HomeMy WebLinkAbout016 - 04/15/1965 - CONTRACTING AN INDEBTEDNESS ON BEHALF OF THE CITY BY ISSUING THE NEGOTIABLE GENERAL OBLIGATION WATER lei ~t'
ORDINANCE NO 16 1 65
AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON BEHALF
OF THE CITY OF FORT COLLINS, COLORADO, AND UPON THE
CREDIT THEREOF, BY ISSUING THE NEGOTIABLE, COUPON,
CITY OF FORT COLLINS, COLORAD09 GENERAL OBLIGATION
WATER BONDS, SERIES JUNE 19 19659 IN THE AGGREGATE
PRINCIPAL AMOUNT OF $39200,000 00 FOR THE PURPOSE
OF SUPPLYING WATER TO SAID CITY BY CONSTRUCTING AND
OTHERWISE ACQUIRING EXTENSIONS, ADDITIONS AND IM-
PROVEMENTS TO THE MUNICIPAL WATERWORKS SYSTEM AND
EVERYTHING NECESSARY OR INCIDENTAL THERETO, INCLUD-
ING THE ACQUISITION OF ADDITIONAL SOURCES OF WATER,
PRESCRIBING THE FORM, TERMS AND CONDITIONS OF SAID
BONDS, THE MANNER AND TERMS OF THEIR ISSUANCE, THE
MANNER OF THEIR EXECUTION, THE METHOD OF PAYING THE
BONDS AND THE SECURITY THEREFOR, AND OTHER DETAILS
IN CONNECTION THEREWITH, PROVIDING FOR THE LEVY AND
COLLECTION OF GENERAL (AD VALOREM) TAXES FOR THE
PAYMENT OF SAID BONDS, ALSO PROVIDING FOR THE DIS-
POSITION OF REVENUES FROM THE OPERATION OF THE WATER-
WORKS SYSTEM, PROVIDING COVENANTS, AGREEMENTS AND
OTHER DETAILS AND MAKING OTHER PROVISIONS CONCERNING
SAID TAXES, SAID REVENUES, SAID SYSTEM, SAID BONDS,
THE REVENUES PLEDGED FOR THEIR PAYMENT, AND THE
ISSUANCE OF ADDITIONAL BONDS PAYABLE FROM SAID
REVENUES, AND RATIFYING ACTION PREVIOUSLY TAKEN IN
CONNECTION WITH THE FOREGOING
WHEREAS, the City of Fort Collins (herein sometimes
merely designated as the "City") , in the County of Larimer
and State of Colorado (herein sometimes designated as the
"State") , is a political subdivision of the State, a body
corporate and politic and a home rule city with a "Council-
Manager government" pursuant to Article XX of the Constitu-
tion of the State of Colorado and the Charter of the City
(herein sometimes designated as the "Charter") , and
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WHEREAS, the City now owns and operates a municipal
waterworks system (sometimes referred to herein as the
"waterworks system" or as the "system") , and
WHEREAS, the City' s present water treatment,
distribution and storage facilities and water supply are
inadequate, and in order that the present and future needs
of the inhabitants of the City may be met, it is necessary
to supply water to the City by constructing and otherwise
acquiring extensions, additions, and improvements to the
municipal waterworks system and everything necessary or
incidental thereto, including the acquisition of additional
sources of water (hereafter sometimes referred to as the
"Project") , and
WHEREAS, there are not sufficient funds in the
treasury of said City to provide for the necessary exten-
sions, additions, and improvements to the waterworks system,
and
WHEREAS, Section 20(d) , Part II, Article V of the
Charter, as amended, provides that the Council has the
power to issue general obligation bonds, without an elec-
tion, to evidence debts contracted for supplying water to
such City, said bonds and interest thereon to be payable
at such time or times and upon such terms and conditions,
not otherwise inconsistent with the Charter, as the Council
may by ordinance determine, and
WHEREAS, Section 7, Part I, Article V of the
Charter provides as follows
"The mill levy shall not exceed fifteen mills
on each dollar of assessed valuation of taxable
property within the City for all purposes Any
mill levy in excess of the fifteen mills aforesaid
shall be absolutely void as to the excess and it
shall be unlawful for the assessor to extend and
for the treasurer to collect any such excess "
and
WHEREAS, Section 6, Article IX of the Charter
provides in part as follows
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"The Council shall by ordinance from time to
time fix, establish, maintain, and provide for the
collection of such rates, fees, or charges for water
and electricity, and for water, sewer, and electric
service furnished by the City as will produce reve-
nues sufficient to pay the cost of operation and
maintenance of said utilities in good repair and
working order , to pay the principal of and interest
on all bonds of the City payable from the revenues
of said utilities, to provide and maintain an ade-
quate fund for replacement of depreciated or obso-
lescent property, to provide a fund for the extension,
improvement, enlargement, and betterment of said
utilities , to pay the interest on and principal of
any general obligation bonds issued by the City to
extend or improve said utilities The provisions
hereof shall be subject at all times to the perfor-
mance by the City of all covenants and agreements
made by it in connection with the issuance, sale,
or delivery of any bonds of the City payable out
of the revenues derived from the operation of its
water, electric, and other utilities, whether such
revenue bonds be heretofore or hereafter issued
"Any surplus revenue produced from the operation
of any utilities after meeting all the requirements
set forth above shall be paid into the general fund
of the City in lieu of taxes "
and
WHEREAS, the City has heretofore issued, pursuant
to Ordinance No 5-1948, adopted and approved on the 24th
day of June, 1948, its Sewer and Water Revenue Bonds, dated
the first day of March, 1948, in the original principal
amount of $195 ,000 00 (herein sometimes designated the 1948
revenue bonds) , which are now outstanding in the principal
amount of $ 35 ,000.00 , and
WHEREAS, Section 1 of said Ordinance No 5-1948
provides in part that said 1948 revenue bonds, both as to
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principal and interest, shall "be payable solely and only
out of the net revenue to be derived by the City from and
through the operation of its sewer system, and, if neces-
sary, out of the net revenue to be derived from the opera-
tion of its water system" , and ^
WHEREAS, the City has also heretofore issued,
pursuant to Ordinance No 4, 1950, adopted and approved
the llth day of May, 1950 , its general obligation Refunding
Water Bonds, dated the first day of April, 1950, in the
original principal amount of $600,000 00 (herein sometimes
designated the "1950 refunding water bonds") , which are
now outstanding in the principal amount of $ 170,000 00 ,
and
WHEREAS, the City has also heretofore issued,
pursuant to Ordinance No 15 , 1954, adopted and approved
the 18th day of June, 1954, its General Obligation Water
Extension Bonds, dated the first day of June, 1954, in the
original principal amount of $1,500,000 00 (herein sometimes
designated the "1954 water extension bonds"), which are now
outstanding in the principal amount of $ 548,000 00 , and
WHEREAS, except for the 1948 revenue bonds, the
1950 refunding water bonds, and the 1954 water extension
bonds, the City has never issued any bonds or other obliga-
tions which are still outstanding and which may be paid from
the revenues of the waterworks system or which were issued
for the extension, improvement, enlargement or betterment of
said system and
WHEREAS, pursuant to the "6-1-65 sewer revenue
bond ordinance" which is to be passed simultaneously with
this ordinance, there will be deposited in a separate escrow
account thereby created and to be known as the "City of
Fort Collins Colorado Sewer Refunding and Improvement
Revenue Bonds, Series June 1, 1965 , Refunding Fund" an
amount at all times at least sufficient, together with the
interest or other yield to be derived from the investment
or temporary reinvestment of the deposits in federal securi-
ties, as therein defined, to pay the principal of and the
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interest on the outstanding 1948 revenue bonds, both accrued
and not accrued, as the same become due, to the respective
maturities of the 1948 revenue bonds , and
WHEREAS, the Council has determined, and does
hereby determine that the interest of the City and the
public demand
(1) The Project , and
(2) The creation of a bonded indebtedness in
the principal amount of $3,200,000 00 (herein some-
times designated as the "bonds") , to defray in whole
or in part the cost of the Project and
WHEREAS, although the bonds to be issued pursuant
to this ordinance will be general obligation bonds of the
City payable from general (ad valorem) taxes which may be
levied against the taxable property within the City, subject
to the limitation imposed by the Charter it is the inten-
tion of the Council to provide for the payment of the prin-
cipal of and the interest on the 1965 water bonds as well
as the principal of and the interest on the 1950 refunding
water bonds , the 1954 water extension bonds and any other
bonds permitted by this ordinance to be hereafter issued for
the purpose of extending , improving, enlarging or bettering
the waterworks system by the application of the net revenues
of the waterworks system (subject to designated exceptions)
to such payment thereby eliminating or reducing the amounts
which it might otherwise be necessary to raise by general
taxation
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF
THE CITY OF FORT COLLINS, COLORADO
Section 1 Ratification That all action here-
tofore taken (not inconsistent with the provisions of this
ordinance) by the Council and the officers of the City,
directed toward the Project and toward the issuance of its
bonds for that purpose be, and the same is hereby ratified,
approved and confirmed
Section 2 Authorization of Project That pursuant
to the Charter, the waterworks system shall be , and the same is
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hereby ordered to be, extended, added to, and improved, at
_a total cost of not exceeding $3,200,000 00, excluding any
such cost defrayed or to be defrayed by any source other
than the proceeds of the bonds
Section 3 Estimated Cost of Pro_1ect That the
cost of the Project is estimated not to exceed $3,200,000 00,
excluding any such cost defrayed or to be defrayed by any
source other than the proceeds of the bonds
Section 4 Authorization of Bonds That for the
purpose of protecting the public health, conserving the
property and advancing the general welfare of the citizens
of the City, and for the purpose of the Project, it is
hereby declared necessary that the City make and issue,
and there are hereby authorized to be issued, pursuant to
the provisions of the Charter, the "City of Fort Collins,
Colorado, General Obligation Water Bonds, Series June 1,
1965," in the principal amount of $3,200,000 00
Section 5 Bond Details That the bonds shall
be dated as of the first day of June, 1965, shall consist
of 640 bonds numbered consecutively from 1 to 640, both
inclusive, in the denomination of $5,000 00 each, payable
to bearer, bearing interest from date until their respective
maturities at a rate or rates of not exceeding four and
one-half per centum (4-1/27) per annum, to be hereafter
established after the public sale of the bonds, interest
being payable on the first day of December, 1965 , and semian-
nually thereafter on the first days of June and December in
each year, and being evidenced until maturity by one set
of coupons payable to bearer and attached to the bonds,
the bonds being numbered and maturing serially in regular
numerical order on the first day of December in each of the
designated amounts and years, as follows
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Bond Numbers Amounts Years
All Inclusive) Maturing Maturing
1 - 3 $ 15,000 00 1967
4 - 6 159000 00 1968
7 - 9 159000 00 1969
10 - 34 125 ,000 00 1970
35 - 65 1559000 00 1971
66 - 98 1659000 00 1972
99 - 132 170,000 00 1973
133 - 167 1759000 00 1974
168 - 203 180000 00 1975
204 - 240 185:000 00 1976
241 - 279 195,000 00 1977
280 - 319 200 ,000 00 1978
320 - 360 205 ,000 00 1979
361 - 403 2159000 00 1980
404 - 447 220,000 00 1981
448 - 493 230 ,000 00 1982
494 - 540 2359000 00 1983
541 - 589 245,000 00 1984
590 - 640 255,000 00 1985
both the principal of and the interest on the bonds being pay-
able in lawful money of the United States of America , without
deduction for exchange or collection charges , at the office
of the Director of Finance and ex-off icio City Treasurer, in
Fort Collins , Colorado If any of the bonds is not paid upon
presentation at its maturity, interest thereon shall continue
at the rate of six per centum (67) per annum until the prin-
cipal thereof is paid in full
Section 6 Prior Redemption That bonds numbered
1 to 167 , both inclusive , maturing on or before the first day
of December, 1974, shall be subject to redemption prior to
their respective maturities , at the option of the City, in
regular numerical order, on the first day of June , 1967 , or on
any interest payment date thereafter prior to maturity, upon
payment of the principal amount of each bond so redeemed,
accrued interest thereon to the redemption date , and a premium
consisting of five per centum (57) of the principal amount of
each bond so redeemed The prior redemption option hereinabove
provided in this Section 6 hereof shall notibe exercised for
the purpose of refunding the bonds called for prior redemption
without the specific written consent to such call by the holders
of those bonds , except as hereinafter provided For all purposes ,
including refunding, bonds numbered 168 to 640 , both inclusive ,
maturing on and after the first day of December, 1975,
shall be subject to redemption prior to their respective
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maturities, at the option of the City, in inverse numerical
order, on the first day of December, 1974, or on any inter-
est payment date thereafter prior to maturity, upon payment
of the principal amount of each bond so redeemed, accrued
interest thereon to the redemption date, and no premium
Section 7 Notice of Prior Redemption That
notice of redemption shall be given by the Director of
Finance and ex-officio City Treasurer, in the name of the
City, by publication of such notice at least once, not less
than thirty days prior to the redemption date, in a news-
paper of general circulation in the City, and a copy of
such notice shall be sent by registered, first-class, post-
age prepaid, mail at least thirty days prior to the redemp-
tion date, to the original purchaser of the bonds or the
manager of any purchasing syndicate (herein sometimes
designated as the "Purchaser") Such notice shall specify
the number or numbers of the bonds to be so redeemed (if
less than all are to be redeemed) and the date fixed for
redemption, and shall further state that on such redemption
date there will become and be due and payable upon each
bond so to be redeemed at the office of the Director of
Finance and ex-officio City Treasurer, in Fort Collins,
Colorado, the principal amount thereof, accrued interest
thereon to the redemption date, and the stipulated premium,
if any, and that from and after such date interest will
