HomeMy WebLinkAbout015 - 09/04/1936 - PROVIDING FOR THE ISSUANCE BY THE CITY OF ITS NEGOTIABLE COUPON BONDS IN THE AGGREGATE AMOUNT OF $74 ORDINANCE NO 15 1936
"AN ORDINANCE PROVIDING FOR THE ISSUANCE BY THE CITY OF
FORT COLLINS, COLORADC, OF ITS NEGOTIABLE COUPON BONDS
IN THE AGGREGATE AMOUNT"OF SEVEN HUNDRED AND FORTY-FIVE
THOUSAND DOLLARS ($745,000), TO BE DENOMINATED ELECTRIC
LIGHT AND POWER, 3ea and 3% REVENUE REFUNDING BONDS,
SERIES 1936, FOR THE PURPOSE OF REFUNDING A LIKE AMOUNT
OF OUTSTANDING BONDED INDEBTEDNESS OF SAID CITY, PRO-
VIDING FOR THE CALL OF THE OUTSTANDING W ELECTRIC LIGHT
AND POWER REVENUE BONDS, PRESCRIBING THE FORM OF SAID RE-
FUNDING ELECTRIC LIGHT AND POWER REVENUE BONDS, PROVIDING
FOR THE PAYMENT OF BOTH PRINCIPAL AND INTEREST ON SAID BONDS
SOLELY OUT OF REVENUE TO BE DERIVED FROM THE CPERATICN OF
SAID MUNICIPAL ELECTRIC LIGHT AND PMER SYSTEM, AND REPEAL-
ING ALL ORDINANCES, RESOLUTIONS OR PARTS THEREOF IN CONFLICT
HEREWITH, AND DECLARING AN EMERGENCY ",
WHEREAS, the City of Fort Collins, Colorado, has heretofore issued
and there are now outstanding and unpaid its negotiable coupon municipal
electric light and power revenue bonds in the amount of Seven Hundred and
Forty-five Thousand Dollars ($745,000), dated the first day of April, A D.
1935, and being due serially in instalments, payable semi-annually, the
first instalment thereof being due and payable on October 1st► A D 1936,
and the last instalment thereof being due and payable on April 1st, A. D
1955, all of said bonds being callable at One Hundred and One (101) and ac-
crued interest on any interest paying date, all of said bonds bearing int-
erest at the rate of Four and one-quarter per oentum (4j%) per anmm+, and
MHEREAS, it has been ascertained that such bonds may be refunded at
this time bearing a lower rate of interest,
N0W* THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FORT COLLINS, LARIMER COUNTY, COLORADO
Section 1 In accordance with Section 3 of Ordinance No. 7, 1935,
passed and adopted on the 12th day of April, A. D 1935, the City of Fort
Collins, Colorado, hereby calls for payment Seven Hundred and Forty-five
Thousand Dollars ($745,000) of its obligations denominated "Fort Collins,
Colorado, 416 Light and Power Revenue Bonds," being seven hundred and twenty
(720) bonds in the denomination of One Thousand Dollars ($1,000) each, and
fifty (50) bonds in the denomination of Five Hundred Dollars ($500) each, all
of said bonds dated !April 1st, A. D 1935, and bearing interest at the rate
.2-
i
of Four and one-quarter per oentum, (4'r) per annun. Said bonds will be
called for payment at One Hundred and One (101) and accrued interest up to
October 1st A D 1936
Section 2 That for the purpose of providing funds to redeem the
original issue of said bonds mentioned in Section 1 of this Ordinance the
City shall issue its obligations to be denominated "Fort Collins Colorado,
Electric Light and Power Revenue Refunding Bonds " in the aggregate princi-
pal amount of Seven Hundred and Forty-five Thousand Dollars ($745,000) bear-
ing interest at the rate of Three and one-quarter per centum (3j%) per annum
and Three per oentum (3%) per annum as hereinafter provided which bonds
shall be payable 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
October lot A D 1936 and shall be in the denomination of One Thousand
Dollars ($1 000) each All of said bonds shall be payable to bearer in series
as hereinafter set forth Until paid the first Five Hundred and Fifty-six
Thousand Dollars ($556,000) of bonds maturing serially shall bear interest
at the rate of Three and one-quarter per centum (*) per annum and until
paid the last One Hundred and Eighty-nine Thousand Dollars ($189 000) of
bands maturing serially shall bear interest at the rate of Three per oentum
(3%) per annum said interest to be payable semi-annually on the first days
of April and October of each year Said bonds shall have coupons attached
thereto evidencing such interest to the maturity of the bonds signed with
the facsimile signature of the Mayor of the City and countersigned with the
facsimile signature of the City Treasurer and of the City Clerk Said bonds
shall be signed by the Mayor of the City countersigned by the City Treasurer
with the seal of the City thereto affixed and attested by the City Clerk
Both principal and interest thereon shall be payable in lawful money of the
United States at the United States National Bank of Denver Colorado Said
bonds shall be numbered and shall mature in series as follows
�3-
$556,O000 - 3j% BONDS
BOND NOS MATURITY AMOUNT
1 - 19 April 1 1937 019 000 00
20 - 38 October 1 1937 19 000 00
39 - 58 April 1 1938 20 000 00
59 - 78 October 1 1938 20 000 00
79 - 99 April 1 1939 21 000 00
100 - 120 October 1 1939 21 000 00
121 - 142 April 1,1940 22,000 00
143 - 164 October 1 1940 22 000 00
165 - 187 April 1 1941 23 000 00
188 - 210 October 1,1941 23 000 00
211 - 234 April 1 1942 24 000 00
235 - 258 October 1 1942 24,000 00
259 - 282 April 1 1943 24 000 00
283 - 307 October 1 1943 25 000 00
308 - 332 April 1 1944 25 000 00
333 - 358 October 1 1944 26 000 00
359 - 385 April 1 1945 27 000 00
386 - 412 October 1 1945 27 000 00
413 - "0 April 1 1946 28 000 00
441 - 468 October 1 1946 28 000 00
469 - 497 April 1 1947 29 000 00
498 - 526 October 1 1947 29 000 00
527 - 556 April 1 1948 30 000 00
$189 000 - 3% BCNDS
BOND NOS MATURITY AMOUNT
557 - 586 October 1 1948 $30 000 00
587 - 617 April 1 1949 31 000 00
618 - 648 October 1 1949 31 000 00
649 - 680 April 1 1950 32 000 00
681 - 712 October 1 1950 32 000 00
713 - 745 April 1 1951 33,000 00
I
Notwithstanding anything herein provided and the face maturities of
said bonds, the City may on any interest date prior to maturity redeem and
pay part or all of said bonds at Cale Hundred and Three (103) together with
the interest accrued on the principal and unpaid at the time fixed for such
redemption, provided however, that the bonds 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 redeems prior to maturity, part or all of said
bonds, notice shall be given by the City of such call and redemption by pub-
lishing 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 publication to occur not less than 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 published notice shall be mail-
ed by the Treasurer of the City to the Bank at which said bonds are payable
and to the original underwriters of said bonds, or their successors or as-
signs Such notice shall state the intention of the City to redeem all or
part of such unmatured bonds and shall describe said bonds, giving the number
denomination and maturity dates thereof, unless all of the bonds are to be
redeemed and then a general statement thereof shall be sufficient Such
notioe shall also state when the bonds described in the notice will be re-
deemed and that after such date interest on the bonds shall cease Notice
of election to redeem having been so given the bands described in the notice
shall on the interest date designated for redemption, become due and payable
at the place designated therein, and if funds for the payment of said bor;ds
shall on the date designated for redemption be on deposit at the United
States National Bank of Denver Colorado and available for payment thereof
on presentation, interest thereon shall cease on such redemption date If
such funds shall not be available at said time and place said bonds shall
until payment continue to bear interest at the rate aforesaid payable semi-
annually The bonds to be redeemed mast be presented with all coupons matur-
ing on and after the date designated for redemption and all bonds so redeem-
-5-
ed shall on payment thereof be cancelled
section 4 Said bonds and interest coupons thereto attached shall
be in substantially the following form with appropriate changes or inser-
tions to show the rate of interest, principal amounts serial numbers and
maturity dates and the number and date of passage of this ordinance
-6-
1
UNITED STATES OF AMERICA -
STATE OF COLORADO CITY OF FORT COLLINS COUNTY OF LARIMER
FORT COLLINS _ LI(MT AND PO➢PF�t 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 hereinbelow designated, 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 there-
on from date until payment at the rate of qG per annum, 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 United States National Bank
of Denver, Colorado, upon presentation and surrender of this bond or the an-
nexed coupons as they severally become due
This bond is subject to call and redemption at the option of the City
on any semi-annual interest date prior to maturity Notice of such election
on the part of the City to redeem will be given by publication of a notice
of call in The Denver Post or some other daily newspaper of general oircula-
tioa 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 three per cent (3%) of the principal amount
thereof
This bond is one of an authorized issue in the aggregate principal
amount of Seven Hundred and forty-five Thousand Dollars ($745 000) Refund-
