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HomeMy WebLinkAbout003 - 03/10/1939 - PROVIDING FOR THE ISSUANCE OF NEGOTIABLE COUPON BONDS IN THE AGGREGATE AMOUNT OF $646,000 FOR THE PU ORDINANCE NO 3 1969 kN ORDINANCE PROVIDING FOR THE ISSUANCE BY TliE CITY OF TORT COLLINS COLORADO OF ITS NEGOTIABLE COUPON BONDS IN THE AGGREGkTE A11OUNT OF SIX HUNDRED FORTY-SIX THOUSAND DOLLARS ($646 000) TO BE DENTOMINATED ELECTRIC LIGHT AND POWER 22% and 2 3/4% REVENUE REFUNDING BONDS SERIES 1939 FOR THE PURPOSE OF REFUi\IDING A LIKE AWOUNT Or OUTSTANDING BONDED INDEBTEDNESS OF SAID CITY PROVIDIIG FOR THE CALL OF THE OUT- STANDING 31 and 34% ELECTRIC LIGHT AND POWER REVENUE REFUND- ING BONDS SERIES 1936 PRESCRIBING THE FORM OF SAID REFUND- ING ELECTRIC LIGHT AND POWER REVENUE BONDS PROVIDING FOR THE PAYMENT OF BOTH PiINCIPAL AND INTEREST ON SAID BONDS SOLELY OUT OF REVENUE TO BE DERIVED FROM THE GPERATION OF SAID YUNI- CIPAL ELECTRIC LIGHT AND POWER SYSTEM AND REPEALING kLL OR- DINANCES RESOLUTIONS OR PARTS THEREOF IN CONFLICT HEREWITH, AND DECLkRING AN EME_itGENCY " WHEREAS the City of Fort Collins , Colorado has here- to fore issued and there are now outstanding and unpaid its negotiable coupon municipal electric light and power revenue refunding bonds in the amount of Six Hundrea Fortv Six Tnou- sand Dollars ($646 000) dated the first day of October A D 1936 and being due serially in instalments, payable semi-an- nually the first instalment thereof being due and payable on October lst A D 1939 and the last instalment thereof being due and payable on April 1st A D 1951 , all of said bonds being callable at One Hundrea Three (103) and accrued interest on any interest paying aate t457 000 00 of said bonds nearing interest at the rate of three and one-quarter per centum (34y) per annum and $189 000 00 of said bonds bearing interest at the rate of three per centum (31) per annum and WHEREAS it has peen ascertained that such bonds may be refunded at this time bearing a lower rate of interest NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT COLLINS LARIMER CDUNTY COLORADO Section 1 In accordance NTlth Section 3 of Ordinance No 15 1936 passea ana adopted on the 4th day of September, A D 1936, tie City of Fort Collins , Colorado, hereby calls for payment Six Hundred Fortf-Six Thousand Dollars ($646 ,000) of its obligations denominated "Fort Collins Colorado , 34V -2- ana 3� Electric Light and Power Revenue Refunding Bonds " being six hundred forty-six (646) bonds in the denomination of One Thousand ($1 ,000) each all of said bonds dated Octo- ber 1st A D 1936 $457 000 00 of said bonds bearing inter- est at the rate of three and one-quarter per centum (341) per annum and $189 ,000 of said bonds oearing interest at the rate of three per centum (31) per annum Said bonds ti,ill be called for payment at One Hundred Three (103) and accrued interest to April lst A D 1939 Section 2 That for the purpose of providing funds to redeem the original issue of said bonds mentioned in Sec- tion 1 of this Ordinance, the City shall issue its ooligations to oe aenominated "Fort Collins Colorado Electric Light and Power Revenue Refunding Bonds , " In the aggregate principal amount of Six Hundred Forty Six Thousand Dollars ($646,000) bearing interest at the rate of Trio and one-half per centum (211) per annum and Two and three-ouarters per centum (2 3/41/1) per annum, as hereinafter provided which bonds shall be pay- able solely out of the net revenue derived and to be derived from the operation of said system and not otherwise Section 3 That said bonds hereby authorized shall be of the date of April 1st , �i D 1939 and shall oe in the denomination of One Thousand Dollars ($1 000) each All of said bonds shall be payable to bearer in series as hereinaf- ter set forth Until paid the first Five Fundred Eighty-five Thousand Dollars ($585 000) of bonds maturing serially shall bear interest at the rate of Two and one-half oer centum (22f) per annum and until paid the last Sixty-One Thousand Dollars ($61 ,000) of bonds maturing serially shall bear interest at the rate of Two and three-quarters per centum (2 3/4/) per annum, said interest to be payable semi-annually on the first days of April and October of each year Said bonds shall have -3 coupons attacned tnereto evidencing such interest to the ,aa- turity of the oonds , signed i1th the facsimile signature of the Mayor of the City and countersigned g1th the facsimile signatures of the City Treasurer and of the City Clerl. Said bonds shall be signed by the Mayor of the Citj countersigned by zhe City Treasurer with the seal of the City thereto af- fixed and attested oy the City blerl Both principal and interest thereon shall oe payable in lawful money of the United States at the Interrational Trust Company of Denver Colorado Said