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HomeMy WebLinkAbout001 - 01/18/1919 - PROVIDING FOR THE CONTRACTING OF AN INDEBTEDNESS BY THE CITY AND UPON THE CREDIT THEREOF FOR THE ISS ORDINAWCE so ,,..,� 1919 z BEING AN MIERGEVC`f O-ZINANCtE PROVIDIJG FOR THE CON- TRACTI'M Os AN INDEBTF17 RGS BY THE CITY OF FORT COLLINS $ COLORADO, MD UPON T1 E CREATE THEREOF FOr THE I€iGUAMCE 01 V�GOTLABLE COUPON BtrJ03 O-T SAID GIB FOR eio0,0Ot7 oo FC`P TITIE PtSf rO31 OF PUTICOASING THE RAILWAY PROPERTY OF THE DEUVr"R & INTERMAN RAILROAD COUPARY IV THE CITY Ol rOFT COLLINS OR CONNECTED THEE-rTH AND TO EQUIP THE SM FOR OPXRATIOK BY `i'i' L CITY OF FORT COa,LTNS rOR THE BINEFIT OF RAID CITY AND TC BE DMIGNAIED AS FORT COLLINS MUNICiIPAL RAILWAY PURCHASE BOND$ MERE.AB, At the special election of tie qualified olootois of the City, of Fort Collins duly called and held on the ?th day of January. 1919, the following questions metre oubmitted to the duly qualified eleotore of said city pAarsuaant to the provisions of Ordinance No 11, Stories of 1918 aid Sootion 81 of Article 1VIII of the Oity Charter WESTION No 1 Shall the City of Fort Collins acr quire by purchases the ra lwray property of the Denver & In- terurban Railroad Company in the City of Fort Collins or connected therewith for the purpose of operating the said railroad for the be-ofit of the inhabitants of said City? According to the canvass of the vote duly returned from said, oleoticn and duly made by the City Council on the llth day of January, 1919a thare were one thousand seventy-tyro (1,072) votes oast uTron said qt estion, of vMch nine hun- dred forty (940) were cast in favor of said purchase and -1- one hundred thirty-tiro (13a) votes against the purchaw, showju6 a majority of eight hundred a.Lgbt (808) in favor of tre purohaese of a-ld raAil>rgsy prop0t7, M{F9TT DX i4 3 Shall the Ci t} of Fort Collins An- cus b Loa1w-! indebtedness in the sum: of $1001000 QQ for thn p,a.a,roae of prey)ng for the railway property of The Deuvt,x a Interurbw Railroad Company in that City of Fort Collins ox aonyxeoted therewith to be operated by the City of Yo..t Collins? According to the canvass of the vote duay rvturnea from said election and duly made by the City Council on the 11th day of January, 1919, it appears that six hundred ninety-acme (691) qusli.tied tax paying electors voted on saia question, of w ich five hundred eighty- ore (581) votes vere cast in favor of said question and one hundred ten (110) votes were oast against the same as ascer- tained and determined by the canvass duly made by the City Cauncilt and S9i RV,AR, Than City Council, at a regular meeting held upon the llth day of January, 1919, duly authorized by resolution the negotiation and purchase of the railway property of TT e Denver & Interurban Railroad Company in the City of Fort Collins and connected therewith pursuant to the authority granted by the qualified electors under the prov..eicis of 8eetton al of Article %?III of the City unarter, o6od AREAS In order to oonsumate said purchase of the railway property, it is necessary to authorize the issuance of bonds pu-suant to the authority granted by the qualified electors of tAe City of Sort Collins, as shown by the ca1n-- vc�saa of tre votes of said electors to obtain funds to make said purchase Now, there°ore, w�w Br IT ORDATNVD BY THE CITY COUNCIL CF TiF CITY 4F VOIRY' COLLINS section t rhat Lh4 wi}y Of rol t Collins issuo its negozlaLle coupon bonds 4&1 the a.3m of One Hundred Thousand Dollars (0100,000 00) for this pur- ose of fu=l shing tAnds with * vaeh to purchase tie ra4l-ray property of The Denver & Interurban 'lallroa.i Conpany In the City Of Tq;t 0014ins or ocnnGatc.d V erevilta3 t a,d Vifxtby aortrset an inaebted.