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HomeMy WebLinkAbout009 - 03/10/1975 - AUTHORIZING THE ISSUANCE OF SEWER REFUNDING REVENUE BONDS SERIES 1975 IN THE PRINCIPAL AMOUNT OF $3, ORDINANCE NO 1975- AN ORDINANCE AUTHORI7ING THE ISSUANCE OF SEWFR RE- FUNDING REVENUE BONDS SERIES 1975 OF THE CITY Or FORT COLLINS COLORADO IN THE PRINCIPAL AMOUNT OF $3 155 000 FOR THE PURPOSE OF REFUNDINP $1 640 000 SEWFR REFUNDING' AND IMPROVEMENT REVEPTUE BONDS SERIFS JUNE 1 1965 SUBSERIES I AND $2 000 000 SEWFR IMPROVEMENT REVENUE BONDS SERIES JUNE 1 1974 OF THE CITY OF FORT COLLINS PRESCRIBING THE FORM OF SAID REFUNDING' BONDS PROVIDING FOR THE APPLICATION OF THE NET REVENUE OF THE SANITARY SEWER SYSTEM TO PAY THE BONDS AND THE INTEREST THERFON AND OTHER DETAILS IN CONNLCTION THERE- WITH PROVIDING FOR THE PROCEEDS OF SAID REFUNDING' BONDS TO BE DEPOSITED IN A SEPARATE TRUST ACCOUNT FOR THE PAYMENT OF THE BONDS BEINf REFUNDED AND DECLARING AN EMERGENCY 2 ORDINANCE NO q 1975' AN ORDINANCE AUIHORIZING THE ISSUANCE % SEWFR RE- FUNDING REVENUE BONDS SERIES 1975 01 THE CITY OF FORT COLLINS COLORADO IN THE PRINCIPAL AMOUNT OF $3 155 000 FOR THE PURPOSF OF REFUNDINf$1 640 000 SEWER REFUNDING AND IMPROVEMENT REVFNUF BONDS SERIES JUNE 1 1965 SUBSERIES I AND $2 000 000 SEWER IMPROVEMENT REVENUE BONDS SERIFS JUNF 1 1974 OF THE CITY OF FORT COLLINS PRESCRIBING THE FORM OF SAID REFUNDING BONDS PROVIDING FOR THE APPLICATION OF THE NET PFVENUE OF THE SANITARY SEWER SYSTEM TO PAY THE BONDS AND THE INTEREST THEREON AND OTHFR DETAILS IN CONNECTION THERE- WITH PROVIDING FOR THE PROCEEDS OF SAID REFUND- ING BONDS TO BE DEPOSITED ITS A SFPARATE TRUST AC- COUNT FOR THE PAY^1FNT OF THE BONDS BEING REFUNDED AND DECLARING AN EMERGFNCY WHEREAS the City of Fort Collins in the County of Larimer and State of Colorado has previously authorized and issued its Sewer Refunding, and Improvement Pevenue Bonds Series June 1 1965 Subseries I dated June 1 1965 (herein- after referred to as the 1965 Issue ) in the total amount of $2 200 000 of which there now remains outstanding the principal amount of $1 640 000 consisting of 328 bonds in the denomination of $5 000 each numbered I-113 to I-440 inclusive bearing interest payable semiannuall, on June 1 and December 1 each year and maturing serially on December 1 as follows Bond Numbers Amounts Years Interest Rate (All Inclusive) Maturing Maturing (Per Annum) I-113 - I-137 $125 000 1975 3/ I-138 - I-162 125 000 1976 37 1-163 - I-188 130 000 1977 3 107 I-189 - I-216 140 000 1978 3 107 T-217 - I-245 145 000 1979 3 107 I-246 - I-275 150 000 1980 3 107 I-276 - I-306 155 000 1981 3-1/87 I-307 - I-338 160 000 1982 3-1/81 I-339 - I-371 165 000 1983 3 20/ I-372 - I-405 170 000 1984 3 207 1-406 - I-L40 175 000 1985 3 207 and ITHFPEAS bonds of said series maturing December 1 1075 and thereafter are redeemable prior to maturity at the option of the City in inverse numericll order on December 1 1974 and on any i terest Dayment date thereafter upon payment of par accrued interest and a premium of 17 of Drincipal and 3 WHEREAS the City of tort Collins nis also Dreviously authorized and issued its Sewer Improvement Revenue Bonds Series June 1 1974 dated June 1 1974 (hereinafter re- ferred to as the 1974 Issue ) in the total amount of $2 000 000 the entire amount of which now remains outstand- ing consisting of 400 bonds in the denomination of $5 000 each numbered 1 to 400 inclusive bearing interest paya- ble semiannually on June 1 and December 1 each year and ma- turing serially on December 1 as follows Bond Numbers Amounts Years Interest Rate (All Inclusive) Maturing Maturing (Per Annum) 1 - 2 $ 10 000 1977 6 257 3 - 4 10 000 1978 6 257 5 - 6 10 000 1979 6 257 7 - 8 10 000 1980 6 257 9 - 10 10 000 1981 6 257 11 - 12 10 000 1982 6 257 13 - 14 10 000 1983 6 25/ 15 - 16 10 000 1984 6 25/ 17 - 18 10 000 1985 6 25/ 19 - 54 180 000 1986 6 257 55 - 91 185 000 1987 6 257 92 - 130 195 000 1988 6 207 131 - 170 200 000 1989 6 207 171 - 212 210 000 1990 6 207 213 - 256 220 000 1991 6 20/ 257 - 302 230 000 1992 6 30/ 303 - 350 240 000 1993 6 357 351 - 400 250 000 1994 6 407 and WHEREAS bonds of said series maturing December 1 1984 and thereafter are redeemable prior to maturity at the option of the City in inverse numerical order on June 1 1g84 and on any interest payment date thereafter upon payment of par accrued interest and a premium of 2/ of Drincipal if redeemed on or before December 1 1988 and upon Dayment of par ac- crued interest and a premium of 1/ of principal if redeemed after December 1 1988 and WHFREAS the City Council has determined that it is ne- cessary and in the best interests of the City that the out- standing 1965 and 197A Issues of sewer bonds described above in the aggregate principal amount of $3 640 000 re- maining outstanding be refunded (1) in order to remove 4 restricting and ambiguous covenants and to permit the issu- ance of future sewer re% enue bonds additionally secured by a pledge of net revenues of the City s sanitary sever system 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 reduce rates and interest costs and to effect other economies thereby provid- ing the City with a decrease in total requirements in excess of $ ��j3, �i43 all to the benefit of the City and its inha- bitants in accordance with the Charter and WHEREAS Sewer Refunding Re-,enue Bonds Series 1975 in the amount of $3 155 000 have been sold and awarded to Boettcher and Company of Denver Colorado for cash at par and accrued interest THEREFORE BF IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS COLORADO Section 1 That for the purpose of providing funds with which to refund and pay $1 640 000 of its 1965 Issue and $2 000 000 of its 1974 Issue above described the City of Fort Collins Colorado shall issue its Sewer Refunding Revenue Bonds Series 1975 in the principal amount of $3 155 000 Said Refunding Bonds shall be dated March 1 1975 shall con- sist of 631 bonds in the denomination of 85 000 each num- bered 1 to 631 inclusive shall bear interest at the rate of 7/ per annum payable June 1 1975 and semiannually thereafter on the 1st day of June and the 1st day of December each year and shall mature semiannually on June 1 and December 1 as follows 5 Amount Maturity $ 50 000 June 1 1975 65 000 December 1 1975 75 000 June 1 1976 45 000 December 1 1976 75 000 June 1 1977 55 000 December 1 1977 75 000 June 1 1978 65 000 December 1 1978 75 000 June 1 1979 75 000 December 1 1979 100 000 June 1 1980 60 000 December 1 1980 100 000 June 1 1981 70 000 December 1 1981 100 000 June 1 1982 80 000 December 1 1982 100 000 Tune 1 1983 95 000 December 1 1983 125 000 June 1 1984 85 000 December 1 1984 125 000 June 1 1985 100 000 December 1 1985 125 000 June 1 1986 115 000 December 1 1986 150 000 June 1 1987 105 000 December 1 1987 150 000 June 1 1988 125 000 December 1 1988 150 000 June 1 1989 145 000 December 1 1989 150 000 June 1 1990 145 000 December 1 1990 Bonds of this issue maturing December 1 1985 and there- after shall be redeemable prior to maturity at the option of the City in inverse numerical order on June 1 1985 