 74 4M b&m for all purposes Verna t O r tr v U I.L 3 1� 1 Lll 00522 Section 3 That the Refund ng Bonds and the nterest coupons attached thereto shall be C ty Clc 4 in wbstant ally the follow ng form _ Fort Co t k 18 1 (here n system ) The C ty t ereby eser es the r ght to secure w nout es c o .— water bonds a u efund ng water bonds of the C ty hereafter ssuea equal y anc I w th the Dec 1 1974 Refund ng Bonds The C ty also n reby CC m T Is If to f and a nuall to rates and charges for water and se ces fu 5 ed y the system wh ch the w th moneys o ha of a of a I of in to w 11 b s if to pay ope at on a d ma ntenance a penses of the system and the to no pal of C51 •aVlt of Publication of Ordinance on all bonds and other obi gat ons of the system as they respect elyb om due The term net re enues as used here n refers to the g oss re a es of the syst m of c Ire payme t of ope at o a of ma ntenance a pe es The t mop at o a d ma me cc e pe ses as sed he e n mea s all cu e t easo able a d ecess y e p, ses of ope at ng ma nta n g and epa ng the cyst m b t does of elude a Y allowance to deprec at on or cap tal replacem Is a of mp o e its S of 0 7 The t ms m n c p I wale 0 ks ystem sy m 5 d h C shall not d not only the p op ty comp s g it e w to wo ks syst nI of the C ty of Fo t C 'Is at the p e ont t m b t)It add t o a d b Ite e s th to d mp u Is ande to so sthe etc whchm yhe aft be co st t do cq e by neC ty Sect on 8 The C ty hereby add t o ally re ocably co ena Is a d ag es w Ili each and e e y holde of the Refund g Bonds that so long as a /of sa d bo as rema out stand ng CAT 1 wT' ^�`� (a)It w II Cant nue 10 perat ind m nag the sy s In n an off c ent and eco om cat ORDINANCE NO 64 1974 manner and keep and ma to n separate acco nis of the ece pis and d sburseme is thereof n such manner that the reven es the eof may at all i mes be read ly and ac AN ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION curately deform WATER REFUf 71NG BONDS SERIES 1974 IN THE PRINCIPAL AMOUNT OF (b)It w II not sell or at enate any of the property const tut ng any pa t or all Of ne $i 9350J0 OF TH CITY OF FORT COLLINS COLORADO FOR THE PURPOSE OF system n any manne or to any extent as m ght educe the secur ty pro u c,to the REFUNDING$2 365000 GENERAL OBLIGATION WATER BONDS DATED JUNE 1 payment of the Ref nd ng Bonds but the C ty may sell a y po i on of s on p op, it, 1%5 PROVIDING FOR THE ESTABLISHMENT OF AN ESCROW ACCOUNT FOR wh ch shall have been reolaced by oth r s m la Croce t of at least ea al alue or THE PAYMENT AND REDEMPTION OF THE OU STANDING BONDS TO BE wh ch shall cease to be necessa yto th off ce tope at the sy stem REFUNDED PRESCRIBING THE FORM OF THE 1974 REFUNDING BONDS (c)The rates to all se ces rende ed b/the system to the C ty a d o is ib to is PROVIDING FOR THE APPLICATION OF THE NET REVENUES OF THE WATER and to all consumers in norw the t it a bounda es of It e C ty shall be reaso bl a d SYSTEM AND FOR THE LEVY OFT 1XES TO PAY SAID REFUNDING BONDS AND just tak ng 110 account a d cons de at o the cost a d alue of the cyst a the Jeing first duly sN%orn THE INTEREST THEREON PRESCRIBING OTHER DETAILS IN CCNNCCTION p per and necessa y ajlowa ces to the dep cc at o the eof a J In amo nis THEREWITH AND DECLARING AN EMFRGENCY ne essary for the et e i Tit of all bones a u oihe Secu 1 es 0 obi at o s payable from the a enuesof the System a d the acc g me est lh eon ,ie t 1 WHEREAS the C ty of Fort Coli ns n the County of Lar mer and State of Colorado is (d)There shall be cha ged aga nst all pu chase s of ser ces ch rates and a o s as a poll t Cat subd v s on of the State a body corporate nd pol t c and a home rule c ty shaI l be adequate to meet the requ ements of in sa d ihe p coed ng sect ons h of and personal knowledge of purs nl to Art cle XX cf the State Con i tut On and the Charterof the C ty and sad ates and amo is f om the system shall be s if C e I to sat