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HomeMy WebLinkAbout005 - 04/03/1947 - AUTHORIZING THE ISSUANCE OF SEWER REVENUE BONDS IN THE PRINCIPAL AMOUNT OF $200,000 PRESCRIBING THE ORDINP SE NO 5 _.SERIES r 1947 AN ORDINANCE AUTHORIZING THE ISSUANCE OF SEWER REVENUE BONDS OF THE CITY QP FOR? COLLINS CULORADO IN THE PFINCIPAL AMOU6T OF $200 000 PRESCRIBIt.G 2H8 FORM AND ?RF FORT OLil THE P� MENT OF AID BONDS AND DECLARING AN SMERGfNCY WHEREAS, the City of port Collins, Lorimer County Colorado, has heretofore ac. quired and now owns maintains and operates a muni ipal sewer system for its inhabitants a WHEREAS It F ► a0 esaery to acquire a e go diapc1ael plant and loprove and extend said sewer system end [' WHEREAS, in order to meet pact of the expenses to be incurred for such purposes, t City has determined to authorize issue and sell its Sewer Revenue Bonds in the aggregate amount of J200 Coos peysole, both principal and interest solely out of the net revenues to be derived from the operation of its sewer system HOT THEREFORE BE IT ORDAIAED BY THE CITY COUkCIL OF TH3 CITY OF PORT COLLII►S, L%bluER COUNTY, COLORADO Section 1 That for the purpose of acquiring a sewage disposal plant and Improving and extending the sewer system of said City and to pay s part of the expense thereof there are hereby authorized Sewer Revenue Bonds of the City of tort Collins in the aggregate amount Of 6200 000s both the principal thereof and the i t*rest thereon to be payable solely and onI out of the net revenueutdFd derived bi the City ;b W and ttu ough the operation of its sewer system 3 Section 2 That Bald bonds hereby authorized shall be dated starch 1, 2947, shall be in the denomination of it 000 each, shall be payable to bearer as herelnbelos cot forth, and mall bear interest at the rate of gjX per amnm payable sasl annually on the first days of March end 6eptember of each your and shall hive coupo.:a attached thereto, signed with the 4 Mfacsimile signature of the Treasurer of tte City evidencing geld interest Bald bonds shall be signed by the Mayor and Treasurer with the seal of the City thereto affixed, and attested by the City Clerk Both principal of and interest on Bald bonds shall be payable in lawful money of the United States at the office of the City Treasurer, in port Collins Colorado i bald bonds shall be numbered eorseautively from 1 to P00, inclusive and sha11 nature fol- lows On (larch 1, ;bs0o0 in each of the years 19480 1957 Inclusive i P $6,000 in each of the years 1958 to 1960 lnetu irf �va $17 000 in 1961 418 000 in 1962 419 OODIn each or the years 1963 to 19651, inclusive and 120 000 in the years 1966 and 1967 Bonds maturing in the years 1953 to 1987 lnclueiwa, shall be redeeaable at the op- tion of the silty on March 1, 1954 and on an interest e Y Payment date thereafter If such re- demptions be made prior t., March 1, 1957, they shall be at par and a premium of 2j% of print! pal On March 1, 19a7 and thereafter redemptions before maturity shall be at par without premium If less than the entire issue outstanding be called for redemption, bonds shall be celled in Saverse numerical order If the City shall elect to radeea a:y part or all of said bonds, prior to maturity, { notice thereof shall be blven by publishing a notice in a newsp aper of general circulation in said City and a newspaper of general eirculbtion in Denver Colorado Such publications ab" occur not less than thirty �30) days nor more than fotty (40) days prior -o the time fiXsd for the reiemption and pay.;ent of such bonds Copies of all aubn published notices shall be Imasled by the Treasurer of the City to the original purchasers of &aid bonds i section 3 Said sewer revenue Gorda and the interest ooupoaa thereto attached shall be in substantially the followlag fors, to-wit w r 190 _ I ORDINAA NO 6 SERIES OP 1947 I ° UNIT50 STATES OF AMSRICA `bY•T3 JP COLORADO COUNTY OF LARIMBR jI CITY OF PORT COLLINS SEVER RBYSNUE BONDS Ho $1 000 The City of Port Collins in the vounty of Lartmer and State of Colorado for value freceived hereby promises to nay the bearer hereof out of the special fund hereinafter desig mated but not otherwise the aum of J ONE THOUSAND DOLLARS In law#Ul coney of the United States of America, on the first day of March J1 D 19, with 4 Interest thereon from date until paid at the rate of two and one half per centum (2j$) per an ium payable semi annually on the first days of March and September in each year both princi- pal and interest being payable at the office of the City Treasurer in Port Collins Colorado upon presentation and surrender of the annexed coupons and this bond as they severally become due N *(This bond is redeemable at tie option of the City on !larch 1 1952 and on any 4nterest payment date thereafter at par and a premium of 2j$ of principal in its I-verse numerical order in the issue of which it is one ) ii **(This bond is redeemable at the option of the City on March 1 1952 and on any �Intereat oeyment date tnereafter If redeemed prior to larch 1 1957 the City sill pay par (and a premium of 2j$ of principal If redeemed after Maren 1 1957 the City will pay per only I 4Bonda of this Issue which are redeemable prior to maturity shall be redeemed in their inverse numerical order ) This bond is one of an authorized series not exceeding the aggregate principal sum of e200 000 issued by the City of Port Collins for the purpose of acquiring a sewage disposal I I and improving and exten-inN said sewer system of said CI y all in full conformity with ,the Constitution and laws of the otate of Colorado the Charter of said City and an Ordinance of