and on any interest payment date thereafter upon payment of par accrued interest and a premium of 3/ of principal Notice of prior redemption shall be given by publica- tion at least one tine in a newspaper having general circu- lation in the City of Fort Collins not less than thirty (30) days prior to the date of redemption Notice shall also be given by mailing a copy of the notice by registered first class mail to Boettcher a-id Company Denver Colo- rado the original purchaser of the bonds not less than thirty (30) days prior to the date of redemption 6 The principal of and interest on said Refunding Bonds shall be payable in lawful money of the United States of America at the office of the Director of Finance in Fort Collins Colorado The 1975 Refunding Bonds shall be signed with the fac- simile 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 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 manu- al or facsimile signature shall nevertheless be valid and sufficient for all purposes Section 2 That the Refunding Bonds and the interest coupons attached thereto shall be in substantially the fol- lowing form 1 (Form of Bond) UNITED STATES OF AMERICA SLATE OF COLORADO COUNTY OF LARIMER CITY OF 1OP1 COLLINS SEWER RFFU VDINI(' PY-VENUE BOND SERIES 1975 No $5 000 The City of Fort Collins in the County of Larimer and State of Colorado for value recei\ed hereby promises to pa} to the bearer hereof out of the special fund or funds hezeinafter designated but not otherwise the principal sum of FIFE THOUSAND DOLLARS June on the 1st day of December 19 with interest thereon at the rate of seven per centum (7") per annum payable on June 1 1975 and semiannually thereafter on the lst day of June and the 1st day of December each year as evidenced by interest coupons attached hereto both prin- cipal and interest being Da}able in lawful money of the United States of America at the office of the Director of Finance in Fort Collins Colorado upon presentation and surrender of the annexed coupons and this bond as they severally become due Bonds of this issue maturing December 1 1985 and there- after are redeemable in inverse numerical order at the option of the City on June 1 1985 and on any interest payment date thereafter upon payment of par accruea interest and a premium of 3/ of principal Notice of such prior redemption shall be given in the time and manner as more particularly set forth in the Ordinance authorizing the issuance of this bond This bond is issued by the City Council of the City of Fort Collins Colorado for the purpose of paving and refunding lawful and valid outstanding sewer re-, enue bonds of the City under the authority of and in full con- formity with the City Charter and the Constitutio , of the 8 State of Colorado and pursuant to an Ordinance of said City duly adopted published and made a law of the City prior to the issuance of this bond Both the principal of and the interest on this bond are pa}able solely out of a special fund created in full con- formity with law and designated as the Citv of Fort Collins Sewer Fund which Fund shall contain all of the income and revenue derived by the City from the operation of the munici - pal sanitary sewer system from which will first be paid the necessary and reasonable costs and expenses of the operation and maintenance of the system If necessary payment of prin- cipal and interestshall be made from the City of Fort Collins Sewer Refunding Revenue Bond Reserve Fund" created for such purpose all as is more particularly set forth in the Ordi- nance authorizing the issuance of this bond The bonds of this issue are equitably and ratablv secured by a lien on the net income and revenue of the municipal sanitary sewer system It is hereby recited certified and warranted that for the payment of this bond the City of Fort Collins has cre- ated and will maintain said Fund and will deposit therein the amounts and revenue specified in saia Ordinance and out of said Fund as an irrevocable charee thereon will pay this bond and the interest thereon in the manner provided by said Ordinance For a description of the Fund and the na- ture and extent of the security afforded thereby for the pay- ment of this bond reference is made to that Ordinance This bond does not constitute a debt or indebtedness of the City of Fort Collins within the meaning of any Charter or constitutional limitation and shall not be considered or held to be a general oblipation of the City It is hereby certified and recited that all acts and things required to be done and conditions and things re- quired to exist precedent to and in the issuance of this bond to render the same lawful and talid have happened been 9 properly done and performed and did exist in regular and due time, form and manner as required by law For the payment of this bond and the interest thereon the City of Foit Collins pledges the exercise of all its lawful corporate powers IN TESTIMONY ITHEREOF the City Council of the City of Fort Collins Colorado has caused this bond to be signed Tith the facsimile signature of the Mavor sealed with a facsimile of the seal of the City attested by the manual signature of the City Clerk countersigned pith the facsimile signature of the Director of Finance and th- �ntpresi coupons attached hereto to be signed with the facsimile signature of the Di- rector of Finance as of the 1st day of March 1975 CITY OF FORT COLLINS COLORADO (FACSIMILE SEAL) (Facsimile Signature) Mayor ATTEST (Do Aot Sign) City Clerk COUNTERSIGNED (Facsimile Signature) Director ot Finance5- 10 (Poem of Interest Coupon) No $ June On the 1st day of December 19 unless the bond to ��hich this coupon is attached if redeemable has been called for prior redemption the City of Fort Collins in the County of Larimer and State of Colorado will pa} to 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 out of the City of Fort Collins Sewer Fund or if necessary from the City of Fort Collins Sewer Refunding Revenue Bond Reserve Fund but not otherwise be- ing interest then due on its Sewer Refunding Revenue Bond Series 1975 dated March 1 19/5 bearing No (Facsimile Signature) Director of finance 11 Section 3 Disposition of Bond Proceeds The bonds shall be sold and delivered to the Purchaser solely to pro- vide the City with money for the purpose of redeeming and refunding the outstanding 1965 and 1974 Issues The proceeds of the bonds herein authorized shall be used only for the purposes recited above provided however that all or any portion of the bond proceeds may be temporari- ly invested or reinvested pending such use in securities or obligations which are lawful investments for such munici- palities in the State of Colorado It is hereby covenanted and agreed by the City that any temporary investment or re- investment of the bond proceeds or any portion thereof shall be of such nature and extent and for such period that the bonds of the City shall not be or become arbitrage bonds within the meaning of Section 103 (d) of the Internal Revenue Code and pertinent regulations thereto and such proceeds if so invested or reinvested