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HomeMy WebLinkAbout005 - 06/29/1948 - AUTHORIZING THE ISSUANCE OF SEWER AND WATER REVENUE BONDS IN THE PRINCIPAL AMOUNT OF $195,000 PRESCR ORDINANCE NO 5, 1948 AN ORDINANCE AUTHORIZING THE ISSUANCE OF SEWER AND WATER REVENUE BONDS OF THE CITY OF FORT COLLINS, COLORAD02 IN THE PRINCIPAL AMOUNT OF $195,000 00, PRESCRIBING THE FORM AND PROVIDING FOR THE PAYMENT OF SAID BONDS, REPEALING ORDINANCE NO 5, 1947s AND DECLARING AN EMERGENCY Original in Bond Proceedings 2;3- ORDINANCE NO. 5 -__SERIFS OF 194a a Aa OhDINANCE-AUTHORI7ING THE 1SSOANCE OF SEiRER AND WATER REVENUE BOND3 OF THE CITY GP PORT CvLLiNS, COLORADO, IN TIE ?R1XJ'I?AL LWONT GP p195,030.00,?MICE ISING THE FORS[ AND PROVID- ING FOR THE PAYEENT G? ZAID 5UNDSP REPEALING ORDINANCE NO. 5, 19470 AND DECLARING AQ EVER- ; i WnEREAB, the City of Fort Collins, Larimer County, Colorado, has heretofore acq.ired and now owns, maintains and operates a municipal water system and a municipal 4 sewer s;stex for its inhabitLnts; and WriFREAS, it Is nece. eary to sccuire a sewage disposal plant and im.rove and e extend said over syste:a; and itiBr`EAS, the City tins issued its General (,bligation 5ewsge Disposal ?lant Bonds, dated Larch i, 1947, t., pay part of the cost o[ said disposal plant, there being137,070,00 of abld Bonds now outstanding; and }:riEc::AS, by Ordln-nce ho. 5, 1947, of said City, there were suthaized jE00,070.00 of --ewer 'aeven� $ 3onds of said City, but said Bonds were not is:.ued, delivered or negotiated;( and ; i r W; _i(_.,in order to me a part of the expenses to be incurred for such purposes, the City has determined to buti.orize, issue and sell its --e or Lnd '..Lter Revenue Bonds in the aggregate a:zount of J195,000.00, payable, both principal and intore=t, solely out of ((( the net revenges to be derived from the ooeratlon of its boner syste:., Lad, if necesLLry, out of the net revenue to be derived from the operLtion of its water system. 9 cn IT OEL.._..ED 3Y 13E CITY CCUSJ/L v? ::.E Z17f O? FORT CCLLIN6. ruction 1. That for the purpose of acquiring a se:ace disposal p1Lnt and imoroving a::d extending t..e sewer system ofsald City, and to pay a psrt of the expense the.rear, trier& L.^e hereby authorized -ewer anal 7.ater hevenue 3onds of the City of ?ort Collins in the q aggregate amount of i195,033.00, both the principal t..ereof Ln9 the int re t tnereon to be payable solely and only out of the net revenue to be derived by the City fros and throu_vh' the operLtion of its sewer syctem, .and, if neceas-ry, out of the net revenue to be derived 3 from the operut.on of its water system. ection 2. .hat said bonfs hereby authorized shall b= dated 'Lrch 1, 1942, shall oe in o e deno:ainatlon of y1,0 0.03 each, shall be ouyLble to bearer as hereinbelow set forth, Lnd si.bll bear interest at the rLLe of 2 314A per annu:n sayable semi-annually son the first days of harsh and -epteLber of each year, and atall hLve coupons a:tac::ed thereto, slgne; with the facsimile slenature of the Treasurer of the City, evidencin, said interest, -Lid r.on.s shall be signed by the _byor and :reesurer, with the seal of the City t:.e.reto of ixed, and attested by the City Clerk. 3oti, pri-_clpal of e:d Interest on said oands si:Lll be pLyLtle in 1Lgful m.aney of the united StLtes of _: erles at the office k of the City treasurer, in Fort Collins, , CnlOrad0, Laid b.nds shall be n-=bere- consecutively . from 1 to 195, Sncl.sive,Lnd stall z_: ture as follows: On yu:rch Ist, e5,030.00 In eash of + the years 1949 to 1957 inciusi-.e; „e,O,,O.CO in each of the years 1958 to 1980, inclusive; j17,0.:0.00 in the yeLr 1961; j18,-33.00 in tr.e year 196c; I9,0:'3.00 in east: of the yews 1963 to 1965,Snclusive; and :23,030.00 in eaci, of the peLrs 1966 and 1967. All nonds maturinE from 1954 to 19E7, inclusive, are redeemable et the option of the City on YLreh 1 1953 and on ar.