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HomeMy WebLinkAbout008 - 09/27/1909 - CONTRACTING AN INDEBTEDNESS BY THE CITY AND UPON THE CREDIT THEREOF BY THE ISSUANCE OF ITS NEGOTIABL ORDINANCE NO. SERIZS OF 1909. "AN ORDINANCE PROVIDING FOR THE CONTRACTIt'.G OF AN INDEBTED- NESS BY THE CITY OF FORT COLLINS, COLOF.ADO, AND UPON THE CREDIT THEF,EOF BY THE ISSUANCE OF TTS YFGOTIABLE COUPON BONDS IN THE SWI, OF THOUSAND DOLLARS FOR THE PURPOSE OF THT CONSTRUCTION OF A FILTRATION PLLXT IN CONNECTICN 71TH TIME MKICTING 67ATER `CRKS OF SAID CITY" 7HEREAS, The existing system of 'Mr ter 7.orks now owned and operated by the City of Fort Collins is without adequate provision for the purification of the water supply furnished by means of said system to the inhabitants of said City; and, MIEREAS, In the opinion of the City Council, it is necessary to provide a system of water purification in connection with said '7ater :':orks for the safe-guarding of the health of the people and for the public wellfare; and in that behalf it is necessary to obtain t:ie funds for such construction and to issue the negotiable coupon bonds of the said City in the sum of SE✓e'Vr Y-Fikw' thousand dollars; NO':, THEEEFOF.E, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT CCLLIr.S, COLORADO: Section 1. That the City of 7ort Collins, Colorado, issue its negotiable coupon bonds in the sum of Lroex,vey- Fi✓E thousand dollars for the purpose of the con- struction of a filtration plant to purify the water supply not furnished to said City by the Water "orks now owned and operated by it. Section 2. That such bonds shall bear interest at the rate of Fol,{R' Per cent per anram, payable semi-annually 1 r _ at the office of the Treasurer of said City, or at the ,de {1'ea4't Bank of Yew York City, at the option of the holder thereof, and shall be sealed with the corporate seal of said City, signed by the L=ayor, attested by the City Clerk and countersigned by the Treasurer of said City, and other- wise shall be in such form and denomination and shall be negotiable, registered and redeemed In such manner as the Committee on Finance of the City Council shall direct. Said bonds shall be absolutely due and payable within 15 years after the date thereof and shall be redeemable at the option of said City at any time after ten years of the said date thereof. Said bonds shall be duly executed and dated as soon as expedient after the adoption of this ordinance. Section 3. Annually after the date of the issuance of such bonds, so long as my of the aforesaid bonds shall be outstanding and unpaid, there shall be levied upon the taxable property of the City of Fort Collins, a tax sufficient in amount to pay the accruing interest, unless such interest shall be paid from the revenues received from the ;later "'orks of said City, and there likewise shall be levied a tax upon the taxable property of said City, sufficient in amount in each year to pay one-fifteenth (1/15) part of the principal of said bonds, unless the one-fifteenth (1/15) part be paid from revenues derived from the later works ; and the City Treasurer shall keep separate account thereof, so that the proceeds of such taxes shall be exclusively used and paid in liquidation of the interest and principal of said bonds in the manner and at the time and place as provided in said bonds. Section 4. The revenues derived from the later ""orks of said City shall be used and applied, first for the payment of the legitimate expenses and support of the ?Sater `.';orks, and of the principal and interest of the bonds aforesaid and of the -7ater Works bonds of said City heretofore issued and outstanding, in the sum and amount of Two Hundred and Sixty Five Thousand (f265,000) Dollars, but any surplus of such revenues more than enough to pay such expenses, interest and "Sinking Fund" charges, ani which require to be paid in any one year, may be placed in the general fund and used in the payment of the ISeneral expenses of the City. Section 5. This ordinance shall be irrepealable until the indebtedness herein provided for shall have been fully paid. Passed and adopted, signed ap ed this _ �y i day of 1909. rT ,,.ayor B_ttest : City Clerk.