shall be subject to the limita- tions and restrictions of said Section 103 (d) as the same now exists or may later be amended and shall further be sub3ect to any applicable regulations of the Internal Revenue Service Neither the purchaser of said bonds nor the subsequent holders of any of them shall be responsible for the applica- tion or disposal by the City or anv of its officers of the funds derived from the sale thereof The issue of said bonds by the City shall constitute a warranty by and on behalf of the City for the benefit of each and every holder of any of said bonds and that said bonds have been issued for a valuable consideration in full conformity with law Section 4 Reimbursement of Principal and Interest If ne- cessary the principal and interest due or said bonds on June 1 1975 shall be advanced from any fund of the City available therefor said amount to be later reimbursed from 12 the net revenues of the sanitary sewer system The principal of and interest on said bonds shall be payable sole13 out of the net income and revenue to be derived by the City from the operation of the sanitary sewer system as specified in this Ordinance The term sanitary sewer system shall include not only the property comprising the sanitary sewer system at the present time but all improvements and extensions hereafter constructed or acquired by the City Section 5 Rates and Charges for Sanitary Sewer Service The City Council of the City covenants that it will continue in force rates and charges for services rendered by the sanitary sewer system to create income and revenue each year sufficient to pay maintenance and operation expenses of the system an amount equal to not less than 120' of the maximum annual interest and principal requirements of the bonds authorized herein and all bonds outstanding and payable from the revenues of the system In the event that the revenues at any time are not sufficient to make such payments the City shall increase the rates and charges for sanitary sewer service to such an extent as to insure the payments and accumulations required by this Ordinance It shall be the duty of the City to establish maintain and enforce such rates continuously until all of said bonds and the interest thereon have been fully paid and discharged Section 6 Payment of Principal and Interest - Sewer Fund That for purposes of this Ordinance a separate ac- count shall be set aside maintained and known as the City of Fort Collins Sewer Fund So long as any of the bonds hereby authorized shall be outstanding either as to prin- cipal or interest 311 income and revenues derived from the operation of the s} stem except the City s existing, sewer trunk line assessments sewer main line assessments and sewer tap fees and the plant investment fees credited to 13 the City s existing Sewer Capital Improvement Fund shall be deposited into the Sewer Fund That so long as any of the bonds hereby authorized shall be outstanding either as to principal or interest or both the following payments shall be made from the Sewer Fund A 0 & M Expenses First as a first charge thereon there shall be set aside from time to time moneys sufficient to pay operation and maintenance expenses of the system as they become due and payable and thereupon they shall be promptly paid Any surplus remaining at the end of the Fiscal Year (January 1 to December 31 inclusive) and not needed for operation and maintenance expenses shall be transferred to the Sewer Fund and be used for the purposes thereof as herein provided B 1975 Refunding Bond Fund Payments Second from any moneys remaining in the Sewer Fund i e from the net income of the sewer system there shall be deposited into a separate account hereby created and to be known as the City of Fort Collins Sewer Pefunding Revenue Bonds Series 1975;, Bond Fund (herein referred to as the ' 1975 Bond Fund or as the Bond Fund ) the following (1) Monthly commencing on the 1st day of April 1975 an amount in equal monthly installments necessary to- gether with any moneys therein and available therefor to pay the next maturing installment of interest on the 1975 Re- funding Revenue Bonds then outstanding and monthly thereafter commencing on said interest payment date one-sixth of the amount necessary to pay the next maturing installment of in- terest on the outstanding 197^ refunding revenue bonds (2) Monthly commencing on the 1st day of April 1975 an amount in equal monthly installments necessary to- gether with any moneys therein and available therefor to pay the next maturing installment of principal of the outstanding 1975 refundinf revenue bonds and monthly thereafter commenc- ing on said principal payment date one-sixth of the amount necessary to pay the next maturing installment of principal on the 1975 refunding revenue bonds 14 C 1975 efunding Reserve Fund Payments Third but concurrently with the payments required b) the next preceding paragraph B of this Section there shall be established a fund known as City of Fort Collins Sewer Refunding Revenue Bonds Reserve Fund in a total amount of $350 000 Said Peserve Fund shall be initiated by a deposit of $ CS oo The balance of said Reserve Fund shall be accumulated not later than June 1 1982 by equal monthly deposits from the Sewer Fund The Re- serve Fund shall be maintained until such time as the amount therein will be sufficient to pay all of the outstanding re- funding revenue bonds and the interest thereon The money in the Reserve Fund may be used to prevent defaults in the payment of the bonds herein authorized and interest thereon but if used for such purpose it shall be restored to the fund as soon as possible Moneys in the Reserve Fund may be invested in di- rect obligations of the United States Government or in obliga- tions or securities of any agency or instrumentality thereof and the interest from any such investments shall be considered as revenues of the sanitary sewer system D Remaining Funds After the Daynents required by A B and C of this Section 6 any moneys remaining in the Sewer Fund may be used to pay for the e%tension and improvement of the sanitary sewer system of the City for the redemption of outstanding sewer refunding bonds of the City or for any other lawful purpose Section 7 Covenants of the City The City herebv further irrevocably covenants and agrees with each and every holder of the Refunding Revenue Bonds issued under the provisions of this Ordinance that so long as any of said bonds remain outstanding (a) It will continue to operate and manage the municipal sanitary sewer system in an efficient and economical manner and keep and maintain separate accounts of the receipts and expenses thereof in such a manner that the revenue thereof payable into the Bond Fund created by this Ordinance may at all times be readily and accurately determined (b) The City will furnish no free service for the sanitary sewer system and that if the City shall use the 15 facilities of the sanitary sewer system for its own purposes it shall pay monthly a fair and reasonable amount for such service In no event shall the City pay a greater