- nesa in said a ni ount for said purpose Seoti cm a 1'h� said bwds shaa,11 00na3i ut Of f mr b4n- xred a,n4 sevantl (470) Longs exsd el al.' bo is suod in dan{zi-- inati one and nuadberod as x o k ° ov�4 t Tlhzse Hundred (:300) bonds of the denomination of Fifty 19o17araa ($60 00) sack numbered from one (1) to three hundred (300) inolusive and one hu - dred and sev.3-xty (170) bonde of the denominati6n of Yive Hundred Dollars ($500 00) each awdbered from tbrees bundred amd one (301) to four tunared sAid sevent7 (4'70) Inclusive ane shall bear date March 1, 1819, and be absol"Atsll.y due and pa-*able flftson yours awfter the date thereof *ad r'e� doem;able at the option of sae,i.d city ton (10) Yeexe mote' than date thereof, to-wit,, March 1, Mgt at the offioa of tie City Treasurer in aaid city, xind Rhall berm interest at tns rate of five (3) per cent per a nnum payable seam-a►urvu- ally on Via first dale of September and March of aaob yoL4x until paid at the office of the City Tre"urer of trio City ov Fort Collins or the �a.mking house of Kountate Brothers in the {City and State of New York at the option of the holler of 0o coupons thereto attached and shall havro printed across the face thereof tha words FORT COLLINS MUNICIPAL RAILWAY PURCHASE B09D The said city, however, -3- I reserves the right to pay this bond at any time after the first flag of Harob, A D 1929 Section 3 That said bonds shal 4 be sealed with the corporates seal of se4d city, signasd by the Comminsioner of Safety and Ex-4fficio tieyor, attested by the-Vity Clexk and countersigned by the Treasurer of said city, sa0b Of said bonds $hall bave attached, tberetc thirty (30) courcne numbere,d from ane (1) to thirty (30) inclusive, ea4h rep- rosentirg a sami-mmuc6l instesillmOnt of Interest upo'l the said. 'bond and securing the payment of intereat as it ac es, which said coupons *hall bear the elpa.ture of the Tveaaurer of said City, either origtnal, steed, printed or 11tho- graphodo , %d *Ue n.urbeW o" thAs bend to which thsy are 6ttachad Said coupons when so nl&do, execut;ea4 and deliver- ed ^s -i p...rt of sale bonds shal' be the lawful obkiLatiana of emici Citv gsettring tite payment of said interest in tho htud.s of all puracne to whca tbay Mey law€ulllY aC 6 section 4 That the farm of said beds =d OOLVons sholi be substssstially as f0l10we, to-wlt UNITED STATES Or .6MERICA No __,r._ ....... .�....... City of Fort Collins Larime r County State of Colorado FART COLLINS VMCIPAL RAILWAY PUnCHASE BOND The 01*� of For* Coll-ins in the C*..rly r1 Lorimer ,nd, State of Colork do, for value rzoaived, a0krt0'c1ecl9es itself to owe and heroby promi Lace to j my tn. boarer (insert amount) Dollare lawful money of the United States of America, on the first day of March, A D 1934 at the office of the City Treasurer in *aid City of Fort Collins with interest thereon at the rate of five per centum per annum, payable semi-annually on the first days of Septem- ber and March at the office of the City Treasurer aforesaidi or at the banking house of Kountze Brothers in the City and State of Now York, U S A , at the option of the holder upon presentation and surrender of the annexed coupons as they severally become due This bond is issued by the said City of Fort Collins for the purpose of securing funds with which to purchase the railway property of The Denver & Interurban Railroad Company in the City of Fort Collins in pursuance of an or- dinance of said city duly passed, adopted, published and made a law of said city prior to the issuance he-roof,, and under, by virtue of and in strict compliance with the con- stitution of the State of Colorado and the pourer and author- ity contained in Section 15 of Article XIR of the City Char- ter respecting the matter of incurring indebtedness in be- half of the city, and it is hereby certified that the pur- chase of said railway property of The Denver & Interurbaan, Railroad