ing Bonds issued to refund a like amount of bonds issued in payment for an
electric light and power system acquired or to be acquired by the City all
in full conformity with the Constitution and laws of the State of Colorado
Section 24 of Article XVIII of the Charter of the City of Fort Collins, duly
-7-
adopted by vote of the qualified electors of the City prior to the issuance
hereof and an ordinance of the City duly enacted and adopted prior to the
issuance hereof and the City hereby acknowledges receipt of money property
labor or material in an amount equal to or in excess of the principal amount
of the bonds which this issue refunds Both the principal of this bond and
all interest hereon are payable solely out of a special fund created in full
conformity with law and designated the "Fort Collins Light and Power Fund "
to contain the revenues derived and to be derived from said electric power
and light system all as more fully set out 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 payment 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 required by said ordinance and out of such fund, and as
an irrevocable charge thereon will pay this bond and the interest accruing
thereon in the manner provided by the ordinance under which this bond is
issued being Ordinance No 15 1936 of the City passed on September 4,
A D 1936 For a description of said fund and the nature and extent
of the security afforded thereby for the payment of this bond, reference is
made to said ordinance
It is hereby certified, recited and warranted that the City has not
pledged hypothecated or anticipated in any way any of the revenues derived
or to be derived from the operation of its electric light and power system
other than by the issuance of the bonds refunded by this series of Fort
Collins 3i% and 3% Light and Power Revenue Refunding Bonds of which this is
one
It is further certified recited and warranted that all requirements of
law have been fully complied with by the proper officers of said City in the
issuance of this bond and that the obligation hereby created exceeds no
11 Toltation imposed by law
IN TESTIMONY WHEREOF the City of Fort Collins has caused this bond to
be subscribed by its Mayor countersigned by the City Treasurer and the seal
-8-
of the City to be hereto affixed attested by its City Clerk and the interest
coupons hereto annexed to be signed with the facsimile signature of the above
officials as of the first day of October A D 1936
aR
(SEAL)
ATTEST
CITY CLERK
COUNTERSIGNED
CITY TREAMER
-9
(FORM OF COUPON)
NO
April
On the first day of October A D 19 unless the bond
to which this coupon is attached shall have been-called for previous redemp-
tion the City of Fort Collins in the County of L%rimer and State of
Colorado will pay to bearer
DOLLARS
in lawful money of the United States at The United States National Bank of
Denver, Colorado, out of the "Fort Collins Light and Power Fund " but not
otherwise being six months' interest on its __.f Light and Power Revenue
Refunding Bond dated October lst 1936 No
(Facs-.mile signature)
MAYOR
(Facsimile signature)
City Treasurer
ATTEST
(Facsimile signature)
CITY CLERK
-10-
Section 5 That when issued the "Fort Collins Electric Light and
Power Revenue Refunding Bonds" hereby authorized shall be delivered to
BOETTCHER AND CCMPANY STRANAHAN HARRIS AND COMFANY INC DONALD F BROWN
AND CCUPANY AND GRAY B GRAY INC the purchasers thereof in accordance with
the terms of the contract of purchase made between the above named firms and
the City of Fort Collins, and the proceeds derived therefrom shall be used
solely for the payment of the said outstanding Fort Collins W Light and
Power Revenue Bonds hereinbefore described, but the purchasers 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 by and on behalf of the City for the benefit of each and every
holder of any of said bonds, that said bonds have been issued for a valuable
consideration in full conformity with law
Section 6 That notwithstanding anything in this ordinance elsewhere
contained the principal of and 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 by the City, and in
no event shall said bonds or the interest thereon be payable from the
general funds of said City or from taxes levied upon any of the property
therein but the term "electric light and power system " as herein used, shall
include not only the property now owned by said City, but all additions and
betterments thereto and improvements and extensions thereof hereafter con-
structed or acquired by the City
Section 7 That there is hereby established and created a fund to be
known and maintained as "Fort Collins Light and Power Fund " to be derived
as follows all gross revenues from the operation of said electric light and
power system all funds arising from the sale of by-products all funds aris-
ing from the sale of materials and equipment removed from the system and no
longer required for operation interest on reserves for depreciation and
obsolescence and on any other funds belonging to said Fort Collins Light and
Power Fund and all other funds derived either frcm the operation or owner-
ship of said electric system
-11-
A The City of Fort Collins hereby irrevocably covenants and
agrees with every holder of said bonds that it will through appropriate
action of its City Council establish and enforce a schedule of charges
for light and power furnished to consumers by the Municipal Iaght and Power
system owned and operated by said City as well as extensions thereof, ad-
ditions and betterments thereto and improvements thereon sufficient at all
times punctually to pay the interest accruing upon said bonds, to discharge
the principal thereof at maturity and all expenses of operation and main-
tenance and to accumulate an adequate reserve for depreciation and obsoles-
cenoe all in accordance with such approved methods of operation and ac-
counting as are usually applied in the operation of similar utilities by
public and private corporations provided however that so long as the
charges for light and power 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 and establish
B For all electrical energy furnished by means of the property
described as aforesaid and used for public or municipal purposes the City
hereby irrevocably covenants with each and every holder of said bonds that
it will pay monthly into said fund reasonable rates for such supply or
service
C If it should ever be legally determined that any legislative
or other body or commission has power lawfully to prescribe a lower schedule
of rates than that contemplated by this ordinance and if such lower rates
should be prescribed, then the payment of the interest upon and the princi-
pal of the bonds issued pursuant to the provisions of this ordinance shall
constitute a first charge upon the revenue received from said electric
light and power system after deducting minimum operating and maintenance
charges only, but before setting aside any reserve for depreciation and
obsolescence anything in this ordinance contained to the contrary notwith-
standing
Section 8 That the Fort Collins Light and Power Fund hereby es-
tablished and created is hereby irrevocably pledged for the purposes and
payments herein set forth and none other, so long as any of the bonds is-
-12-
sued hereunder are outstanding to wit
A Out of such fund there shall first be paid the costs and expenses
of efficient and econanical operation of said electric light and power system
including the salary of the manager hereinafter described, and a reasonable
amount for the development of new business covering advertising soliciting
demonstration and publicity, and including also necessary replacements but
not depreciation or obsolescence charges all in accordance with such approv-
ed methods of operation and accounting as are usually applied in the operation
of similar utilities by public and private corporations
B There shall next be set up as a reserve within said fund such
amount as shall constitute a reasonable reserve for depreciation and obsoles-
cence in buildings, machinery and equipment such amount to be based upon ap-
proved accounting methods and to be not less than 3' nor more than 10% of the
gross revenue of the system This reserve shall be used whenever necessary
to meet interest and principal requirements of said bonds and may be used at
any time to call bonds
C There shall next be paid out of said fund the annual interest and
principal requirements of the bonds issued under this ordinance and outstand-
ing at that time That on or before the 15th days of March and September in
each year said bonds remain outstanding the City shall remit to said United
States National Bank 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 City and shall be
devoted solely to the payment of the interest accruing upon said bonds and the
principal thereof when due
D There shall next be paid out of said fund such amount as may be
necessary to accumulate and maintain a surplus of $20 000 for working capital