cease to accrue Notice having been given in the manner
hereinbefore provided, the bond or bonds so called for
redemption shall become due and payable on the redemption
date so designated, and upon presentation thereof at said
office together with all appurtenant coupons maturing
subsequent to the redemption date, the City will pay the
bond or bonds so called for redemption
Section 8 Negotiability That subject to the
provisions specifically made or necessarily implied herein,
the bonds and coupons appertaining thereto shall be fully
negotiable and shall have all the qualities of negotiable
paper, and the holder or holders thereof shall possess all
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rights enjoyed by the holders of negotiable instruments
under the provisions of the Negotiable Instruments Law
Section 9 Execution That the bonds shall be
executed in the name of and on behalf of the City and
authenticated with the manual signature of the Mayor,
shall be countersigned with the facsimile signature of the
Director of Finance and ex-officio City Treasurer, and
shall be attested with the facsimile signature of the City
Clerk, with the facsimile of the seal of the City affixed
thereto The interest coupons appertaining thereto shall
be executed and authenticated by the facsimile signatures
of said officers Said bonds and coupons bearing the sig-
natures of the officers in office at the time of the signing
thereof shall be the valid and binding obligations of the
City, notwithstanding that before the delivery thereof and
payment therefor any or all of the persons whose signatures
appear thereon shall have ceased to fill their respective
offices The Mayor by the execution of the bonds and all
of said officers by the execution of a signature certificate
shall adopt as and for their signatures the facsimiles
thereof appearing upon any of the bonds or coupons In
the event that at the time of executing the bonds or a
signature certificate the manual or facsimile signature of
a predecessor in office of any officer appears on the bonds
or coupons, said officer may, in like manner, adopt as and
for his own signature the manual or facsimile signature of
his predecessor
Section 10 Bond and Coupon Forms That the
bonds and the coupons thereto attached shall be in substan-
tially the following form
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(Form of Bond)
UNITED STATES OF AMERICA
STATE OF COLORADO COUNTY OF LARIMER
CITY OF FORT COLLINS
GENERAL OBLIGATION WATER BOND
SERIES JUNE 12 1965
No $5 ,000 00
The City of Fort Collins (herein sometimes desig-
nated as the "City") , in the County of Larimer and State of
Colorado, for value received, acknowledges itself indebted
and hereby promises to pay to the bearer hereof the sum of
FIVE THOUSAND DOLLARS
on the first day of December, 19_, with interest thereon
from date until maturity at the rate of
per centum ( 7)
per annum, evidenced until maturity by only one set of
interest coupons , payable on the first day of December, 1965,
and semiannually thereafter on the first days of June and
December in each year, upon presentation and surrender of
this bond and the annexed interest coupons as they severally
become due If upon presentation at its maturity, payment
of this bond is not made as herein provided, interest shall
continue hereon at the rate of six per centum (67) per annum
until the principal hereof is paid in full Both principal
and interest are payable in lawful money of the United States
of America , without deduction for exchange or collection
charges , at the office of the Director of Finance and ex-
officio City Treasurer, in Fort Collins, Colorado
This bond is one of a series of bonds which are
subject to redemption prior to maturity Bonds of said series
maturing on and before the first day of December, 1974, are
subject to redemption prior to their respective maturities in
regular numerical order on the first day of June , 1967 , or on
any interest payment date thereafter prior to maturity, for
the principal amount thereof, accrued interest to the redemption
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date , and a premium of five per centum (57) of the principal
amount of each bond so redeemed The prior redemption option
here inabove provided shall not be exercised for the purpose
of refunding the bonds called for prior redemption without
the specific written consent to such call by the holders of
those bonds , except as hereinafter provided For all pur-
poses , including refunding, bonds of said series maturing on
and after the first day of December, 1975, are subject to
redemption prior to their respective maturities in inverse
numerical order on the first day of December, 1974, or on any
interest payment date thereafter prior to maturity, for the
principal amount of each bond so redeemed and accrued interest
thereon to the redemption date Redemption shall be made upon
not less than thirty days ' prior notice by publication and by
mail in the manner and upon the conditions provided in the
ordinance authorizing the issuance of this bond
This bond is one of a series of bonds (herein
sometimes designated as the "bonds") issued by the City
Council of the City on behalf of said City and upon the
credit thereof for the purpose of supplying water to the City
by constructing and otherwise acquiring extensions , additions ,
and improvements to the municipal waterworks system and
everything necessary or incidental thereto, including the
acquisition of additional sources of water, under the author-
ity of and in full conformity with the Constitution of the
State of Colorado and the Charter and ordinances of the City
of Fort Collins , and pursuant to an ordinance of said City
duly adopted, published, and made a law of said City prior
to the issuance of this bond
It is hereby certified, recited and warranted that
all the requirements of law have been fully complied with by
the proper officers of the City in the issuance of this bond,
that the total indebtedness of the City, including that of
this bond, does not exceed any limit of indebtedness pre-
scribed by the Constitution or laws of the State of Colorado
or the Charter of the City, that provision has been made for
the levy and collection of annual general (ad valorem) taxes
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sufficient to pay the interest on and the principal of this
bond when the same become due (except to the extent other
funds are available therefor) , subject to the limitation
imposed by the Charter of the City, and that the full faith
and credit of the City are hereby irrevocably pledged to the
punctual payment of the principal of and the interest on
this bond according to its terms
The payment of the bonds and the interest thereon
is additionally secured by an irrevocable pledge of the net
revenues derived by the City from the operation of the water-
works system (subject to designated exceptions) , as provided
in Ordinance No , passed, adopted, signed and approved
on the + day of , 1965, which authorized the issu-
ance of the bonds For a description of the nature and extent
of the security afforded thereby for the payment of the prin-
cipal of and the interest on the bonds , reference is made to
said ordinance The bonds are equitably and ratably secured
by a lien on said net revenues , and the bonds constitute an
irrevocable and first lien (but not necessarily an exclusively
first lien) upon said net revenues (subject to designated
exceptions) Said ordinance provides that the principal of
and interest on the City's general obligation Refunding Water
Bonds , dated the first day of April, 1950, and the City's
General Obligation Water Extension Bonds , dated the first
day of June, 1954, shall be paid from said net revenues on
a parity with the bonds of the series of which this bond is
one Bonds in addition to the series of which this is one,
subject to expressed conditions , may be issued and made pay-
able from said net revenues , having a lien thereon subordinate,
inferior and junior to the lien, or, subject to additional
expressed conditions , having a lien thereon on a parity with
the lien of the bonds of the series of which this is one
in accordance with the provisions of said ordinance
IN WITNESS WHEREOF, the City of Fort Collins has
caused this bond to be executed and authenticated in its
name with the manual signature of the Mayor of the City of
Fort Collins and countersigned by the facsimile signature of
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the City°s Director of Finance and ex-officio City Treasurer,
and attested with the facsimile signature of the City Clerk,
has caused the facsimile of the seal of the City to be
affixed hereon, and has caused the interest coupons apper-
taining hereto to be executed with the facsimile signatures
of said officers, all as of the first day of June, 1965
CITY OF FORT COLLINS
By (For Manual Signature)
Mayor
(FACSIMILE SEAL)
Attest
(For Facsimile Signature)
City Clerk
Countersigned
(For Facsimile Signature)
Director or Finance
(End of Form of Bond)
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(Form of Coupon)
Coupon
No $
June ,
On the first day of December, 19 , unless
the bond to which this coupon is attached is called for
prior redemption, the City of Fort Collins , in the County
of Larimer and State of Colorado, will pay to bearer in
lawful money of the United States of America , at the office
of the Director of Finance and ex-officio City Treasurer,
in Fort Collins , Colorado, the amount herein stated, being
six months ' interest on its City of Fort Collins , Colorado,
General Obligation Water Bond, Series June 1, 1965, and
bearing
Bond
No
(For Facsimile Signature)
Mayor
(For Facsimile Signature)
Director of Finance
i
(For Facsimile Signature)
City clerk
(End of Form of Coupon)
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Section 11 Bond Preparation, Execution and
Delivery That the Mayor , Director of Finance and City Clerk
are hereby authorized and directed to prepare and execute the
bonds as herein provided When the bonds have been duly
executed and sold, the Director of Finance shall deliver them
to the Purchaser on receipt of the agreed-upon purchase price
Section 12 Use of Bond Proceeds That the pro-
ceeds realized from the sale of the bonds shall be applied
solely for the Project and for no other purpose whatsoever,
but the Purchaser shall in no manner 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 The City
may, at its option, use proceeds realized from the sale of the
bonds , to the extent necessary, for the purpose of paying in-
terest accruing on said bonds on December 1, 1965, provided,
however, that any amounts so utilized shall be replaced from
the first revenues of the system thereafter received not
herein required to be otherwise applied
Section 13 General Taxes That for the purpose of
providing the necessary funds to pay the interest and principal
accruing on the bonds , there shall be levied on all taxable
property of the City, in addition to all other taxes , direct
annual taxes sufficient to pay the principal of and the interest
on the bonds promptly as the same respectively shall become due,
subject to the limitation imposed by the City Charter, and said
taxes , when collected, shall be placed into a special account
hereby created and to be known as the "City of Fort Collins ,
Colorado, General Obligation Water Bonds , Series June 1, 1965,
Interest and Bond Retirement Fund" (hereinafter sometimes desig-
nated as the "Bond Fund") , and applied solely for the purpose of
paying the principal of and the interest on the bonds , respec-
tively, and for no other purpose whatever until the bonds
authorized by this ordinance , principal and interest, shall be
fully paid, sata.sfied and discharged
Section 14 Use of Other Funds That nothing
herein contained shall be so construed as to prevent the
City from applying any other funds that may be in the City
Treasury and available for that purpose for the payment of
said interest or principal as the same respectively mature ,
and the levy or levies provided for may thereupon to that
extent be diminished
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Section 15 Duties to Make Tax Levies That it
shall be the duty of the Council, annually, at the time and
in the manner provided by law for levying other City taxes,
if such action shall be necessary to effectuate the provi-
sions of this ordinance, to ratify and carry out the provi-
sions hereof with reference to the levying and collection of
taxes , and the Council shall require the officers of and for
the City to levy, extend and collect such taxes in the man-
ner provided by law for the purpose of creating a fund for
the payment of the principal of the bonds and interest there-
on, and such taxes , when collected, shall be kept for and
applied only to the payment of the interest and principal of
the bonds as hereinbefore specified
Section 16 Fiscal Year That for the purposes of
this ordinance, the waterworks system shall be operated upon
a fiscal year basis commencing on the first day of January
in each calendar year and ending on the last day of December
of the same year (herein sometimes designated as "Fiscal Year")
Section 17 Water Fund That so long as any of
the bonds shall be outstanding, either as to principal or
interest, or both, the entire gross income and revenues of
the waterworks system shall be set aside and credited to a
special account hereby created and to be known as the "Fort
Collins Waterworks System Revenue Fund" (herein sometimes
designated as the "Water Fund") , provided, however, that the
City's existing water main assessments and water tap fees and the
plant investment fees which the City will impose by Ordinance
No 18 , to be finally passed and adopted on the 1 th day of
April , 1965 , may, at the option of the City, not be included
in gross revenues but may be credited to the City's water capital
improvement fund or funds
Section 18 Administration of Water Fund That
so long as any of the bonds shall be outstanding, either as
to principal or interest or both the following payments
shall be made from the Water Fund
A 0 & M Expenses Firstly, as a first charge
thereon, there shall be set aside each month moneys
sufficient to pay operation and maintenance expenses
as they become due and payable, and thereupon they
shall be promptly paid Any surplus remaining at the
end of the fiscal year and not needed for operation
and maintenance expenses , shall be transferred to the
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Water Fund and be used for the purposes thereof, as
herein provided
B Operation and Maintenance Expenses For pur-
poses of this ordinance, "operation and maintenance
expenses" (or a phrase of similar import) means all
reasonable and necessary current expenses of the City,
paid or accrued, of operating, maintaining and repairing