sty the equ c,e IS Of the Fort Collins CO10 WH REAS the C ty Counc I(here n Counc I )deems 1 necessary to author ze by Sect on 6 hereof this 0 d nonce the ssuance of negot able coupon General Obi gat on Water Refund ng (e)The C ty shall cause all aces fe s and so cc cha g s appe to g to it a Sys em r11 cit culation having Bond Ser es 1974 of the C ty to p ov de funds to refund and pay the 0 island ng to be collected as soon as easo able st all p s be a d onto cc les and eC ]at o s Ge a al Obl gat o Wat Bonds of the C ty desc bed n th s Ord nance a of for the payment the eof a d fo the con ecf o th d ire sco Cot on I om rited in -iid County of WHEREAS the C ty of Fo I Coll s Colorado by Ord nance heretofo a adopted and propert esof thesyst m an l shall p o de methods of colt ton and p altos cl 9 is printed and publish app o ed by the C ty Counc i has autho zed the ssuance of is General Obl gat on but not I n ted to on I of se v ce fo o paym t of 5 Ch at S fees a se cc Water Bonds Ser es Jun 1 1965 dated June 1 1965 n the amount of S3 200 000(he e r cha ges to the e d that net e e es of the system Sh If be au quate to eel the th,it said Fort Collins the 1965 Issue ) of wh ch the a ema In outstand ng the amount of$2365000 be nq requ eme tshereof bonds numbered 168 to 640 nclus a fear ng nterest payable semi annually on June I (f)At reguia pe ods each year t 11 en or b Its for to es fu n Unt I it fled for the purpose and December)each year and matur ngon December 1 asfollows pa d at water rates fees tolls a d of a qes Sh II Co st tute a I the p ty ser 1rUele 1 Sections 1 1 Bond Numbers Amounts Years Interest Rate ved and the C ty st all take whate a act on S job Ily pe ss ble p amp ly 0 c to cc (All Indus ve) Matu ng Matur ng (Per Annum) and collect del rque I water rates fe s tolls and Cha qes a d to onto cc sa d s 1963 ind any amend (g)At least o cc each yea 1 w II fu Sh Boettche o Con pa y p Ch s S of the f that said neNi sp iper 168 203 $180 000 1975 2 90° Refund ng Bonds w th a complete stateme 1 of the ece pts and so se s of and 204 240 115 000 1976 2 90 for the system for II f seal yea mmed ately preceo ng s h stateme is r since said date been 241 279 115000 1977 290' (h) It If carry wo kmen s compensat on publ c I ab I ly a othe to ms of n 280 319 200000 1978 29IN' surance 0 ns able system p operty n such amounts as s custo ly c co cn nd class matter under 320 360 205000 1979 300o prudently operated systems ofIkecha acre -ind -iny amendments 361 403 215000 1980 300' Sect on 9 The p oceeds de ed f om the sale of the R fund g Bo s a tho zed 404 447 220 000 1981 3 00 here n n an amount not less than Sl 935 000 and the acc ued to CST on if bo so, g hole in -aid County of 448 493 230 000 1982 3 00 refunded shall be depos led w in the F rst Nat onal Ba k Fo I Coll s Coo a o n thlt said newspaper 494 540 235000 1983 3 10° (here rafter the Bank ) n a sepa ate fu d ano esc ow acco t h eb1 c eate a d p 541 569 245 000 1984 3 100 known as the C ty of Fort Coll ns Gene at Ohl gat on Wate Bo ds Se es 965 E ow lie diily ne«czpaper of 590 640 255000 1985 310 Account here n des gnatedasthe Refund ng Esc ow Account o ESC Acco t wh ch account shall be at all 1 mes cuff c ent togethe w th a y me CST TO be of ed r uninteriuptedly and and from the vestment and any tempo a y re nvestment of the depos is o a y oa t n fifty two consecutive WHEREAS bonds mafur no Decembe 1 197S an I the eafte a e redeemable p or to thereof n d reef obi gat ons of or obl gat ons ua anteed by the U led States of matur ty at the opt on of the C ty n n e se umer cat o de o Decembe 1 1974 and on Amer ca to pay the pr no pal of and me est on the outsta d 9 ss a to be of t at ontaining the annexed any me est paym nt date the eafter upo payme tofp a J «ued forest and the r respec We matur I es as follows WHEREAS the C ty Counc I has dote m ned that I s e essary a d n The best n V nexed legal