bonas shall be numbered and shall mature in series as follows $585,000 - 21� BONDS BOND NUMBERS MATURITY AMOUNT 1 - 21 October 1 , 1939 $21 )000 22 - 43 April 1 , 1940 22 000 44 - 65 October 1 , 1940 22,000 66 - 88 April 1 1941 23 000 89 - ill October 1 , 1941 23 000 112 - 135 April 1 , 1942 24 000 136 - 159 Octooer 1 1942 24,000 160 - 183 ,ioril 1 , 1943 24 000 184 - 208 Octooer 1 1943 25 000 209 - 233 Lpril 11 1944 25 000 234 - 259 October 1 1944 26 000 260 - 286 April 1 1945 27 000 287 - 313 October 11 1945 27 000 314 - 341 April 1 , 1946 28 000 342 - 369 October 1 , 1946 281000 370 - 398 April 1 1947 29 000 399 - 427 October 1 1947 29 000 428 - 457 ADril 1 1948 30 000 458 - 487 October 1 , 1948 30 000 488 - 518 April 1 , 1949 31 000 519 - 549 October 1 1949 31 ,000 550 - 581 April 1 1950 32,000 582 - 585 October 1 , 1950 4 000 $61 ,000 - 2 3/4j BONDS 586 - 613 ADr?1 1 1951 28 000 614 - 646 October 1 , 1951 33,000 Notwithstanding anything herein provided and the face maturities of said bonds the City may on any interest date Brior to maturity redeem and pay part or all of said bonds at -4 One Tiundrea Two and one-half (102 1/2) together with the interest accrued on the orincipal and unpaid at the time fixed for such redemption, provided , however, that the bonds not ovaned by the City of Fort Collins and then outstanding , shall be redeemed in inverse numerical order and of maturity Subject to the foregoing if the City shall at any time elect to call and redeem prior to maturity part or all of said bonds , notice shall be given by the City of such call and re- demption by publishing a notice once in The Denver Post or some other daily newspaper of general circulation published in the City and County of Denver Colorado such Dublication to occur not less thin thirty days nor more than forty days prior to the time fixed for the redemption and payment of such bonds Within five (5) days of such publication, copy of the Dublished notice shall be mailed by the Treasurer of the City to the Bank at which said bonds are payaole and to the original underwriters of said bonds or their successors or assigns Suen notice shall state the intention of the City to redeem all or Dart of such unmatured bonds and shall ae- scrioe said bonds giving the number denomination and matur- ity dates thereof , unless all of the bonds are to be redeemed and then a general statement tnereof shall be sufficient Such notice shall also state when the bonds described in the notice will oe redeemea and that after such date interest on the bonds snall cease Notice of election to redeem having been so given the bonds descrioed in the notice shall on the interest date designated for redemption become due and Day- able at the place designated therein, and if funds for the payment of said bonds shall on the date designated for re- demption oe on deposit at the International Trust Company of Denver Colorado, and available for payment thereof on Dre- sentation interest thereon shall cease on such redemption -5- date If such funds shall not be available at said time and place said bonds shall , until payment continue to bear in- terest at the rate aforesaid, payable semi-annually The bonds to be redeemed must be presented with all coupons maturing on and after the date designated for redemption and all bonds so redeemed shall on payment thereof be cancellea Section 4 Said bonds and interest coupons thereto attached shall oe in substantially the following form with appropriate changes or insertions to show the rate of interest principal amounts serial numbers and maturity dates and the number and date of passage of this ordinance UNITED ST WES OF AJIERICA STATE OF COLORADO COUNTY OF LARITIER CITY OF FORT COLLINS FORT COLLINS f LIGHT AND POWER REVENUE REFUNDING BOND No $1 ,000 00 The City of Fort Collins in the County of Larimer and State of Colorado , for value received, hereby promises to pay to the bearer hereof out of the special fund hereinbe- loll aesignatea but not otherwise the sum of One Thousand Dollars ($1 000 00) in lawful money of the United States of America on the first day of , A D 19 with interest thereon from date until payment at the rate of ---% per annun, payable semi-annually on the first day of April and the first day of October in each year both principal and interest being payable at the International Trust Company of Denver Colorado , upon presentation and sufrender of this oond or the anne), ed coupons as they severally oecome due This bond is subject to call and redemption at the op- tion of the City on any semi-annual interest date prior to maturity Notice of such election on the part of the City to -6- redeem will be given by publication of a notice of call in The Denver Post or some other aaily nevspaper of general cir culation in the City and County of Denver