the waterworks system, and the term may include at the
City°s option (except as limited by law) , without limit-
ing the generality of the foregoing, legal and overhead
expense of the various city departments directly related
and reasonably allocable to the administration of the
waterworks system, insurance premiums, the reasonable
charges of any depositary bank or paying agent apper-
taining to the waterworks system, contractual services,
professional services required by this ordinance, salar-
ies and administrative expenses, labor, and the cost of
materials and supplies used for current operation, but
shall not include any allowance for depreciation, lia-
bilities incurred by the City as the result of its neg-
ligence in the operation of the waterworks system, or
other ground of legal liability not based on contract,
and shall not include the costs of improvements, exten-
sions , enlargements or betterments, or any charges for
the accumulation of reserves for capital replacements
C 1950 Refunding Water Bond Fund Payments
Secondly, and subject to the aforesaid provisions , from
any moneys remaining in the Water Fund, i e , from the
net income of the waterworks system, there shall con-
tinue to be deposited and paid into a special fund
known as the "Refunding Water Bond Fund, Series 1950,"
heretofore established by the City for the purpose of
paying the 1950 refunding water bonds, the following
(1) Monthly, ati amount in equal monthly
installments necessary, together with any moneys(
therein and available therefor, to pay the next
maturing installment of interest on the outstanding
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1950 refunding water bonds, and monthly there-
after, one-sixth of the amount necessary to pay
the next maturing installment of interest on the
outstanding 1950 refunding water bonds
(2) Monthly, an amount in equal monthly
installments necessary, together with any moneys
therein and available therefor, to pay the next
maturing installment of principal on the out-
standing 1950 refunding water bonds, and monthly
thereafter, one-twelfth of the amount necessary
to pay the next maturing installment of principal
on the 1950 refunding water bonds
D 1954 Water Extension Bond Fund Payments
Thirdly, but concurrently with the payments required
to be made by paragraph C of this section 18 hereof,
there shall continue to be deposited into a special
fund known as the "Water Extension Bond Fund," hereto-
fore established by the City for the purpose of paying
the 1954 water extension bonds, the following
(1) Monthly, an amount in equal monthly
installments necessary, together with any moneys
therein and available therefor, to pay the next
maturing installment of interest on the outstand-
ing 1954 water extension bonds, and monthly
thereafter, one-sixth of the amount necessary
to pay the next maturing installment of interest
on the outstanding 1954 water extension bonds
(2) Monthly, an amount in equal monthly
installments necessary, together with any moneys
therein and available therefor, to pay the next
maturing installment of principal of the out-
standing 1954 water extension bonds, and monthly
thereafter, commencing on said principal payment
date, one-twelfth of the amount necessary to pay
the next maturing installment of principal on the
1954 water extension bonds
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E Bond Fund Payments Fourthly, but concurrently
with the payments required to be made by paragraphs C
and D of this section 18 hereof, there shall be depos-
ited into the Bond Fund (hereinabove created in section
13 hereof) , except to the extent provision has been
made to deposit therein in the same Fiscal Year the
proceeds of general (ad valorem) taxes or moneys other
than waterworks system revenues, the following
(1) Monthly, commencing on the 1st day of
Julie , 196_, an amount in equal monthly
installments necessary, together with any moneys
therein and available therefor, to pay the next
maturing installment of interest on the bonds then
outstanding, and monthly thereafter commencing on
said interest payment date one-sixth of the amount
necessary to pay the ne#t maturing installment of
interest on the outstanding bonds
(2) Monthly, commencing on the 1st day of
December , 196 6 , an amount in equal monthly
installments necessary, together with any moneys
therein and available therefor, to pay the next
maturing installment of principal of the outstand-
ing bonds , and monthly thereafter commencing on
said principal payment date one-twelfth of the
amount necessary to pay the next maturing
installment of principal on the bonds
F Termination upon Deposits to Maturity No
payment need be made into the Bond Fund if the amount
therein totals a sum at least equal to the entire
amount of the outstanding bonds, both as to principal
and interest to their respective maturities, and both
accrued and not accrued in which case moneys in said
fund in an amount at least equal to such principal and
interest requirements shall be used solely to pay such
as the same accrue, and any moneys in excess thereof in
said fund and any other moneys derived from the opera-
tion of the waterworks system may be used in any lawful
manner determined by the Council
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G Defraying Delinquencies in Bord Funds If, in
any month, the City shall, for any reason, fail to pay
into the Refunding Water Bond Fund, Series 1950, the
Water Extension Bond Fund and the Bond Fund the full
amount above stipulated from the remaining net revenues
of the waterworks system, thgn an amount shall be paid
into the Refunding Water Bond Fund, Series 1950, the
Water Extension Bond Fund, and the Bond Fund in such
month equal to the difference between the amount paid
and the amount so stipulated from the first revenues
thereafter received from the operation of the waterworks
system not hereinabove required to be otherwise applied
The moneys in the Refunding Water Bond Fund, Series 1950,
the Water Extension Bond Fund and the Bond Fund shall be
used solely and only for the purpose of paying the prin-
cipal of and the interest on the bonds to which such funds
respectively appertain, provided, however, that any moneys
in each of said funds in excess of accrued and unaccrued
principal and interest requirements to the respective
maturities of the outstanding bonds to which such funds
respectively appertain may be used as hereinabove pro-
vided in subsection F of this section 18
H Payment for Additional Obligations Fifthly,
but either subsequent to or concurrently with the pay-
ments required by subsections C, D and E of this section
18, as provided in sections 22 and 23 hereof, any bal-
ance remaining in the Water Fund after making the pay-
ments hereinabove provided, shall be used by the City
for the payment of interest on and the principal of
additional bonds or other additional obligations here-
after authorized to be issued and payable from the reve-
nues of the waterworks system including reasonable
reserves therefor, if any, as the same accrue, provided
that the lien of such additional bonds or other addition-
al obligations on the net income and revenues of the
waterworks system and the pledge thereof for the payment
of such additional obligations shall be on a parity with,
or subordinate, inferior and junior to, the lien and
pledge of the bonds herein authorized as provided in sec-
tion 22 hereof, except as provided in section 23 hereof
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ty
I Use of Surplus Revenues After making the pay-
ments hereinabove required to be made by subsections A
to H, both inclusive , of this section 18 hereof, the re-
maining income and revenues derived from the operation
of the waterworks system, if any, may be applied to any
other lawful purpose or purposes authorized by the Con-
stitution and laws of the State and the resolutions ,
ordinances and Charter of the City, as the same may be
from time to time amended, as the Council may direct
action 19 General Administration of Accounts
�n pections 13, 17 and 18
jq4M4ntgtpr@d as follows;
A Places and Times of Deposits Each of the
accounts hereinabove designated in sections 13, 17 and
18 hereof shall be maintained and accounted for sepa-
rately from all other funds and accounts and shall be
deposited in a bank or banks , each of which is a member
of the Federal Deposit Insurance Corporation (herein
sometimes designated as an "Insured Bank") , but each
fund and account need not necessarily constitute a
separate bank account Each bank account shall be con-
tinuously secured to the fullest extent required or per-
mitted by the laws of Colorado for the securing of public
funds , and shall be irrevocable and not withdrawable by
anyone for any purpose other than the respective desig-
nated purposes Each monthly payment shall be credited
to the proper account on the first day of each month,
except that when the first day of any month shall be a
Sunday or a legal holiday, then such payment shall be
made on the next preceding secular day Notwithstanding
any other provision herein to the contrary, moneys shall
be credited with the Director of Finance as bond paying
agent at least five days prior to each interest payment
date herein designated sufficient to pay the interest
and any principal then becoming due on the bonds
B Investment of Moneys Any moneys designated
inssections 12, 13, 17 and 18 hereof not needed for
immediate use may be invested or reinvested by the
Director of Finance in bills , certificates of indebted-
ness , notes , bonds or similar securities which are
-22-
direct obligations of, or the principal and interest
of which are unconditionally guaranteed by, the United
States of America (herein sometimes designated as
"Federal Securities") , which shall be subject to redemp-
tion at face value by the holder thereof at the option
of such holder, or which shall mature not later than
ten years from the date of such investment, provided,
however, that the maturity of any security which is not
subject to prior redemption at the holder's option shall
not exceed the estimated date of the probable expenditure
or use of the moneys evidenced by such security The
Federal Securities so purchased as an investment of moneys
in any such account shall be deemed at all times to be a
part of said account, and the interest accruing thereon
and any profit realized therefrom shall be credited to
the account to which the investment appertains , and any
loss resulting from such investment shall be charged to
such account Moneys in any account designated in
sections 12, 13 , 17 and 18 hereof not immediately needed
as here inabove provided in this paragraph A of this
section 19, may also be invested or reinvested in a savings
account in a state or federal savings and loan association
in Colorado which is a member of the Federal Savings and
Loan Insurance Corporation, so long as the payment of any
account is fully secured under the appropriate federal
law The Director of Finance shall present for redemption
or sale on the prevailing market any Federal Securities so
purchased as an investment of moneys in the fund or account
whenever it shall be necessary to do so in order to provide
moneys to meet any payment or transfer from such account
C Character of Funds The moneys in any account
herein authorized shall consist either of lawful money of
the United States of America , or Federal Securities , or both
such money and such securities Moneys deposited in a
demand or time deposit account in, or evidenced by a cer-
tificate of deposit of, an Insured Bank, or deposited in a
state or federal savings and loan association in Colorado
which is a member of the Federal Savings and Loan Insurance
Corporation, the payment of which is fully secured as
hereinabove provided, shall be deemed lawful money of the
United States of America This section 19 shall have no
application to the Refunding Water Bond Fund, Series 1950,
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or to the Water Extension Bond Fund Moneys in each of
said funds may be invested as provided by law
Section 20 First Lien Bonds That the bonds, sub-
ject to the payment of all necessary and reasonable operation
and maintenance expenses of the waterworks system, constitute
an irrevocable and first lien (but not necessarily an exclu-
sively first lien) upon the revenues derived from the opera-
tion of the waterworks system
Section 21 Lien of Outstanding Bonds That for
the purposes of this ordinance, the outstanding 1950 refunding
water bonds and 1954 water extension bonds, subject to the pay-
ment of all necessary and reasonable operation and maintenance
expenses of the waterworks system, shall be treated as if said
bonds constituted an irrevocable and first lien (but not neces-
sarily an exclusively first lien) upon the revenues derived
from the operation of the waterworks system on a parity with
the lien of the bonds authorized by this ordinance
Section 22 Additional Bonds or Other Obligations
A Limitations upon Issuance of Parity Obligations
That nothing in this ordinance contained shall be con-
strued in such a manner as to prevent the issuance by the
City of additional bonds or other obligations payable
from the income or any revenues derived from the operation
of the waterworks system and constituting a lien upon said
revenues on a parity with, but not prior nor superior to,
the lien of the bonds herein authorized, nor to prevent
the issuance of bonds or other obligations refunding all
or a part of the bonds herein authorized, provided,-how-
ever, that before any such additional parity bonds or other
parity obligations are authorized or actually issued, in-
cluding any parity refunding bonds or other parity refund-
ing obligations (but excluding any obligations refunding
other than subordinate bonds or other subordinate obliga-
tions, as permitted in section 24 hereof)
(1) The City shall not have defaulted in making
any payments required by section 18 hereof during toe
twelve months immediately preceding the issuance of
such additional bonds or other additional obligations,
or if none of the bonds herein authorized have been
issued and outstanding for a period of at least twelve
months, for the longest period any of the bonds herein
authorized have been issued and outstanding, and
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a
(2) The annual revenues derived from the opera-
tion of the waterworks system for the Fiscal Year
immediately preceding the date of the issuance of
such additional parity obligations shall have been
sufficient to pay the annual operation and mainte-
nance expenses of the waterworks system for said
Fiscal Year, and, in addition, sufficient to pay an
amount representing one hundred twenty-five per
centum (1257) of the combined maximum annual princi-
pal and interest requirements of the outstanding
bonds and other obligations of the City payable from and
