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HomeMy WebLinkAboutORDINANCE 100-44VV AN ORDINANCE PROVIDING FOR THE ACQUISITION AND OPERATION OF A MUNICIPAL ELECTRIC LIGHT AND PO.7ER SYSTEM FOR AD BY THE TOV’N OF ESTES PARK,COLORADO,CONSIiTING OF A JENERATING PLANT AND DISTRIBUTION SYSTEii VITH ALL THE NECESSARY APP URTE N.NCES;AUTHORIZ ING AND PROVIDING FOR THE ISSUANCE OF NOT IvIORE THAN $250,000 TO’iN OF ESTES PARK ELECTRIC LIGHT AND POWER REVENUE BONDS FOR THE PURPOSE OF DEFRAYING THE COST OF SUCH ACQUISITION; PRESCRIBING THE FORM AND OThER DETAILS OF SAID BONDS;PROVIDING FOR THE PAYMENT OF SAID BONDS;PRESCRIBING OTHER DETAILS AND DECLARING AN EMERGENCY. V_1 ‘•V V V - ORDINANCE NO.100 thereupon read in full and is as follows,which ordinance was to-wit: c__I •__ \__ -V _-‘-V VVV!:; -V I ‘::: ,-• V--c -•‘Y : 4V I’ V::JVV• : V .PV -2- HEREAS,the Town of Estes Park,pursuant to the laws of the state of Colorado and the authority conferred upon it Dy the qualified electors of the Town who were taxpayers under the law votin at a special election duly called and lawfully held the 11th day of eptemoer,A.D.1944,is empoered to acquire anu operate a municipa]electric light ana power system and to issue in full payment of the costs of such acquisition its Elec tric Light and Power nevenue Bonds in an amount not exceeding 250,0O0.0O,to oe payaole ooth as to principal and interest solely from the revenues aerived from the operation of said system;and HEREAS,the Town of Estes Par and the inhabitants there of are now supplied with electricity for light,neat and power purposes by means of a generating plant located on Fall River west of said Town and a distribution system consisting of poles, wires and other appurtenances owned oy Public Service Company of Uolorado operating in the Town of stes Park;and HERELS,the boara of Trustees has heretofore deter mined and aoes liereoy determine forthwith to acquire,operate and maintain a municipal electric light and poier system for the own of Estes Parx,by the purchase of the complete (Th F ORDINANCE NO.100 AN ORDINANO POVIDING FOR THE ACçUISITION AND OPEATIOH OF A MUNICIPAL ELECTRIC LIHT AND PO.ER SYSTEM FOR AND BY THE TOWN OF ESTES PARK,COLORADO,CONSISTIC OF A GENERATINJ PLaNT AND DIThBbIJr SYSn;Ei I1iH ALL TI NECESSAR1 APPURTENANCES;AUTHORI L ING AND FOVILING FOR THE ISSUANCE OF NOT MORE THAN $250,000 TON OF ESTES PARK ELECTRIC LIHIT AD POER REVENUE BONDS FOR TH PURPOSE OF DEFRAYING IRE COST Of SUCH ACUISITION; PRESCRIBING Ti FORT AND OTHER DETAILS OF SAID BONDS;PROVIDING 0R T PAYMENT OF SAID BONDS;PRESCRIBL.JG OTHER DETAILS AND DECLARING AN EMERGENCY. -3- I1;. electrical generating plant and distrioution system owned by the Puolic bervice Company of Colorado,and including the hydro elec tric plant and two oil engina generators located on Fall River west of the lon of Estes Park,together with all the appurtenan ces relating thereto as well as all land,penstock,buildings, rightb of way and easements,if’such purhase can cc accomplished without unreasonaole delay and at a price satisfactory to the Board of Trustees;and, WHEREAS,in the exercise of the authority conferred upon said Town and the Board of Trustees thereof,oy the laws of the State of Colorado and the vote of the qualified electors of the Town as aforesaid,it is deemed advisacle for said Town to issue in full payment for such municipal electric light and power syst m, interest oearing revenue bonds in such aggregate principal amount as may oe necebsary to accomplish the purpose,out not exceeding 25O,OOO.QO,which oonds shall oe payable as herein after provided out of the earnings and revenues to oe derived from the operation of said system and secured by a pledae of such earnings and revenues;such revenue bonds in riO event to be paid by taxation or out of the general funds of the Town, except that the Town shall pay reasonacle rates for all light and power service actually rehUered to the Town of Estes Park, or its agencies,as such service is rendered and the charges therefor accrue. NOW,THREFOhL,BE IT ORDAINED oy the Board of Trustees of the Town of stes Pari: Section 1.That for the purpose of attaining the oojects hereinbefore recited,and in furtherance of.the will of the qua!ifiea tax paying electors of th Town of Estes ParK,expres ed -4- as aforesaid,the Town of Estes Par acquire a municipal elec tric light and power system consisting of a