HomeMy WebLinkAbout005 - 06/30/1949 - PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON BONDS IN THE AGGREGATE AMOUNT OF $25,000, TO BE DENO 302
ORDINAM. NO.5----SERIES OF 49
� A\ OF.DIKi.NCfi .'HOVIDISO FOR Trill ISSJANCB BY 'THE CITY OF PORT COLLINS COLORADO OF
IIS NEGOTIABLE COUPON 30NDS IN THE AGGREGATE A::OUNT OF $251000, TO BE DEX39IAATED REPOND-
ING BANGS, SERIES OF 1949, FOH THE ?JEPOSE JP REFUNDING A LIKE AMWNT OF OUTSTANDING BONDED
inr6i BDRESs OF SAID CITY, REDEEMABLE AT THE OPTION OF THE CITY ON THE 1ST DAY OF MARCH,
194); PRESCRIBI:,G TnE FJRi JP SAID R£PJKDING BONDS AND ?RJVIDING FOR THE LEVY AND COLLEC-
TI.`N OF AN ANNUAL TA). TO ?AY THE SAYE, ?R INCI?AL AND INTEREST, AND DECLARING AN EMERGENCY.
nk'EREAS, the City of Fort Collins, Colorado; has outstanding and unpaid its
negotiable City of Fort Ooll .r.s R-funding Bonds, Series'of 1939, in the amount of $25,000,
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dated ;:arch 1, A.D. 1939, due and payable serially on the let day of Marsh, Z3,000 in ,
each of the years 1950 to 1957, inclusive, and $1,000 in the year 1958, redeemable at the
eptlon of said City on or at any time after Narch 1, 1949, bearing interest at the rate
of 2j% per ennum; and
NriEHEAS, there are no funds in the Treasury of said City available for the
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redemption of said outstanding bonded indebtedness in the amount of 125,000, or any part
e thereof; and
6HEF.R..S, the City Council has heretofore determined that said Refurding9onds so
to be issued in the aggregate amount of $25,000 shall be exchanged dollar for dollar,
C Council belleves It to be its duty to
� for t.ie bonds to be refunded, and that said icy pun it y
issue said Refunding Bonds and cause the sa a to be exchanged, dollar for dollar, for the
f bonds to be refunded as aforesaid, or to be sold and the proceeds used to pay and redeem
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ya like a-.oar.t of said outctand1 nc bonded indebtedness, as and in the manner provided by
C law;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL L�H THE CITY OF PORT CCLLIYS,
"RI1Sh C-UNTY, COLORADO:
Section 1. That by virtue and in pursuance of the City Charter, there shall b e
issued negotiable coupon bonds of said City of Port Collins, to be denominated Refunding
! .Bonds, Series of 1949, in the mount of :25,000, for the purpose of refunding a like amount
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or the outstanding Indebtedness of said City redeemable at the option of said City an
and after the 1st day of.:aroh, A.D. 1949, end which said indebtedness t::e City CpuneSl.
of said City has determined and nereby determines to call in and pay and redeem. 1
-action 2. That the . ayor and City Clerk of said City of Port Collins be and
they are hereby authorized anal directed to have prepared negotiable coupon refundinE bonds (`
or caid �ity in the said aggregate amount of s25,0O0.00.
::ectlon 3. Tnat said bonds hereby authorized shall be negotiable in form, pay- 1
sole to bearer, shall beer dat- the 1st day ofKarch, A.D. 1949, shall bear interest at the
rate of 1 3/4% per ar.:.u:u, payable semi-annually on the let days of March and September
of each year, shall consist of 25 bonds in the denomination of 11,000 each, numbered 1
to 25, inclusive, anal sneil mature on :.eptemter let, 3,000 in e,ch of the years 1950
to 1956 Inclusive, and 44,O1O in the year 1957, -
Tne principal of said bonds and the interest accruing therscn shall be payable
In lawful 'coney of the Jnitod States of a erlca at the office of the City Treasurer, Port
Collins, Colorado. Said bonds snail be signed by the Cos-.issiorer of Public Safety andHealt
and ex-officio ieyor, coantersigred by the Comissioner of Finance and oupplirs and ex-
officio City 'Treasurer, with the seal of said City affixed thereto, end attested by the
-ity Ulerk of said Clty. Ine i.tarest accruing on said bonds shall be evidenced by semi-
annual interest coupons thereto attached, bearing the facsimile signature of the
Gommissioner of Finance and Supplies, ex-officio Treasurer of said City, and when so
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executed such coup .ns shall be the binding obligations of the City according to therr. ,<.
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import.