constituting a lien upon the revenues of the waterworks
system (excluding any reserves therefor) provided that
in determining the amount of revenues pursuant to this
Section 22, there shall be excluded any water main
assessments , water tap fees , and plant investment
fees which the City shall have determined not to
include in gross revenues as herein provided, and
(3) The estimated annual revenues to be de-
rived from the operation of the waterworks system
for the twelve months immediately succeeding the
completion of the extension, improvement, enlarge-
ment or betterment effected, in whole or in part,
with the proceeds from the parity obligations to
be issued reduced by an amount equal to 257 of
estimated revenues to be derived from the proposed
extension, improvement, enlargement or betterment
of the waterworks system to be acquired with parity
obligations to be so issued shall be an amount
equal to the sum of the following (a) the esti-
mated operation and maintenance expenses of the
waterworks system for said twelve months , (b) an
amount representing one hundred twenty-five per
centum (1257) of the combined maximum annual prin-
cipal and interest requirements of the outstanding
bonds and other obligations of the City then pay-
able from and constituting a lien upon the revenues
of the waterworks system and the bonds or other
obligations proposed to be issued (excluding any
reserves therefor)
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w
B Certification of Earnings A written certifi-
cation by any registered or licensed professional
engineer, or any firm of such engineers, having a wide
and favorable repute for skill and experience in the
field of designing, preparing plans and specifications
for, and supervising constructionof waterworks systems and
facilities, entitled to practice and practicing as such
under the laws of the State of Colorado, retained and
compensated by the City, but not in the regular employ
of the City, shall be conclusively presumed to be
accurate in determining the right of the City to author-
ize , issue , sell and deliver said additional bonds or
other additional obligations on a parity with the bonds
herein authorized, provided, however, that the written
certification shall be submitted to Boettcher and
Company, Denver, Colorado, for review at least 30 days
prior to the authorization of any additional bonds as
permitted by this paragraph
C Consideration of Additional Expenses In
determining whether or not additional parity bonds or
other additional parity obligations may be issued as
aforesaid, consideration shall be given to any probable
increase (but not reduction) in operation and maintenance
expenses that will result from the expenditure of the
funds proposed to be derived from the issuance and sale
of the additional bonds or other additional obligations
D Subordinate Obligations Permitted Nothing
herein contained, except as herein otherwise specifically
stated, shall be construed so as to prevent the City
from issuing bonds or other obligations payable from the
revenues of the waterworks system and having a lien
thereon subordinate , inferior and junior to the lien of
the bonds herein authorized
E Superior Obligations Prohibited Nothing
herein contained shall be construed so as- to permit the
City to issue bonds or other obligations payable from
the revenues of the waterworks system and having a lien
thereon prior and superior to the bonds herein
-26-
VA
1�
authorized to be issued
F Use of Proceeds The proceeds of any
additional bonds or other additional obligations
(other than any refunding obligations) payable from
revenues of the waterworks system on a parity with
the bonds herein authorized shall be used only for
extending, improving, enlarging and bettering the
waterworks system, and acquiring additional sources
of water
Section 23 Refunding Bonds That the
provisions of section 22 hereof are subject to the
exceptions
A Privilege of Issuing Refunding Obligations
That if at any time after the bonds herein authorized,
or any part thereof, shall have been issued and
remain outstanding, the Council shall find it desir-
able to refund any outstanding bonds or other out-
standing obligations payable from and constituting
a lien upon any revenues of the waterworks system,
said bonds or other obligations , or any part
thereof, may be refunded (but only with the consent
of the holder or holders thereof, unless the bonds
or other obligations at the time or times of
their required surrender for payment, shall then
mature , or shall be then callable for prior
redemption at the City°s option upon proper call) ,
regardless of whether the priority of the lien
for the payment of the refunding obligations on
the revenues of the waterworks system is changed
(except as provided in paragraph E of section 22
hereof and in paragraphs B and C of this
section 23)
B Limitations upon Issuance of Parity
Refunding Obligations That no refunding bonds
-27-
n
or other refunding obligations payable from any reve-
nues of the waterworks system shall be issued on a parity
with the bonds herein authorized, unless
(1) The lien on any revenues of the water-
works system of the outstanding obligations so
refunded is on a parity with the lien thereon of
the bonds herein authorized, or
(2) The refunding bonds or other refunding
obligations are issued in compliance with para-
graph A (including subparagraphs (1) and (2)
thereof) of section 22 hereof
C Refunding Part of an Issue That the refund-
ing bonds or other refunding obligations so issued
shall enjoy complete equality of lien with the portion
of any bonds or other obligations of the same issue
which is not refunded, if any there be, and the holder
or holders of such refunding bonds or such other
refunding obligations shall be subrogated to all of
the rights and privileges enjoyed by the holder or
holders of the bonds or other obligations of the same
issue refunded thereby
D Limitations Upon Issuance of any Refunding
Obligations That any refunding bonds or other refund-
ing obligations payable from any revenues of the water-
works system shall be issued with such details as the
Council may by ordinance provide, and subject to
the inclusion of any such rights and privileges desig-
nated in paragraph C of this section 23, but without
any impairment of any contractual obligation imposed
upon the City by any proceedings authorizing the
issuance of any unrefunded portion of such outstand-
ing obligations of any one or more issues (including
but not necessarily limited to the issues herein
authorized) If only a part of the outstanding bonds
and any other outstanding obligations of any issue or
issues payable from the revenues of the waterworks
system is refunded, then such obligations may not be
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r
refunded without the consent of the holder or holders
of the unrefunded portion of such obligations , unless
(1) The refunding bonds or other refunding
obligations do not increase any aggregate annual
principal and interest requirements evidenced by
such refunding obligations and by the outstanding
obligations not refunded on and prior to the last
maturity date of such unrefunded obligations , or
(2) The lien on revenues of the waterworks
system for the payment of the refunding obligations
is subordinate to each such lien for the payment
of any obligations not refunded
Section 24 Protective Covenants That the City
hereby covenants and agrees with each and every holder of
the bonds issued hereunder
A Use Charges That while the bonds or any of
them remain outstanding and unpaid , the rates for all
services rendered by the waterworks system to inhabi-
tants of the City and to all consumers and users shall
be reasonable and just , taking into account and consid-
eration the cost and value of the facilities comprising
the waterworks system and the proper and necessary
allowances for the depreciation thereof and the amounts
necessary for the retirement of all bonds and other
securities or obligations payable from the revenues of
the waterworks system, the accruing interest thereon,
and any reserves therefor, and by an ordinance finally
adopted and approved not later than the 15th day of
April , 1965, in which rates and charges , as pro-
vided by said ordinance, shall be effective not later
than the 1st day of October , 1965, there shall be
charged against all users and purchasers of service such
rates and amounts as shall be sufficient to produce reve-
nues or earnings annually to pay the annual operation
and maintenance expenses and an amount equal to one
hundred twenty-five per centum (1257) of the combined
maximum annual principal and interest requirements
-29-
i
on bonds and any other obligations payable annually
from any revenues thereof (excluding the reserves there-
for) , all of which revenues , including those from the
City, shall be sub3ect to distribution to the payment
of operation and maintenance expenses of the waterworks
system and the payment of principal of and interest
on all obligations payable from the revenues of the
waterworks system, including reasonable reserves therefor,
provided that in determining the amount of revenues pur-
suant to paragraph A of this Section 24 there shall be
excluded any water main assessments , water tap fees
and plant investment fees which the City shall have
determined not to include in gross revenues as herein
provided, that should the City elect to use for munici-
pal purposes water facilities or in any other manner use
the waterworks system, or any part thereof , any such
use will be paid for from the City°s general fund or
other available revenues at the reasonable value of the
use so made that all the income so derived from the
City shall be deemed to be income derived from the opera-
tion of the waterworks system, to be used and accounted
for in the same manner as any other income derived from
the operation of said waterworks system The City cove-
nants and agrees that it will take all steps necessary
to enforce the immediate collection of fees and charges
delinquent for more than thirty days , together with
penalty charges , imposed hereunder for services or faci-
lities supplied by or furnished through the waterworks
system
B Records That so long as any of the bonds
remain outstanding, proper books of record and account
will be kept by the City, separate and apart from
all other records and accounts , showing complete and
correct entries of all transactions relating to the
waterworks system Such books shall include (but not
necessarily be limited to) monthly records showing a
detailed statement of the expenses of the system
C Right to Inspect That any holder of any of
the bonds , or any duly authorized agent or agents of
-30-
such holder, shall have the right at all reasonable
times to inspect all records , accounts and data relatz
ing thereto and to inspect the waterworks system and
all properties comprising the same
D Audits That the City further agrees that it
will, within ninety days following the close of each
Fiscal Year, cause an audit to such books and accounts
to be made by an independent accountant for such Fiscal
Year, showing the receipts and disbursements for the
account of the waterworks system, and that such audit
will be available for inspection by any holder of any
of the bonds All expenses incurred in the making of
the audits and reports required by this subsection D
of this section 24 hereof shall be regarded and paid
as an operation and maintenance expense The City
agrees to furnish forthwith by first-class mail, postage
prepaid, a copy of each of such audits and reports
(a) To the holder of any of the bonds at
his request, and
(b) Without request to the Purchaser (as herein
defined) , and Boettcher and Company, Denver,
Colorado,
after each such audit and report has been prepared, and
that any such holder shall have the right to discuss
with the accountant or person making the audit and
report the contents thereof and ask for such additional
information as he may reasonably require
E Billing Procedure That all bills for use,
service or facilities , or any combination thereof,
furnished or served by or through the waterworks system
shall be rendered to customers at regular intervals
and shall be delinquent thirty days after their date,
and in the event said bills are not paid within ten
days after they become delinquent, service shall be
discontinued and the rates and charges due shall be
collected in a lawful manner
-31-
F Insurance That the City in its operation of
the waterworks system will carry fire and extended cov-
erage insurance, workmen°s compensation insurance,
public liability insurance, and other types of insur-
ance in such amounts and to such extent as is normally
carried by private corporations operating public facil-
ities of the same type The cost of such insurance
shall be considered one of the operating costs of the
waterworks system In the event of property loss or
damage, insurance proceeds shall be used first for the
purpose of restoring or replacing the property lost or
damaged, any remainder shall be treated as net reve-
nues, and shall be subject to distribution in the manner
provided hereinabove in section 18 hereof, for net
revenues derived from the operation of the waterworks
system
G Alienating System That the City will not
sell, lease, mortgage, pledge or otherwise encumber, or
in any manner dispose of, or otherwise alienate, the
waterworks system, or any part thereof, including any
and all extensions and additions that may be made
thereto, until all the bonds to be issued shall have
been paid in full, both principal and interest, or
unless provision has been made therefor, except that
the City may sell any portion of said property which
shall have been replaced by other property of at least
equal value, or which shall cease to be necessary for
the efficient operation of the waterworks system, but
in no manner nor to such extent as might prejudice the
security for the payment of the bonds, provided, how-
ever, that in the event of any sale the proceeds thereof
shall be distributed as net revenues of the waterworks
system in accordance with the provisions of section 18
hereof
H Competing System That as long as any of the
bonds are outstanding, the City shall not grant any
franchise or license to a competing waterworks system,
-32-
nor shall it permit during said period (except as it
may legally be required to do so) any person, associa-
tion, firm, corporation or organization to sell water
service or facilities, to any consumer, public or
private, within the City Such limitation shall not
apply to any person, association, firm, corporation or
organization presently selling water service or facili-
ties within the City or which, by annexation to or con-
solidation with the City, hereafter sells water service
or facilities within the City, provided, however, that
such person, association, firm, corporation or organi-