E There shall next be paid out of said fund to the City a sum not in
excess of $15#000 per annum, to be determined by the City Council from time
to time in lieu of taxes and other charges which would be received by the
.13-
City if said electric light and power system were privately owned and operat-
ed
F At the end of each annual period the remainder in said fund, after
the payments and reserves hereinbefore specified have been made and set up,
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 $106 000 Thereafter such payments shall be made only as nec-
essary to maintain said Reserve Fund at the figure of $100 000 This Reserve
Fund may be invested in United States Government bonds or in such muniozpal
bonds as may be eligible to secure savings bank and trust investments in the
State of New York known as "super-legals " or in general obligation bonds of
the City of Fort Collins or in the bonds issued under this ordinance Said
Reserve Fund shall be used only to meet the interest and principal require-
ments of bonds outstanding hereunder at any time or times the revenues from
operations shall be insufficient for such purpose provided, however, that
whenever the amount in said Reserve Fund is sufficient 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 purpose of calling all of said bonds, and it is further provided
that after establishment of said fund to the extent of $100 000 that not more
than $50 000 of said fund may be used for betterments and additions to the
electric light and power system should other funds be insufficient to meet
the costs of said betterments and additions to said system and as the Reserve
Fund is again built up to $100*000 the City may from time to time use the
funds thereof in excess of $50 000 for further betterments and additions to
said system
G At the end of each annual period the remainderin said fund after
the payments and reserves hereinbefore specified have been made and set up
may be devoted, in the discretion of the City Council (1) to the making of
extensions of additions or betterments to or improvements upon the electric
light and power system, where such expenditures will improve the service of
or produce net revenues for the system (2) to the purchase of bonds of this
_14.
issue in the open market at less than the call price or (3) to the call
and redemption of bonds as in this ordinance authorized All bonds purchased
by the City shall be cancelled and retired
Section 9 That the City of Fort Collins hereby irrevocablV coven-
ants and agrees with each and every holder of bonds issued under the provi-
sions of this ordinance that so long as any of said bonds remain outstand-
ing
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 and others under the
terms and provisions set forth in this ordinance
B It will adopt necessary and customary rules and regulations for
the efficient and economical operation of said municipal system in accord-
ance with the practice prevailing in privately owned utilities of a similar
nature and it will install and maintain a standard system of accounting
which shall at all times correctly reflect all financial operations of the
system and keep such other records and data as are commonly used by electric
utilities privately owned
1
C It will employ at all times a manager for the electric light and
power system who shall have had at least six years experience in the opera-
tion and management of electric utilities and be otherwise competent and
fitted for the responsibility of such position It will give him the right
and duty of hiring and discharging assistants and all other employees of the
system and of purchasing supplies and equipment for the system* subject to
necessary supervision by the City Council to the end that he shall be fully
responsible for the economical and efficient operation of the system and it
will pay such manager a salary at all times commensurate with that paid by
private utility companies to persons in similar positions of experience and
responsibility
D It will carry fire insurance workmen' s compensation insurance
and public liability insurance in such amounts as shall properly protect
-15.
the system and its operations The amounts of such insurance and the companies
and agencies through which written shall be satisfactory to the original under-
writers of said bonds or their successors or assigns but the agencies shall
be those located in the City of Fort Collins and selected by the City Council
and the cost of such insurance shall be considered one of the operating costs
of the system In the event of loss or damage insurance money shall be used
first for the purpose of restoring or replacing the property lost or damaged
and the remainder shall be paid into the Fort Collins bight and Power Fund
E On or before the 15th day of each month the City will furnish to
the United States National Bank of Denver as paying agent for the bonds and
the original underwriters of said bonds or their successors or assigns with
a summary of the receipts and disbursements of said system for the preceding
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 audit of the accounts of
said system which audit shall be made by a certified public accountant ac-
ceptable 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 will not alienate said property or any part thereof or any
of the extensions or betterments thereof or additions thereto 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 shall cease to be necessary for the 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 such default shall continue for a period of
-16-
thirty (30) days, the City shall appoint a manager of said system who shall be
satisfactory to the original underwriters of said bonds or their successors
or assigns Said manager shall have full control over said system, sub3oct
only to the control of the City Council and he shall enforce such ratos 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 de-
faults are remedied and the payments 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 underwriters of said
bonds their successors or assigns but if there shall be any subsequent de-
fault the conditions set forth in this Section shall again prevail
Section 11 All ordinances or parts thereof in conflict with this
ordinance are hereby repealed
Section 12 After said bonds or any of them shall have been issued
this ordinance shall be irrepealable until said bonds and the interest there-
on shall be fully paid satisfied, and discharged in the manner herein pro-
vided
Section 13 This ordinance after its passage shall be recorded in
the City Book of Ordinances kept for that purpose 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 pro-
vided by law
Section 14 That it is necessary for the refunding proceedings
herein provided for to be completed as soon as possible for the reason
that the bonds to be refunded are called for October 1st A D 1936 and
a material saving in interest will be effected by this refunding there-
fore it is hereby declared that an emergency exists that this Crdinanoe
is necessary for the preservation of the public peace health and safety
-17-
and shall became effective upon its passage the previous reading and pub-
lication of this Ordinance being expressly waived and dispensed with be-
cause of the emergency herein expressed
PASSED AND ADOPTED AND APPROVED this 4th day of September A D 1936
(SEAL) /Map
ATTEST
2ZL=f
ITC CLERK
STATE OF COLORADO )
COUNTY OF LAL]M , )SS
I J D MoINTYRE City Clerk of the City of Fort Collins do hereby
certify and declare that the foregoing Ordinance consisting of fourteen
sections (14) was duly proposed and read at length at a regular meeting of
the City Council held on the 4th day of September A D 1936 and was duly
adopted and ordered published in the Fort Collins Express-Courier a daily
newspaper and the official newspaper of the City of Fort Collins by the
unanimous vote of all members of the City Council as an Emergency Ordinance
in accordance with the provisions of Seotions 6 & 7 of Article 1V of the City
Charter and thereafter and on to wit the 8th day of September A D 1936
said Ordinance No 15 1936 was duly publiss d(in the Fort Collins Express-
Courier,) a daily newspaper published in the City of Fort Collins Colorado
and that said Ordinance has been duly transcribed in the City of Fort Collins
Record Book of Ordinances
IN WITNESS WHEREOF I have hereunto set my hand and affixed the seal
of said City this 8th day of September A D 1936
Ii
CITY CLERK
(SEAL)
-3.8-
PUBLISHER'S AFFIDAVIT OF PUBLICATIM
OF CRDINANCE NO _15 1936
q. ti
w
A�
-21-
ORDINANCE NO. 18 1936
"AN O FO ANCF PROVIDING FOR
THE:' gR,� BY THE. CITY OF
FORT COLLINS COLORADpp OF ITS
NEGOTTtAgyE bOUPON 119A,S IN i
THE AOOREOATE AMOUNT OF l
SEVEN HUNDRED AND FORTY-
' IVE THO SAND DOLLARS($745,000)
RE OMINATED ELECT$Id
$G T POWES 955((% and
V UE•ItEFUND11tG')90NDS,s
1936;'OR THE. PURPOSE O
U A LIKE AMOUNT OF
OODDTSTA G BONbEDINDEBT
ERNESS, SAID,CITY• PROVID
STATE OF COLORADO, IN G FOA XIIE CALL OF THE OUT-
STANDING-4Y4% ELECTRIC LIGHTAND POWER .