Company was, at e, special election duly called and held on the 7th day of Janumry, 1919 in said city accord- ing to lain prior to the issuance of this bond duly approv- ed by a majority of the qualified electors voting at said election and the determination of the question of incurring the indebtedness provided f'oi in this ordinance was duly approved by the vote of a ma3ority of the qualified electors of said city, who were taxpayers under the law, voting on -a- the question &Lt said special slectSen, that all conditions required to exist a114 acts and things required to be done precedent to and in the Issuance of Via bond to reader the same lawful and valid did exist and have been properly dace and performed in regular and due time, form and manner as required by lases that the total debt of said city., in- cluding that of this bond, except the debt incurred in supplying the city with water and water works, does not ex- ceed any limit of Indo'bte nese prescribed by the constitu- tion or the laws of the State of Colorado) and the said tar- dinance, provides for the levying of a tax sufficient to pay the amuat Interest on this bond wid extinguish the prinoi- pal thereof within the time limited for the same to run and containing such other provisions as are required by law And said bonds before dolivery tha. eof to the purchaser shall be duly rogietered by the; City Treasurer in a book provided for that purpose The said City, however, reserves the right to pay this bond at =y time niter the first day of Marbh, A D 1939 IN TESTIMONY *ILs'REOFO The said City of Fort Collins has caused this bond to be sealed with its oorporeta 9e63., eign! ad by its Commissioner of Safety and ftwOf'fiCio Ltrzyor, attest- ed by its City Cier'k and countersigned by its City Treasurer this first day of Maroh, A D 1919 Commissioner of Safety (CITY BEAL) ._ _. — — ._ _. — _ — _ .. *Ad EX&Offi cio Moor Atteatt — - - - - - - — — — — — — — — — — — — Ciip Clgrk_ Ccsxsatrersigned _ — _ — — — — — — — -- -- Cif Treasurer. OF COUPON No On the first day of A D 19_,,,, for value rgoei ved, the City of Fort Coll ins in the County of Larimer and State of Colorado will pay to the bearer Dollars lawful monV of tho United States of America at the office of the City Treasurer in said City or at the banl ing houses of Kountze Brothers in the City and State of Now 'York U S A , at the option of the holder, being six months $ interest on its Municipal Rallw ay Purchase Bond, go City Trousurerr Section 5 That said bonds be sold according to law and the proceeds thereof are hereby appropriated and shall be applied eoley to the purposes aforesaid of piachasing the railway property of The Denver & Interurban Railroad Company in ti a City of Fort Collins and connected therewith and egiApping the: sane for operation for the use and bene- fit of the inhabitants of the City of Fort Collies, and the proceeds from said bonds shall be, abon received, deposit- ed to the credit of the Municipal Raiiviay Puroh"s3 Invest- ment Fund, but the, purchaser of said bonds shall in no manner be responsible ror the application or disposal by said city or any of its officers of any of the funds de- rived from the wale thereof Section 6 That there be and hereby ie levied upon each and every dollar of valuation of taxable property with- in said city annually in addition to all other taxes, a tax sufficient to produce; in the aggregate the sum of Live Thousand Dollars ($0,0©0 00) per j eor for the payment of the interest accruing on said bonds as it falls dues i ntil said bonds are fully paid, and there is also hereby levied upon each grid every dollar of valuation of taxable property -7- witUn said city, in addition to all other taxes bee,gineing with thee year 1924, a tax sufficient to produce in the Vtgr€gate the sum of Five Thousand Dollars WoOp4 