zation shall not be permitted to expand its services so
as to diminish the security for the bonds
Section 25 Events of Default That each of the
following events is hereby declared an "event of default,"
that is to say
A Nonpayment of Principal and Prior Redemption
Premium Payment of the principal of any of the bonds,
or any prior redemption premium due in connection
therewith, or both principal and such premium, shall
not be made when the same shall become due and payable,
either at maturity or by proceedings for prior redemp-
tion, or otherwise
B Nonpayment of Interest Payment of any install-
ment of interest shall not be made when the same becomes
due and payable or within thirty days thereafter
C Incapable to Perform The City shall for any
reason be rendered incapable of fulfilling its obliga-
tions hereunder
D Default of Any Provision The City shall make
default in the due and punctual performance of its cov-
enants or auditions, agreements and provisions con-
tained in the bonds or in this ordinance on its part to
be performed, and if such default shall continue for
sixty days after written notice specifying such default
and requiring the same to be remedied shall have been
given to the City by the holders of twenty-five per cen-
tum (257) in principal amount of the bonds then outstanding
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Section 26 Remedies for Defaults That upon the
happening and continuance of any of the events of default
as provided in section 25 hereof, then and in every case
the holder or holders of not less than twenty-five per cen-
tum (257) in principal amount of the bonds then outstanding,
including but not limited to a trustee or trustees therefor,
may proceed against the City, the Council, and the City' s
agents, officers and employees to protect and enforce the
rights of any holder of bonds or coupons under this ordi-
nance by mandamus or other suit, action or special proceed-
ings in equity or at law, in any court of competent juris-
diction, either for the appointment of a receiver or for the
specific performance of any covenant or agreement contained
herein or in an award of execution of any power herein
granted for the enforcement of any proper, legal or equit-
able remedy as such holder or holders may deem most effec-
tual to protect and enforce the rights aforesaid, or thereby
to enjoin any act or thing which maybe unlawful or in viola-
tion of any right of any bondholder, or to require the
Council to act as if it were the trustee of an expressed
trust, or any combination of such remedies All such pro-
ceedings at law or in equity shall be instituted, had and
maintained for the equal benefit of all holders of the bonds
and coupons then outstanding Any receiver appointed in any
proceedings to protect the rights of such holders hereunder,
the consent to any such appointment being hereby expressly
granted, may enter and take possession of the waterworks
system, operate and maintain the same, prescribe rates, fees
or charges and collect, receive and apply all revenues aris-
ing after the appointment of such receiver in the same manner
as the City itself might do The failure of any holder so
to proceed shall not relieve the City or any of its officers
agents or employees of any liability for failure to perform
any duty Each right or privilege of any such holder (or
trustee thereof) is in addition and cumulative to any other
right or privilege, and the exercise of any right or privi-
lege by or on behalf of any holder shall not be deemed a
waiver of any other right or privilege thereof
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Section 27 Duties upon Defaults That upon the
happening of any of the events of default as provided in sec-
tion 25 hereof, the City, in addition, will do and perform all
proper acts on behalf of and for the holders of bonds and cou-
pons to protect and preserve the security created for the pay-
ment of their bonds and coupons and to insure the payment of
the principal of and interest on the bonds promptly as the same
become due All proceeds derived therefrom, so long as any of
the bonds herein authorized, either as to principal or inter-
est, are outstanding and unpaid, shall be paid into the Bond
Fund In the event the City fails or refuses to proceed as in
this section provided, the holder or holders of not less than
twenty-five per centum (257) in principal amount of the bonds
then outstanding, after demand in writing, may proceed to
protect and enforce the rights of the bondholders as herein-
above provided
Section 28 Defeasance That when all principal,
interest and prior redemption premiums, if any, in connection
with the bonds hereby authorized have been duly paid, the
pledge and lien and all obligations hereunder shall thereby be
discharged and the bonds shall no longer be deemed to be out-
standing within the meaning of this ordinance There shall
be deemed to be such due payment when the Council has placed
in escrow and in trust with a commercial bank located within
the State of Colorado and exercising full trust powers, an
amount sufficient (including the known minimum yield from
Federal Securities in which such amount may be initially in-
vested) to meet all requirements of principal, interest and
prior redemption premium, if any, as the same become due at
their final maturities or upon designated prior redemption
dates The Federal Securities so held shall become due prior
to the respective times on which the proceeds thereof shall
be needed, in accordance with a schedule established and agreed
upon between the Council and such bank at the time of the cre-
ation of the escrow, or the Federal Securities shall be subject
to redemption at the option of the holders thereof to assure
such availability as so needed to meet such schedule Federal
Securities within the meaning of this section shall include
only direct obligations of, or obligations the principal and
-35-
interest of which are unconditionally guaranteed by, the United
States of America
Section 29 Delegated Powers That the officers of
the City be, and they hereby are, authorized and directed to
take all action necessary or appropriate to effectuate the provi-
sions of the ordinance, including, without limiting the general-
ity of the foregoing
A Printing Bonds The printing of the bonds, includ-
ing thereon a certified true copy of bond counsel' s approv-
ing opinion, and
B Final Certificates The execution of such certif-
icates as may be reasonably required by the Purchaser re-
lating, inter alia, to the signing of the bonds, the tenure
and identity of the municipal officers, delivery of the
bonds, the receipt of the bond purchase price, and, if in
accordance with facts, the absence of litigation, pending
or threatened, affecting the validity thereof
Section 30 Amendment of Ordinance
A Limitations upon Amendments That this ordinance
may be amended or supplemented by ordinances adopted by the
Council in accordance with the laws of the State, without
receipt by the City of any additional consideration, but
with the written consent of the holders of three-fourths of
the bonds authorized by this ordinance and outstanding at
the time of the adoption of such amendment or supplemental
ordinance (not including in any case any bonds which may
then be held or owned for the account of the City, but in-
cluding such refunding bonds as may be issued for the pur-
pose of refunding any of the bonds herein authorized if
such refunding bonds are not owned by the City) , provided,
however, that no such ordinance shall have the effect of
permitting
(1) An extension of the maturity of any bond
authorized by this ordinance, or
(2) A reduction in the principal amount of any
bond, the rate of interest thereon, or the redemption
premium payable thereon, or
(3) The creation of a lien upon or a pledge of
revenues ranking prior to the lien or pledge created
by this ordinance, or
-36-
r �
(4) A reduction of the principal amount of
bonds required for consent to such amendatory or
supplemental ordinance, or
(5) The establishment of priorities as between
bonds issued and outstanding under the provisions of
this ordinance, or
(6) The modification of or otherwise affecting
the rights of the holders of less than all of the
bonds then outstanding
B Notice of Amendment That whenever the City shall
propose to amend or modify this ordinance under the provi-
sions of this section, it shall cause notice of the pro-
posed amendment to be published one time in a financial
newspaper or journal published in Denver, Colorado, and
to be mailed within thirty days of such publication to
the original Purchaser of the bonds Such notice shall
briefly set forth the nature of the proposed amendment
and shall state that a copy of the proposed amendatory
ordinance is on file in the office of the City Clerk for
public inspection
C Time for Amendment That whenever at any time
within one year from the date of the publication of said
notice there shall be filed in the office of the City Clerk
an instrument or instruments executed by the holders of at
least seventy-five per centum (757) in aggregate amount of
the bonds then outstanding as in this section defined,
which instrument or instruments shall refer to the proposed
amendatory ordinance described in said notice and shall
specifically consent to and approve the adoption thereof,
thereupon, but not otherwise, the Council may adopt such
amendatory ordinance and such ordinance shall become
effective
D Binding Consent to Amendment That if the holders
of at least seventy-five per centum (75%) in aggregate
principal amount of the bonds outstanding as in this sec-
tion defined, at the time of the adoption of such amenda-
tory ordinance or the predecessors in title of such hold-
ers, shall have consented to and approved the adoption
thereof as herein provided, no holder of any bond whether
or not such holder shall have consented to or shall have
-37- It
16 i
revoked any consent as in this section provided, shall
have any right or interest to object to the adoption of
such amendatory ordinance or to object to any of the
terms or provisions therein contained or to the operation
thereof or to enjoin or restrain the City from taking any
action pursuant to the provisions thereof
E Time Consent Binding That any consent given by
the holder of a bond pursuant to the provisions of this
section shall be irrevocable for a period of six months
from the date of the publication of the notice above pro-
vided for and shall be conclusive and binding upon all
future holders of the same bond during such period At
any time after six months from the date of the publica-
tion of such notice, such consent may be revoked by the
holder who gave consent or by a successor in title by
filing notice of such revocation with the City Clerk, but
such revocation shall not be effective if the holders of
seventy-five per centum (75%) in aggregate principal
amount of the bonds outstanding as in this section defined,
have, prior to the attempted revocation, consented to and
approved the amendatory ordinance referred to in such
revocation
F Proof of Instruments That the fact and date
of the execution of any instrument under the provisions
of this section may be proved by the certificate of any
officer in any jurisdiction who by the laws thereof is
authorized to take acknowledgment of deeds within such
jurisdiction, that the person signing such instrument
acknowledged before him V the execution thereof, or may
be proved by an affidavit of a witness to such execution
sworn to before such officer
G Proof of Bonds That the amount and numbers of
the bonds held by any person executing such instrument
and the date of his holding the same may be proved by a
certificate executed by a responsible bank or trust com-
pany showing that on the date therein mentioned such per-
son had on deposit with such bank or trust company the
bonds described in such certificate
-38-
Section 31 Severability That if any section,
paragraph, clause or provision of this ordinance shall for any
reason be held to be invalid or unenforceable, the invalidity
or unenforceability of such section, paragraph, clause or pro-
vision shall not affect any of the remaining provisions of
this ordinance
Section 32 Repealer That all ordinances, resolu-
tions, by-laws and regulations of the City, in conflict with
this ordinance, are hereby repealed to the extent only of such
inconsistency This repealer shall not be construed to revive
any ordinance, resolution, by-law, or regulation, or part
thereof, heretofore repealed
Section 33 Manner of Publication and Effective Date
That this ordinance shall be published once in full at least
ten days before its final passage in The Fort Collins
Coloradoan , a newspaper of general circulation published
in the City, which publication shall contain a notice giving
the date when said proposed ordinance will be presented for
final passage Within five days after said final passage, the
ordinance as passed shall be published once in full, as pro-
vided above, whereupon, it shall take effect on the tenth day
following its passage
Section 34 DtLsposition of Ordinance That a true
copy of this ordinance, immediately on its final adoption,
shall be numbered and recorded in the book marked "Ordinance
Record," and adoption and publication shall be authenticated
by the signatures of the Mayor and City Clerk, and by the
certificate of the publisher, respectively
INTRODUCED, READ IN FULL, PASSED ON FIRST READING
AND ORDERED PUBLISHED this llth day of Mar,h , 1965
yor
(SEAL)
Attest
City Cler
-39-
NOTICE IS HEREBY GIVEN that at the regular meeting
of the City Council, to be held on Thursday , the 1st day
of April , 1965, at the hour of 1 30 o'clock P m ,
at the Council Chambers in the City Hall, in Fort Collins,
Colorado, the City Council will hold a public hearing on the
aforesaid proposed ordinance and thereafter will consider it
for final passage and adoption
H
Mayor
(SEAL)
Attest
City Clerk
Published in The Fort Collins Coloradoan First
publication March 16 196_
-40-
FINALLY PASSED AND ADOPTED this 1st day of
April 1965
Mayor
(SEAL)
Attest
City Clerk
Published in The Fort Collins Coloradoan Second publi-
cation (i e , publication after final passage) April
6 196 5
I, Miles F House , City Clerk, City of
Fort Collins, County of Larimer, State of Colorado, do
hereby certify that the above and foregoing ordinance is a
true and correct copy of the ordinance introduced and
passed on first reading at the regular meeting held on the
llth day of March , 1965, read in full, published in
full in The Fort Collins Coloradoan on the j6t.h _ day of
March , 1965 , and after holding a public hearing
thereon, read a second time by title, finally passed and
adopted on the 1sb day of April , 1965 , and pub-
lished in full a second time in The rnrt Collins CnlnrgHnan
on the 6th day of April 1965
(SEAL)
Attest
City G er c
-41-
a �
a
It was thereupon moved by Councilman James w_