State of Colorado not less than thirty days and not more than forty days prior to such call Bonds shall be redeemed in inverse numerical order and of maturity and for the principal amount of the bond redeemed plus all accrued interest unpaid to date fixed for redemption plus a premium of two and one-half Der centum (211) of the principal amount thereof This bond is one of an authorized issue in the aggre- gate principal amount of Six Hundred Forty -Six Thousand Dol- lars ($646 000) Refunding Bonds issued to refund a like amount of Refunding bonds all in full conformity with the Constitu- tion and lags of the State of Colorado Section 24 of Article XVIII of the Charter of the City of Fort Collins, duly adopted by vote of the qualifiea electors of the City prior to the is- suance hereof, dnd an ordinance of the City duly enacted and adopted Drior to the issuance hereof and the City hereby ac Knowledges receipt of money, property labor or material in an amount ecual to or in excess of the principal amount of the bonds which this issue refunds Both the principal of this bond and all interest nereon are payable solely out of a spe- cial fund created in full conformity with lair and designated "Fort Collins Light and Poier Fund " to contain the revenues derived and to be derived from said electric Dover and light system all as more fully set oat in the ordinance of the City authorizing the issuance of the bonds of which this is one The City hereby covenants and agrees that for the pay- ment of this bond and the interest thereon it will create and maintain said fund and will deposit therein all of the revenues derived from said electric light and power system as reauired by said ordinance and out of such fund and as an irrevocable -7- ` charge thereon will pay this bond and the interest accruing thereon in the manner proviaed by the ordinance under which this bond is issued oeing Ordinance No 3 1939 of the City passed on March loth k D 1939 For a description of said fund and the nature and extent of the security afforded there- by for the payment of this bond reference is made to said or- dinance It is hereby certified recited and warranted that the City has not pleaged hyoothecatea or anticipated in any way any of the revenues derived or to be derived from the operation of its electric light and poorer system other than by the issuance of the bonds refunded by this series of Fort Collins 221 and 2 3/4/1 Lignt and Power Revenue Refunding Bonds of wnlch this is one It is furtner certified recited and warranted that all regairements of law nave been fully complied tiith by the proper officers of said City in the issuance of this bond and tbct the ooligation hereby created eyceeds no limitation im nosed by law IN TE5TIVONY gHEREOF The City of Fort Collins has caused this bond to be subserloed by its Mayor countersigned by the City Treasurer and the seal of zhe City to be nereto atfixgd attested by its City Clc,ra and the interest coupons hereto anneyea to be signed with the facsimile signature of the aoove officials as of the first day of -Ppril i D 1939 , ay©r (SEAL) ATTEST City Clerk COGNTERSIGNED City Treasurer -8- (FOR&T OF COUPON) i`o Aoril On zhe first day of October x D 19_, unless the pond to which this cocoon is attached shall have been called for previous redemption the City of Fort Collins in the Count] of Larimer and State of Colorado will pay to bearer DOLLARS in lawful money of the United States at the International Trust Company of Denver Colorado out of the "Fort Collins Light and power Fund " but not otherwise being six months ' interest on its / Light and Folrer Revenue Refunding Bond hated April 1st 1939 No (Facsimile signature) Mavor _ (Facsimile signature City Treasurer i�TTEST (Facsimile signature) City Clerk Section 5 Tnen ilen issued the "Fort Collins Elec- tric Light and power Revenue Refunding Bonds " hereby author- ized shall be delivered to BOETTCHER AND COMPANY and DOI\TALD F BROWN iND COMPiNY the purchasers thereof in accordance vith the terms of the contract of purchase made betveen the aoove namea firms and the City of Fort Collins and the pro- ceeds derived tnerefrom shall be used solely for the nayment of saia outstanding Port Collins 34� and 3% Light and Power Revenue Refunding Bonds heroinbefore described but the pur- chasers shall in no manner be responsible for the application of any of the funds derived from the sale of said bonds The issue of said bonds by the City shall constitute a warrant oy -9- ana on behalf of the City for the benefit of each ana every holder of any of said bonds that saia ponds have been issued for a valuable consideration in full conformity with lair Section 6 That notwitnstazding anything in this or- dinance elsewhere contained, the principal of and the interest upon said bonds shall be