' . PRESCRIBING THEVENUE BONDS;
FORM-OF SAID
County Of Larlmer 7op"Eil
UNDINpp ELECRIC GHTI' AND
E8 $EVENUE ]{ONI PROVID-
�),.�'�� FOR THE PAYMENT or BOTH
.... --` "•'; :..1.�"""',{YI-SC-::r------- ------belrig first duly FR�DS 50 IV DUT OM THE
BE FR FRORA N OFSAID MUNICIPAL
Ell
CT C LIGHT AND POWER SYS-
swOrn, deposes and says: That .--.he is tbd3-., : AND REPEALING ALL ORDT-
— NANCES, RESOLUTIONS, OR PARTS
TgERED IN CONFLICT HERE- +
TFITH�AND DECLARING AN EJIEH-
of the ;
A$EAS, the City of Fort Collins
1
has heretofore Issued Ana
a........ ..... ..-...-..---.newspaper, published in the city of Fort roars are nos outstanding and unpaid
Its nogetiable Coupon munielnal elec-
tric ligit and power revenue bends in
Collins in the County and State aforesaid; and has a personal the a�taunt of seven hundred and
.;FortY-theThousand Dollars ($7t6,000),
ilated the VMt day of April, A. 1). 1936,
knowledge of the facts contained herein: and.,baeng due serially In Instalment.,
y13taA1lp;., semi-annually. the first in.
$tainglAt:thereof being due and pay
That the annexed notice or advertisement taken from said able on October lee, A. D. 1939, and
the last instalment thereof being. due
nnfl payable on April Ist, A. D. 1955.
newspaper has been published in said newspaper once each all of said bonds being callable at
One Hundred and One 1101) and ac•
tormorrAN
Intareat on any laterest paying
(�-7�,c- (,yy _ maid bonds bear ng in-
•---- for ----..........._... successive --.---....._.._-..-•--•--.---- ti ;t a re.a of F, and one-
centum (41,t%) par annm,
That the first ublication of said notice or advertisementps. it has been Ascertained
p �I that soon bends may be refunded at
�/- "l �.341 time'heeaa�ring a lower rate.of in-
was in the issue of said newspaper dated the.....'K._......._. DAI°1vW HY THEH ORE oenNCIT,OF
THE CITY OF FORT COLLINS, LAR-
' IMER COUNTY, COLORADO,
day of.-..../.... .__ .....-__.._ ----......A. D. 193:�., and the last f»Sectioi 11. In acce ordao. nce with See
and sed
adopted on the I-day of April,
A was in the issue dated the...... ...... , Cty day of of Port Collins,
........ ............................ Colorado.D, 1935 her the eby i cads for payment
Seven Hnndrepa and Forty-itve then
tal-
�j.�� and Dollera i($746,000) of its obliention!
A. D. 19.1 `- denominated "Fort CPlnnb, Colorado,
-•--•-•• . 4V,%.s.,Li ht and Power Revenue
Honda," being seven hundred and
That the said newspaper is duly qualified for the purpose of zwanty-.(790) bonds in the denomma-
tlon of One Thousand Dollars ($1,000)
publishing legal notices and advertisements within the meaning each, and fifty (50) bonds 1n the de-
of an Act of the General Assembly of the State of. Colorado en- de-
nomination of Five said
sae Dollars
ofApril each, all of aslfl bonds dated
.April Iat, h r e o and bearing en-
titled "An Act to amend an Act entitled 'An Act concerning tOrest at the rats (4 Four and one-
AUarter per-santum-(4;6,g6) per ennwm,
legal notices, advertisements and publications and the fees of Mortar
4 will be called for payment
at One Hundred and One (101) and
printers and publishers thereof and to repeal all acts and parts accrued interest up to October ICE, A
D. 1936.
of acts in conflict with the provisions of this Act.' " Approved section 3. That for the Our Ole of
March 30th 1923 as amended b Cba ter 113 Session Laws providing funds to redeem ent ned
gloat Issue of said bonds mentioned
P r n SeeEall 1 of this ligat' hoe, the
of 1931 ��� 1 d'Sd fYC �e.aa tty Chan ;gaup Its obncations to be
eectric Light
t Fort Collins.Revenue
Ra-
; (uw-ry G 1�f3 S ( fleeing Light and Power Revenue Ra-
'_ funding Bonds," in the aHdndP, nand
1�• ••-•- -•• •• ••jam✓-,•-•-••-,-•-- Fort amount Of Seven HUndFtd and
Fort -five Thousand Dollars a,ilThre)
'� ' bearlvng interest at the rate a 'Tfirae
Subscribed nd sworn to before me this and one quarter per centum(s sy)per
--.-- . ------------- annum and Three per centum (2%) per
_ annum, as hereinafter provided, which
bonds shall be payable solely out of
dayof ---_� ji1�" A. D. 19-�L the net revenue derived and to be de•
.............•' .-'-----.......-...-'--.. .---• rived from .the o I. •-•••- - - operation of geld sys•
-7 Q 3 ! teal and not That
Lid
My comm13S10}1 e7fp1 e5 ............. / / 6 Section
fzed3 shallatbaaiot bonds uteaof
1\ .--... ----------------- --------------------------- au It
'� OCtotier 1st, A b. of and shad be
_ in the denomination of One Thousand
Dollars ($1,000) each. All Of said bonds
--. ---•-.... ...-G-- ---/, ... �... shall be Payable to bearer m series
NOTARY PURLIC. fi he�r�ei Hun sat forth. Until paid the —
/\ t1Mt-I'1va Hundred end. Until
Thous-j
and Dollars ($656ir0) Of bonds ma-
Ltll' aer1611y m11811 bear Interest at -
Ithe:i'atg'of Three and On"uarter.per
Centwm %1%) Per annum, wed.until
.paid the Ian One Hundred an Eighty,
nine ;Thous✓nd Dollars ($189,000) of
bends 3naturleg aerially shall bear in-
torest at the rate of Three yer ventmet
(3%) Per annum, said frilrast to ba
payable -seal-annually. Oa the first
dayys of April and October of each
year. Said bonds shall have coupons
attached thereto evidencing such in-I
terest to the maturity Of the bonds.
r
oamr Ina,, no m- Section & That the Fort Collins be,the Mnya• of the City ea counter•• deemed 1n Inverse numerice, Order mad
aigaed with the tarslm}Je 4ttniture of or maturity and for the Principal LIght and Poorer Fund h¢reby'¢stab- nn0
the City Treasurer and •01 the City amount of the bond redeemed Dlus all ❑shed and created is fierpby'Irrd" l- purl
Cleric Said bonds shall be signed by accrued mtereat unpaid t0 date teed IY Pledged for the purpoaem and pay.;1nu the Mayor oP the Ctty, countersigned for redemption, manta Derain sat forth. and none oth- ing
P plug a premium o[
by the City Treadureq with the seal three percent (3%) of the priudDd er, so lout as any of the bonds In,of Ne City Hereto af[laed, and at- amount thereof. Sued hereunder are out°andlng, to-wit' this
tented Dy the Clty Clerk. Both pr* This bead ie one of an authodxd A. Out of such fund these shall feu as a1 sad interest Hereon Sell] be issue In the aggregate principal amount first be paid the costs and expenses
payable mile U tad 1 of the United of Seven HIM red and forty-five Tides. of efficient and economical operation Nir
State f the United elate° National and Dollars ($745,000) Refunding Bond, of said electric light and Dower sys• be Bank of Denver, Colors bated
Said bond° Issued to refund a like amount of lends tem, Including the salary of the man-
shall be numbered and shall mature Issued In payment for An electric light liter hereinafter described, and a red- wri
In aeries as follows: and power system, Acquired orto be sortable amount for the develoDstent �e
g656,OOW4VI BONDS acquired by the City, all 1. full con• of new business, covering advertising
BOND NOS. MA �1ITY AMOUNT formity with the Constitution and laws .soliciting, demonstration and public. out
1-19 April 1,1937 $19,000.00 of the State o1 Colorado, Section 24 of ty, and including also necessary. re.
