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HomeMy WebLinkAbout007 - 04/10/1934 - PROVIDING FOR THE CONTRACTING OF AN INDEBTEDNESS BY THE CITY AND UPON THE CREDIT THEREOF FOR THE ISS ORDINANCE NO _7__, 19341 BEING AN EMERGENCY ORDINANCE PROVIDING FOR THE CONTRACTING OF AN INDEBTEDNESS BY THE CITY OF FORT COLLINS, COLORADO, AND UPON TEE CREDIT THEREOF FOR THE ISSUANCE OF NEGOTIABLE COUPON BONDS OF SAID CITY FOR $86 ,000,00, FOR THE PURPOSE OF CONSTRUCTING A CONDUIT IN AND FOR THE CITY OF FORT COLLINS AND TO BE DESIGNATED AS FORT COLLINS GONDUIT BONDS, PRESCRIBING THE FORM OF SAID BONDS AND PROVIDING FOR TAX LEVIES TO PAY THE INTEREST ON AND EXTINGUISH THE PRINCIPAL OF SUCH BONDS WRMEAS, at the general election of the qualified electors of the City of Fort Gollins , duly called and held on the 3rd day of April, A D 1934, the following question was submitted to the duly qualified taxpaying electors of said City, pursuant to the provisions of Ordinance No, 2, 1934 and Section 15 of Article XIX of the City Gharter question submitted Shall the City Gouncil of the City of Fort Collins be authorized to contract an inclehtedness on behalf of the City, and upon the credit thereof, by issuing the negotiable interest bearing bonds of the Gity in an aggregate principal amount of not exceeding $8fi,000.00, for the purpose of constructing q conduit in and for the City of Fort Collins? AND AREAS, according to the canvass of the vote duly returned from said election and duly made by the City Council, sitting as a Board of Canvassers, on the 6th day of April, A D 1934, there were eleven hundred thirty-three (1133) votes cast upon said question, of which seven hundred and six (706) were cast in favor of said question and for the issuance of said conduit bonds, and four hundred twenty-seven (427) were cast against said question and against the issuance of said conduit -1- bonds, showing a majority of two hundred seventy-nine (279) votes cast in favor of the issuance of said conduit bonds, and WHEREAS, in order to carry out the mandate of the qualified taxpaying electors of the City of Fort Collins as expressed upon the above question, it is necessary to authorize the issuance of bonds pursuant to the authority granted by the qualified taxpaying electors of the City of Fort Collins as shown by the canvass of the vote of said electors to obtain funds necessary for placing in conduit all or part of the canal of the Arthur Irri- gation Company within the city limits of the City of Fort Collins NOW, THEREFORE, BE IT ORDAINED By THE CITY COUNCIL OF THE CITY OF FORT COLLINS Section 1. That the City of Fort Collins issue its negotiable coupon bonds in the sum of Eighty-six Thousand ($86,,000.00) Dollars for the purpose of furnishing funds with Jwhich to place all or part of the canal of the Arthur Irrigation company in conduit within the city limits of the City of Fort Collins and thereby contract an indebtedness in said amount for said purpose Section 2 That said bonds shall consist of one hundred seventy-two (172) bonds and shall be issued in de- nominations of Five Hundred ($500.00) Dollars each, numbered from one (1) to one hundred seventy-two (172) inclusive and shall bear date of May 1, 1934 and be absolutely due and payable fifteen (15) years after the date thereof, but redeemable at the option of said City any time after ten (10) years from the date thereof, to-wit May 1, 19 '4, at the office of the City Treasurer in said City All of said bonds shall bear interest at the rate of four (4) per cent per annum, payable semi-annually, on the first days of November -2- and May of each year until paid, at the office of the City Treasurer of the City of Fort Collins or the banking house of the Chase National Bank in the City and State of New York at the option of the holder of the coupons thereto attached Section 3 That said bonds shall be sealed with the corporate seal of said City, sigmmed by the Commissioner of Safety and Rx-Officio Mayor , attested by the City Clerk and counter- signed by the 'treasurer of said City, each of said bonds shall have attached thereto thirty (30) coupons, numbered from one (1) to thirty (30) inclusive, each representing a semi-annual installment of interest upon the said bond and securing the payment of interest as it accrues, which said coupons shall bear the facsimile signature of the Treasurer of said City and the number of the bond to which they are attached Said coupons, when so made, executed and delivered as a part of said bonds , shall be the lawful obligations of said City securing the payment of said interest in the hands of all persons to whom they may lawfully come Section 4 That the form of said bonds and coupons shall be substantially as follows, to wit UAITIM STATES OF AMERICL No. 500.00 CITY OF FORT COLLINS Larimer County State of Colorado. FORT