the City duly enacted and adopted prior to the issuance hereof and both the principal of b t this bond and the interest hereon are payable solely out of a special fund created in full cone fortuity with law and designated the "Sewer Bond Pund° of said City which fund shall contain Y the revenue derived by the City from the operation of its municipal sewer system all as is ` more fully stated in the ordinance of the vity authorizing the issue of bonds of which this i Is one I S It is hereby certified recited and warranted that for the payment of this bond the I City of Fort vollins has created and will maintain said Fund and will deposit therein out of V the revenue of its sewer systea the amounts and revenue specified in or ascertained in accor- dance with said ordinance and out of said Fund and as an irrevocable charge thereon will pay ,this bond and the interest hereon in the marner provided by said Ordinance No _of said Fity, adopted tnd approved 1947 For a description of said Fund and the nature and 4xtent of the security afforded thereby for the payment of this bond reference is made to said ordinance It is further recited and certified that all requirements of law and all conditions recedent have been fully complied with by the proper officers of said City in the lasuence of T I N I 19 ORDINANCE NO 6 _SERIES OF 1947 1 this bond and that this bond does not exceed any ooretitutional, statutory or charter limitation U TESTIMONY WHEREOF, the City of Port Collins Colorado, has caused this bond to be subscribed by its Mayor, countersigned by its treasurer the seal of the City to be hereto affixed, attested by its Clerk and the interest coupons hereto annexed to be signed with the facsimile signature of its Treasurer, as of the first day of March, 4 D 1947 eyor ( S 5 ♦ L ) COUNTERSIGNED ATTEST reasurer ::: City er *(This clause to appear in bonds maturing in the years 1953 to 1957 Inclusive ) "(This clause to ap pear in bonds maturing it the years 1958 and thereafter ) (Form of Coupon) No March $12 60 On the first day of September L D 19 *(Unless the bond to which this coupon { is attached has been called for prior redemption) the City of Port Collirs In the County of Larlmer and State of Colorado will Pay to bearer hereof TWELVE AND 50/100 DOLL-RS in lawful money of the United States of America at the office of the City Treasurer in Tort Collins Colorado out of the Sewer Bond Fund of said City but not otherwise being six nontha' interest on its -,ewer Revenue Bond dated March 1 1947 bearing I No (Facsimile Signature) Cicy Treasurer *(This clause to appear in coupons maturing on September 1 1952 and thereafter ) Section 4 Said bonds or so many of them as shall be required may be issued and sold at one time or from time to time for cash at such price or prices as the Council of said City shall determine solely to provide the City with moneys for the purposes hereinbe- fore specified Coupons for interest due or over-due at the time of any delivery of any of said bonds shall be detached and cancelled before delivery thereof All moneys received fr the sale of said bonds shall be disbursed by the City only for the purposes herein set forth The issue of said bonds by the City shall constitute a warranty 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 is- sued for a valuable consideration in full conformity with the law bastion 5 The principal of and Interest on said bonds shell be payable out of the avenues derived by the City from the operation of Its sewer system as specified In this ordi- ance but the term "sewer system as herein used shall include not only the property oom- rising said sewer system at the present time, but all additions and betterments thereto and Improvements and extensions hereafter constructed or acquired by the City Section 6 The City hereby areatea and establishea, 6041 so long as any of quid bond remain outstanding, it will maintain a fund to be known as Lhe •Sewer Bond Funds. to be kept 1y� ORDINA. CE NO 5 SERIES k e 1947 t y separate and apart from all other funds of the Cit� p y, which fund shall contain all of the rev- onus to be derived by the City from the operation of its sewer system Such revenue shall be b S known as and termed the °gross revenue• of said system and such -avenue is hereby irrevoesb- � ly pledged for the following purposes and shall be disbursed in the following order f (a) For all necessary and proper costs end expenses of the efficient and economi- cal operation and maintenance of said sewer system (b) For the pompt payment of the interest on and the principal of said revenue bonds and the General Obligation Sewage Diapoaal Plant Bonds of said City dated March 1, i r 1947 when and as the same shall become due and payable resoectively (e) For a °Reserve Fund" to be accumulated at the rate of not lose then $3 000 per year until the total amount therein shall be $18 000 The money in the Reserve Fund may be used to prevent defaults in the payment of bald Revenue Bonds and of said Sewage Disposal Plant Bonds and interest thereon If money be used for such purpose it shall be restored to t the Reserve Fund as soon as possible Said Reserve fund shall be maintained at said amount o J 418 000 until such time as that amount will be sufficient to pay all of said revenue bonds oul . standing and the interest thereon By order of the City Council the Reserve Fund may be in vested in bonds of this issue in said General Obligation Sewage Disposal Plant Bonds or in !United States Government bonds or securities (d) For the payment and redemption of said revenue bonds prior to their maturity I in such amounts