3O-38 October 1.1927 19,000.00 Article XVIII of the Charter d the Plactments, but not depreciation or site
39-58 April 1,1938 20,000A0 City of Fort Collins, duly adopted by obsolescence charges, all In accordance Cit
59- 78 October 1,1938 20,000.00 vote of the valllled electors of the with much approved methodic of opere, in
79-99 April 1,1gag 21,MD.00 City prior to the issueace hereof, and tion and accounting an are usually ao- ord
100-120 October 1,1989 21,000,00 an ordinance of Ne Clty, duly enacted Plied In the operation of similar uUll- jinn 121-142 Apr11 1,1940 22.000,00 and adopted Drlor t the )sally here• tine by public and private eoTpora• der
149-164 Ocloher 1,1940 22,000.(0 of and the City.heroDy acknowledges Bonn re
165-197 April 1,1941 23,000,00 receipt of money, property, Labor or B. There shall next be get up AS a her
2111-234 October
1,1941 23,000.00 materlsl In as amount eQuat to or is reserve within said fund such amount of
234 April, 1,1942 24,000.00 excess of the prlbclpd amount o[ the as shall constitute a reasonable reserve pri
259--268. October 1,1942 24,000.00 bonds whtch this issue refunds Both for $eDreciatton and obsolescence in me
289--282 April 1,1943 24,000.00 Ne princlpal of this bond and a0 in- buildings, machinery and equipment, Rai S08 77 October 1,1943 25000.00 incest here pa nee :such amount to be based' upon all- ith�o,n
33"58 .October 1,1944 26,000,pp arm y w aw"ead designated it of the s feu
- - -.. . ...__ _...-., 359-386 April 1,1945 27,000,00- "Fort Collin Light and Power Fund," gross revenue of the systion,
386-112 October 1,1945 -27,000.00 to contain the revenues derived and Thin reserve shall be used" whenever $ee
ORDINANCE NO. 16 1936 413-440 --April 1,194A-- 28:000.00 to be derived from said Obeid let 'necessary to meet interest and prin•. the
441-469 October 1,1946 28,(00.00' sad light system, all As more full 'net elpd requir'emenG o[ sdd bonds, and ors
AN A DBNANUP PBOVIDINO FOR 469497 April 1,1947 29,000.00 out in the ordinance of the City sage- Min re ,used. is f B time ds•coy S
THE:7p�RIIiNCF. SY THE CITY OF 498-526- - October 1.1849 29;OW:00 orising the tasua5[on of the bends of bonds '
FORT C®LL1N5 COLORADO OF ITS 527-556 April 1,1948 30,000.00 which this to one: C There shall next be paid out of Of
NEGOTIABLE L'OUPON BOPIDS IN $189,000-9q BONDS The City hereby coven,nG and agrees said fund the,annual Interest And.prfn• se,(
THE AGGREGATE AMOUNT OF BOND NOS. MATIIRITY AMOUNT that for the payment of this bond and clpol requhmmenta of the bonds., I& sha
SEVEN HUNDRED AND FORTY- 567-M6 October 1,1948 $80.010.00 the Interest thereon, it will ci•date and sued under- this ordinance and"'tali+ the
AVE THOUSAND UO1L,iL,ARS($745,000) 587--617 April 1,1949 31,0M.00 maintain Said Tudd and will deposit standing at that time. That on br.be; vid
HE 'HHNOMYNATRD ELECTBIO A1E-A48MI October' 1,194A 31,000.00 Harem all of the revalued derived fore the"16N days o[ Match an SSp.yOgT AALD POWEH.'SXe/ and 8M g49-690-, April 1,1960 82,000.00 Ymm daffl electrlo light and power sys• timber in each year said bond° rd- S
HVBNU'.qMREFUNDING HUNOS,BE8 681-712*, October 11950 82,000.00 tend, me required by said ordinance, main' outstanding, the City sball,IW DB9
*BES' ieA 'F)R THE PURPOSE OF 713-746-1 April 1;1961 83,000.00 and out of such fund, and Am An lrre• colt to .said United States National yoe
HEPC A LIKE AMOUNT OF Notw4standing anythlnf herein pro- vo0ab)e, charge thereon will pay this Bank an amount sufficient to Vty_,tp of
ED - G BONDED INDLBT- vided Red the fad motor tied of said bond acid the Interest accruing there, full the Interest on and principal ax EDNESgg SAID .CITY; PROVID- bonds, the City may on en Interest on in ,the member provided by the Or. said bonds maturing thereafter on the sha
ING FO$-THE CALL OF THE pIIT- dote prior to maturity redeem e and durance under which this bond Is Is. ISt days of April and October. rupee- Eap
STANDING 4'A% ELECTRIC LIGHT ay art or all of said bonds at One Sued being Ordinance No. 15, 1936, of tively tether with aU..cDargea__of
yy or
:AND POWER HE VENUE BONDS; undred' and Three (108), together the t'fly. pease, on 4th day of Septem. sold.Se, for handling Such tundp,, S
PRESCRIBING THE FORM OF SAID with the interest accrued on the pyrin- Der, _ D. 1936. For a demerfptlon of The amount necessary for this purpose the
IREFUNDING ELECRIC LIGHT AND cipal and unpaid at the time fixed said fund and the nature Am C extent shall be included In the ensue) budte3t
WER REVENUE BONDS, PROVID• for such redemption, provided, how- of the security Afforded thereby for add the annual appprocrintlOn ordleone p0
NO FOR THE PAYMENT OF BOTH ever,that the coeds sell be redeemed .the payment of this bond, reference Of the City, and aha1P be devoted sole. LO
HINCIPAL AND INTEREST ON In: Inverse numerical order and of a made to °aid ordinance, tY to the Payment of the lntereat ao- 1St,
5AIp BONDS SOLELY OUT OF ItF,V- maturity. Subject to the foregoing, If It is hereby certified, recited and urulng upon °old bonds and Ne prim-- In I
ENUE 'LD BE DERIVED FROM THE the CIt, shall at any time elect to *01 warranted that the Ctty had not ctpDnl thereof when due. fun
nr
OPERATION OF SAID MUNICIPAL and redeem prior to m►turlt7•, Bart or Dlodged, hypothecated, or anticipated D. There shall next be paid Out o-
'ELE TBIC LIGHT AND POWER SYS- all Of said Would, notice shall be given la any way anyy of the revenues'do- said fund such amount as may be necem. Nle
TEM, AND REPEALING ALL DEBT. by the C(tyy of such enll and redemption rived or to be Cerlved from the opera• entry t0 accumulate Add maintain a Dr¢
NANCEgg,, RESOLUTIONS, OR PARTS by DubndhIng a 11MIC once in The tion of its electric light and power surplus Of $20,000 for working. Capt. and
upo
TH9.'REbF IN CONFLICT HERE Denver Post or some Other daily news- system, other than byy the issuance o{{
�IyTH(7�; "AND DECLARING AN EMER• ppaper of federal Circulation pvbllahed the bepn� ds refunded b this aeries of E• There shall next be paid out of in�
'�'M,HEIg• In the Clty and County of Deaver Fort COIIinH VW7t and 8% Light and said fund to the City a mum, not In be
EAS, the City of Fort Collins.QCOICcAdO, such publication t0 doeur not Polar Revenue ftefundfn; Bonds, Of exceed Of $15.000 per annum, to be de wit
'."Cdllraal, has heretofore issued sad,Mesa than thirty days nor more than which this is one, terif i ed by the City Council; 3rem oxp
there are new Outsteadmg and unpaid city days prior to the time fixed for It Is further certified, recited ead time to time, m lieu o[taxes one other
Its no liable Coupon municl➢a] Nee- the redem ion Add PDaayment of such warranted that all requpuirements of tlemy to which would lieu Of received by the PR
triche lg❑t and power revenue bonda m bonds. thin five (6) days of much la have b an era o[ anfdnClty In th6 BUT If Amid privately light d Poker A
the amount of Seven Hundred and publication, copy Of the published fall-
r.