payable only out of the net revenue derived and to be derived from the electric light and power system owned operated and controlled oy the City and in no event shall said bond, or the interest thereon be payable from the general funds of said City or from taxes levied upon any of the property thereon but the term "electric light and potter system " as herein used shall include not only the pro- perty nor owned oy said City but all additions and better- ments thereto and improvements and extensions thereof here- after constructed or acquired by the City Section 7 That there is hereby estaolished and created a fund to be known and maintained as "Fort Collins Light and Poorer Fund " to be derived as follows All gross revenues from the operation of said electric lignt and power system all funds arising from the sale of by-products all funds arising from the sale of mauerials ana equipment re- moved from the system and no longer required for operation interest on reserves for aepreciation and obsolescence and on any other funds belonging to said Fort Collins Light and Power Fund and all other funds derived either from the opera- tion or ownership of said electric system 1A The City of Fort Collins hereby irrevocably coven- ants and agrees with every holder of said bonds that it gill through appropriate action of its City Council , establish and enforce a schedule of charges for light and Dower furnisned to consumers by the Municioal Light and Poorer system owned and operated oy said City as well as extensions tnereof, additions -10- and betterments thereto and improvements thereon sufficient at all times punctually to paj the interest accruing upon said ponds to aischarge the principal thereof at maturity ana all expenses of operation and maintenance and to accumslate an ade- quate reserve for depreciation and obsolescence all in accord- ance vitr such approved methods of operation and accounting as are usually applied in the oreration of similar utiliti-s by public ana private corporations proviaed however that so long as the charges for light and poi+per furnished shall be sufficient for the purposes aforesaid, the schedule of charges shall be such as are now in effect or as the City Council may from time to time fix ano establisn B For all electrical energy furnished by means of the property described as aforesaia ana used for public or municipal purposes the City hereby irrevocably covenants witn eacn ana every holder of said bonas that It will pay monthly into said funa reasonable rates for ssch supply or service C If it should ever be legally determines that any legislative or other body or commission has oower lawfully to prescribe a lover schedule of rates than that contemplated by this ordinance and if such louver rates should oe prescribed then the payment of the interest upon and the principal of the bonds issued pursuant to the provisions of tnis ordinance shall constitute a first charge upon the revenue received from said electric light and power sjstem after deducting minimum operating and maintenance charges only, but before setting asioe any reserve for depreciation and obsolescence anything in this ordinance containea to the contrary notwithstanding Section 8 Tnat the Fort Collins Light and Pooer Funa hereby estaolisned and created is nereby irrevocably pledged -11- for the purposes and payments herein set forth and none other so long as any of the bonds issued hereunder are outstanding to-gait b Out of such fund there shall first be paid the costs and expenses of efficient and economical operation of said electric light and power system, including the salary of the manager hereinafter described, end a reasonable amount for the development of new business covering aavertising soli- citing demonstration and publicity and including also nec- essary replacements but not depreciation or obsolescence charges all in accordance witn such approved methods of op- eration and accounting �s are usually applied in the operation of similar utilities by public and private corporations B There shall nest be set up as a reserve within said fund such amount as shall constitute a reasonable re- serve for depreciation and obsolescence in buildings machin ery and equipment such amount to be oased upon approved ac- counting metnods and to be not less than 3f nor more than 107 of the gross revenue of the system This reserve shall be used whenever necessary to meet interest and principal require- ments of said bonds and may be used at any time to call bonds C There shall next be paid out of said fund the an- nual interest and principal requirements of the bonds issued under this ordinance ana outstanding at that time That on or before the 15th days of March and September in each year saga bonds remain outstanaing the City shall re-nit to said International