amount than would be charged a private consumer for the same amount of service The City shall include in its annual appropria- tion and budgets amounts sufficient to pay for all service so used (c) It will not sell or alienate any of the property constituting any part or all of the sanitary sewer system in any manner or to any extent as might reduce the security pro- vided for the payment of the bonds authorized herein 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 said system provided however that in the event of any sale or sales as aforesaid consideration shall be paid into the Sewer Fund and shall be used for the pur- poses of said Fund (d) At regular periods each year it will render bills for sanitary sewer services furnished Until paid all sanitary sewer rates and charges shall constitute a lien on the property served and the City shall take whatever action is legally permissible promptly to enforce and collect de- linquent sanitary sewer charges and if water service is provided it shall shut off such water service from property delinquent in the payment of the sanitary sewer rates and charges (e) At least once each year it will furnish the original purchaser of the bonds a statement of the receipts of and the disbursements for the system for the fiscal year immedi- arely preceding each statement (f) It will carry workmen s compensation public lia- bility and such other forms of insuraLice on insuzable sanitary sewer property as would ordinarily be o^rried by utilities 16 having similar properties of equal value such insurance being in such amounts as will protect the system and its operation Section 8 Additional Bonds--Requirements and Limitations No additional bonds shall be issued payable from the net in- come and revenue of the sanitary sever system and having a lien upon such net income and revenue ihich is superior to the lien of the bonds authorized herein The City shall not issue any additional bonds payable from the net income and revenue of the sanitary sewer system and having a lien on such income and revenue on a parity with the Refunding Bonds authorized by this Ordinance unless each of the following requirements is met (a) The City is current in the payment of all principal and interest of the Refunding Bonds and the deposit to and accumulation of the Reserve Fund c~eated b% this Ordinance (b) The net income and revenue of the sanitary sewer system received in the preceding fiscal year shall have been equal to 1 20 times the maximum annual reaui-ements for prin- cipal and interest of the 1975 Refunding Revenue Bonds and all outstanding bonds payable from the revenues of the system If new rates and charges for sanitary sewer service have been effected between the end of the fiscal year and the date of the issuance of the new bonds then the net income and revenue can be ad3usted by applying new rates and charges to the quantities of service actually furnished during such preceding fiscal year (c) Projected Earnings Test The estimated annual revenues to be derived from the operation of the sewer system for the twelve months immediately succeeding the completion of the facilities to be acquired with the proceeds of the addi- tional bonds or obligations shall be an amount equal to the sum of the following (1) the estimated operation and main- tenance expenses of the sewer system for said twelve months and 17 (2) an amount representing one hundred twenty per centum (120 ') of the combined maximum annual principal and interest requirements of the outstanding revenue bonds and other obli- gations of the City payable from and constituting a lien upon revenues of the sewer system and the bonds or other obligations proposed to be issued (excluding any reserves therefor) The projected net income and revenue of the sanitary sewer system shall be determined by a competent feasibility and rate engineer Nothing herein shall prevent the City from issuing addi- tional bonds having a junior or subordinate lien on the net income and revenue of the sanitary sewer system of the City provided that all payments and accumulations required to be made by this Ordinance are current and that the City is in compliance with all the covenants of this Ordinance Section 9 Refunding Fscrow Account The proceeds de- rived from the sale of the Pefunding Bonds authorized herein in an amount not less than $3 155 000 and tie accrued inter- est 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 Fscrow 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 Dazd and retired at their respective maturity dates at the office of the Director of 18 Finance in Fort Collins Colorado according, to their original terms 1974 Issue All outstanding bonds of this issue being bonds numbered 1 to 400 inclusive shall be paid and retired at their re- spective maturity dates at the office of the Director of Finance in Fort Collins Colorado according to their original terms 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 10 Investments in Refunding Escrow Account The Bank shall invest the funds on deposit in the Refunding Escrow Account in direct obligations of or obligations guaranteed by the United States of America and shall fully secure any cash balance in said account in the manner re- quired by law for other trust funds If for any reason at any time the funds on hand in such Refunding Escrow Account shall be _nsufficient to meet the Dayments required as the same shall be about to become due and payable the City Council of the City shall forth- with deposit in such Refunding Escrow Account such addi- tional funds as may be required fully to meet the amount so about to become due and payable Section 11 Obligations of Escrow Bank The Bank shall from time to time redeem all or a portion of the obli- gations in said Refunding Escrow Account in sufficient amounts so that the proceeds therefrom and the interest thereon as the same accrues will be sufficient to meet the interest requirements on the outstanding 1Q65 and 1974 Is- sues as such interest accrues and to pa-, said bonds at their respective maturities according to the schedule hereinabova set forth 19 Scction 12 Authorization to Execute Escrow Account The Mayor Clerk and Directoi of Finance of the City shall and they are hereby authorized and directed to tale all ne- cessary or appropriate action toward the execution of a proper Fscrow Agreement with the Bank concerninf the de - posits in investments of and disbursements from said Re- funding Escrow Account and such other agreements as may be necessary or desirable to effectuate the provisions of this Ordinance and comply with the reauirements of law Section 13 Notice of RefundinP On or about the date when the Refunding Bonds are delivered or within a reasona- ble 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 14 Costs and Expenses of Pefunding All costs and expenses incurred in connection with the issuance and payment of the Refunding Revenue Bonds herein authorized shall be paid exclusively from the proceeds of said bonds or from the revenue of the sanitary sewer system and in no event shall any of such