Guyer and seconded by Councilwoman Lorraine A Quinn
that the foregoing ordinance entitled
"AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON BEHALF
OF THE CITY OF FORT COLLINS, COLORAD02 AND UPON THE
CREDIT THEREOF, BY ISSUING THE NEGOTIABLE, COUPON,
CITY OF FORT COLLINS, COLORAD09 GENERAL OBLIGATION
WATER BONDS, SERIES JUNE 12 19652 IN THE AGGREGATE
PRINCIPAL AMOUNT OF $3,2002000 00 FOR THE PURPOSE
OF SUPPLYING WATER TO SAID CITY BY CONSTRUCTING AND
OTHERWISE ACQUIRING EXTENSIONS, ADDITIONS AND IMPROVE-
MENTS TO THE MUNICIPAL WATERWORKS SYSTEM AND EVERY-
THING NECESSARY OR INCIDENTAL THERETO, INCLUDING THE
ACQUISITION OF ADDITIONAL SOURCES OF WATER, PRESCRIB-
ING THE FORM, TERMS AND CONDITIONS OF SAID BONDS, THE
MANNER AND TERMS OF THEIR ISSUANCE, THE MANNER OF
THEIR EXECUTION, THE METHOD OF PAYING THE BONDS AND
THE SECURITY THEREFOR, AND OTHER DETAILS IN CONNEC-
TION THEREWITH, PROVIDING FOR THE LEVY AND COLLECTION
OF CENERAL (AD VALOREM) TAXES FOR THE PAYMENT OF SAID
BONDS ALSO PROVIDING FOR THE DISPOSITION OF REVENUES
FROM THE OPERATION OF THE WATERWORKS SYSTEM, PROVID-
ING COVENANTS, AGREEMENTS AND OTHER DETAILS AND MAK-
ING OTHER PROVISIONS CONCERNING SAID TAXES, SAID
REVENUES, SAID SYSTEM, SAID BONDS, THE REVENUES
PLEDGED FOR THEIR PAYMENT, AND THE ISSUANCE OF ADDI-
TIONAL BONDS PAYABLE FROM SAID REVENUES, AND RATIFY-
ING ACTION PREVIOUSLY TAKEN IN CONNECTION WITH THE
FOREGOING "
and read in full at this meeting, as aforesaid, be passed
on first reading and published in full in the Fort Collins
Coloradoan, a newspaper of general circulation published in
the City of Fort Collins, in its issue of March 16 ,
1965 , and that said ordinance, at least ten days after it
is published as aforesaid and after a public hearing is held
thereon at the meeting hereinafter designated, be considered
for final passage at a regular meeting of the City Council
-42-
l Z
to be held at the Council Ihamber in the City Hall) in Fort Collins,
Colorado, on Thursday the 1st day of April , 19652
at the hour of 1 30 O'clock __p m
The question being upon the adoption of said
motion the roll was called with the following result
Those Voting Aye Harvey U Johnson
i R L Colwell
L J McMillan
James W Uuyer
Lorraine A Guinn
Those Voting Nay None
Those Absent None
Five members of the City Council having
voted in favor of said motion, the presiding officer there-
upon declared said motion carried and said ordinance
ordered published as aforesaid
Thereupon, Councilman L J Mc1lilian
introduced the following resolution, which was read in full
and is as follows
-43-
I
R E S O L U T I O N
A RESOLUTION PROVIDING FOR THE PUBLICATION OF
NOTICE OF SALE OF THE CITY OF FORT COLLINS,
COLORADO, GENERAL OBLIGATION WATER BONDS
WHEREAS, the City of Fort Collins (herein some-
times designated as the "City") , in the County of Larimer
and State of Colorado, has determined and does hereby
determine, that the City of Fort Collins, Colorado, General
Obligation Water Bonds, Series dune 1, 1965 (herein some-
times designated as the "bonds") , as authorized by an
ordinance entitled
"An Ordinance to contract an indebtedness on behalf of
the City of Fort Collins, Colorado, and upon the credit
thereof, by issuing the negotiable, coupon, City of
Fort Collins , Colorado, General Obligation Water Bonds,
Series June 1, 1965 , in the aggregate principal amount
of $3,200,000 00 for the purpose of supplying water to
said City by constructing and otherwise acquiring exten-
sions, additions and improvements to the municipal
waterworks system and everything necessary or incidental
thereto, including the acquisition of additional sources
of water, prescribing the form, terms and conditions of
said bonds, the manner and terms of their issuance, the
manner of their execution, the method of paying the
bonds and the security therefor, and other details in
connection therewith , providing for the levy and col-
lection of general (ad valorem) taxes for the payment
of said bonds , also providing for the disposition of
revenues from the operation of the waterworks system,
providing covenants, agreements and other details and
making other provisions concerning said taxes, said
revenues , said system, said bonds, the revenues pledged
for their payment, and the issuance of additional bonds
payable from said revenues , and ratifying action
previously taken in connection with the foregoing "
-44-
introduced and passed on first reading on the llth day of
March , 1965, should be publicly sold after the final
passage of said ordinance
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF
THE CITY OF FORT COLLINS
Section 1 That the City of Fort Collins, Colorado,
General Obligation Water Bonds, Series June 1, 1965 , in the
principal amount of $3,200,000 00 be, and the same hereby
are ordered to be, publicly advertised for sale, and that
the City Council on Thursday , the 6th day of gaX ,
1965 , at the hour of 1 30 o'clock __.p m , at r.lty uaii
Council Chambers in the City, will cause sealed
bids to be received and to be opened publicly for the pur-
chase of the bonds
Section 2 That the Mayor and the Director of
Finance be, and the same hereby are , authorized and directed
A To have published a notice of sale of the
bonds at least once at least five days prior to the
sale date in each of the following
(1) The Fort Collins Coloradoan
a newspaper circulating in the City, and
(2) Daily Journal
a financial newspaper published in Denver ,
Colorado , and
B To cause copies of such notice, the Official
Notice of Bond Sale, or summaries thereof to be published
or furnished to such other financial ,journals and to
such prospective bidders as may be determined by said
officers and the City' s Fiscal Agent
Section 3 That said notice of bond sale to be so
published shall be in substantially the following form
-45-
(Form of Notice for Publication)
NOTICE OF BOND SALE
CITY OF FORT COLLINS, COLORADO
GENERAL OBLIGATION WATER BONDS
SERIES JUNE 1, 1965 - $33,2002000 00
NOTICE IS HEREBY GIVEN that the City Council of
the City of Fort Collins, Colorado, will on Thursday , the
6th day of May , 1965 , at the hour of 1 30
o'clock P m , MST, at City Hall Council Chambers ,
in Fort Collins, Colorado, receive sealed bids and publicly
open the same for the purchase of the City' s general obliga-
tion, negotiable, coupon bonds, designated "City of Fort
Collins, Colorado, General Obligation Water Bonds, Series
June 1, 1965 ," in the aggregate principal amount of
$3,200,000 00, consisting of 640 bonds in the denomination
of $5 ,000 00 each, and maturing serially on the first day
of December, as follows
Amounts Years Amounts Years
Maturing Maturing Maturing Maturing
$15 ,000 00 1967 $195 ,000 00 1977
15,000 00 1968 2002000 00 1978
15 ,000 00 1969 205 ,000 00 1979
1259000 00 1970 215 ,000 00 1980
155 ,000 00 1971 220,000 00 1981
165 ,000 00 1972 230000 00 1982
170,000 00 1973 235 :000 00 1983
175000 00 1974 2453,000 00 1984
180:000 00 1975 2552000 00 1985
1852000 00 1976
The bonds will bear interest from date until maturity at a
rate or rates not exceeding four and one-half per centum
(4-1/2/) per annum, said interest being evidenced by only
one set of coupons (supplemental interest coupons, i e ,
"B" coupons, are not permitted) , payable on the first day of
December, 1%5, and semiannually thereafter on the first
days of June and December in each year Not more than one
interest rate shall be stated for any maturity Each
-46-
interest rate evidenced by any coupon shall be in a multiple
of 1/8 or 1/20 of 17 per annum, and the maximum differential
between the lowest and highest coupon rates may not exceed
27 per annum Both principal and interest will be payable
at the office of the Director of Finance and ex-off icio City
Treasurer, in Fort Collins , Colorado
Bonds maturing on or before December 1 1974, will
be subject to prior redemption in regular numerical order,
at the City's option, on June 1, 1967 , or on any interest pay-
ment date thereafter, for the principal amount thereof, accrued
interest to the redemption date and a five per cent premium
The prior redemption option hereinabove provided shall not be
exercised for the purpose of refunding the bonds called for
prior redemption without the specific written consent to such
call by the holders of those bonds , except as hereinafter pro-
vided For all purposes , including refunding, bonds maturing
on and after December 1, 1975, will be subject to prior re-
demption in inverse numerical order, at the City's option, on
December 1, 1974 , or on any interest payment date thereafter,
for the principal amount of each bond so redeemed, accrued
interest thereon to the redemption date , and no premium
Thirty days ' prior notice by publication and by mail addressed
to the original purchaser of the bonds or the manager of any
purchasing syndicate shall be given of such redemption No
provision will be made for the registration of bonds for payment
Said bonds shall be payable from general (ad valorem)
taxes , subject to the limitation imposed by the City Charter
The bonds are also payable from, both as to principal and in-
terest, and their payment is additionally secured by a pledge
of, the net revenues derived from the waterworks system (subject
to designated exceptions) , pursuant to Ordinance No 16, 1965
finally passed and adopted by the Council on April 1 ,
1965 , reference to which is made for further details
Each bidder is required to submit a written bid
specifying the lowest rate or rates of interest and premium,
if any, at or above par at which such bidder will purchase
such bonds Proposals must be in writing and enclosed in a
sealed envelope marked on the outside "Proposal for Bonds ,"
-47-
and addressed to Mr Miles F House, City Clerk, P 0 Box
580 , Fort Collins , Colorado All bids shall be
unconditional and sealed , and shall be accompanied by a de-
posit of at least $100,000 00 , either in cash or cashier's
check or certified check on a solvent bank or trust company,
payable to the City of Fort Collins , which deposit shall be
promptly returned if the bid is not accepted
The deposit of the best bidder will be credited to
the purchaser at the time of delivery of the bonds (without
accruing interest) If the successful bidder fails or neglects
to complete the purchase of said bonds within thirty days immedi-
ately following the acceptance of his bid, or within ten
days after the bonds are made ready and are offered by the
City for delivery, whichever is later, the amount of this de-
posit will be forfeited to the City, and in such case, or if
all bids are rejected, the Council may resell the bonds as
provided by law The purchaser will not be required to accept
delivery of said bonds if they are not tendered for delivery
within sixty days from the date herein stated for opening bids ,
and the good faith deposit thereafter will be returned to the
purchaser upon his request
The Council reserves the privilege of waiving any
irregularity or informality in any bid, or rejecting any or
all bids and of reoffering the bonds for sale The bonds of
said series , subject to such reservations , shall be sold to
the highest and best bidder making the bid for the bonds to
the best advantage of the City, which bid will be determined
by deducting the amount of the premium bid, if any, from the
total amount of interest which the City would be required to
pay from the date of the bonds to their respective maturity
dates at the coupon rate or rates specified in the bid , with-
out reference to the possible redemption of any of the bonds
prior to maturity, and the award will be made on the basis of
the lowest net interest cost to the City
The successful bidder or bidders will be required
to accept delivery of and to make payment for said bonds at
some bank or trust company in Denver, Colorado, or at the
successful bidder's request and expense, delivery will be
made at some other bank or trust company in the U S A
-48-
l
The legality of the bonds will be approved by Messrs
Dawson, Nagel, Sherman & Howard, Attorneys at Law, 1900 First
National Bank Building, Denver, Colorado, whose opinion, to-
gether with the printed bonds (including that opinion printed
thereon) , will be furnished the purchaser without charge
The Official Notice of Bond Sale, of which this publication
is a condensation, financial and other information concerning
said bonds and said City may be obtained from Miles F House
City clerk, P 0 Box 580 , Fort Collins , Colorado,
or from the City's fiscal agent, Boettcher and Company, 828
Seventeenth Street , Denver, Colorado 80202
DATED at Fort Collins, Colorado, this 15th day
of April , 1965
/s/ (For Manual Signature)
mayor
City of Fort Collins , Colorado
(SEAL)
Attest
/s/ (For Manual Signature)
City Uer
(End of Form of Notice for Publication)
-49-
Section 4 That the Official Notice of Bond Sale
shall be in substantially the following form
-50-
(Form of Official Notice of Bond Sale)
OFFICIAL NOTICE OF BOND SALE
CITY OF FORT COLLINS, COLORADO
GENERAL OBLIGATION WATER BONDS
SERIES JUNE 1, 1965 - $3,200,000 00
PUBLIC NOTICE IS HEREBY GIVEN that the City Council
of the City of Fort Collins (herein sometimes designated as
the "City") , in the County of Larimer and State of Colorado,
will, on Thursday , the 6th day of May , 1965 , at
the hour of 1 30 o'clock P m , Mountain Standard Time, at
City Hall Council Chambers , in Fort Collins, Colorado,
receive sealed bids and publicly open the same for the pur-
chase of the City° s negotiable, coupon, general obligation
water bonds, particularly described below
BOND PROVISIONS
ISSUE "City of Fort Collins, Colorado, General
Obligation Water Bonds, Series June 1, 1965," in the princi-
pal amount of $3,200,000 00, consisting of 640 bonds num-
bered consecutively from 1 to 640, both inclusive, in the
denomination of $5 ,000 00 each, dated the first day of
June, 1965 , and payable to bearer
MATURITIES The bonds will be numbered and
mature serially in regular numerical order on the first day
of December in each of the designated amounts and years, as
follows
Bond Numbers Amounts Years
(All Inclusive) taltuuring Mat Ing
1 - 3 $152000 00 1967
4 - 6 152000 00 1968
7 - 9 159000 00 1969
10 - 34 125000 00 1970
35 - 65 155 :000 00 1971
66 - 98 165000 00 1972
99 - 132 170:000 00 1973
133 - 167 175000 00 1974
168 - 203 180:000 00 1975
204 - 240 1850000 00 1976
241 - 279 195,000 00 1977
280 - 319 2009000 00 1978
320 - 360 2059000 00 1979
361 - 403 2159000 00 1980
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Bond Numbers Amounts Years
(All Incluslye) aturing Maturing
404 - 447 $220,000 00 1981
448 - 493 230000 00 1982
494 - 540 235:000 00 1983
541 - 589 24531000 00 1984
590 - 640 2559000 00 1985
PRIOR REDEMPTION Bonds numbered 1 to 167 , both
inclusive, maturing on or before the first day of December,
1974, shall be subject to redemption prior to their respective
maturities , at the option of the City, in regular numerical