Trust Comoany an amount sufficient to pay in full the interest on and principal of said bonds maturing thereafter on the 1st days of April and October respectively together with all charges of said Bank for handling such funds The amount necessary for this purpose shall be included in the annual budget and the annual appropriation ordinance of the -12- City and shall be devoted solely to the payment of the in- terest accruing upon said bonds and the orinciDal thereof when due D There shall next be Daid out of slid fund such amount as may be necessary to accumulate and maintain a sur- plus of $20 000 for working capital E There shall next be Daid out of said fund to the City a sum, not in excess of $15 ,000 per annum to be deter- mined by the City Council , from time to time in lieu of taxes and other charges which would be received by the City if said electric light and power system ti�ere privately owned and oper- ated F After the payments and reserves hereinbefore speci- fied have been made and set up and beginning on October 1 , 1943 there shall be paid over into a separate fund to be known as "Fort Collins Light and Power Reserve Fund" until there has been accumulated in such Reserve Fund the sum of $20,000 Tnereafter such payments snall be made only as necessary to maintain said Reserve Fund at the figure of $20,000 This re- serve fund may oe held in cash or may be invested in United States Government ponds Said Reserve Fund shall oe used only to meet the interest and principal reouirements of bonds out standing hereunaer at any time or times the revenges from oper- ations shall be insufficient for such Durpose Drovided how- ever that Wienever the amount in said Reserve Fund is suffici- ent together with other funds available for such purpose to call and redeem all outstanding bonds issued hereunder the City Council may in its discretion, use said Reserve Fund for the Durpose of call all of said bonds C At the ena of each annual period the remainder in said fund after the Dayments and reserves hereinbefore specifi- ed have been made and set up may be devoted , in the discretion -13 of the City Council (1) to the making of extensions of addi- tions or betterments to , or improvements upon the electric light and power system, where such expenditures will improve the ser vice of or produce net revenues for the system, (2) to the pur- chase of bonds of this issue in the ooen market at less then the call price or (,�) to tl..e call and redemption of bonds as in this ordinance authorized Section 9 Tnat the City of Fort Collins hereby irre- vocably covenants and agrees with each and every holder of bonds issued under the provisions of this ordinance that so long as any of said bonds remain outstanding A It will operate maintain and manage its electric light and power system in an economical and efficient manner and supply electric current to the inhabitants of the City of Fort Collins ana others under the terms and provisions set fortn in this ordinance B It will adopt necessary and customary rules and regulations for the efficient and economical operation of said municipal system in accordance with the practice prevailing in privately owned utilities of a similar nture and it will in- stall and maintain a standard system of accounting which shall at all times correctly reflect all firancial operations of the system, and keep such other records and data as are commonly used by electric utilities privately owned C It will employ at all times a manager for theelec- tric light and power system Nho shall have had at least six years experience in the operation and management of electric utilities and be otnerwise competent and fitted for the respon- sibility of suen position It will give him the right and di4ty of hiring and oischarging assistants and all other employees of the system and of purchasing supplies and eouipment for the system, subject to necessary supervision by the City Council , 14- to the end that he shall be fully responsible for the economi- cal and efficient operation of the system and it will oay i such manager a salary at all times commensurate witn that paid by private utility companies to persons in similar positions of experience and responsibility The manager of the electric light and cower system may also be the City Manager as appointed under Ordinance No 2 of the Series of 1939 of the City of Fort Collins, provided that if the City Nanaoer is also the manager of the electric light and power system such part of his salary as the City Council may deem proper shall be paid from the light and pover system D It will carry fire insurance workmen' s compensation insurance and public liability insurance in such amounts as shall prooerly protect the system and its operations The amounts of such insurance and the companies and agencies