COLLINS CONDUIT BOND The City of Fort Collins in the County of Larimer and State of Colorado , for value received, acknowledges itself to owe and hereby promises to pay to bearer Five Hundred ($500.00) Dollars lawful money of the United States of America, on the first day of May, A- D 1949 , at the office of the City Treasurer in the City of Fort Collins, with interest thereon at the rate of four (4) -3- Y per centum per annum, payable semi-annually, on the first days of November and May in each year, at the office of the City Treasurer aforesaid or at the banking house of the Chase National Bank in the City and State of New York, U S A , at the option of the holder upon presentation and surrender of the annexed coupons as they severally become due The City reserves the right to redeem this bond, at par with accrued interest to the date of redemption, on or at any time after the first day of May, A D 1944, upon at least thirty days* prior notice given by publication at least once a week for at least three successive weeks , in a newspaper published and of general circulation in the City of Fort Collins, such notice designating the number of the bond and the redemption date , after which date this bond shall cease to bear interest This bond is issued by the City of Fort Collins for the purpose of securing funds to pay for the construction of a conduit in and for the City of Fort Collins in pursuance of an ordinance of said City duly passed, adopted, published and made a law of said City prior to the issuance hereof, and under and by virtue of and in strict compliance with the constitution and laws of the State of Colorado and the power and authority contained in Section 15, of Article = of the City Charter, respecting the matter of incurring indebtedness on behalf of the City, and it is hereby certified, recited and warranted that the authorization to contract an indebtedness on behalf of the City and upon the credit thereof by issuing negotiable interest bearing bonds of the City in an amount not exceeding Eighty-six Thousand ($86 ,000 00) Dollars for the purpose of constructing a conduit in and for the City of Fort Collins , was at a general election duly called and held on the 3rd day of April, A D 1934-, in said City according to law prior to the issuance of this bond, duly approved by a majority of the taxpaying electors voting at said election, that all con- -4- ditions required to exist and acts and things required to be done precedent to and in the issuance of this bond to render the same lawful and valid did exist and have been properly done and per- formed in regular and due time , form and manner as required by law, that the total debt of said City, including that of this bond, except the debt incurred in supplying the City with water and water works , does not exceed any limit of indebtedness pre- scribed by the constitution or the laws of the State of Colorado , and that the said ordinance provides for the levying of a tax sufficient to pay the annual interest on this bond and extinguish the principal thereof within the time limited for the same to run and containing such other provisions as are required by law IN TESTIMONY WHEREOF, the said City of Fort Collins has caused this bond to be sealed with its corporate seal, signed by its Commissioner of Safety and Ex-Officio Mayor, attested by its City Clerk and countersigned by its City Treasurer this first day of May, A D 1934 Commissioner of Safety and (CITY SEAL) Ex-Officio Mayor Attest City Clerk Countersigned City Treasurer FORM OF COUPON No 10 00 On the first day of , A D 19 for value received, the City of Fort Collins in the County of Larimer and State of Colorado , will pay to the bearer Ten ($10.00) Dollars lawful money of the United States of America at the office of the City Treasurer in said City , or at the banking house of the Chase National Bank in the City and State of New York, U S A , at the option of the holder , being six months' interest on its Conduit Bond No City Treasurer -5- Section 5 That said bonds when executed as above provided, shall be delivered by the City Treasurer to the purchaser or purchasers thereof, at such time and in such amounts as shall be determined by the City Council, after such notice of sale as the City Council shall direct The proceeds of such bonds shall be used solely for the purpose in this ordinance set forth and the proceeds from the sale of such bonds are hereby appropriated for said purpose, but the purchasers of said- bonds shall in no manner be responsible for the application or disposal by said City or any of its officers of any of the funds derived from the sale thereof All moneys received from the sale of said bonds shall be deposited to the credit of FORT COLLINS CONDUIT BOND FUND If it is not necessary to sell all of the bonds herein authorized to be