and at such times as may be determined by the Council of said City or for I } lauch other dispositions as the City Council may direct Section 7 The City hereby further irrevocably covenants and agrees with each and revery holder of said Sewer Revenue 3onds issued under the provisions of this ordinance that so long as any of said bonds remain outstanding , i I( (a) It will continue to operate and manage its sewer system in an efficient and il� (economical manner and keep and maintain separate accounts of the receipts and expenses there- J ,of in such manner that the revenue thereof payable into said Fund may at all times be read- 1 ,ily and accurately determined I (b) It will tnrough appropriate action of its Council, establish maintain and en- force a schedub of rates and charges for sewer services furnished by Bald sewer system auf- E 4ficlent to insure the payments and accumulations required by the provisions of Section 8 hereat (c) It will not sell or alienate any of the property constituting any part or all Hof its sewer system in any manner or to any extent as might reduce the securi-y provided for the payment of said bonds by means of and out of said Sewer Bond Fund created and established r Eby ordinance, but the City may sell any portion of such property which ball have been replaced 1 by other similar property of at least equal value or which shall cease to be necessary for I ,the efficient operation of said sewer system provided however that in the event of any sale i 9or sales as aforesaid ■nere the aggregate consideration exceeds the sum of #1 000 such con- sideration shall be paid into said Sewer Bond Fund and shall be used for the purposes of said Fund (d) It will render monthly or quarterly or semi-annually bills for sewer services furnished and it sill shut off water from the property of all persons who are delinquent in J the payment of such bills (a) At least once seen year it will, at the request of 25% of the holders of said avenue Bonds outstanding furnish such holders a statement o' the receipts and disbursements q t 193 ORDINANCE NO 5 _SERIES OF 1947 I of and for its sewer system for the fiscal year immediately preceding each statement (f) It will carry workmen's compensation public liability and other forms of in- surance on insurable property in such amounts as will protect said sewer system end its operation (g) It will furnish no free sewer service and it it elects to use sewer services for municipal purposes it will make provision to pay therefor at the some rate as is charged others for like service (h) For the protection of the health of the inhabitants of the City it will, by appropriate action, compel all owners of occupied property capable of being served by said sewer system to connect their premises with Bich system Section 8 That nothing in this ordinance shall be construed in such manner as to prevent the issuance by the City of Port Collins of additional bonds payable from the income derived from the operation of said sewer system provided however that while any of the bonds usthorized by this ordinance or any of the said General Obligation Sewage Disposal Plan Bonds are outstanding the City will not Lbsue any additional bonds payable from the income of said system and having a lien on such income on a parity with or superior to the lien of said issues of bonds i Section 9 All costs and expenses incurred in connection with the issuance and pay- ment of the revenue bonds authorized herein as provided by tnis ordinance shall be paid ex- elusively from the revenue of said sewer system and in no event shall any of such costs or expenses or the principal of or interest on said bonds be paid out of or charged to the Igeneral funds or tax levies of said City Section 10 All ordinances or parts thereof in conflict with this Ordinance, are hereby repealed After said revenue bonds have been issued this Ordinance shell be irrepeaI able until said bonds and the interest thereon shall be fully paid satisfied and discharged ,yin the manner herein provided Section 11 An the acquisition of a sewage disposal plant for said City at the I earliest possible time Is necessary as a health and sanitary measure it Is hereby declared that an emergency exists tout this Ordinance is necessary for the preservation of the public I nealth pence and safety that It shall take effect upon passage, and be published within one ask 4 ereafter Section 11 This Ordinance after its passage shall be recorded in the Book of f Ordinances of said City kept for that purpose and authentieato9 by the signatures of the eyor and the City Clerk I ADOPTED .ND AP?ROVED as an emergency ordinance this 3rd day of April A D 1947 Mayalp ttest ty Clerk i l4 � } A 194 ORDINANCE NO 6 SERIES OF 1947 ST.TS OF COLORADO COUNTY OF LARIYBR es CITY OF PORT COLLINS I Miles P House City Clerk of the City of Port Collins do hereby certify and declare that the foregoing ordinance consisting of twelve (IP) sections was duly proposed and read at length at a regular meeting of the City Council of said City held on the 3rd day of April A D 1947, and was duly adopted and ordered published in the Port Collins Coloradoan the official newspaper of said City by the unanimous vote of ell members of the City Council as an emergency ordinance in accordance with the provisions of Sections 8 and 7 of Article IY of the City Charter and thereafter and on to-wit the eth day of April 1947 said Ordinance No b was duly published in said newspaper IN WITNESS WHEREOF I have hereunto set my hand and sifixed the seal of said City this 8th day of April 1947 City Clark t j 1 ' J d A a a I � y k '