order, on the first day of June, 1967 , or on any interest pay-
ment date thereafter prior to maturity, upon payment of the
principal amount of each bond so redeemed, accrued interest
thereon to the redemption date, and a premium consisting of
five per centum (5/) of the principal amount of each bond so
redeemed The prior redemption option hereinabove provided
shall not be exercised for the purpose of refunding the bonds
called for prior redemption without the specific written
consent to such call by the holders of those bonds , except
as hereinafter provided For all purposes , including refund-
ing, bonds numbered 168 to 640, both inclusive, maturing on
and after the first day of December, 1975, shall be subject
to redemption prior to their respective maturities , at the
option of the City, in inverse numerical order, on the first
day of December, 1974, or on any interest payment date there-
after prior to maturity, upon payment of the principal amount
of each bond so redeemed, accrued interest thereon to the re-
demption date, and no premium The option shall be exercised
by giving thirty days' prior notice by publication and by mail
addressed to any original purchaser of the bonds or the mana-
ger of any purchasing syndicate
INTEREST RATE The maximum interest rate is four
and one-half per centum (4-1/27) per annum, evidenced until
maturity by only one set of coupons (supplemental interest
coupons , i e , "B" coupons , are not permitted) , payable on the
first day of December, 1965 , and semiannually thereafter on the
first days of June and December in each year Subject to the
foregoing, it is permissible to bid different or "split" inter-
est rates for said bonds , without limitation as to the number
of rates specified, provided, however, that not more than one
interest rate may be specified for any maturity Each interest
-52-
L
rate specified and evidenced by any coupon must be stated in
a multiple of one-eighth (1/8th) or one-twentieth (1/20th) of
one per centum (17) perannum The maximum interest rate on
any bond prior to its maturity may not exceed the minimum
interest rate on any other bond of said issue by more than two
per centum (27) per annum If any bond shall not be paid upon
presentation at its maturity, it shall continue to draw inter-
est at the rate of six per centum (67) per annum until the
principal thereof is paid in full
PAYMENT Both the principal of and the interest on
the bonds will be payable in lawful money of the United States
of America, without deduction for exchange or collection
charges, at the office of the Director of Finance and ex-
officio City Treasurer, in Fort Collins, Colorado
REGISTRATION FOR PAYMENT The authorizing ordinance
will contain no provision permitting the bonds to be regis-
tered for payment as to principal alone, or as to both prin-
cipal and interest or as to interest alone
BOND ORDINANCE The bonds herein offered for sale
are to be issued pursuant to Ordinance No 266 196 , finally
passed and adopted on the 1st day of April , 1965 ,
therein providing, among other matters, the form, terms, and
conditions of the bonds , the manner and terms of their issuance,
the manner of their execution, the method of paying them, the
security therefor, the disposition of revenues derived from
the waterworks system, and other details concerning the bonds
and the waterworks system (herein sometimes designated as the
"system") , including but not limited to covenants and agree-
ments in connection therewith, reference to which ordinance is
made for further detail
PRIMARY SECURITY The bonds will be the direct
general obligation bonds of the City, payable as to both prin-
cipal and interest from general (ad valorem) taxes levied
against all taxable property within the City, subject to the
limitation imposed by the City Charter
ADDITIONAL SECURITY The bonds will be payable,
both as to principal and interest, from, and they constitute
an irrevocable and first lien (but not necessarily an exclu-
sively first lien) upon the revenues derived from the operation
-53-
1 4
of the waterworks system, subject only to the payment of all
necessary and reasonable expenses of the operation and main-
tenance of the system, as limited and otherwise provided in
Ordinance No 16, 196� and as security for such payment there
is pledged, pursuant to said ordinance, a special account
identified as the "City of Fort Collins, Colorado, General
Obligation Water Bonds, Series June 1, 1965 , Interest and
Bond Retirement Fund," into which the City covenants to pay
from the net revenues derived from the waterworks system sums
sufficient to pay when due the principal of and the interest
on the bonds of the designated series Reference isi made to
Ordinance No 16, 1965for further information concerning said
account and other details about the bonds comprising the desig-
nated bond series
OUTSTANDING BONDS The city has heretofore issued
its Sewer and Water Revenue Bonds, dated the first day of
March, 1948, in the original principal amount of $195 ,000 00,
which are now outstanding in the principal amount of
$ 35,o')o 00 Before the delivery of the bonds herein offered
for sale, the 1948 revenue bonds will be refunded by an advance
(escrow) refunding The refunding bonds will constitute a lien
only upon revenues of the sewer system For further details ,
reference is made to the "6-1-65 Sewer Revenue Bond Ordinance,"
passed and adopted on the 1st day of A,pr,l _, 1965 The
City has also heretofore issued its general obligation Refund-
ing Water Bonds, dated the first day of April, 1950, in the
original principal amount of $600,000 00 (herein sometimes
designated the "1950 refunding water bonds") , which are now
outstanding in the principal amount of $ 170,000.00 , and the
City has also issued its General Obligation Water Extension
Bonds, dated the first day of June, 1954, in the original prin-
cipal amount of $1,500,000 00 (herein sometimes designated the
1954 water extension bonds") , which are now outstanding in
the principal amount of $ 548,000 00 The 1950 refunding
water bonds and the 1954 water extension bonds will be paid
from the net revenues of the waterworks system on a parity
with the bonds herein offered for sale The City has covenan-
ted to maintain rates and charges sufficient to produce reve-
nues or other earnings annually to pay the annual operation
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and maintenance expenses of the waterworks system and an
amount equal to one hundred twenty-five per centum (125/) of
the combined maximum annual principal and interest require-
ments on bonds and any other obligations payable annually
from any revenues of the waterworks system (excluding the
reserves therefor) , provided, that in determining the amount
of revenues there shall be excluded any pater main assessments ,
water tap fees , and plant investment fees which the City
shall have determined not to include in gross revenues as
permitted by the ordinance authorizing the bonds
ADDITIONAL OBLIGATIONS Bonds or other obligations ,
subject to expressed conditions , may be issued and made payable
from the net revenues of the waterworks system and having a
lien thereon subordinate and junior to the lien, or, subject to
additional expressed conditions , having a lien thereon on a
parity with the lien of the bonds herein designated for sale ,
in accordance with the provisions of Ordinance No 16, 1965
PURPOSE OF ISSUE The bonds were authorized for
the purpose of supplying water to said City by constructing
and otherwise acquiring extensions , additions , and improve-
ments to the municipal waterworks system and everything
necessary or incidental thereto, including the acquisition
of additional sources of water
CORPORATE ORGANIZATION The City is a municipal
corporation duly organized and existing as a home-rule city
under Article XX of the Constitution of the State of Colorado
and a Charter framed and proposed by a charter convention,
and adopted by the qualified electors of the City at an
election held therein on the 5th day of October, 1954
POPULATION The City's population, as shown by
the 1960 Federal Census , was 25 ,027 , and the City's population
is currently estimated to be 33,000
TERMS OF SALE
BID PROPOSALS No specified form of bid is
required Each bidder is required to submit an uncondi-
tional bid specifying (a) the lowest rate or rates of inter-
est and premium, if any, at or above par at which the bidder
will purchase said bonds It is also requested for informa-
tional purposes only, but is not required, that the bid
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disclose (b) the total net interest cost in dollars and cents
to the City and (c) the average net interest rate in a
stated per centum Each bid must also be in writing for all
the bonds herein offered, enclosed in a sealed envelope
marked on the outside "Proposal for Bonds" and addressed to
Mr Miles F House, City Clerk, P 0 Box 580
Fort Collins, Colorado
BID CHECK Each bid shall be accompanied by a
deposit of a cashier' s check or a certified check of a sol-
vent bank or trust company made payable to the City of Fort
Collins, in an amount of at least $100 ,000 00 or by cash
deposit in like amount Such check or cash deposit will be
held as evidence of good faith pending the delivery of the
bonds, which deposit (check or cash) shall be promptly
returned to any such bidder if his bid be not accepted
BIDDER' S OPTIONS It is permissible, subject to
expressed limitations, for any bidder
(1) To bid different or split interest rates for
the bonds (see "Interest Rate" above) , and
(2) To be relieved of the bidder's obligation to
purchase the bonds herein offered due to the repeal of
the exemption for federal income taxes (see "Tax
Status" below)
TAX STATUS In the opinion of bond counsel, the
interest on the bonds is exempt from taxation by the United
States under present federal income tax laws In the event
that prior to the delivery of the bonds to the successful
bidder for the bonds herein offered for sale, the income
received by private holders from obligations of the same
type and character shall be taxable by the terms of any
federal income tax law hereafter enacted, the successful
bidder, at its election made prior to the delivery of the
bonds, may be relieved of its obligation under the contract
to purchase the bonds In such case the contract to pur-
chase the bonds will terminate, and the deposit accompany-
ing the purchaser' s bid will be returned upon written
request therefor being made to and received by bond counsel
prior to the delivery of the bonds
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9
SALE RESERVATIONS The City Council reserves the
privilege
(1) Of waiving any irregularity or informality
in any bid,
(2) Of rejecting any and all bids for the bonds,
and
(3) Of reoffering the bonds for sale, as provided
by law
BASIS OF AWARD The bond issue, subject to such
reservations, will be sold to the highest and best bidder
making the bid for the bonds to the best advantage of the
City, which bid will be determined by deducting the amount
of the premium bid, if any, from the total amount of inter-
est which the City would be required to pay from the date of
the bonds to their respective maturity dates at the coupon
rate or rates specified in the bid, without reference to the
possible redemption of any of the bonds prior to maturity,
and the award will be made on the basis of the lowest net
interest cost to the City If there are two (2) or more
equal bids for the issue, and if such equal bids are the
best bids received and are for not less than the principal
amount of the bonds and accrued interest, the City Council
will determine which bid will be accepted
SALE BELOW PAR, COMMISSION AND DISCOUNT PROHIBITED
None of the bonds will be sold at less than their principal
amount and accrued interest to the date of delivery, nor
will any discount or commission be allowed or paid on the
sale of the bonds
TIME OF AWARD The City Council, upon opening
bids as hereinabove provided, intends to determine immed-
iately the best bid and to take action awarding the bonds ,
and the City Council in any event will take action awarding
the bonds or rejecting all bids for the bonds within twenty-
four hours of the time herein stated for opening bids
MANNER AND TIME OF DELIVERY The deposit of the
best bidder will be credited to the purchaser at the time
of delivery of the bonds (without accruing interest) If
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the successful bidder fails or neglects to complete the pur-
chase of said bonds within thirty (30) days next following
the acceptance of his bid, or within ten (10) days next after
the bonds are made ready and are tendered by the City for
delivery, whichever is later, the amount of this deposit
will be forfeited to the City, except as hereinafter provided
In that event the City Council may reoffer the bonds for
sale as provided by law The purchaser will not be required
to accept delivery of any of said bonds, if they are not ten-
dered for delivery within sixty days from the date herein
stated for opening bids, and if said bonds are not so ten-
dered within said period of time, the good faith deposit will
be returned to the purchaser upon its request The City
contemplates, however, effecting the delivery of the bonds
of said issue to the purchaser thereof in about forty-five days
from the date herein designated for opening bids and as soon
as reasonably possible thereafter
PAYMENT AT AND PLACE OF DELIVERY The successful
bidder or bidders will be required to accept delivery of,
and to make payment of the balance due for, the bonds
(1) At some bank or trust company in Denver,
Colorado, or
(2) At the successful bidder' s request and
expense, at some other bank or trust company in the
United States of America, as requested
Payment of the balance of the purchase price due for the
bond issue at delivery must be made in funds acceptable to
the City and to the bank or trust company designated as the
place of delivery for immediate and unconditional credit to
the City, or as directed by the City
LEGAL OPINION, BONDS AND TRANSCRIPT The legality
of the bond issue will be approved by Messrs Dawson, Nagel,
Sherman & Howard, Attorneys at Law, 1900 First National Bank
Building, Denver 2, Colorado, whose unqualified, final,
appaoving opinion, together with the printed bonds and a
certified transcript of the legal proceedings, including a
certificate stating that there is no litigation pending
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affecting the validity of the bonds as of the date of their
delivery, and other closing documents, will be furnished the
purchaser without charge by the City A certified true copy
of the approving opinion of bond counsel shall be printed
on each bond thereof at the City' s expense
INFORMATION This Official Notice of Bond Sale
(a condensation of which was ordered published) and financial