notice Or terests of the C ty that the outsta d ng wale bonds descr bed abo a the a99 1965155ue e ate _ and entire editions of pr no pal amount of$2 365 000 rema n ng oulstand no be efu de I(1) n 0 de to remo a Bonds numbe ed 168 to 640 cl s mat ng the ye s 197 a d the afte shall restr of ng a d amb g o s co e a is a u to pe m t the ss ante of future none at be pa d and ret ed at the respect a atu ty dates at IT 0 off Cc of the D ec,0 01 obl gat o water bonds add I onal ly secured by a pledge of not water re en es of Theo ty F nance n Fort Col ns Colo a o acco d no to it e o g at I ms on a par ty f st I en bas s reg rdless of t me of ss ante a of thout sat sfact on of an Into est on the outstand ng bonds of the 1965 Iss a SI all be pa of as the same i s earn ngs test and tt L eby to perm t the ssuance of fu it or bo Is on more advantageous accord ng to the o g nal terms of sa d bo ids unt I sa Crbo ds t e terms w thout quest on as to the a stence of the super o pr or pledges or I ens and(2) Sect on 10 The Bank shall n est the funds on depos t n the Refund no Esc o I co Tit a o cc to red cc at s and forest casts and to effect other eco om es thereby n d rect obl gat ons of or obi gat ons qua anteed by the Un ted States of Arre a each successive week pro d ng the C ty w th a dec ease n total debt equ remo is n excess of S194 685 all to shall fully secu a any cash balance $a(I accou t n th ma a eq 0 by law to the benef t of the C ty a d is hab tants n ac o dance w th it a Cha fe and oihe t ust funds or advertisement was WHEREAS Gene at Obi gat on Water Refund ng Bonds Se es 1974 n the amount of Sect on 11 If to any reason at any I me the funds o hand such R f u q C o $l 935 000 ha a be n sold a d awa ded to Boettche and Comapny of Den er Colorado Account shall be nsuff c ent to meet the payments equ ed as the same shall b To for cash at par dace ued me CST become due and payable the C iy Co C 1 Of the C ty Shat f0 ih Ili pOS I S Cn rz{ THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT Refund ng Esc ow Account such ad t onaj funds as may be eq ed f fly to me-t the spaper on the Ai__it COLLINS COLORADO amount so about to become due a dpayable Sect on 1 That for the pu pose of prov d ng funds w th wh ch to refund and pay Sect on 12 The Bank shall f om t me to t me edeem all o a p0 t 0 of the obi oat 0 s S2 365 000 of is 1965 Issue above descr bed the C ty of Fort Coll ns Colorado shall ssue n sa d Refund ng Escrow Account n suit c ent amou is so Mat the p oceeds the I om l9 7 I5 General ObI gat on Water Refund ng Bonds Ser es 1974 n the pr c pal amount of and the me est thereon as the same acc ues w II be s If c e 1 to m of in I est that the last $1 935 000 Sa d Refund ng Bond shall be dated December 1 1974 shall cons st of 387 requ rements on the outsta of ng Issue as such to est acc ues anu to pay o call a d ent was in the re ular bonds n the denom not on of S5 000 each numbered 1 to 387 nclus a shall bea nterest redeem$a d bonds at the espect a matu I es acco ng to the sche0 le a abo e g at the rate of 6 per annum payable on June 1 1975 and sem annually the eafter on the set fo th 1st day of June and the 1st day of December each year and shall mature sem annually Sect on 13 The Mayo Cie k and D ecto of F a CC of in C ty shall and h y On June 1 and December) asfojlows hereby author zed a I d cc ed to tak ill cessa y 0 app op tea to to d _- day execut on of a proper E scro Aq e I w It TIC B k co cc q if d no t vestme is of and d st s to f f 0 5 1 R I d E c o /ccou A unt _ PA i ty agree net s s may I c e sa y o bl to If ct at ih p o 0 d an ei dco reply lithe eq c c Isofi w 'ind that copies of $75 CIO Ju e 1 1975 Sect on 14 0 or I t it date I c it e Ref d q Bo is a 0(lei o ice or ad,,ertisement 60 P)0 Decen ber 1 1975 reaso able I me the after the D ecto of F ance $a tno zed in Ci 1 n bl sn transmitted b mail 75 000 000 J nel 1976 a not ccofrefu d