costs or expenses or the principal of or interest on said bonds be paid out of or charged to the general funds or tax levies of the CitS Section 15 Ratification and Approval of Prior Action That all actions heretofore taken by the officers and mem- bers of the Citv Council not inconsistent with the provi- sions of this Ordinance relating to the authorisation sale issuance and delivery of said refunding revenue bonds be and the same are hereby ratified approved and confirmed Section 16 Severability That if any one or more sections or parts of this Ordinance shall be adjudged unen- forceable or invalid such ]ud�ment shall not affect impair or invalidate the remaining provisions of this Ordinance it being the intention that the xar_ous provisions hereof are severable 20 Section 17 Repealer All ordinances or parts thereof in conflict with this Ordinance are hereby repealed Section 18 Ordinance Irrepealable After said bonds are issued this Ordinance shall be and remain irrepealable until said bonds and the interest thereon shall have been fully paid satisfied and discharged Section 19 Declaration of Emergency By reason of the fact that the municipal bond market and the government bond market are subject to sudden and unpredictable changes the savings and other advantages afforded to the City by re- funding the issues of outstanding Sewer Revenue Bonds de- scribed in this Ordinance could be drastically reduced or eliminated thus jeopardizing the entire plan of refunding all to the detriment of the City and its inhabitants it is hereby declared that an emergency exists and that this Or- dinance is necessary for the immediate preservation or pro- tection of public health property or safety and that this Ordinance shall become effective immediately and shall be numbered and recorded in the Ordinance Record authenticated by the signatures of the Mayor and the City Clerk shall be published in the Fort Collins Coloradoan 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 PRESEgTED AND FINALLY PASSED THIS 4TH DAY OF FEBRUARY 1975 ( S E A L ) �aY9 ATTEST V City Clerk 21 Thereupon Councilman Russell moved that said Ordinance be passed and adopted as read b} 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 w-th the following result Those voting AYE Mayor J TT N Fead Councilmen Charles Bowling Nancv P Gray Mabel Preble Margaret F Peeves Jack Russell Farl 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 emergencv 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 Citv After consideration of other business to come before the City Council the meeting was anjourned ( S E A L ) TT ATTEST City Clerk 22 STATE Or COLORADO ) COUNTY OF LARIMER ) ss CITY OF FORT COLLINS ) I Verna Lewis Citv Clerk of the City of Fort Collins Colorado do hereby certify that the foregoing pages num- bered 1 to 22 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 4th day of February 1975 insofar as said pro- ceedings relate to an ordinance authorizing the issuance of Sewer Refunding Revenue Bonds Series 1975 of the City in the principal amount of $3 155 000 dated March 1 1975 which was introduced and amassed 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 offi- cers and sealed with the seal of the City IN WITNESS iTFERFOF I have hereunto set my hand and af- fixed the seal of the Cit) this Ya day of February 1975 ( S E A L ) City Clerk S L 23 (Attach Affidavit- of Publication of Ordinance ) Public Notice Public Notice 1 AFFIDAVIT OF PUBLICATION each ad 1131 MI s b<a II IC est payabl win IIyonJ he) Pe nd din Declmbemb e I<den yea a d tl m t rg x IIy M Dec rit�idl)td�[� mean n STATE OF COLORADO Bond Numbe s Amuu0ls Yea s A�21d gst Gate the es! COUNTY OF LARIMER } ss (All I Clue <) Mat 9 r ru I A n m) and sea 11, a 1 177— 1137 f125 000 14 9/1 N ,}, Jb Ne in 1130— 1163 125000 %19 1 3% espon 1163— 1118 130 OW 11 71 310% de d 7llllard C Johnson 1199- 1716 10000 )978 3TO% The being first duly sworn zv - I z<s lasf1110 1979„ br 310'ti c ry for 17eA— I775 75o 000 r �,19W y �'0% haw be 1776— 1 306 1S5 ODD upon oath deposes and says That he is the A 8V -D1 r£LtOr 1307- M 160 Wo s 'S1 (1 h 3 • nre ash of the Fort Collins Coloradoan that he has personal knowledge of I339 -145 170070 320% labl P 8 I37z— 105 165000 } 7 320% So IS y all the facts set forth in this affidavit that the Fort Collins Colo- 1 06- 1440 175 ODD it, yb t- 3 W% Solely a he sa radoan is a public daily newspaper of general circulation having �i } }F, �') Y system its principal office and place of business situated in said County of am bo d a sa tl x es mat g D«c111ob i 't9f,} sT to ne a e ,��<tY Larimer that said Fort Collins Co]oradoan is printed and publish edeem of P Of I in hl ty I the pf on I in C ry n <Yie norm 1 d rJa Sect a ed daily except Saturdays and legal holidays that said Fort Collins °C mbe 1 1914 no o 9 I I payme I d I lh alf Yme I I pa co e a uM I aft Map m moll fpr cP 1 and sa t y Coloradoan is a daily newspaper duly qualified for the purpose WHEREAS 11k C ty of F I C II a h x p C �lyid i d 7 sued is me men Sevrt Impr eon I R en Bonds Se e9 J rc l 1976 A J s.197e lhv9 a arse 1304 d set forth within the meaning of Chapter 109 Article 1 Sections 11 at ad to a the 1974 ISW I the I I I ono t W sz ono dM ji, ent mW I of author to 18 inclusive of Colorado Revised Statutes 1963 and any amend eeaacn" tar me a It 4D)ncl re `hone )9 i�I payable cam�aPf lllymJ oess m p men ment thereof passed prior to the date hereof that said newspaper Dec mWIa hwa horn I gx Ilyon Dec mWIa Ianpyk smh had prior to January 1 1936 and has ever since said date been 9ondN mbe s Alfw I I Y 1 it 1 t Itamrs admitted to the United States Mails as second class matter under (All) I s a) Alat aJ ASauyq (PerA mu dxha the provisions of the Act of March 3 1879 and any amendments I - z 10ODD1 197> I' 6 o Sect ao thereof that said newspaper is printed in whole in said County of 3- ' to aao 197eyi;Rc ` 16 Fort c 5— 6 10 coo 1979 6 z5S I M 9 Larimer and has a general circulation therein that said newspaper 7- e 10 ODD 11980 v 625% opat o had been so printed and published as a 9- l0 10ODD i9p) P P public daiiv newspaper of n - 1z 10 ODD r w '�7�"n`#1#j ers� arse general circulation in said County of Larimer uninterruptedly and 13s- ie io 0o i98a ; essa Fors continuously during the period of more than fifty two consecutive 17- is 1000D 19as,'},a, 6IR P Re 19— Ss ]so Din 1 5 6 7S% F M weeks next prior t0 the first issue thereof containing the annexed 55— 91 195 ODD ` 19pp ' 670 to AI0 a legal notice or advertisement that said annexed legal notice or �' 1°° ws aoo - 1 c 670%% they e ec advertisement was published in the regular and entire editions of vi -iv ioo000 990 r 6 all eon n said newspaper for 713—256 370009 1 r'1"1 }- , 670% needed) 257-307 33D OWSti{p9A 630% endbev 151 -100 750000 {jl 60% Sewer9F day a at nWHEREAS bolls a $a d se a mat 9 De embe I 9a6'e� Wipe a e Reland OT1E 91LGDE76Y�EXVD�CB6 OR Kra-day Of each successive week !deem Of Pr form r rY rth Opt f th C rY A F! 19 that the first publication of said legal notice or advertisement was J rc1 1911 Min nv nr esi payme ro I )here