mdateVort flee Thousand cohere ($D, 190), Ice shall be mailed by the Treasurer Issuance pf this bond and that the oft. ated• (BE
ach,= ¢e•du serinyial April, A thiette, of the City to the Beak at which nfd ligation hereby created exceeds no F. At the end of each annual period (SE'
aed.,b g due aerially in tnitnlments,. bonds are Payable, and to the original limitation impyeoded by law. the remainder in said fund, after the Alta
- 1PtYaW]e• semi-annually, the fmt In• underwriters of sold bonds, or htir IN TESTIDdONY WHEREOF the Payments and reserves be,Alnbetore
atatment:thereof being due and pay successors m xnai City of Fort Collins ban causeri this apoOlfled' have bean made and met up.obis on Octobet lat, A. D. 7.986, and shall state the intention ntlon oPo thou Clt® bond to be aubacrlbed by its Ma or, shall be paid over into a se orate fund STA
the .last Instalment thereof hoing duo to refleem all m• pert of such aline countersigned by the City Treasurer. to be known es, 'Fort Collins Light CO
and payable on April let. A. D. 1986, tared bonds and meal] describe bald and the Snal of the 8 C to be beretq and Power Renews Fund," until there
all of said bonds being callable at bonds, glv}ng the number. denomina• affixed, afteeted by ittl City Clerk, enC hue been accumulated in much Reserve 1,
One Hundred and One (101) and do, tion and maturity ,else Nereot, aliens the interest CORP.db hereto annexed t0 Fund the sum of $100,000. Thereafter City
so Interest on any interest ngying all of the bonds are to be redeemed be signed-'IN the facaimil¢ signature Such Payments shall be made only go
and
At o[ said bonds bearing ten• and then a general statement thereof of the above oftlCiila As of the first necessary to maintain said Reserve man
IN hat at the rate of Four add one- shall be sufficient Such notice ahal7 daY of October, A D. 198a Fund ,t the [iguro of $100,000, This (14).
Ctlartisr.pCr centum (orµ%) per eanum, also state when the bonds describes R600"a Fund may be Invested m lea LtdS. in the notice will be redeemed and MAYOR United States Gomeirment bonds or City
V✓II itch
bonds
et has been refunded
that after such date interest: On the (SEAL) - In such municipal bontla as may be Sept
That wee bonda may be refunds, at bonds shall cease. Notice of election COUNTERSIGNED; eligible to secure savinga bask and ado
term.Lime bearing a lower rate of 1n• to to haven% been so given, the -- _ treat investments in the State of NOW Fort
forest:- bonds described in the notice shall on CITiY TRILASURER. York known an •superdeaals'! or in new
NOW T1I[[FTHE CITORE BE IT OR- the interest date designaled for re• ATTEST: ggeneral Obligation bonds Of the City of of
DAINEy7 BY.THE CIT$ COUNCIL OF demption, become due and payable at Fort Collins, or in the bonds issued una
THE CITY OF FORT COLLINS.ADO, LAB- the place designated therein and if under thin ordinance. Said Reserve City
IMER COUNTY, COLORADOt funds for the payment of said bonds CITY CLERK Fund shall be used only.to,Most the non
Section 1. In accordance with Sec• shall on the data designated for re, Interest and Principal requirements tons
Clbn 8 0[ Ordinance No. 7, 1935. paasad demption be on deposit at the United (FORM OF COUPON) of bonds oaGteading hereunder at SaY Ill and D.
1935fl On the ]2of day of April, States National Rank of Denver, Cola- NO. -- .$_,yw,_ time 0{• ttifsee the revenues from open• efts
A b. 7988, the City of Fort Collins redo, and available for payment there- April atlons" aball. b0 Insufficient for such Sept
Colorado.Hundred
calls for pavment of on presentation, interest thereon On the first dervy of October,•Syr D. purPoaer Ploy tied however, that what. NO.
Seven Hundred and Forty-f}ve ')'hoar4i- 'hall cease on such redemption date. 1�• albs°° the Dond to which this ever tt1h�.4 amount fn add Reserve Fund the
and Dollars ($745,000) of ire obiixstionb If such funds shall not be available OOuPon Is attached shall hsve� been is Ruff cdAt,-together with nther funds gall
denominated Fort Collins, Colorado, at said time and Place meld bond° shall, called for PrOVI011m rMmftmptioh,:.Qha available for,such purpose, to Call.and Of 4'/..%.,.Light and Power Revenue until ayment, continuo to beer inter- City of Fort Collins, in th CJouegP of redeem all-omatandlnq bond, issued said
Benda." being b seven hundred and eat apt the rate aforesaid, payable Idrymer, eafl State of C04asadq._,w1i1 hereunder, the Clty Covnet] may, 1A.1G Crib.twenty-.(ee Thousand
in the denomina- memt•Annually. The bonda to b, rt- PAY to bearer dlecrttion, use, said 9poAu Je Fund for Roca
each.
of One Thousand Dollar° (ge deo deemed must he Presented with all DOLLAR$ the purpose of Calling di of said bonda, IN
each. and flitY (60) bonds in the 4e• couDonm maturing on and after the In lawful money of the United ,9tgtes and it IS further provldod. that agar I herb nomination Oi Flve Hundred Dollars date designated for'redemptloa and all at The Unite, S((atoo National �k establishment of maid fund to the ex• anal
($500) each, All of sold bonds dates bonds so YAdbemod sell it payment Ot Denver, Colorado put Of the Fort telIl1[ Of $100.000 that not more than fain
.April lat A. D. e o and bearing In. thereof be Cancelled. Collide Light and ]Sower Fund," but m�0.000 of add fund may be umed for
tarsal at the rate of Four and one. act On �. Said bontla and interest not otherwise, CIA six months' In. betterments And Additions to Ne also• SE
quu'ter per centum(4t/nei5) per annum. couponA thereto attache, shall be in latest On-it
- qr Light and Fdirar trlc -11get And power System should X-P SSaid Donna will be called for Payment subatnntldly the-following form with Raman Refunding Bond, dattr1 f"der other ffuode be ihantNClent to meet
at one Hundred and One (101) and IapproPrlata changes or In actions to tober laq 199d No. the costs o1 said bettermehfA eal al
accrued interest up to October let A show the rate of Internet Principe (Facdmfle, signature) ' ditleAA--to-maid System, and of the
D. 1936. amounta, aerial numbA ; ead mAttrnty Reserve Fund is again built lip to
9ectfon 2. That for the Per one of dated, and the number anfl Batt o[ MAYOR; ESOD:d00 the City May from time to
providing funds to redeem et ord ➢senate et thG ordinance: COUNTERSIONHD; time vas the funds. LDereef in..excenn SSorel IJOn of mntd bond., mentioned UNITED STATES OF AMERICA (Fordmlle Signntvee: Of $60.000 for further betterments and
In shall 1 of Nis Ordinance.t the STATE OF COLORAI)O additions,to laid nyxtam.