• intere_t a, y paying dste thereafter. if any re3emptions L.^e manse [briar to _:rch 1, 1958, they shLl1 .e z"de at per and a premiers of 21¢ of principal. On ;:arch '1, 1958, and ,thereLfter, r=dexptions b=fore maturity shall be made at ptr without pro=lax. Redemptions shall be msde in inverse numerical order. 235 ORDINANCE NO. 5 __SERiEs OF 1948 :f the City shall elect to redeem any part or all of said bonds, prior to mctarity, {{ notice thereof shall be given by oabliz..ine a notice in a newspaper of general circulation f in said City, and a ..ewupaper of general circulation in 5enver, Colorado. ) ,uch p:blic tions shall occur not lest than thirty (30) days nor more then forty (40) days prier to the tine fixed for the redeyption and payment of sigh Sonde. Copies of all Lien published notieeb auall Le male; by tr,e Treasurer of the City to the origlrbl purehasere of said bonds. Lection 3. said -ewer and astsr ' evenue Bonds ar,d the interest coupons thereto attached, shall be in aabstbntlally the following form, to-Lilt: JAIT�D .:I�T�;: GF wEn1C& ST47ia jF CGLOR,:DO CCJ6I'! OF L�Riks& CM R PART CVLLI:S _iwah f::iL NITER h9VE::J's BJYD The City of Fort :ollins, In the County of Urimer and State of Colorado, for value rsceive5, hereby premises to pay to the bearer here..r, oat of the special rand lyre- inefter designated, bat not otr.arewise, the sum of Cii5 in laaral saoney of the Jnited States of ..wcrlra, on the first day of .:arch, ,..D. 19_, with interest tl.ereo❑ from date until pald at tie rate of tvo and three-fourths (2 3/4%) per cent per s.nnum, payable semi-ennually on the first d,.ya on larer and Jepteaber In each year, both principal and interest oeing p-yable at the office of the City Treasurer, in Port Collins, .'olorado, upon presentstisn and surrender of the annexkd coa;ona end this bond as trey beveralIy become das. (Receeabble clause to be inserted in birds due in the ,ears 1954 to 1958. :nclusIv ) This bond is redeemable at tide option of the City on lrarch 1, 1953, and on any *(see insert in ssr^in) caret payment data tc,ereafter - / .f re eeLbn prior to .:arch 1, 1958, Cne City *111 pay V pbr and a ?remia:i of 21% of :r1Ll pal. If redeemed after Harsh 1, IB58, the City will pay per o..ly. Bonds of this. issue zhicn nre re'ee.aed prior to _7—turity shall be redeeJ.ed In gtheir inverse numcrlebl order. !j ;i.is band is one of an LithDrized series not exceeding the aggregate pr:ncipal { sus of .195,C_'0.00 Sassed by the City of Port Collin_ for tide purpose of ac_uiring a sewage i dlei.osal plant, end i.zprovin: bad extending said serer system of sold City, all in conformity k ::itt, t:.e Constitution ar.d lbws of trio :.tote of Colorado, the Tharter of said City, and p rdinance i.o. 5, 1948, of the City, duly enacted and adopted prior to the issuance hereof, i Land both the principal of tale bond :nd the Interest hereon are peyab'.e solely oat of a special rand crested :n fall c mforsit. *lth law and :tEignated ti.e eCerer and aster Bond runt° or a4id' 7ity, as set forti, In said ordinance. I it Is hereby certified, recited and warrente-' that for ti.e pay:ient of tnls bond the City of Fort Collins hbs created ar.e will maintain said Fund and gill de,,osit t:.ereir,, oat of the rlvenee of it- *star and sewer ay>te..., the counts end revenue specified in