n�7 RPaY ned�p« tl MO On FU d d a 0 to eeer a d a Prem m 1 r o1 P C Pal 1 edeemedbd Or Dkem&n 1 )9ee stalim a d Ponpaymeht OIPa ued I stand, P emi mggfl d qI i NC<mLW the !t after Dec meet 1 1988 M $ �P.G"� }I` Wr t M in the regular and entire edition of said newspaper on the 7-th WHEREAS The C q Cauncil h der m ed In t {{ s m the best I th a t I est of the C tY in I the Wt I M N IMS d 19741f 1 Soros deu W cutstand T- Saw thethe 99 e9 t V m Pal mom I d S°b0 Mot *1 f$Ndst M n9 be (7)A �bLllcLL AD 19 of (1) J ve eri now est IN lamb 9ua7 cow-" ,Dd r9perm r me Insralln day of 1' y Z5 that the last iw m eta esew< evenueboM dd t onaly sec red by P ofnet evenues the ne I Of the C ty s sa I Y sesce y l m on a W I)y i sl I fN51 IIm of l me d bonds a publication of said legal notice or advertisement was in the regular swance amw1W sat Oact cn Of a 9stest a 01114, by tq llltrhe sw me me arm off the band on nl0r all 1 9ews t m w tiro 19 est m TO < tent of the efum wper«pr«pledtles«Ion nd(7) 00 roved C ate { P! est rots Mt C 1975 and entire edition of said nex stater of the ft7h day of"cesnd ib9ovnosll)r rrre ee frd a ciy Yna ys dnavbtl%I�1 11 aanceow in iantlbro th Ch r d ) '}+,. 99��z t r I m WHEREAS Sewe Ref M gRe eB Ms 1975"I1 9 a$3155 Bob bale ce of P'ebru I ry A Dig 75 and that copies of "Rae abeen acc Ildndi w dedr Boen In rof Land rd 6 ydyo�forcAM I monthly tm each number of said paper in which said notice or advertisement THEREFORE BE IT ORDAINED BY THE L s I7Y OF FORT e en was published were delivered by carriers or transmitted b mail COLLINS COLORADO v D went Y sea on o That 5 I the Propose a Pro d p4 f m nd Paf f sed f to each of the subscribers of said paper ace ing to the accustom fo rt OPT of Its i96s Issu a a t 197 1 74lstFlfee the c ry e Remry i Fan ramm W1or8do span g f 9tlibp,@g 'Genes 1975 ttK abl9 ed mode of business th office PrInC DV arroumas3)ss oro sat n14 gealersb�p �rbn1 }915 sn II 1 me y ConLita6)I bprfdl rhederomU1a 1 au0o0 n tpimheredl )mclug sh 11 D a« bee liar on t the t d 7YiSPef7 JI1 ^ �.}' 1➢]; 9Fyse IlaM 11It moneys �/ There fret pp rho 1 r ddr of J rc p rM 1aI y.bt oaf f) and sn B Sewe a J• 6�J6 m faro sCR1 uafl%mJ 4w Sec plbe) fhllews UUfE' �'1 awe M r ) t ys 'a ry Sec)! Subscribed and sworn to before me at d within the County of J 4 i kl� >et a9 vis f so 03) t j +� JUrci 19)5 Provlsa '1T ds 000 <( 1 Dec mbe91 1975 ( I a� � AS 60° p hr,71a S `I ti976 off pi Larimer State of Colorado this /h'- day of�' =y KL M thee c a5 Q00 _ t Decpat mbe 1 1976 Ke pis 7$000 ) JJl<11971 Dec! 1 1977 det«m MIT d5A00 1 CR1 f t Oec m rcl 1978 C lyshal A D 1'1 IS 000 > ti W `�+a ,E 1-s`�> -J J ne 979 monthly J QJllli 1 S v 1, 13 l.s uUt00ef 4 19// 73.0 R it Dec mMl Inv 9 eater L I00 W0 1 i,cln,�t � 1 J het im !aryl My commission expires _ t00D .a. 1v 1 DK 'roe ) la° f"T rI 1°°o3a J rc) 1") a (C) 7000D De mete) 1981 IS taey IOOOOQ ODD J e ) 1987 Prrti dt0 ���_ No ODD I! ( Decemhe 1 19B7 Ill)p Notary Pubhc l95 OW r Decembe 1 i9ii r rem / 950W Dec mbe 1199U a de arro FU d 1 t Of 1 t V 011111 S t Decembe 1 1985 Delivered to y 125000000 4 J 11966 ISopel�TV — _ _ —1- 0 33oX 580 ` 115 ODD Dec mbe 1 1986 to a to 1 74 abi balm oso000 J rcl 19e7 dec O Dec 17 them uollins, GO 80522 95-P ImoDD ine19" 1 l 12S ODD Dec mbe 1 199 stet me 1500M J ne )9a9 Immeda 14S 009 Dec be 1 19e9 fN I I50009 J he, 1990 w ant 145000 Decembe 1 1990 t i t es t WHIP BOWS of in s ssw m 1 9 Dec mbe 1 1985 a d to 1t h If M edeem bl Seal« D «IOmalu ty at theopto din Cry se in C I«tle J el )9a5dM shall be 24 9 a y merest payment date thereof r Pon payment of par acc ued merest am a �d e pemumd3% lp Coal d NO m a pa edempton shall be 9 an by Wbl Ton at I astlone tme T heC a of these newspepe he 99e al c I ton in C ty f F t C It Miles the th rty(77)of p«rit the d I of edempt on N I shall also be 9 by m w th the 1 9 OPY of the in ne MI C by e9 to f I Ia ma 1 to BPett he a d Compa y De Colo ado the ( )I On or I; I W chase of the bond not less the th iv (30) d y p «I the d I of genes a edempt al of Mlle Tft p ncap`I a nd r est on sa d f? f nd 8ontl m siwl l he payabl lam I n onry .. . ... ...,. — ..,— _ _.. _ (b) 1 I.". w v w I ny ee vy,ne rK IT 9 at din D KIorofF d ' Yr of to C ty Th tern WPM it hoot sad bone h II M to f m 1 9re1 f In s5 d the D Kto of F nc d wlen es d ss ed tar P n of sa d ImdS nail be apply g the b M 9 m1 gat on of the C ty of 9 I line mWt Should y off er whose Such p K m low kt im I 9 I At W Sa d bonds"In t MI Wpms altacllM ICI P theret W I be such off C befor del Y of the bond t the W h se Such Ope t an and lorlac mlesgrat shall ne IMIe55M Id M utf Mt lor IIW Doss, COmplet0 Sect M 2 That the Ref M n9 Bonds Min, I I Wpon ffached thereto SM11 be 00I gat W SubSk 11 Ilythef Ilowmform operaton I amou (Form fB d) ma m UNITED STATES OF AMERICA ndother STATE OF COLORADO COUNTY OF LARIMER th sew, CITYOF FORT COLLINS y SW SEWER REFUNDING REVENUE BOND SERIES1975 ytem Sh N — $5000 Noth 9 The C iy of FO t C II the CW ty of L m d St t of C lot do for Iue S a0(d K Ved ndallf W m SeS 1 Pay 1 th be M apt out f the pK I f d or i M p Hided I It nafk des grated but not tWrww thep pal m f W sect W FIVE THOUSAND DOLLARS R f hens J ne tee I 0 the I t d y If Dec rMer 19--w th tKest the eon t the t of seven per am m B It Far (7%)Re m payable W J to 1 1975 d Sam Ily In it on the ISt d y of W t h J W Mthe lst day of Dec mbe achy a d, CM by t nt Wpon dltached Sews R beret both p ntM t tnt M 9 W y bl I wf I money 1 to Un led States of Ex MA Arne a at the off I In D Kt I F C F t Coll C lorado Pon togethe p esentdt on of U d 1 the W C po d in band as they se a ally estme t becomedue q a mitt Bond of th S saw m t Ig Dec nn a 11"S M th it deem bl mist M W met I ts at the pt on of th C ty 0 J 1 19I S d an y t<as, 19651sau paymenhe t the edit ponpayme tdpa M t est tl p m mdJ%d AIIM 1 W Mpal NtadSuchp Ke0 mplonNallbeg min Im Mm reraSWr< bepida partcularly Yhlorth the Ord and tip gtt10 and ith bond F am TM enrol S ssW by the C ty CW c I f the C ty of Fort Coll Colorado la the I974ISW WrPW0IPaYngaM et Mn9lawf I of altlWiSt M 9sewer ue bonds of the All W15 C IY Urckr the a that ty of If III Mf m ty w th Ih C tV Ch rIK M the Con pa d and St tut W Of the Stated Colo ado d puma Ito O d M 0f sa of C ty of ly dap F and led Wblshed Mmade lawdtheC tYp I th M Of th bond 1 est Both to p en pal d W In t e5t on In 5 bond P Y III solely WI of spec I CI 11<5 a I on fed 1 It onf m ty w in I w a d d 9 ated to C ty IF s III i ppc S Sewer F M will h Fu d h II t It f Ih con, d (k ed by to II tS OepW I WI f om the optf dIM1 m CPal Ot Ysewe yt mf Irwin hwlll Ibtp d qed ton In teP6So ydd sonabl Ost d W sesofth M t)on It In ten c d 9 tlat tat the yskm If necassa y ptsym TOP M p I d t est hall W made f om ton C ty If to a of Fort Col rN Sewer Refo of 9 R M Bond Rae F d ted to uch pu pose hall be II M c W t I ly Sett th the O d and In 9 to SSIIaM of In S d no o, boon Th bolds of th save a K I bly M I bly sec ed by I on the rrl Ex me nd to m yern,i palsy t y sewe yst m aboutowA( MAC It Shereby Kled WIf ed Mw led In It In P ym oon e tdth b theCtY Sect be on l d Fort Coll ns