and other information concerning the City and the bonds may
be obtained from the City's City Clerk
and its Fiscal Agent, respectively, as follows
Miles F "ause, City Clerk
P o Box 58o
Fort Collins, Colorado 80522
and
Boettcher and Company
828 Seventeenth Street
Denver, Colorado 80202
FORM OF OPINION The final and unqualified approv-
ing opinion appertaining to the bond issue will recite, in
conventional form, that the designated bond counsel has
examined the Constitution and laws of the State of Colorado,
the Charter of the City, and a certified copy of the record
of the proceedings of the City Council taken preliminary to
and in the issue of the bonds, describing them in some detail,
and that bond counsel has examined bond numbered one of said
issue and has found the same properly executed and in due
legal form The last paragraph of the opinion will read
(subject to the provisions hereinabove entitled "Tax Status")
substantially as follows
"It is our opinion that such proceedings show
lawful authority for said issue of bonds under the
Constitution and laws of the State of Colorado and
the Charter of the City of Fort Collins now in force
that said issue of bonds in the amount aforesaid is
valid and legally binding upon said City, that all
of the taxable property in said City is subject to
the levy of a tax to pay the same, subject to the
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I
limitation unposed by the Charter of the City, that
the payment of said bonds is additionally secured by
a pledge of, and said bonds constitute an irrevocable
and first lien (but not necessrily an exclusively first
lien) upon, the net revenues derived from the
operation of the City's waterworks system (except for
certain revenues which may, at the City's option, be
excluded therefrom), provided, however that the
principal of and interest on the City's General
Obligation Refunding Water Bonds , dated the first day
of April, 1950, and the City's General Obligation
Water Extension Bonds , dated the first day of June ,
1954, shall be paid from said net revenues on a
parity with said bonds , that as security for the
payment of the bonds there is irrevocably and ex-
clusively pledged a special fund designated as the
'City of Fort Collins , Colorado, General Obligation
Water Bonds , Series June 1, 1965 , Interest and Bond
Retirement Fund, ' into which the City has covenanted
to pay from said net revenues sums sufficient to
pay when due the principal of and the interest on
said bonds (except to the extent the proceeds of
general taxes are available therefor) , and that
interest on said bonds is exempt from taxation by
the United States of America under present federal
income tax laws "
DATED at Fort Collins , Colorado, this 15th day of
April 1965
/s/ (For Manual Signature)
Mayor
City of Fort Collins , Colorado
(SEAL)
Attest
/s/ (For Manual Signature)
City Clerk
(End of Form of Official Notice of Bond Sale)
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Section 5 That the Mayor, City Manager, and the
City' s fiscal agent be, and they hereby are, authorized and
directed to give such other notice of said bond sale as they
shall determine, if they so determine, including, but not
limited to, the publication of the notice authorized by
section 2 hereof or an excerpt thereof in any financial
newspapers and periodicals, and the distribution among
investment bankers and others of a bond brochure or prospec-
tus relating to said bonds
Section 6 That bids for said bonds shall be
opened at the time, place and manner provided in the Offi-
cial Notice of Bond Sale as herein prescribed
Section 7 That the officers of the City be, and
they hereby are, authorized and directed to take all action
necessary or appropriate to effectuate the provisions of
this resolution
Section 8 That all orders, by-laws and resolu-
tions, or parts thereof, in conflict with this resolution,
are hereby repealed
Section 9 That if any one or more sections,
sentences, clauses or parts of this resolution shall for
any reason be questioned or held invalid, such judgment
shall not affect, impair or invalidate the remaining provi-
sions hereof, but shall be confined in its operation to the
specific sections, sentences, clauses or parts of this
resolution so held invalid
Section 10 That this resolution shall be in full
force and effect after passage and approval
PASSED AND APPROVED this llth day of March
1965
or
(SEAL)
Attest,/
City Clerk
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f
It was thereupon moved by Councilwoman Lorraine A Quinn
and seconded by Councilman L J McMillan that any rule of
the City Council which would prevent the passage of said
resolution at this meeting be suspended, and said resolution
be placed upon its final passage The roll was called upon
said motion with the following results
Those Voting Aye Harvey G Johnson
R L Colwell
L J McMillan
James W Guyer
Lorraine A Quinn
The presiding officer declared the motion carried
and the rules suspended, and said resolution placed upon its
final passage
Councilman R L Colwell then moved that said
resolution be passed as read Councilwoman Lorraine A Quinn
seconded the motion The motion being upon the final pas-
sage of the resolution, the roll was called with the
following results
Those Voting Aye Harvey G Johnson
R L Colwell
L J McMillan
James W Guyer
Lorraine A Quinn
The presiding officer thereupon declared that, at
least a majority of the members present having voted in favor
of said resolution, the said motion was carried and the
resolution duly passed
Thereupon, other business not appertaining to the
City' s water system was considered
Thereafter, there being no fu-gther business to come
before the meeting, on motion duly made, seconded and unani-
mously carried, the meeting was ad ourned
(SEAL) yor
Attest
City Clerk
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i
STATE OF COLORADO )
COUNTY OF LARIMER ) SS
CITY OF FORT COLLINS )
I, Miles F House City Clerk of the
City of Fort Collins, in the County of Larimer and State
of Colorado, do hereby certify
1 That the foregoing pages numbered from 1 to
62, both inclusive, constitute a full and correct copy of
the record of the proceedings taken by the City Council of
said City at a regular meeting thereof held on the day
of March , 1965 , so far as said minutes relate to the
City' s water bonds
2 That the copy of the ordinance contained in said
minutes is a full, true and correct copy of the original of
said ordinance as introduced and passed on first reading by
the City Council at said meeting, that the original of said
ordinance has been du13 authenticated by the signatures of
the Mayor of said City and myself as Clerk of said City
3 That said ordinance was on the 16th day of
March , 1965 , published in full in The Fort Collins
Coloradoan , a newspaper published, printed and of gen-
eral circulation in the City of Fort Collins and being its
official newspaper
4 That the copy of the resolution contained in
said minutes is a full, true and correct copy of the original
of said resolution as finally passed by the City Council at
said meeting, that the original of said resolution has been
duly authenticated by the signatures of the Mayor of said
City and myself as Clerk of said City
5 That the Mayor and Four other members of
the City Council were present at said meeting, and that
Five members of said Council voted as in said minutes
set forth
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IN WITNESS WHEREOF, I have hereunto set my hand
and the seal of the City of Fort Collins, Colorado, this
16th day of March 1965
City Clerk
(SEAL)
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S x
The Clerk announced that an ordinance entitled
"AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON BEHALF
OF THE CITY OF FORT COLLINS, COLORADO, AND UPON THE
CREDIT THEREOF, BY ISSUING THE NEGOTIABLE, COUPON,
CITY OF FORT COLLINS, COLORADO, GENERAL OBLIGATION
WATER BONDS, SERIES JUNE 1, 19659 IN THE AGGREGATE
PRINCIPAL AMOUNT OF $32200,000 00 FOR THE PURPOSE
OF SUPPLYING WATER TO SAID CITY BY CONSTRUCTING AND
OTHERWISE ACQUIRING EXTENSIONS, ADDITIONS AND IMPROVE-
MENTS TO THE MUNICIPAL WATERWORKS SYSTEM AND EVERY-
THING NECESSARY OR INCIDENTAL THERETO, INCLUDING THE
ACQUISITION OF ADDITIONAL SOURCES OF WATER, PRESCRIB-
ING THE FORM, TERMS AND CONDITIONS OF SAID BONDS, THE
MANNER OF THEIR EXECUTION, THE METHOD OF PAYING THE
BONDS AND THE SECURITY THEREFOR, AND OTHER DETAILS
IN CONNECTION THEREWITH, PROVIDING FOR THE LEVY AND
COLLECTION OF GENERAL (AD VALOREM) TAXES FOR THE PAY-
MENT OF SAID BONDS, ALSO PROVIDING FOR THE DISPOSI-
TION OF REVENUES FROM THE OPERATION OF THE WATERWORKS
SYSTEM, PROVIDING COVENANTS, AGREEMENTS AND OTHER
DETAILS AND MAKING OTHER PROVISIONS CONCERNING SAID
TAXES, SAID REVENUES, SAID SYSTEM, SAID BONDS, THE
REVENUES PLEDGED FOR THEIR PAYMENT, AND THE ISSUANCE
OF ADDITIONAL BONDS PAYABLE FROM SAID REVENUES, AND
RATIFYING ACTION PREVIOUSLY TAKEN IN CONNECTION WITH
THE FOREGOING "
which ordinance was introduced, read in full for the first
time and passed on first reading, on the llth day of
March , 1965 , had, as ordered by the City Council,
been published in full in The r ort Collins Coloradoan , a
newspaper published and of general circulation in the City
of Fort Collins, in its issue of 'larch 16 , 1965,
being at least ten days prior to this meeting, and that the
publisher' s affidavit of publication of said ordinance is
now on file in the office of the City Clerk
-67-
On motion duly made, seconded and unanimously car-
ried, it was ordered that said affidavit be received, filed
and preserved among the records of the City Clerk
Thereupon, the Mayor announced that this was the
time and place of a public hearing on said ordinance, which
he designated by title, and that anyone desiring to be heard
should so indicate No one indicated he desired to be heard
thereon
Whereupon, it was moved by Councilman R L Colwell
and seconded by Councilwoman Lorraine A Quinn that said ordi-
nance be now placed on its second reading by title only, and
that all rules of the Council which might prevent, unless
suspended, the final passage and adoption of said ordinance
at this meeting, be, and the same are hereby, suspended for
the purpose of permitting the final passage and adoption of
said ordinance at this meeting
The question being upon the adoption of said motion
and the suspension of the rules, the roll was called with the
following result
Those Voting Aye L J McMillan
R L Colwell
James W Guyer
LorraL ne A Quinn
Those Voting Nay None
Those Absent Harvey G 'Johnson
Four members of the Council having voted in
favor of said motion, the presiding officer declared said
motion carried and the rules suspended
No member of the Council having requested that the
ordinance be read in full, said ordinance was read by the
City Clerk by reading the title thereof
Whereupon, Councilman R L Colwell moved that
said ordinance heretofore passed on first reading be now
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placed upon its final passage Councilloman Lorraine A Quinn
seconded the motion The question being upon the placing
of said ordinance upon its final passage, the roll was
called with the following results
Those Voting Aye L. J. McMilIan
R. L Colwell
James W. Guyar
Lorr i na A. QIn nn
Those Voting Nay None
Those Absent Harvey G Johnson
The presiding officer declared the motion carried
and said ordinance placed upon its final passage
Councilman James W Guyer then moved that said
ordinance be finally passed and adopted CounciYoman Lorrairo
A Quinn seconded the motion The question being
upon the passage and adoption of said ordinance, the roll
was called with the following results
Those Voting Aye L J McMillan
R. L. Colwell _
James W Guyer
Lorraine A Quinn
Those Voting Nay None
Those Absent Harvey G Johnson
The presiding officer thereupon declared that at
least a majority of the members present having voted in
favor thereof, the said motion was carried and the said
ordinance duly passed and adopted
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t
On motion duly adopted, it was ordered that said
ordinance be numbered16, 1965, and after signature by the
Mayor of said City and attestation by the City Clerk, be
finally published in full in the Fort Collins Coloradoan,
a newspaper published and of general circulation in the
City of Fort Collins, Colorado, and be recorded according
to law
Thereupon, the City Council considered other
business and took other action not concerning the City° s
water system
There being no further business to come before
the City Council, on motion duly made, seconded and
unanimously carried, the meeting adjourned
As nt Mayor
(SEAL)
Attest
City Clerk
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R
� � t
F
t a
r
STATE OF COLORADO )
COUNTY OF LARIMER ) SS
CITY OF FORT COLLINS )
I, Miles F %use , City Clerk of the
City of Fort Collins, Colorado, do hereby certify
1 That the foregoing Ordinance No 16, 196%7as
read in full and passed on first reading and ordered pub-
lished at a regular meeting of the City Council held on
Thursday , the llth day of March 1965 , and was
published in full on the 16th day of "arch , 1965 ,
in the Fort Collins Coloradoan, a newspaper printed, pub-
lished and of general circulation in the City of Fort
Collins
2 That at least ten days thereafter said ordi-
nance was placed on second reading and final passage at a
regular meeting of the City Council held on Thursday , the
1st day of April , 1965 , that at said meeting said
ordinance was read by title, finally passed, adopted,
approved and ordered published in full again
,Assistant
3 That the/Mayor and Three other members
of the City Council were present at the second meeting,
that the members of said City Council voted on the passage
of said ordinance as in said minutes set forth
4 That said ordinance was, on the 6th day
of April 1965 , published in full in the Fort Collins
Coloradoan, the same being the official newspaper of said
City, published and of general circulation therein and was
recorded as provided in said ordinance and the Charter of
the City of Fort Collins
5 That the foregoing pages numbered 66 to 70,
both inclusive, are a true, full and correct copy of the
proceedings of the City Council of said City, insofar as
said minutes relate to the final adoption of Ordinance
No 16, 1965, a copy of which ordinance is set forth in full
in the minutes of the meeting held on the 1st day of
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April 1965 , and a copy of which is likewise attached
to the affidavit of the publisher on file in my office
6 That all members of the City Council were
duly notified of each of said meetings
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed the seal of the City of Fort Collins, Colorado,
this i4thday of April 1965
�•!�� City der c�
(SEAL)
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