go elm are spape publ shed niteCTV Sr Decembe 1 1976 Sect on 15 TheC ty co ena is and ag ces that I w ll ma e o use of it p cc ds of h ding to the accustom 100 o00 J n 1 1977 bonds author zed he e n wh ch m ght ca se such obi gat o s to be rb t aqe bon s r 60000 December 1 1977 w th n the mean ng of Sect on 103(d)of the Inte nal Re a ue Code of 1954 as ame d d /1 ( 100 000 June] 1978 and the Regujat ons proposed and n effect the eunder 65 000 Decembe 1 1978 Sect o 16 That f any one or mo a sect ons o pa is of in s Ord a ce shall be ad / IDO 000 June 1 1979 judged unenforceable o n at of such judgment shall not affect mpa or n at date The / 75 000 Decembe 1 1979 rema n ng p ov s ons of th s Ord nance I be g the intent on that the a ous p o sons 100000 June] 1980 her of are seve able 90 000 De emae 1 1980 of on 17 All Ord nances or pa is thereof n co if of w th th s 0 d a cc a e h eb/ ithin the County of �00� J ne 1 1981 repealed Decembe 1 1981 Sect on 18 Afte sa d Refund g Bonds a e ssued in s O d a e Sh II be I ema 1 15 000 Ju el 1982 rrepeatable unt I sa d bonds a d the to e t thereo shall ha e b fully pa d I sf e 100 000 December 1 1982 and discharged _ 125 000 June 1 1983 Sect on 19 By Cason to the fact th I th mu C p I bo d m ket a d the no e me 105 000 Decembe 1 1983 bond market are subject to sudden and unpred cta to ct a Cos the sa as d oft 125 000 June 1 1984 advantages afford d to the C fy by refu d 0 the ssue of o tst t d g Cc a al 001 to 120 000 December 1 1984 Wai B us u b nth 0 d a Id b d t c Ili u 0 1 m 50 000 Ju 1 1985 thus leopard z ng the ent re plan of refund ng all to the del ment of the C ty a d t Cr� 1 25 000 Decembe 1 1985 nhab fa is t s hereby decta ed that an me ge cy a sts a d that th s O a cc S l lama l 4z 1J/I(�1y77 necessary for th mmed ate p eservat on or p of of on of p bI c health p Coe ty o The 1974 Refund ng Bonds shall not be redeemable p or to the r respect a matur ty safety and that th s Ord nance shall become effect ve mmed afety and shall be n m ______ ___ dates bered and recorded n the Ord nance Record authent cared by the s gna es of me The 1974 Refund no Bonds and the nterest coupons attached thereto shall be payable Mayor and of the C ty Clerk shall be publ shed n the Colo adoan a newspape of the n la vful money of the Un led States of Amer ca at the off cc of it e D recto of F nance C ty publ shed and of general c rculat on there n w th n 5 days after passage and suer Fort Coll ns Colorauo publ cat on shall also be authent Gated by the s gnatures of the Mayor and C ty Cie k ------' Sect on 2 The 1974 Refund ng Bonus st all be s g ed w ih the fats m le s gnature of the INTRODUCED PRESENTED AND FINALLY PASSED THIS 12TH DAY OF Mayo w th a fats m le of the seal of the C ty aft xed the to Itested by the man at DECEMBER 1974 Notary Public s gnature of the C ty Clerk and counters cried by the fats m le s gnatu a of the D rector of F nance of the C ty The nterest coupons all fiche I to si I bonds shall heir the fat J W N Fead S M gnatu a of the D rector of F nano and whon slued s Noresa d is p rt of sa d Mayor bonds shall b the b nd ng obl Sit ons of the C ty accord nq to file r mport Should any (S E A L) off cer whose manual or fats m le s gnature appears on sa d bonds or the Merest -- -- ————————— Coupons attached thereto cease to be such off cer before del very of the bonds to the ATTEST 1 74 41Y1 b&m purchaser such manual or fats m le s gnature shall nevertheless be vai d and suit c ent n for all purposes Verna Lewis v 5 Z 2 Sect on 3 That the Refunding Bonds and the nterest coupons attached thereto shall be C ty Clerk in substant ally the follow ng form Fort Coll ns Coloradoan 10 0 December 17 1974 18 4 °yll unS 9046 40S e y 9 6 016 1-11 uoy S.itoff 7 9 03171®Jq ®J LOLZ I t I coon, 1Qzj4 1 t �f 1i 11►.