or bece talned in seco•dsnce �It- :xld Crdlntoze, ar_d out ll o. sa:d ?, n3 sad as an ir!evoca;Ie chLr a thereor. will nay this bond one the lntereat d ; :,erean, In thr c-tnaer provided by said :rd.na:ce ::o. 5-1948. ?or a desc,-iatlor, of said ?ursd ` r: d L::s nature and extent of the security afforded tnereby for the payment of this band, . S r +fere�.ce i_ .:,ad- :o .7ld rdlns nee. it in rurtter recited and certified tart all re ulrezants or law and all co .dlticn lareceter.t nave o-_- fJ:'_y Cs _li -d -it: by the pro?er ottl _a`_% CSiy Sr ..aasee 4 _ 23�► ORDINANCE NO.S____SERIES OF 1s49 of this bond,and is:at this pond does npt exceed any eanstltationbl, statutory or c4Lrter q :` 1Satatfon. ;E'ViZiF, tt.e City of Fort Cotli. a, Colomdo, has eaus<d this Bond A to Le e.oscribed by icL ,.ay r, countersigned by its TreLsarer, the sell of the City to be nereol Liri:ed, Lttest by its _lcrl', Lnd the interest coupons hereto aaaexed to be sign^d i with the fbcafals z:enat.re of its -.ressurer, as of ti,e first day of :,arch, L.D. 1948. 1 is f (S S i L) Y. . CCJIClSkS17i:BD: irear,arer i (?ors of Calpon) i.trch p �n the firs: day sf _e te.sber, _,L. I9i,, *(inleto the bond to zb:ci, tnic c .uporl Is Ltc_u.ed has been called for irSor bed•:aptionj, the City of :Fort Collins, in t:.e Cosnty of LLrimer and _Late :f Color-do, sill pay to bearer hereof In iLxfiil .:,or:ej or ..,e -sited --tote& of n.merica, at the ofriew of the .-.ity •.iretsurP_r. in Fort Collins, Colorado, o.t the .6Aer L:.d :bier ,ond Fund of geld City, b.t not otherelae, being six "nth&' interest .n its iex.r and toter Fevtnvt Fond dated "reh 1, 1;49, beLring ('a-eimiTF :iu.utsrel e(InIL clause to appear In ;co .pon:, turing or eptecLF:r ., 19b3, aa" th«retfter.) eeticn 4. aid c.r a, Lr cc Lr.y of the as shell be -sgrired, sty i.e f .r. ed 6r,d sold :.t one tine, or fr:; time to ti:.e, for cas?. a: r4len rlce LG of &bid CStr 6hL.1 deter_.S:.e, stlel. to provide tr.e City Yitn _ orreyf, for .het.Rre- /of acv of taid 'orals snail br detae::ed erd cancelle"_ balare detiver t6f• rE f. eC E O .b or nterelt .e over Qe e rr &:.y rYry .:,era of. ..11 _ar.eys received fro: the atle y,f aale bon`_ :i.-I! be di:.t.re-d by tiie ...ty oni, for t::e p.:_5:,bes r. rein bet for . :he Iasae of : a_d ionLa by tie City ei:a'•1 c.:netitite { is aarr+r.ty by and on buiLlf sf tr.e City-fir the t:enefit cf eL:h snd every t.,.l • r .! Lny of &Li4. bord-, th-t L:.:d i n a htva tee:. iSti:ed for t. :b136d:E in ! l Zwvf. Mity l I sit:. the I<.e. Section :i.e ,,rincIpL1 of Lnd Saterert on tLIe bonca st:Lil be p--yeble o.t of toe -6:er Lnd winter :o.-.d Ptird. i -ection b. . '.: e City r:erety create_ Cad esteutianc-, an- so lonZ LE arj of said ooncs re..:.in c.'etLrcing, it Will .s.ir.talr. tr:e f.nd to Le k.%otn La the `56 er snd %ter Bond :and&, to Le e.ept eepLrata and &pert fro_ all other funds of tr.e City, ±!a-i. find arrLI1 i contain all of tr.e rerraae t, be derived by tie City fry , t .e oporeti .n of its se-er tystea. i cr. revSr:•46 a-ell to kn-'r:n _s Lnd termed the ° rcza reiknSe' cf SLid Lever Ly.tea, and L. cr, revenue it t.ereby irr6vocatly iledLed for t:.e foll :wire pur saes End ai.Lll be . disb.:rae5 and Lcci_ulated in t e fa:cxine ordsr: I (a) :cr' all neceestry and ,prover cost-, and exDen>et o,' trm efflcle t sari ec,n Feat '' s c,)-mtivn and m:Lintenanee of said 6eeer eystea. s . t Tx 237 ORDINANCE NO. r' __SERIES OF 1946 t (b) ?or tine pr� ;apt pEycent of ti:e interest oa and the principal. pf said C.exer and 1 eater Pevenae ,sonda Lrd, ti.e General GbIjeLtlon se-bge Ciapobal lEnt Bonds of said City, date