fly mlydt inaus its obligations M be CITY OF FORT COLLINSciTY TREASURER 0..-At the end of each annual period
eaomc Light
Fort ewerCollins. emieColor Re.do. ATTEST: the remainder 1n add fund, after the:
funding Light and Power Revenue firm
COUNTY OF LARIMER ESOaimlle signature) Dsymente and TeslrveS heTmrtDEfOro
funding Bonds," in the aggregetn prim- FORT COLLIN9-LIGHT AND POW- -
eipai amount Of 8evaa Rondme and ER .REVENUE REFUNDING BOND - spawfied have been mafl0 and set up.
Forty-ilea Thousand Dollars ($745.000) NO'� $1,000.00 9eutf4pn 6, That when leaned the MeyCty daunt/ (1) Eo�th!m�klag oC
bearing intequarter at the rate bf Three The City Of Fort Collins, in 'the "FOrt Cities Electric Light and Power extenafons of, additions or Determents
and one per centum(9 ,I)per County of Lanimer, lad Slate of Cola Rwenua Re[undlak Bondb" Dereby t0• or.jmDrOvemontb upon. the electric
annum and Three per centum (3%) per rasa, for value received, hereby Prem- authorized shp11 be, d e liver e d to light And power system, where Such
eanum, 'era hereinafter provided, which late to pay:to the bearer hereof out R O E T T C H E R AND COMPANY, dxpenfllturo8 w111 Improve the mervlee
bonds sell be payable solely out of of the special fun, heretnbelow des- STRANAHAN, HARASS AND COM- o[ or predate net revenues for tea
the net revenue derived And to be de• Ignited, but not othemiae. the sum of! ANy. INC., DONALD F., COM, of or (2) to the Purchase of bonds
rived from the operation of said eye• One Thousand Dollars ($1,000.00) In LAND.COMPANY AND GRAY. GRAY, of this issue m the open market at;
tam and not MDerwise. lawful money of the United Stated of INC., the orchestra the�;,fp ao ]sea thdrt the call price. Or (A) ke NB
Section 8. That said bonda hereby America on the first day o[ cordance With the teethe .,,$}.,I, con. roll 'th .the 1tioa e. bond° as in i
authorized shall be of .the }ate of A D. 19-, with interest thereon from tract of purchase made bet fee this drdinanee authorised. All bonda!
October 1st, A D. 1936, and °)ill be date until payment at the rate of-% !above named firms and the th D is Or i by the City shall be cab-
in the denomination of One Thousand per annum, payable semi-annudiy on.l Fort Colllne, and the proethe d ad celled'.and retired.
Dollars ($t,WO) each. All M Slid Fonds ilea first day of April and the first derq therefrom shall be used solely for file Section 9• That the City of Fort
shall hereinafter
payable to bearer In ee tthe of October in each year, both princlpal Payment of the said ohtatandlnic rt Collins' hereby irrevocably covenants
first
herive Hun gee forth. Until paid the and interest being payable at the Unit- Collins, 4Vr n, Light and Power Re us and agrees Willi each and every holder',
and Doll Hundred and Fifty-nix Thous• ed States National Sank of Denver, Honda heminbefare degcrlDed: bar. )to. of DOndo issued under the prOvlalons
and Dollars ($566,000) of bonds ma• Colorado, upon presentation and wr--Purchasers shall In no manner rs• at this ordinaries that, so long am any.
taring serially shell bear interest at render Of this bond or the annexed milonsible for the application nf"'`"any l of thin bonds remain outstanding:
the rat'Of Three and one-quarterumA .per cuupone ea they Severally bosoms due.. of the funde elerived from the OWqMrof, A. It will operate.,,malntafn, and
centum (Safi C per mrnum, and until This bond is subject to call and re- said bonds. TThe issue of said Rohde manage its electric light and power
Paid the last ObO Hundred and EiRNty- demption at the option of the City on;by the City Shall constitute a wlrA1 t system in as economical And efficient i
nine Thousand Dollars ($189,000) of Any semi-annual interest date prior to:by add on behalf.of the CityY for•Yhe manner And Supply electrlo current to
bonds maturing aerially shall bear M. maturity. Notice of such election on I benefit Of each and every holler nt the InhaDftantg o� .the City of Fort
forest at the rate of Three per centum the Part of the City to redeem win be any Of said bonda that, serf, bonds Colima and ethers adder the terms And
(8%) per annum, said friamot to be given by publication of a notice of call(have. Aetd issued [Ora �r..den• Dro Ins an set tbrth ip this erfllneace,
days I Apri•ahnvafly b.r the that in The-Denver.Pest or dome Other aideralink in Pon e.Onfommi[1r-K,t"llrlaw. H.-it-wig adopt not scary and cup-
days Of Aprfi. and October Of each daily newspaper Of general Circulation( SactiOn a. T h d,f, netwlthdanding fpemerry nilem-and ttgv11etl0na for the
year. Said bonds shall have coupons in the City and Cmmtp If DAnrer. 4mything In fM' er. notwnee elsewhere ImArIrl.nt and AMn"On Worse
of
attached Hereto unity of b 1s• tydt of Colorado, not lea, Nan thin IOontafned, the. principal of and Ina SAO municipal system, In Accordance
tercet to the maturity et the Waldo. ty days Add not more Nee forty days Cot upon said bonds 6h4U ba PayA a with the praftlea prevailing It pri.
VUESDAY, SEPTEMBER S, 1986
out of the net revenue derived vately owned utilities of a similar nat-
to, be derived from the electric are; and It will install and metals,
and power Stem, owned, opera- a standard system of accounting which
tad controlle2lby the City, and in shall at all times correctly reflect all
Vent-shall said bonds, or the 'Cr financial Operations of the system, and
t theron, be pay able from the gen- keep such other records and data Y
fonds of Paid Clty or from taxes are commonly used by electric utili-
I upon any of the property there- ties privately owned
tut the term electric Itght and C. It wllf employ at ail the e
r System," an herein used shall manager for the electric light and pow-
de not only the property now er system who shall have mad at lent
d by said City, but all a ditfota else years experience in the operation
t andeenta thereto and improve- and management of electric utilities
t and eOr acquirhmae
thereof hereafter and be otherwise competent and fitted
rusted or acqumad by the City. for the responsibility of such post-
, ilea- 7. That there fa her by ea ion, It will give him the rigght and
ihed and created n fund to be duty of hiringg and disobarging nd
n and maintained aP Fort Col• eletants and sell.other employees of
Light and Power Fund" to be the system, and of purchasing suppilea «.
