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HomeMy WebLinkAbout027 - 04/01/1975 - AMENDING ORDINANCE NO. 009, 1975 AUTHORIZING THE ISSUANCE OF ITS SEWER REFUNDING REVENUE BONDS, SERI FA r CERTI FIED RECORD of proceedings of THE CITY COUNCIL of the CITY OF FORT COLLINS LARIMER COUNTY, COLORADO AMENDING ORDINANCE NO 9, 1975 OF THE CITY AUTHORIZING THE ISSUANCE OF ITS 1 SEWER REFUNDING REVENUE BONDS , SERIES 19752 IN THE PRINCIPAL AMOUNT OF $3, 155,000 DATED MARCH 1, 1975 Ord a�� E97s r i . r �L 1 STATE OF COLORADO COUNTY OF LARIMER ss CITY OF FORT COLLINS The City Council of the City of Fort Collins , Colo- rado met in regular session, in full conformity with law and the ordinances and rules of the City, at the City Hall, being the regular meeting place of the Council, on Tuesday, the lst day of April, 1975, at 5 30 P M There were present and answering at roll call Mayor J W N Fead Assistant Mayor Nancy P Gray Councilmen Charles D Bowling Mabel Preble Margaret E Reeves Jack Russell Earl Wilkinson Also present City Manager Robert L Brunton City Clerk Verna Lewis Director of Finance Charlie D Cain City Attorney Arthur March, Jr Absent Thereupon, the following Ordinance, copies of which were available in the office of the City Clerk at least 48 hours prior to the date of said meeting, in accordance with the charter of said City, was considered, and read by title only, which is as follows - 1 - ORDINANCE NO 27, 1975 ORDINANCE AMENDING SECTIONS 9 AND 13 OF ORDINANCE NO 9, 1975, OF THE CITY OF FORT COLLINS , LARIMER COUNTY, COLORADO, AUTHORIZING THE ISSUANCE OF SEWER REFUND- ING REVENUE BONDS , SERIES 1975, IN THE AMOUNT OF $3, 155,000, DATED MARCH 1, 1975, BY PROVIDING FOR A CALL OF CERTAIN REFUNDED BONDS FROM THE ESCROW, PROVIDING FOR NOTICE OF CALL, AND DECLARING AN EMERGENCY - 2 - ORDINANCE NO 27 1975 ORDINANCE AMENDING SECTIONS 9 AND 13 OF ORDINANCE NO 91 1975, OF THE CITY OF FORT COLLINS , LARIMER COUNTY, COLORADO, AUTHORIZING THE ISSUANCE OF SEWER REFUND- ING REVENUE BONDS, SERIES 1975, IN THE AMOUNT OF $3, 155,000, DATED MARCH 1, 1975, BY PROVIDING FOR A CALL OF CERTAIN REFUNDED BONDS FROM THE ESCROW, PROVIDING FOR NOTICE OF CALL, AND DECLARING AN EMERGENCY WHEREAS, by Ordinance No 9, 1975, ("the Ordinance") , adopted and approved on February 4, 1975, the City of Fort Collins, Larimer County, Colorado, authorized the issuance of Sewer Refunding Revenue Bonds, Series 1975 in the principal amount of $3, 155,000, for the purpose of refunding $1,640,000 Sewer Refunding and Improvement Revenue Bonds , Series June 1, 1965, Subseries 1, and $2,000,000 Sewer Improvement Revenue Bonds, Series June 1, 1974, of the City, and WHEREAS, Section 9 of the Ordinance provided that bonds of the 1965 issue and the 1974 issue would all run to maturity, WHEREAS, it was intended that certain bonds of the 1974 issue would be called from the escrow in advance of their maturity dates, and WHEREAS, the Council deems it necessary and advisable to amend Section 9 to provide for call for the 1974 issue prior to maturity, and further to amend Section 13 to provide for notice of such call THEREFORE, BE IT ORDAINED By the City Council of the City of Fort Collins Section 1 That Section 9 of the Ordinance is hereby amended to read as follows Section 9 "Refunding Escrow Account The proceeds derived from the sale of the Refunding Bonds authorized herein, in an amount not less than $3, 155, 000, and the accrued interest 3 - on the bonds being refunded, shall be deposited with the First National Bank, Fort Collins , Colorado (hereinafter the "Bank") , in a separate fund and escrow account hereby created and known as the "City of Fort Collins 1965 and 1974 Issues, Sewer Refunding Revenue Escrow Account", herein designated as the "Refunding Escrow Account" or "Escrow Account", which account shall be at all times sufficient, together with any interest to be derived 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 out- standing 1965 and 1974 Issues to be retired, at their respec- tive maturities, as follows 1965 Issue All outstanding bonds of this issue, being bonds numbered I-113 to I-440, inclusive, 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 original terms 1974 Issue (a) Bonds numbered 1 to 130, inclusive, maturing in the years 1974 to 1988, inclusive, shall be paid and retired at their respective maturity dates according to their original terms (b) Bonds numbered 131 to 400, inclusive, maturing in the years 1989 to 1994, inclusive, shall be called for redemption prior to their respective maturities at the office of the Director of Finance, ex-officio City Treasurer, in Fort Collins , Colorado, at par, accrued interest and a premium of 17 of principal, and shall be paid on June 1, 1989, which date is hereby designated as ' Prior Redemption Date' for said Bonds 4 - Interest on the outstanding bonds of the 1965 and 1974 Issues shall be paid as the same accrues, according to the original terms of said bonds , until said bonds mature " Section 2 That Section 13 of the Ordinance is hereby amended to read as follows "On or about the date the refunding bonds are delivered, or within a reasonable time thereafter, the Director