through which written shall be satisfactory to the original underwriters of said bonds or their successors or assigns but the agencies shall be those located in the City of sort Collins and selected by the City Council , and the cost of such insurance shall be considered one of the operating costs of the systeia In the event of loss or damaLe insurance money shall be used first for the ourpose of restoring or replacing the property lost or damaged and the remainder shall be oaid into the Fort Collins Light and Potter Fund E On or before the 15th day of each month the City will furnish to The International Trust Company of Denver as paying agent for the bonds and the original underwriters of said bonds , or their successors or assigns viith a summary of the receipts ana aisbursements of said system for the preced- ing month and at least once a year shall furnish said Bank and said firms or their successors or assigns, with a copy of an annual auait of the accounts of said system, which audit shall -15 / be made by a certified public accountant acceptable to said firms or to their successors or assigns F It will keep all moneys in the Fort Collins Light and Power Fund deposited as provided by the City Charter of the City of Fort Collins and if possible , in banks which are members of the Federal Deposit Insurance Corporation and it will have such deposits secured as now provided by the said City Charter G It vill not alienate said property or any part tnereof or any of the extensions or betterments thereof or additions tnereto in such manner or to such extent as might jeopardize the security for the payment of said bonds from said Fort Collins Light and Power Fund But the City may sell any portion of said property which shall have been replaced by other property of at least equal value or which snall cease to be necessary for zhe efficient operation of said property provided however that in the event of any sale as aforesaid, such consideration shall be paid into said Fort Collins Light and Power Fund and be used for the purposes of said fund Section 10 In the event of any default on the part of the City in making any of the payments required by this ordinance or in the keeping of its covenants hereunder and suen default shall continue for a period of tnirty (30) days the City shall appoint a manager of said system nho shall be satisfactory to the original underwriters of said bonds or their successors or assigns Said manager shall have full control over said system, subject only the control of the City Council , and he snall enforce such rates and charges fixed by the City Council as will be sufficient to make the payments required by this ordinance The salary of said manager shall be chargeable to the Fort Collins Light and Power Fund If under such management all defaults are remedied and the pay -16- J ments required herein are promptly made for a period of six months the City shall have the privilege of changing such management with or without the consent of said original unaer- writers of said bonds their successors or assigns , but if there s'iall be any subsequent default the conditions set forth in this Section shall again prevail Section 11 All ordinances or parts thereof in con flict with this ordinance are hereby repealed Section 12 After said bonds or any of them shall have been issued tnis ordinance shall be irrepealable until said bonds and the interest thereon snall oe fully paid satisfied and discharged in the manner herein provided Section 13 This ordinance after its passage shall oe recorded it the City Book of Ordinances kept for that pur- pose authenticated by the signatures of the Mayor and the City Clerk, and shall be published in the official newspaper of the City and shall be in full force and effect as provided by 1 a;v Section 14 That it is necessary for the refunding proceedings herein Droviaed for to be completed as soon as possible for the reason that the bonds to be refunded are callea for April lst A D 1939, and a material saving in interest will be effected by this refunding therefore it is hereby declared that an emergency exists tnat this Ordinance is necessary for the preservation of the public peace health and safety and shall become effective upon its Dassage the pre- vious reading and Dublication of this Ordinance being exoressly waived and dispensed with because of the emergency herein ex- pressed PASSED L.ND ADOPTED ARID APPPOVED this loth daj of March A D 1939 0 ( SEAL) Mayor ATTEST ,� CITY CLERK J STATE OF COLORADO ) COUNTY OF LARIMER ) SS CITY OF FORT COLLINS ) I VILES F HOUSE City Clerk of the City of Fort Collins do hereby certify and declare that the foregoing or- dinance consisting of fourteen sections (14) was duly pro- posed and read at length at a regular meeting of the City Council neld on the