00) in 4�1 each of the years 1924, 1925, 1986 J927, 1988 and 1929, and to produce in the aggregate tho suer of Fifteen Thous- and Dollars ($I5,000#00) in e&oh of tb* years 1430', 19310 19320 1933 an4 1934 for the purpose of !extinguishing the principal of said bonds tvithlu fifteen (15) yeare of the Mato of "Id bands And the taxing wid collection officers e" skid city are bereby aruthcrivoi and requirad to oomputee, levy, extend and colloot such taxes annually as they shall beoome none s sary and due under thio ordi mince, and the said taxes when ooll.ected shall by applied iced only to the payment of sold interest Lud the principal of said bonds respect— ively -ard for no ctber purpose vvtkat ever until the irdebte3d- nose coneraactid under this ordinance principal and interest ba .fulij paid anu disoba-rged. This,srection, however, shall not be construed ao as to prevent the said city from apply- ing any other funds that may be in the City treasury and available for that purpose to the payment of the interest and principal of the said bonds as the same respectively become payable S ecticai 7 It shall be the duty of the City Council of the said city a=jtaeally 4t the time and in the manner provided by lbw for levying other city taxes, if such au441- tioral taxes sha>~ll bo neeosrsary to effectuate the provi- atons of tbia ordinances to re6tlYy ckiV Aatry out the provi- ni m s hereof with reference to VI. levying of the taxes mud requiring the officers of =d for said city to compute, levy Arid collect such taxes to the manLer provided by lsw for the purpcso of creating as fund for the payment of the -e� interest upon aana the principal of said bonds, and said taxes when collected shall be kept for and only applied to the payment of said interest end pri> oiacai of said bonds �s hereinabove specifledp and than fund so created by the collee.tim of taxes shall be ,plsced to the credit of the Fort Collins Uunlolpaal Railw&y Purchase Hoods Sinking Ftmd and shall be sadnamed and kept by the City Clerk and City Treasurer upon the respective books of said officers and ahaall ba held sub5oot to investment by ties City Council under tk-c provioions of Section 3 of Axticic XIX of the City Chazrter Section 9 This ordinance shall be irrepeelaable un til the indebtedness hey ain provided for shall be fully paid, eaa,tlefied and dischaargesd, `lcc,ti.on 9 In the opinion of the City Council, an emergency exists for the preservation of the public health pea ca Un3 saai'ety, am) this ordinance Shull take; of feast upon its paaaseage and publication under and by vir4ue of the authority contained in Sections 6 and 7 of Article IV Of the City Charter Introduced, read at length and adopted by the unan- imous vote of all the members of the City Council this 18 d4*y of Jeanuary, A D 1919 /s/ Fred W Stover ots>ca ssi cner of Mety wid Ex•Offlcio Maayc>r ATTEST /s/ A J Rosenow MY Clark 8TWE vs CCieOttI= � 8S G"U TY OF L ITTIMUP ) I, A J RO*vn0w Citl Clsrk of the City of Port Ct,k13rr, E4o beiraby certify wid declare that *he iore- eOing 0011MnOO 0019i0ting of nine (9) sections vae duly prcl ca,e 1 and rerui at length At a maeti.ng or the City Cmuwic.al held am the 18'�-L day of Junuary, d D 1319, ana 4aes dsxly adoptad wid ordered publ,iebed in oJ�- -61� `-mut�� a daily newspapers by the unanimous vote of rill the mertbPx a rf the Council as an emergency ordirsnce iL a000ardanoo with the provisions of Sections 6 wa 7 cf Article IV of the Slaty Charter* and tberemfter MA )n tee--Wi t o ttlm 2��day of :snuary, A nnD 1f�1�, scald Crd4' iWxao NO v as duly pubiIahed in ":%- ` , a chill newspaper published in the C,ty e T crt Col ] ana, Colorado Ill RYTVSgq V4TFRV0'r3, 7 rave hereurto act say hand and af w txed j h,z +ea}? of e4 3d City this .99 gin,- 441Y of Jan- uary , A D lU1�J /s/ A J Rosenow ....�.___ City Cher