of Finance is authorized to publish notice of prior redemption for the 1974 Issue one (1) or more times in the newspaper customarily used by the City for legal notices Notice shall again be published by such newspaper before the prior redemption date of the 1974 Issue by insertion once, not less than 30 days prior to the prior redemption date Notice shall also be sent by registered, first class , postage prepaid mail at least thirty (30) days prior to the prior redemption date to Halsev, Stuart & Co , Inc , Chicago, Illinois, the original purchaser of said bonds Said notice shall describe said bonds to be called and paid by number, amount, and date of the issue , the place of redemption, the date on which the same will be redeemed, and shall state that after said date, interest on said bonds shall cease " Section 3 That except as herein modified, the provision of Ordinance 9-75 shall be and remain in full force and effect Section 4 Severability That if any one or more sections or parts of this Ordinance shall be adjudged unen- forceable or invalid, such judgment shall not affect, impair, or invalidate the remaining provisions of this Ordinance, it being the intention that the various provisions hereof are severable 5 Section 5 By reason of the fact that a change in position might be effected by persons relying on Ordinance No 9-75, it is hereby declared that an emergency exists , and that this ordinance is necessary for the immediate preserva- tion or protection of the public health, property, or safety, and that this ordinance shall become effective immediately It shall be kept and recorded in Ordinance Record, authenticated by signatures of the Mayor and City Clerk, shall be published in the Fort Collins Coloradoan, a newspaper of the City, published and of general circulation therein, within five (5) days after passage, and such publication shall so be authenticated by the signatures of the Mayor and City Clerk INTRODUCED, PRESENTED AND FINALLY PASSED THIS 1st day of April, 1975 ( S E A L ) r �T ATTEST G City Clerk 6 _ Thereupon Councilman Russell moved that said Ordinance be passed and adopted as read by title only as an emergency ordinance Councilman Bowling seconded the motion The question being upon the passage and adoption of the Ordinance the roll was called with the followinv result Those voting AYE Mayor J 17 N Fead Councilmen Charles Bowling Nancv p Gray Mabel Preble Margaret F Reeves Jack Russell Earl Wilkinson Those voting NAY The presiding officer thereupon declared that the Mayor and at least five 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 newspaper of wide circulation in the City After consideration of other business to come before the City Council the meeting was adjourned ( S E A L ) i ATTEST City Clerk - 7 - STATE OF COLORADO COUNTY OF LARIMER ss CITY OF FORT COLLINS I, Verna Lewis , City Clerk of the City of Fort Collins, Colorado, do hereby certify that the foregoing pages numbered 1 to 7, inclusive, constitute a true and correct copy of the record of the proceedings of the City Council, taken at a regular meeting thereof, held at the City Hall in said City on the 1st day of April, 1975, insofar as said proceedings relate to an amending ordinance of the City 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 duly signed by said officers and sealed with the seal of the City IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City this -?,U-6 day of April, 1975 ( S E A L ) L _ � City Clerk 8 - i (Attach Affidavit of Publication of Ordinance) - 9 - NOTICE OF REFUNDING of CITY OF FORT COLLINS, LARIMER COUNTY, COLORADO SEWER REFUNDING AND IMPROVEMENT REVENUE BONDS SERIES JUNE 1, 196D, MBSERIES SEWER IMPROVEMENT REVENUE BO'-DS , SERIES JUNE 1, 1974 PUBLIC NOTICE IS HEREBY GIVEN That sewer revenue bonds of the City of Fort Collins, Larimer County, Colorado, in the aggregate amount of $3,640,000, have been refunded by action of the City Council of the City, as follows JUNE 19 1965 ISSUE All bonds of Subseries I of the June 1, 1965 issue, maturing in the years 1975 to 1985, inclusive, numbered I-113 to I-440, inclusive, and the interest thereon, shall be paid at their normal maturities, according to their original terms JUNE 1, 1974 ISSUE (a) Bonds numbered 1 to 130, inclusive, maturing in the years 1974 to 1988, inclusive, shall be paid and retired at their respective maturity dates according to their original terms (b) Bonds numbered 131 to 400, inclusive, maturing in the years 1989 to 1994, inclusive, shall be called for redemption prior to their respective maturities at the office of the Director of Finance, ex-officio City Treasurer, in Fort Collins , Colorado, at par, accrued interest and a premium of 17 of principal, and shall be paid on June 1, 1989, which date is hereby designated as the "Prior Redemption Date" for said Bonds After the date so fixed for payment and redemption the interest on said bonds numbered 131 to 400, inclusive, shall cease THIS NOTICE GIVEN By order of the City Council of the City of Fort Collins , Larimer County, Colorado, as of this 1st day of April, 1975 Charlie D Cain Director of Finance - 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