loth day of March A D 19o9 and was duly adopted and oraered published in the Fort Collins Ey- press-Courier a daily newspaper and the official newspaper of the City of Port Collins, by the unanimous vote of all memoers of the City Council as an Emergency Ordinance in accordance witn the provisions of Sections S and 7 of article IV of the City Charter and thereafter and on to-�iit the loth day of March � D 1Q39 said Ordinance No 3 1939 gas duly ouolishea in the FortCollins ExDreb9-Courier a daily neGspaper published in the City of Fort Collins Colo- rado and that said Ordinance has been duly transcribed in the City of Fort Collins Record Book of Ordinances IN WITNESS WTrbREOF I have hereunto set my hand and affixed the seal of said City this loth day of Marcn A D 1939 City Clerk ( SEAL) -18- J Commissioner Douglass then movea that said Ordinance entitled "An Ordinance providing for the issuance by the City of Fort Collins , Colorado if its nego- tiable coupon bonds in the aggregate amount of Six Hundred Forty-Six Thousand Dollars ($646 - 000) , to be denominated Electric Light and Power 2211 and 2 3/4/ Revenue Refunding Bonds Series 1939 , for the purpose of refunding a 114e amount of outstanding bonded indebtedness of said city Droviding for the call of the outstanding 3/ and 341 Electric Light and Power Revenue Refunaing Bonds , Series 1936 prescribing the form of said Refunding Elec- tric Light and Power Revenue Bonds Droviding for the payment of both Drincipal and interest on said bonds solely out of revenue to be de- rived from the operation of said Municipal Electric Light and Power System and repealing all ordinances resolutions or parts thereof in conflict nerevith and declaring an emer- gency " be adopted Commissioner piddell seconded the motion The question being upon the adoption of said ordinance the roll was called, with the following result Those voting aye Commissioners Mathews Riddell and Douglass Those voting nay None The Mayor as Dresiding officer then aeclared that all members of the City Council duly elected, Qualified and acting as such having voted in favor thereof the motion was carried and the ordinance adopted On notion duly adopted it was then oraered that said Ordinance be numberea 3 that said Ordinance be puolished in the Fort Collins Express-Courier the official newspaper of the City in its issue of March 10 A D 1939 and that said Ordinance be recordea and authenticated as reouired by law Mayor (SEAL) ATTEST A�- City Clerk -19- STATE OF GOLORADO ) COUNTY OF LARIMER ) SS CITY OP FORT COLLINS ) I MILES F HOUSE City Clerk of the City of Fort Col- lins , do hereby certify that the foregoing pages numbered from 1 to 18 inclusive , constitute a full and correct copy of the record of the proceedings tGken by the City Council of the City of Fort Collins at a regular meeting thereof held on the loth day of March A D 1939 so far as said proceedings relate to in an ordinance a copy of which is contained the minutes and en- titled "An Ordinance proviaing for the issuance by the City of Fort Collins , Colorado, of its negotiable coupon bonds in the aggregate amount of Six Hun- dred Forty-Six Thousand Dollars ($646 000) to be denominated Electric Light and Power 211 ana 2 3/41 Revenue Refunding Bonds Series 1939 for the purpose of refunding a like amount of out- standing bonded indebtedness of said city pro viding for the call of the outstanding 3% and 34c0 Electric Light and Power Revenue Refunding Bonds Series 1936 prescribing the form of said Refund- ing Electric Light and toner Revenue Bonds pro- viaing for the payment of botn principal and in- terest on said bonds solely out of revenue to be derived from the operation of said Municipal Elec- tric Light and Power System and repealing all or- dinances resolutions or parts thereof in conflict herewith and declaring an emergency It that said copy of said Ordinance contained in said minutes is a full , true and correct copr of the original of said Ordinance as passed and adopted by the Citj Council of said City that said original Ordinance has been duly published in full in the Fort Collins Express-Courier the official newspaper of said City in its issue of the loth day of March A D 1939 that said original ordinance has oeen duly authenticated by the sig- nature of the Mayor as presiding officer of said Council , and by the 5lgnature of myself , us the City Clark, and duly sealea witn the corporate seal of said citir and recorded in the book of ordinances of said City kent for that nuinose in my office -20- watch record has been duly signed by said officers and sealed with the seal of the City and appears at rages 13 to 21 in- clusive, of said ordinance book IN WITNESS WHEREOF I have hereunto set my hand and the seal of said City this loth day of March X D 1939 City Clerk (SELL) -21-