issued to raise funds for the project herein specified, such bonds as are undisposed of and in the hands of the City Treasurer, shall not be issued, but shall be canceled by action of the City Council and so marked upon their face and a record thereof made by the proper officer of the City It shall be the duty of the City Treasurer, before delivery of any of said bonds to the purchaser, to duly register each said bond in a book of record kept for the purpose Section 6 That in- each of the years A D 1934 to 1948 inclusive , there shall be and is hereby levied upon each and every dollar of valuation of the taxable property within said City of Fort Collins , in addition to all other taxes, a tax sufficient to pay one year's interest on all of said bonds outstanding, and in each of the years A D 1934. to 194.3 inclusive, a tax sufficient to produce Two Thousand ($2000.00) Dollars for the purpose of extinguish- ing Twenty Thousand ($20 ,000.00) Dollars of the principal of said bonds within the ten (10) year period from the date of said bonds And in each of the years 1944 to 1948 inclusive a tax sufficient to -6 produce the sum of Thirteen Thousand Two Hundred ($13,200 00) Dollars, for the purpose of extinguishing the remainder of the principal of said bonds, and the taxing and collecting officers of said City are hereby authorized and required to levy and cause to be extended such taxes , annually, as shall be necessary for the purpose aforesaid and due under this ordinance, and the said tax., when collected , shall be applied only to the payment of the principal of and interest upon said bonds respectively and for no other purpose whatever until the indebtedness contracted under this ordinance, both principal and interest, shall be fully paid, satisfied and discharged This section, however, shall not be construed so as to prevent the said City from applying any other funds that may be in the City Treasury and available for that purpose , to the payment of the interest and principal of said bonds as the same respectively become due. And the sums hereinbefore specified to meet the interest on- said bonds and to discharge the principal thereof when due, are hereby appropriated for that purpose, and said amount for each year shall also be included in the annual appropriation bills passed by the City Council of said City in each year respectively, Section 7 It shall be the duty of the City Council of said City, annually, at the time and in the manner provided- by law for levying other city taxes, if such action shall be necessary to effectuate the provisions of this ordinance, to ratify and carry out the provisions hereof with reference to the levying and collection of taxes and requiring the officers of and- for said City to compute , levy and collect such taxes in the manner provided by law, for the purpose of creating a fund for the payment of the interest and principal of said bonds, and said tax when collected, shall be kept for and only applied to the payment of said interest and principal of said bonds as hereinbefore specified -7- and the fund so created by the collection of taxes shall be placed to the credit of the FORT COLLINS CONDUIT BOND FUND, and shall be so named and kept by the City Clerk and City Treasurer upon the respective books of said officers and shall be held subject to investment by the City Council under the provisions of Section 3 of Article = of the City Charter Section 8 This ordinance shall be irrepealable until the indebtedness herein provided for shall be fully paid, satisfied and discharged Section 9. In the opinion of the City Council, an emergency exists for the preservation of the public health, peace and safety, and this Ordinance shall take effect upon its passage under and by virtue of the authority contained in Sections 6 and 7 of Article IV of the City Charter Introduced., read at length and adopted by the unanimous vote of all the members of the City Council at a regular adjourned meeting held this /O A-X day of April, A D 1934, Gommissioner of Safety and Ex-Officio Mayor ATTEST ity Clerk STATE OF COLORADO ) ss Countyof Larimer ) I, A J ROSENOW, City Clerk of the City of Fort Collins, do hereby certify and declare that the aforesaid Ordinance, consisting of nine (9) seations, was duly proposed and read at length at a regular adjourned meeting of the City Council, held on the /O day of April, A D 1934, 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 pro- visions of Sections 6 and-7 of Article IV of the City Charter, AC and thereafter and on to-wit the // r day of April, A D 19549 said Ordinance No was duly published in the Fort Collins Express-Courier, a daily newspaper published in the City of Fort Collins, Colorado IN WIMESS WHEREOF, I have hereunto set my hand and affixed the seal of said City, this // day of April, A D 1934 City lerk