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303
ORDINANCE NO- 6 _SERIES OF leas
Section 4 Said bonds and coupons to be attached thereto shall be in substantiall
the rollosing for=, to-wit
I UNITED STATES OF "/:ERICA
STn"6 OF COLO rDO COUNTY OF LAFIUEF $
CITY OF FORT COLLIhS
REFUNDI%G BOND >ti
,
MIES OF 1949
4
I No, ;1,000
The City of Fort Collins, Larimer County, Colorado, for value received, hereby
Lcknowledges Itself Indebted and prj mlaea to pay to bearer the sum of
ONE THOUSzND DOLL R,S l
In ltxful money of the united States of America on the lot day of- September, A p 19
with interest, trereon from date hereof at the rate on one and three-fourths per centum
(1 3/0) per annum, payable semi-anrual*y in like podium, on the let days of Har4kh and
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September of each year, as evidenced by Interest coupons hereto attached, bath principal
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and interest payable at the office of the City Treasurer, Fort Collins, Colorado, upon
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presertation of this bind and said coupops respectively, -
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This bond is issued by the City of Port Collins,[ Colorado, for the purpose of
paying, redeeming and refundlrg( a like amount of outstanding unpald, payable, IS-Tral and
valid bonds of said Clty, Pad the l4wf4l end valid indebtedress evidenced thereby, under,
by virtge of and in full conformity with the provisionslof the Charter of said City and an
ordinance duly adopted by the City Councll of sold City at a Iawfal meeting thereof, Veld
prior to the isoQanLe of this bond; and it is nereby certified and reeited`t"t all sets
and things re%jired to be done and conditiors and thirgs equired to exist precedent to `
and In the Issuance of this bond to render the sa=e lerfal Lnd valid, have nappened, neon
oroperly done and performed, and 4o exist in regular and due time, form and menrer as
re uired by lax, end that the total debt of sold City oe °o-t, Collin- including that j
of this bona, exceeds ❑eltner tFe statutory ror tie con�stitational limitatlora of they State r �"
of Colorado or the Charter of saI4 Ctty, thLt said totell debt is not increased by the tos-
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,farce r,ereof, end that provision has been made for the levy and collection of a direct
ern4al tax on all the taxable property of said City ouffi4lent to pay the principal and
interest of this bond as the same respectively come due,
The full talth and credit of tie City of Fort Collins are hereby pledced for the
ounetual nay=ert of the principal of and the interest on thlp bond. a "+
;h IITNE--- Wo-REOF, the City of port Colllnsc Lorimar County, Colorado, by its
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City Councij, nos caused this boni$'to be signed by its Commlesioner of Public £efety and Z^
Health and ex-officio eyor, counterpigned by its Co=lsaloner of Finance and Sufplies and'
examofficio City Treasurer sealed witn its corporate seali attested by its City Clerk, and
nas caused the annexed interest coupons to be exee,rted wi 1• the facalmile signature of its "
Palo Clty-Treasurer , this .it day of Larch, 6. D 1949.
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omm ss one ir FubjI6 Safety a
and Health, ex-officio Yayor
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(SE6L) ; COUNTERSIGNED, y
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all ELT:
- Qmmiss nner br Irinaaae OW,
x ;,` ,` � , / /$u�plie+�,�1 'AlSro�f141i�•�uuirrr"3"I�'t ^L� `
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304 i^
ORDINANCE NO 5 SERIES OF 1949
(Form of Coupon)
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No $8 76
1 4arch i
Cn the let day of September. A D 19,, the Clty of Port Collins, in the
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Courty of Larlmor and State of Colorado, promises to pay to the bearer
EIUT LkD 76/100 DOLLARS
� 3 in leafal money of the U� d States of A-erlee,�at the office ofthe City Treasurer. In
Port Collins, Colortdo, being six months' irterest on its Pefunding`Bond, Series of 19491
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IF dated ♦arch 1 , k D 1949. {
f Ao, (facsimile SianRturel
C L�mTaTner nance and
Supplies, ex-officto Treasurer
Section 5 That when Issued', the Refunding Bonds9hereby authorized shall be I
excharged, doll-r for dollbr, for tre bonds to be refupdo4tiand tuey shad not be issued
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li until tie said outstanding bonds to be refunded have oeen called in an canceled, and all l
ff becrzed irterest op the bonds to be refunde4 slsll be paid before such gefunding Bonds are Y
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;issued it excrsrge tnerefor + { a `
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Section 8 The irterest due on said bonds on September 1, 1949, shall beladvanced
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from any genpral fund of the City available trerefor For �re purnose ofxre'mbureirg such
1 fund and for the purpose of pa,ing the Interest accruing on1said bonds igjv it shall tneresfte 7j 1
C oecome dae, and providing for tie ultl-.ate payment and rede3intion of so bonds, there shall