fo110wn: all groan-revenues and equipment for the System, AUD.�tt6et
the operation of said electric to necessary supervision by fire Cat
and power ayatem all funds Council, to the end that he aball IA
g from the mete of 1by-pDroducts: fully responsible for the economical
.adr.or4Ing from tha,maM of'ma- and efficient operation of the system)
s and a uipmant. removed. from and it will pay such manager a salary
vittem and no longer required for at all times commensurate with that
tfon; interest'on -reserve for ds- paid by private utility,q companies to
dioa and obsolescence anfl-on any person in similar positions of exper,
funds belonging. to Asftl FOrt hence Ind responsibDility:
e Light and power Fund; and D. It will carry fire insurance. work-
her funds derived either from the a m's compensation insurance, and
lion or Owner Of said electric public liability Insurance, in such
amounts as shall properly ?elect the
a. City of $orb. Collins hereby system and its operations. The amounts
Cal pp coven en4"and aaggroom with of such Insurance and the comp lam
d01der of NId bOn that. it and agencies through which written
through.all rop vista.act ion of. its shall be soGatactory to the artEsIntl
Council es b1isR amd enforce a underwriters of said bonds, or their
lie of charges for It And Dower successors or assigns, but the agen-
hed to con arm by the Mu- else shall be those located in the Clty
I Light and Power system owned of Fort Collinsll, and selected by the
-on$ thereof,aadditioirP and well AM
Pavanes shall Abe ndconaider t of o of the
Ina thereto and -Imyrovements operating costs of the system. In the
4 eufflcien}. at all .times Puna event of loss or damage, insurance
to pay the interest accruing money shall be used first for the pur-
eaid bonds, to dhaclikr fife post ofetmotoringmpro,m or repylac ( the y
>V theeof rat maturity, ge r0and all party lost or daageC, and the re.
11 of operation and maintenance mainder shall be ald Into the Fort.
accumulate an adequate reserve Collins Light and Power Fund.
Mreciation and obsotAscetice, all E. On or before the 16th n dreyy Of
imace with much approved meth- each month the City will tfurn4h to
operation and accounting Amare the IINtad States National Bank of
I applled in the operation of Denver, as paying agent for the bonds,
utilities by Public and Private and the original underwriters of said
itioml; provided; however, that bonds, or their successors or assigns,
t an the char an, for light 'and with a summary of the receipts and
furnished sha] be sufficient for disbursements of said system for the
(poses aforesaid, the schedule of proceeding month, and at least once a
t shall be such am are now in year shall furnish said 'Bank and said
nr as the City Council maY firms, or their successors or aselgre.
1p—••e to time, fix and. establlah. with a copy of anannual audit of the
br n1I electrical allergy fur- accounts of said System, which audit
,by means of the property de- shall be made byy a certified public
as aforesaid and used for poll. accountant, aoceptable to said firma
municipal Purposes, the City Or to their Successors or assigns.
,Vvhgbly Covenants with each F. It will keep alp uuVeys In the
Ary holder of Paid bonds that Fort Collins Light and fewer Fund
life ra esntfor such suld supply or Chart retlof athepCity or byy the City
Dp Y provided Fort a City
and, it possible, In banks which are
1t should ever be legally doter, IMponit Insu
members of the Federal r
that any legislative or other ones Corporation, and It will have such
r commisolon has power law- deposits secured An now provided by
Prescribe a lower schedule of the said 'City Cblrter.
ran that contemplated by this G. It will not ahals. said proper-
Ca, and 1f such lower rates tY, or any part thereof, or any of the
be Prescribed. then the pay extensions or betterments thereof or
f the Interest upon and the additions thereto in such manner or to
.l of the bonds Issued pursuant such extent as might 1eo ardize the
provisions of this ordinance Security for the myncent 0 Amid bends
Institute a first charge uppoon from Wit Fort Collme Light and pow•
spun received from. Maid MOM',
er Fund. But the.City may Sell an
It and power system„aaf[tO do• fOrtton of said propperty which Shall.
minimum 0 eratfng and main- eve been replaced Dy other Draper
charges only, but before eat- of at least equal value, or which ahall1
It Any reserve for depreciatloa cease 4 be aeceaeary for the efficient
�olntaine, anything in thin or- Operation of said property; provided,
contained to the contrary not. however, that in the event of.any axle
181agg as aforesaid, suoh consideration shall
ri8. That the Fork Collins be paid into said Fort Collins Light
d Power Fund hereby egtab- and Power Fund. and be wed for the
ntl created is herpbydrrrvocal- PurPoaee of said fund.
:ed for thinpurposes and ps . .Section 10. In the event of any de-
stein set forth and none nth• fault on the part of the City in make
Ong as any of the bonds 1s• Ing MY of the payment$ required by I
it of such er are dtunnd dtheretoshall its acovenants hereunder andnance or In the such der
paid the costs and expenses fault shall continue for a pperiod of
_
ant and economical operation th1rtY'(30) daya. the.City Sllalf appoint
electric light and power a ystem
ye- a manager of said S who shag
ludlnp the salary of the roan- be Satisfactory to the Original under
Ninaftme flea art d, and a roe- writers of said bonds, or their sub
afiouat for th6 development Common or aeslgna. Said manager shall
Dusmoe9, covert adve Isine, have full control over said System.
;: .demonatratfoa end public(• subject only to the control of the
faclu8ing also nseems ery re- City Council, and he Shall enforce:
its, Dut not de rsets to or Such rates and charges fixed by the
rocs Ohargea. It 1n accordance City Council an will be sufficient to.
h apDreved methods'of oper a• make the payments roQQWred by thfs-
aGwuating u are usually an- Ordinance. The Salary of eald mamagg@
the operation of almline mill. shall be chargeable to the Fort Cer
public and private corpora, line Llglit and Power Fund. If un-
der such management all defaults are
Ire shall next be.set up u a remedied and rho Daymen4 requiree
Vithtn Amid fund such amount herein are promptly made for a period
X,netitute a reasonable reserve of six months, t e City shall have the
edatioa end obsolescence in Privilege of changing such managh
amachinery and equipment, ment with or without the Consent of
unt to be based upon ap- said original underwriters of said
sOuptyryg uve do_ CO po ,�bon,,ds, their successors a►.a.atra.,_.eut 1
Gtmy"8% �aOP-more ran i0% any subsequent da-
ross revemts' of the aaYstw, Sentt, the co ens et forth In thin
rave Shall be used' whenover Section Shall agSin prevail.
to meet Sntereat and Drill- 8ecboa ill All ordinances or parts
Ilrem/rats of Paid bonds, and thereof Ia conflict with this ordinaries
ate¢, at an time t A are hereby repealed.
y, 9.,.r41 Section 13. After said bonds or any
M shall next be paid nut of of them ,ahall have been isnuad this
.the maned interest And.prin- .egad b0nfls0 11 their/efeae re able until
11
arethis ordinance. Bad boew' eha11ga a flnlytffe imbat l d, d.pra-
mt that a of That an or.be; vlderL
loth deYA et Marsh Sad-Sep
O Path year said bond¢ re- Section ha This axord ams' after 14
84nding, the City shall•re Daaaage, Shall be mad In the City
Nld Ublind Staten'National BOak of Ordinances, kept for that.pur-
amount suffleigat.to,pay,hi POSE. authenticated by the ''Inatome
tp4rest On 8n P Inc PAl O$ of the Mayor and the City Cleerrk, Pad
la maturing thereafter on the Shall be published 1n the official news-
ot April end October, re0pec- paper of the City and shall be In full
gSCher with aU_sbarrea.of Orce and Offset as provided by law.
F- for handling such .fund$,, Section 14. That it is necessary for
let neceaeery for this purrPPOn the refunding proceedings herein pro-
a0luded 1n the annual bUAge; vided for to be completed as soon As
Oaual eppropriatloa Ordinance fosDe leefor the Collins thated the
eOtt Der
and aha!] be devoted sole, lat A D. 1936, and a material moving
payment of the lnterast in_AC, In interest will be effected D this re-
funding;acid bonds and tke prim;, y
Is when flan d therefore, it is hereby _
'e shall nmvt his nNA ..`J dared that .