h c led arld w i ma 1 5 tl F d d w II depos t ther the K oaf e mpu I M even Spec f nd se d 0 o a M Wt d sa d Fund So That th a Kable ha 9e the tort w 11 pay in S boon d the te est thereon in m ne S if t t Pro,dM by Sad Ord Ce For cn,: Pt m f the F d M in t and t t of S Ch t e the Sec ty alto ded the eby f the payn, 1 I to S M of ef M made t that th $Chad I Od Th 5 bond does not sit t debt 0 no bted SS of In C ty, f For)Coll w th Sect on I in red g of any Ch to 0 on t t i onal I m tat o d Sh 11 rot be cons on etl a Of F a Wolf beageve I00lg tondfMCtY necesay It heeby CKtf Ma O K fed that all t Mth 9 tq etl t he done nd ton win theBRef M 9 e t same and w n9 d acid h t Precede 11 tl Ion of M Win bond 1 ender des b10 IonsameI Sul land Ie nor n potted! beers ed ed yIa dpMamed Mee eq erne, I eWYl and duet me bond ndm rest as e0 in Cl w SectonI FK titwol all d Ih s bond Mite tKest th eon fh C IY d Fort C011 rs Pledges (lei yKnd the TESTIMONY IW WHEREOF F 1h I powtyC and of Kt IN TESTI Mndt0WSREOF Ih 11tef CIOI 1h t IFM Cay rrs C l ado"th Cty Ca Seem bond a It 5 geed w ih ion f m 9 at I Ion May Sealed w th d Sect I lac fe l d in Se d the C 1 Ifest by m en 1 9 1 1 the C ty Cl k Won w W k gmad w In Ion(Ks m l q t I m D KI of F M a d to I aft of Ion zed Wpm attaso had nK to 1( or l97 w[h In 1 m 59 f d th D Kt d of to se i F and d5d fen 15t0 y Iona ch 1915 p n paid CITYOF FORT COLLINS COLORADO Ia es of lh (FKSMI S9 I ) SKIM) Mayor by the di (FACSIMILE SEAL) th 5 Ord ATTEST erg en (DoNotS91 Secto 1 Sh II be ad C ty Clerk at date COUNTERSIGNED WSP0 (Facs in 1 5 9 a1U e) SKI on l (D Kid I F Me) he eby m Sect 11 (Fo m of 1 to est Coupon) be end am No————— S—__-- Pa d sat sf J Se tons On the 1st d y I Decembe 19-- In the bond t wh h th S Wpm s Nuched I me k t edeemable has been tied 10 W Or edempt m in,C ty Of Forl Coll the Cot, IV ch gas In ORDINANCE NO 9 1975 of La me a It St t d Colorado w B pay t bea er Ion mou I Shown IIKe9 lawf I but t d m AN ORDINANCE AUTHORIZING THE ISSUANCE OF SEWER REFUNDING 1rWtY Of the tdS1 has of Ant Ith off I the D ector of Me Fort ed tow REVENUE BONGS SERIES 1975 OF THE CITY OF FORT COLLINS COLORADO IN Coll m C lorado WI d the C ty,d F 1 C II Sewe F d I reCnSa y 1 ono ton of ID e Olin, THE PRINCIPAL AMOUNT OF$J ISS ODD FOR THE PURPOSE OF REFUNDING C tY 0f Fort Coll M Sewe R f W rg Revenue Bond Rest F tl but Mt oflerw se SIA40000 SEWER REFUNDING AND IMPROVEMENT REVENUE BONDS SERIES be ng nt est the of W is Sewe R 1 of rg R Vert a Bond Se M 1975 of ton Ma ch health p at JUNE I IW5 SUBSERIES I AND S20MOM SEWER IMPROVEMENT REVENUE 1 IW5 be rg M sh 11 t BONDS SERIES JUNE 1 1974 OF THE CITY OF FORT COLLINS PRESCRIBING No————— Colnat" THE FORMOF SAID REFUNDING BONDS PROVIDING FOR THE APPLICATION __ IF m1 $9 at 1 Colo afk OF THE NET REVENUE OF THE SANITARY SEWER SYSTEM TO PAY THE BONDS D Kto dF ante dine May( AND THE INTEREST THEREON AND OTHER DETAILS IN CONNECTION INTROD THEREWITH PROVIDING FOR THE PROCEEDS OF SAID REFUNDING BONDS Sect m J D Spos t on of 8 d P oceed Th bonds Sh It be Solo d del ad to the FEBRUAR TO BE DEPOSITED IN A SEPARATE TRUST ACCOUNT FOR THE PAYMENT OF W Chaser Solely to pro de the C ty w in moray to th p pots,of Naem n9 and THE BONDS BEING REFUNDED AND OECLARI NG AN EMERGENCY ef" gtlewlstandrgl%5 MI97f ISSp,S JWN F Theproceethi mted WHEREAS in C fy 01 Fort C II Its In Co ty f L me and St I Of Color W hove PMdedd bhebord erth a that all or, Y port on 01 ion b,4 V,,,,ds th,be term Mayor has pre ously utho zed d 55 ec t Sewe R t dW d ImW me t Revmu, ports ly It ntedo er asled peon 9such use sec teS or obl9 ten win e (S Ba91L5 k SK es J ha 1 1965 5 bse ei I d fed J re 1 1965(h It Ix ed to as tie lawful IPI far Such m p t es ATTEST Ion St le d C la 4 II lerebY Ve a L 11saUe ) in total dmW 1 d S9 i00 000 01 Soh Ch ion raw pmd n5 WtSidM rg Covenanted and ag eed by the C ty IMt y tempo y n Ime t or a estmmt Of C ty CI I hhep CPalAn't f$1640000 on t 9197Bbod In deMm tond15000 thebOndfalf0ddf WJ YPOTOrthee01Shallbe IS It t Met t dforsuch Fa t Coll n AIDWII I w ft ft Ad pa b pl 1 0 11 0 I P SI aWdO WIItw IA Was I I ow I ad tlVI At IW a*o'A 1 S W JI III, ) P O s UI Pa l DWI 5 3WIYa10) lawl ado W1W IAIJ VIAgN Pfq I P Iq Add off 11 U spud P VS 0 IS I W to 1 d W d a41 wl Won 5W W w P05 Uw I I W 11 hNp P AI D at11 top 1 AUt w0)Paw P aq 11 VS 5161 1 av„f uo Iwr( W Ion A WI A VSS.OW ll 1 1 I P Ion W d fa luaWa M,IVIMAI W I 11 1 u'led. 1 mdW lq W<4 l I poop P a l VI W AaPIApo P swp AI ap1e4 At O VI Ad P It,10 IRLI&O O P l 1 Ilea So 1 VI I S a 11051 IU A AI qVt AVI Ood P W P,Il I ag11 U W VII A 91 PI VI pawatue aq j, IA W 0111 onw101 At 1aV1 SIMIP)CO(u017iS SIM I I w l oil "Umns aq 11 4 P Isa as 1 o polso CIS I ot l to(PIT supl 41. l au I wweI aPodW0 M 0aq IW 11 VSAIDWll a4I 41 M Splpq arw I q 8214ON mggnd 021401, NOTICE OF REFUNDINC of CITI OF IORT COILINS LARITER COUNTY COIOF.ADO SEi7FR REFUNDIN(' AND IMUROVEMENT REVFNUF BONDS SERIES FUNL 1 5 SUBSERIES I and SEWER IMPPOVEMENT REVENUF BONDS SERIFS JUrNF 1 1974 PUBLIC NOTICE IS HEREBY CIVFN 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 1 1965 ISSUE All bonds of Subseries I of the June 1 1965 issue ma- turing 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 All bonds of the June 1 1974 issue maturing in the years 1977 to 1994 inclusive numbered 1 to 400 inclusive and the interest thereon shall be paid at their normal ma- turities 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 4th day of February 1975 /s/ Charlie D Cain Director of Finance 25 (Insert Affidavit of Publication of Notice of Refundinp ) 26 ST�,TF OF COLORADO ) ) ss CITY AND COUNTY OF DENVER ) CERTIFIFD PUBLIC ACCOUNTP\T S VERIFICATION 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 AccoLntants 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 Compan 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 involvinp the presently outstanding Sewer Refundinp and Improvement Revenue Bonds Series June 1 1965 Subseries I dated June 1 1965 and the presently outstanding Sewer Revenue Improvement Pevenue Bonds Series June 1 1974 dated June 1 1974 all 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 Covernment interest rates and pavment 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 27 escrow fund would be equal to or more than the required disbursements on the various disbursement dates 6 fhat in the execution of this Certificate he is duly luthor L ed 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 1975 of PEAT MAR11ICK MITCHELL & CO 28 EXHIBIT A (Attach letter dated as referred to above Schedule of Fscrow Transactions annlc Schedule of Bond Requirements ) 29 STATE OF COLORADO ) COUNTY OF LARIMER ) ss CITY OF FORT COLLINS ) GFNERAL AID NO-LITIGATION CERTIFICATE The undersigned each for himself and not one for another being first duly sworn on oath deposes and says 1 That they are respectively the duly elected or appointed qualified and acting Mayor City Clerk and Di- rector of Finance of the City of Fort Collins Colorado 2 That the City of Fort Collins is organized and is operating under the provisions of the Constitution of the State