{ oe levied on all the taxable property In said Cltj, in eddition to all ther taxes, direct
annual taxes in tre following arounte at the following times, to-wit; + J
Year letereect _ Principal To+`a
1949 4ew,_5 $3 0-0 QO $3,656 25
1950 .385900 3,DO0 00 3,385 00
1951 332 50 3,c0OjQO 4,332 50
1952 280100 4 030 QO 5,280,00
1953 2-7,50 3,000100 3,227 50
1954 17o 00 3#000100 4 175f00 +�
rY 19o5 122,50 3000 00 3,122 50 ,
195E 70,00 4:000,00 f 4,070,Q0 °
Said taxes, whey collected, shall be nlaced in a Fund to be called "Redemption Fun
to pay Fefuncing ponds dated Au rcr, 1, o, D, 1949", a64 sold taxessrall be applied solely
l for the _purpose of the payment of said lntefsst and principal of said bonds resoeetively,
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end for ro ether p..rpose wnatever until the bonds authorized by this 0rdinanee, principal
and irterest, shall rave oeen djly paid, setisfled and d seherged, but notn}ng herein eontsi
ed' srall be so construed as to prevent avid Clty from applying any other funds that may be
in tie treasury of the City and available for teat parooserto the payment of the said t
1 interest or princical as tl'e same respectively mst4re, and ucon the anplication of Any such
(ands the levy or levies herein prodded may tpereupon be dilmialshed In an equal amount.
Sectlor 7. Trbt tre orovlslons oP this Ordinance and each of tte bonds and the
interest ccaccrs issued pursaent t ereto shall constitute. and the same are hereby declared
to`oe a binding and irrevocable contract between said CI y and the holder from time to L
time of see)- of said Pond° and the interest ecapons thereto appertaining, -
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Section 8, Ihat after sold bonds are isaaed this Ordinance stall not be altered
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or repealed until the bonds hereby authorized shall have been fully paid, both principal
and interest
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Sectior 9, That the provisions of Sections 6687 to 6694, Revised Statutes of Colo oft,n
1908, shall not be applicable to %he fef4gdtrg g4toorlsaA hereto, apd that all ordinanseat�
or portsthereofin conflict with the provia ons here
�+ l of F,e, Red tbs save a haRj �
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305
ORDINANCE NO 5 _SERIES OF 1949
Section 10 That it is necessary for tnese refurding proceedings to be completed
at tie earliest possible date in order teat the GItf fey effect a moving of interest on said
outstanding indebtedness, and tnerefore It to hereby declared trat an emergency exists,
and trJat this Grdinsnce, ie necessary for the tpmediate preservation of1the public peecs,
health and safety, , * ,
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section 11. Tris Ordinance, I mediately upon its final passage, shall be recorded
In the Book of Ord nences of said City, shall be authenticated by the slEnetures of the-
mayor and City Clerk,shail be published in the Fort Collins Coloradoon, a newspaper of
general circulation In said City, as requlped by lee and ordinances of gold City, and shall
be in full force and effect five days after final publieetlon,r;, '
INTROW CED, read and finally adopted and approved this 30th day of June, 1949. r
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( SEAL ) r
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Attest;
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STATE OF COLGRaDO ) ^
COUNTY uF LARIuER ) as a
CITY OF FJRT CCLLIH$ ;
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1, Miles F; house, City C1erR of Fort Collins, Colorado, do'nerety certify that
j the foreg. ing pages numbered 1 to 12, ireluelve, constitute a full, true and correct copy
of the record of the proceedings of the City Council of said City taAer at a regiler
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meeting trcereof, held on the 30th day of une, 1949, insofar as sold minutes relate to the 4`
firal acoctlon of en ordirsiog, a copy or which la thPreln pet fcrth In full, tnot sold copy
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Hof sGIq ordinance Is a rull , true and correct copy of tee o1iginal or said ordinenca as
f null) adopted by said Courell at sold meeting, that said Priginal osdira..ca 17>aa been !
a.ily e,rtrenticated oy the sigratires or the as or as presiding officer of said Coaeeil, and
s.ygelf as Clera or said City, dully sealed with the corporate seal of said City and recorded
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i" tile' book of ordinances of Palo City kept for that purpose in my effiee,, whlch record has
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been duly cigred by seio orfloers and scaled with the seal of sold City; that said ordinance
was, on the 5tb day of , July , 1949, finally pgbll4hej In fql} In the Fort Collins 'Y
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CColo-adoan, the offlelel newsoaper or sold City, #�
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Ik All NFSP FhEhE0F, I have hereunto set my hand apd tee official seal of sold City
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Hof Fort Collins, Colorado, tnle Sw h day or Ju� lg4g„
4 --„— City �.�
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