karch 1, 1947, witt, and as the sa;ae bnall become d.:e and payable, respectively, and the cwner a:.d i�,lders of slid ksondb shall hr.v- a first and prior lien on such part of said sever revew•:a ES c:ay be becezzary for that purpose. (c) .a a " ezerve fund" for the payment of said Feven;e Bonds there shell be ace,....ulated }3,OGO.00 on or before ::arch 1, 1949, und each year thereafter there shell be placed in aald ketervo Fund and bd`.iticnal ;3,000.00, until tt.e total amount therein sk,ell ff to 1118, 00.00. the phoney in trio F.eserve Fund may be used to prevent defaults in the psyzent of said -,bier and 31ater Fievenae ponds. If money b,� used for auch par?ose, It anall be rer:toT,od to ti.e Feaerve Fund as noon as possible.. •::aid kezerve ?und shall be zcaintained at bald a.�ount of V18,000,00 until a:eh time ba test bsount will be sufficient to pay all of v,aid "revenue :fonds outetaading and tr,e interest thereon. By order of the City Council, U.e ?eserve Fund yzay be inva:.ted Ir. United Ltatez Goverr,n,ent bonds or securities. (d) 'ihe rezu.inin2 revenues of the ae:er zyEte:szty be dlsb..rsed In such amounts i and st c.ck, tires as racy be determined by the City Council. ect/on 7. In the event the revenues of tre Cewer .:yzte:, are ir.suffieient to promptly sad fully discharge L11 palmrnts End accumulations-required by the above Ceetion 8, ' then the City shall transfer to said _ewer W Vater Bond ?und from the net revenues of Its _step yste:s, sufficient amounts to promptly and fully !ischLree all payments and accum- ulations required by the above ,.ectlon a of ties ordinaries, net rcvenaes of able water systen, 'being defined as the reven_a remaining after deduction of re:.conbbls costs of operstlo End :;.ainter.anee. I ::action 8. he City hereby rurther irrevocably covensnte and agrees with each and everyyholder of said :'ewer and .star heven.e 3ondE iss..ed under tr.e provisions of this - Grdinanes, that so lone as any of said ban"n re eln oitst .-ding: (a) It will eo::tinue to operate and :::aneee Lts suer and ester sy�tc:. in an efficient End eeon.).:icEl canner End keep and .sintcIr. separbte accounts of the receipts and disblrsea,ent,a {{ thereof in such :;z6nner that the revenues thereof, payable into bald fund, msy at all times be readily and accurately deter:zLned. §§§ ti (b) ;t ■il' , through a propriate action of its C-�;ncil, maintain end enforce a 1 ch :d"le of rater. and charges for :ewer ctd s�:er servicez furalshed by said seer and ; water s,atea s.,rficiert to insure the payraenta and accumulations rewire: by the provisions of z.ectlon 6 hereof. (c) 1t will not sell or alienate say of the property constituting any pert, or all of its sewer :.nd water slate:=s, In any .tanner or to any e:.tent as _fight recuce the sec- urity ;rovided for the neyzent of said Zewer end *ester F.evenre Bonds by sesns of and out of. said Sewer and Water '4wer and hater Bond Fund, � created and estabII5..ed oy this ;rdinance, but the City may :,ell any portion of s•:eh property l •.nich shall have beer. replaced by other Eimllar property of at least eci.ral value, or,which snali ac-se to be necessary for the efficient o:erEtlon of said system. (d) of regular periods each year, it will render bills for water and serer service: f:r lshed End it till shut off water from the :property of all persons +rho are dellacaeat in the Fcy2ent of aucL bills. (e) et least once eaeh, yeer it will furAsh the original purchasers of said ' rever.. e 3onds a statezent of the receipts and disbursements of and for its water eve sezer d 111111 fi_ system for the fiscal year Immediately preceding each statezent, and on ar;tten re-uezt of ce repreEentative cr Zt ^f said ton'_- outsta:.d:ng it &IIII fc.rn;sh a cosy sta_.