+ —f'r i1 (Formof Bond) UNITED STATES OF AMEICA STATE OF COLORADO COUNTY OF LAWMER CITY OF FORT COLLINS GENERAL OBLIGATION WATER REFUNDING BOND SERIES 1974 No-- -- S5 000 The City of Fort Coll ns n the County of Lar mer and State of Colorado(here n the City ) hereby acknowledges tself ndebted and prom ses to pay to the bearer hereof the sum of FIVE THOUSAND DOLLARS June on the 1st day of December 19-- w th nterest thereon at the rate of s pe cc turn(6 )per annum payable on June 1 1975 and sem annually the eafter on th 1st liy of 7 June and the"I day of December each yea at the off ce of the D ectb of F ni cc n Fort Coll ns Colorado upon presentat on and surrende of sa a coupo s and th s Ix 0 as they severally become due i Bonds of th s slue are-not callable for redempt on p o to the r espect a mat ty 1 dates Th S band s ssued by the C ty Counc I of the C ty of Fo t Coll ns Colorado t0 t'te purpose of prov d ng funds w th wh ch to refund Gene at Obl gat 0 Haler Font s of the C ty under It a autho ty of and n full conform ty w in the Const tut on of the�f fe of Colorado and the Charte of sa d C ty and pursua it to an o d nance d y adopted publ shed and made a lawof sa d C ty pr o to the ssua co of ih s bond It S hereby cert f ed and rec fed that all the req remems of law ha a bet b y comp]ed w th by the proper off cers of the C ty n the ssuance of ih bond that the total debt of the C ty nclud ng that of th s bo d does not a ceed any I m t of nuettedness ! prescr bed by the Const tut on or laws of the State of Colo ado or the Cha to of the C ty ` and that prov s on has been made for the levy and collect on Of annual to es on all of the taxable property n the C ty and the appl cat on of the net revenues of the m n c pal waterworks system of the C ty suit c ent to pay the me est on and the pr nc pal of th s bond when the same become due The full fa th and creel t of the C ty of Fort Coll ns Colorado a e hereby pledoed for the punctual payment of the pr nc pal of a d terest of th s bond IN TESTM ONY WHEREOF the C ty Counc lot the C tyof Fo t Col ns Colo adoh s caps d III s bond to be s gned w h the fats m le s gnature of a Mayo sea d w th a fats r le of the seal Of the C ty attested by the man al s gnature of it e C ty Cle , counter gned w th the fats m le s gnature of the D rector of F nance and the nle es coupons attached hereto to be s gned w th the fats m le s gnature of the D rector of Finance asof the istdayofDecember 1974 (Fats m le S gnature) 1 Mayor [ (FACSIMILE SEAL) £ ATTEST (Do Not S gn) 11 C ty Clerk y COUNTERSIGNED (Fats m le S gnature) D rector of F nance (Form of Interest Coupon) No————— s----- June On the 1st day of December 19-- the C ty of Fort Coll ns n the Co my of La me State of Colorado w 11 pay to the bearer the amount shown hereon lawful money of the r Un led States of Amer ca at the off cc of the D rector of F a e n Fo I Coll s Colorado be ng nterest then due on is General Dot gat on Water Refu d ng Bond Ser es 1974 dated December 1 1974 bear ng No----- (Facs mule S qn lure) (D recto off n nce) Sect on 4 When sa d Relu d ng Bonds have bee d ly a ecut ed the D recto of F nance s he eby d reeled to del er it a bonds to It p rct aser th cof On eCe pt 01 the agreed p chase pr cc therefor The p oceeds of it a Ref d 9 Bo c s shall be do ly for th purpose stated 11 re n and to pay ng the osts and a pc ses ncu eel nc tal to the ss ante of sa d bonds a d to n0 other p pose what Ne the the p C ase of sa d bonds nor the subsequent holder of any of them shall be espo s ble fo ne ap pl c 1 on or d sposal by the C 1 or any of is oft cars of any of the f cis de f om the sale tl cot Sect o Fo the p po of pro 1 g the recessi y fun s to me I th I c cru ng on the Refund 9 Bo s as ih same comes a d f th p of p 0 ng f0 the payment of the sa d bo ds as If cy mat I crest 11 b e0 d11 I he to axle property of the C ty n add 1 o to II other to es u cc a at s s f f c ent to pay sa d me est and pr nc to I p omptl y as the same bete—le d e si d taxes her cell