of Colorado and a City Charter as amended said Char- ter having been adopted on January 22 1955 and that the validity of such Charter or the incorporation of Fort Collins as a City is not being contested 3 That for the period from the 4th day of February 1975 to the date of this affidavit the following were and now are the duly elected or appointed qualified and acting members of the City Council and officers of said City Mayor J W N Fead Assistant Mayor Nancy P Cray Councilmen Charles D Bowling, Mabel Preble Margaret E Peeves Jack Russell Earl Wilkinson City Manager Robert L Brunton City Clerk Verna Lewis Director of Finance Charlie D Cain 30 4 That cxceot aq provided in Ordinarce No ` adopted and approved by the City Council on February 4 1975 authorizing the City s Sewer Refundinp Revenue Bonds Series 1975 in the principal amount of $3 155 000 dated March 1 1975 there are no liens or encumbrances against the sewer system of the City 5 That there is no litigation pending or threatened so far as is known to the undersigned with reference to the issuance of the City of Fort Collins Sewer Refunding Revenue Bonds Series 1975 dated March 1 1975 in the amount of $3 155 000 and that nothing exists to hinder or prevent the issuance of said bonds in said amount 6 That the manual signatures of J 11 N Fead Mayor and Charlie D Cain Director of Finance have heretofore been filed with the Secretary of State of Colorado in ac- cordance with law IN UITNESS WHEREOF We have hereunto set our hands and the official seal of the City of Fort Collins this day of March 1975 ( S E A L ) Maycy ity Clerk Director of Finance Subscribed and separately sworn to before me this day of March 1975 My commission expires My COM91iss on a ,. �s Aagust 13 I971, (NOTARY SEAL) 'Votary Public 31 SIGNATURE CERTIFICATE I the undersigned Anna Mae Peterson of Fort Collins Colorado do hereby certify that I am personally acquainted with J W N Fead Mayor Verna Lewis City Clerk and with Charlie D Cain Director of Finance all of the City of Fort Collins Colorado that I know the above- mentioned officers were the Mayor City Clerk and Director of Finance respectively of said City upon the date of the execution and delivery of Sewer Pefunding Revenue Bonds Series 1975 of said City dated March 1 1975 in the prin- cipal amount of $3 155 000 consisting of 631 bonds in the denomination of $5 000 each numbered 1 to 631 inclusive that I am acquainted with the signatures and facsimile sig- natures of said officers and know that the signatures and facsimile signatures appearing upon said bonds and the cou- pons thereto attached are the signatures or facsimile sig- natures of said officers resuectively and that said offi- cers have to this Certificate subscribed their respective manual signatures ash follows /_ C G- �2A�-c-( Director of Finance i y -Clerk SIGNED AND CERTIFIED This _10_ day of March 1975 a,22z� ( ( S E A L ) of Fort Collins Colorado My Commission expires August 19 1iff 32 STATE OF COLORADO ) COUNTY OF LARIMER ) ss CITY OF FORT COLLINS ) The undersigned Director of Finance of the City of Fort Collins Colorado herebv certifies that City of Fort Collins Sewer Refunding Revenue Bonds Series 1975 dated March 1 1975 in the amount of $3 155 000 in the denomination of $5 000 each numbered 1 to 631 inclusive were delivered to the purchaser thereof receiving therefor the following amounts Principal (par amount) -------------- S3 155 000 00 Accrued Interest from March 1 1975- s6 al QJ~ Total received----------------- $ 6C uI CJ IN WITNESS WHEREOF I have hereunto set my hand and the seal of the City this day of March 1975 /L[Lliw h( Z ,,.... ( S E A i, ) Director of Finance 33 STATE OF COLORADO ) COUNTY OF LARIMER ) ss CITY OF FORT COLLINS ) CERTIFICATE AS TO ARBITRAGE I Charlie D Cain Director of Finance of the City of Fort Collins Larimer County Colorado (the City ) HEREBY CERTIFY with respect to the City s $3 155 000 Sewer Refunding Revenue Bonds Series 1975 dated March 1 1975 (the Bonds ) being issued this day that on the basis of the facts esti- mates and circumstances in existence on the date htereof I do not expect that the proceeds of the Bonds will be used in a manner that would cause such Bonds to be arbitrage bonds within the meaning of Section 103 (d) of the Internal Revenue Code of 1954 as amended (the ' Code ) Temporary Treasury Regulations Section 13 4 and Proposed Treasury Regulations Sections 1 103-13 and 1 103-14 Such facts estimates and circumstances are as follows 1 Except as stated in paragraph 4 nerein below all of the net proceeds of sale of the Bonds , ill be used to purchase a portfolio of obligations (the Acquired Obliga- tions ) 2 The yield on the Acquired Obligations will not ex- ceed the yield on the Bonds as shown in the schedules at- tached hereto 3 The City has covenanted in its Bond Ordinance adopted and approved February 4 1975 (the Ordinance ) not to use the proceeds of the Bonds so as to cause them to be arbitrage bonds within the meaning of Section 103 (d) of the Code and the Regulations in effect and proposed there- under 4 The amount of the Bond proceeds used to acquire ob- ligations which will produce a Meld materially higher than 34 the yield on the Bonds is less than a major portion of the proceeds as defined in Proposed Treasury Regulation Section 1 103-13 (b) (1) (ii) as shown in the schedule attached hereto 5 The City has provided in the Agreement with the Re- funding Agent the First National Bank Fort Collins Colo- rado that the proceeds shall be reinvested after the maturi- ty date of the obligations purchased with said proceeds only if such reinvestment will not cause the Bonds to be arbitrage bonds within the meaning of Section 103 (d) of the Code and the Regulations in effect and proposed thereunder 6 The proceeds invested as provided in paragraphs 4 and 5 hereinabove will not be invested at a yield in excess of the vield which could be obtained for such obligations if purchased on the open market 7 The City has not received notice that its Certifi- cate may not be relied upon with respect to its own issues nor has it been advised that any such adverse action by the Commissioner of Internal Revenue is contemplated 8 The terms used herein will have the same meaning given to such terms in the Ordinance To the best of my knowledge and belief there are no other facts estimates and circumstances which would materi- ally change the expectations herein expressed IN WITNESS WHEREOF I have hereunto set my hand this A day of March 1975 Director o Finance 35 t - OPINION OF COUNSLL Based on our examination of law and review of the ac- companying certificate we are of the opinion that facts estimates and circumstances are sufficiently set forth in the certificate to satisfy the criteria which are necessary under sections 1 103-13 and 1 103-14 of the proposed regu- lations under section 103 (d) of the Internal Revenue Code to support the conclusion that the bonds will not be arbitrage bonds No matters have come to our attention which make unreasonable or incorrect the representations made in the certificate 36