- VRDINAN ,E 1V0. s ____.SERIES OF 195E h ��, _. r.t .., azct. reprrseiaative, (f) It hill carry workmen's cocper.cetior, public liability and other forms of f Sr.Lureace on insuratle cater and veaer property, Sri s.,ch jaunts as '-111 protect said water ar,.d eener system and its operation. (g) eor Lire proteetl:n of the health of the inhabit�ntb of the City It will, by bppropraite action, compel all owners of occupied property cepable of being served by r e e.x:orb, to eunnect their preWibeaa'srit:. as C:. eyatex. y :eetior, 9. That notrang in this Crdinance shall be construed do such seiner as i •• t, prevent tie iabuar.cc- by the City of Fort Collins of additional bonds payable fro: the ircoze derived from trte operation of cold L aer and water system, or either of them; provided;; hrwever, ti.bt while any or this bons authorized by this urdInenco or any of the said 1 u"enar.,l Sbllgatlon :1ezag6 :,iapobal . 1ant ,scnds cre outatending, tine City will not iseue }i any additional tondo pa,bbie from the Income of said serer ayet49 and havinz a Flan on 17 sucf; Income on a parity nith or superS(,r to the Iieu of said Saaues of bonds. -action 10. i,11 casts and expenses Incurred in conneetlon with the issuance and 1 pbysert of t,.e bevenue 7ondL butnorizsd herain, as provided by this Crdinanae, shall be j paid exclusively free ti.,r revti,oe of said water end Serer zystec, and In no avert ai:a11 y suy of back: coate or expenses, or the principal of or Irtereet on said bonds be paid out iY 'of or charged t, the general funds or tax levies of said City. section 11. ..a the ec_4IL:ti,n rif a zp.a'age disposal. ,lLnt f,r zcid City at .�/as a ie. lt_ end sa:.iiar" �.Essurs �t Sb here'cy declared tr.:.t kn ez:erEer.c� exists, th.t thIs or tr.e euet p aSoie t za .s recesaary �r tt.s preservation of tc.e p.:1.c sigh, p«ace r er.d safety, that it ahall t;.�e effect .;or. Ls:>cEe, and to published wltU"n one meek 1 thereafter. ceesion 12. :rd_rsrce ;:o. 5, 1947, art' all ctter ordinancez, or pbrtsthereof, �- in conflict with Lnis ordinance, are i.erecy repealed. ..fter raid even.:e -,on3e have been Ssa:ed, tics :rdinance phall be Irrepealeble until sold bonds sod t,,e Intereet thereon Li;all be fully ,aid, satisfied arid disci rged in the Winner h,rein provided. This ::dlrance,; after its pasaege, s:b11 be recorded In the Zook of t;rdIrFrc*z :,f abid "Sty, inept far that (. { ;;:-pose, snt auti.e:.ticsteb by the EIEr%.tareL if t:.e -cyor :..d t:.e City ^11erk. _ eB_IEI: <:rc..'icL as an ez.ergercy +:tdirance, .his 24 day rf Jane i..D. 1946. R "yor yor 7— ". 6IiE:,I: ''JwtiTY-o? r..;Ii6rrt ) as. t � 1, "Iee ?. Eouee, City Clerk of tt.e City of ?ort Collins, do hereby certify and declare that ti.e f.,regcing Lrdinance, conaiatinr of Twelve (12) sectiors, was duly prcpoaed and read at length at b reE.IL.—.eetSng of the City Cortcil of said City, held on the <4 th day of une, 1948, and waa duly adopted and crd-red nablished In the Port Collins Coloradosn, the official newspaper of said City, by ti.e unani:aoab vote of a21 members of C : the City Counell as Fin ecergency ordnance, In accorda..ce with the provIulons of. :ections P -I k 6 and ? of 6rtiole ITV of the 42ty Csrter, and thereafter and on, to-wit: the -29 _tit j i day of .iur.e, 1948, said Jrdlnsnce ':o. 6 was duly published in said newspaper. 2 TZTAsS %aLY:u?. I have Lereunto art _y hand and affixed the seal of said City f e this 19th day of rune, 1948. ( _ a ) _T City Clerk r�-