cted shall be appl ed solely f0 the pu pose of the pay e Tot 1 on and th pr p i of the bo ds espect ely a d to no oche pu pose hole I I the ndebledness so contracted uncle th s Ord nance both p c pal a d e t shall have been fully p d sat sf eo and d scharged but noth ng he e n COnta ned shall be s0 Construed as to pre ent the C ty f om apply ng any other funus ava Table Or Comm tted for that pu pose to the payment of sa d nterest o p nc pal as the same rest"cl ely mature and upon such payments the lev es here n p o d may the a poi to that extent be(,m n sh d The sums p oduced by the Ie es here r it)o e p o ced to meet the me est 0 the Refund no ea ds a d to d scha 0 It e p p I I eof wh ue a e h coy aop eel for Ihat( p0 d d Sa a in t sh I tT I ix Inca Lal OU t re o1w d n0 The i ov o or a K .r d pt f , by IT, r,if, e yea SUcn %. C' A ter C -4 )U S V nd c wt a y of foe Ref n, q BO-Ni M r %,)It 0, r" to p po NOTICE OF REFUNDING of CITY OF FORT COLLINS LAPIMER COUNTY COLOP.ADO GENERAL OBLIGATION17ATER BONDS , SFRIES JUNE 1 1965 PUBLIC NOTICE IS HEREBY LIVEN That General Obligation Water Bonds , Series June 1, 1965 dated June 1, 1965 , of the City of Fort Collins , Larimer County Colorado in the aggre- gate amount of $2 ,365 , 000, have been refunded by action of the City Council of the City, and that all outstanding bonds of said Issue being bonds numbered 168 to 640, inclusive, maturing in the years 1975 and thereafter, and the interest thereon, shall be paid and retired at their respective ma- turity dates , at the office of the Director of Finance, in Fort Collins Colorado according to their original terms THIS NOTICE GIVEN by order of the City Council of the City of Fort Collins , Larimer County, Colorado as of this 12th day of December, 1974 /s/ Charlie D Cain Director of Finance 19 (Insert Affidavit of Publication of Notice of Prior Redemption ) 20 STATE OF COLORADO ) ss CITY AND COUNTY OF DENVER ) CERTIFIED PUBLIC ACCOUNTANT' S VERIFICATIOA The undersigned, , of Peat, Mar- wick, Mitchell & Co , of Denver, Colorado hereby certifies as follows 1 That PEAT, MARWICK, MITCHELL & CO is a partnership and firm of Certified Public Accountants, duly authorized and acting as such under and pursuant to the laws of the State of Colorado, and that he is a partner in said firm 2 That under date of in a letter addressed to Boettcher and Company, of Denver, Colorado, a copy of which is hereto attached as part of Exhibit "A" , said firm has reported on its review of calculations of the proposed escrow fund transactions involving the presently outstanding General Obligation Water Bonds , Series June 1 1965 dated June 1, 1965, of the City of Fort Collins, Larimer County Colorado 3 That schedules of the calculations and the assump- tions under which such calculations were made were included with the above letter and are also attached hereto as a further part of Exhibit "A" 4 That, as stated in the above letter, "We believe the calculations as to transactions in the proposed refund- ing escrow account are correct based upon information as to principal amounts of obligations of or guaranteed by the United States Government interest rates and payment dates shown on the schedule of proposed escrow fund transactions " 5 As indicated by the calculations in the schedule of escrow fund transactions , which are based upon the assump- tions and recitals in the above letter cash balances in the escrow fund would be equal to or more than the required disbursements on the various disbursement dates 21 a 6 That in the execution of this Certificate he is duly authorized and acting for and on behalf of the firm of Peat, Marwick, Mitchell & Co IN WITNESS WHEREOF, he has caused this Certificate to be signed this day of , 197_ of PEAT, MARWICK, MITCHELL & CO 22 x EXHIBIT "A" (Attach letter dated as referred to above, Schedule of Escrow Transactions and Schedule of Bond Requirements ) 23