generating plant and distribution system with all necessar appurtenances. Section 2.That all acts of the board of Trustees and offi cers of the Town of Estes Parc heretofore taken in connection with the acquisition of saId plant anu the issuance of the revenue bonds of the Town cë ane they herecy are ratified,approved and confirmed. ¶ Section 3.That for the purpose of defraying the cost of such acquisition there shall ce and there is hereby authorized to be issued bonds of the Town of Estes Park to cc cnown as Town of Estes Park Electric Light and Power Revenue cones,in a total principal amount up to out not exceeding 250,000.00,con sisting of two hundred fifty (250)bonds,numbered consecutively from 1 to 250,coth inclusive,in the denomination of 1,0OQ.00 each,whicn said bonus shall aar eate as of Novemoer 1,1944, shall bear interest at the rate of two and one-half per centum (2’Z)per annum,payable semi -annually on the first day of May and the first day of November in each year,and shall tnature serially in numerical order on the first day of Novemoer of each year as follows: Year mouL1t 1945 7,000.00 1946 7O00.00 1947 8,000.00 1948 8,000.00 1949 9,000.00 1950 9,000.00 1951 10,000.00 1952 10,000.00 1953 12,000.00 1954 12,000.00 195b 13,000.00 1956 l3,QQQQQ -5- ‘ Said Revenue bonds shall be redeemable in whole or in part at the option of the Town in the inverse order of their numbers, on May 1,1947,or at any time thereafter prior to maturity,at a price equal to the principal amount thereof with interest ac crued to the redemption date,plus a premium of two and one-half per cent.if redeemed on or before October 31,1954,and if re deemed thereafter at a price equal to the principal amount thereof’ with accrued interest to the redemption date.Notice of redemp tion shall be given by the Town Clerk or Treasurer in the name 1 of the Town by publication of such notice at least once in each calendar week on any aay of the week for at least four (4)suc cessive weeks prior to the redemption date,in a daily newspaper published and of general circulation in the City and County of Denver,State of Colorado,the first of such publications to be made not less than thirty (30)days prior to the redemption date.Such notice shall specify the number or numbers of the bonds so to be redeemed (if less than all are to be redeemed) and the date fixed for redemption,and shall further state that on such redemption date there will become and be due and payable on each bond so to be redeemed at the office of the Treasurer of the Town of Estes Park,in Estes Park,Colorado,the principal amount thereof with accrued interest to such date,plus a pre mium of two and one-half per cent (2%)if redeemed on or before October 31,1954,and if redeemed after said date,the principal amount thereof with accrued interest to such date, -6- ZFc ‘ 1957 1958 1959 1960 1961 1962 1963 1964 $14,000.00 14,000.00 15,000.00 15,0OO.0 16,000.00 16,000.00 21,000.00 21,000.00 V and that from and after such date,interest thereon will cease to accrue.Notice having been given in the manner hereinbefore provided,the bond or bonds so called for redemption shall become due and payable on the redemption date so designated,and upon presentation thereof at the office of the Treasurer of the Town of Estes Park,together with all appurtenant coupons,if any, maturing subsequent to the redemption date,the Town will pay the bond or bonds so called for redemption The revenue bonds hereby authorized shall be fully negotiable and shall have all the qualities of negotiable paper,and the holder or holders thereof shall possess all rights enjoyed by the holders of negotiable instrurents under the provisions of the Negotiable Instruments Law.Both the principal of and the interest accruing upon said revenue bonds shall be payable in lawful money of the United States of America at the office of 1 the Treasurer of the Town of Estes Park,in Estes Par1,Colorado. Said Revenue bonds shall be signed by the Mayor of the Town of Estes Park,with the seal of the Town thereto affixed,and at tested by the Town Clerk,and the interest coupons attached to said bonds shall be executed with the facsimile signature of the Mayor of said Town,which official by the execution of said bonds shall adopt as and for his own proper signature his facsimile signature appearing on said coupons.All of said revenue bonds, together with the interest accruing thereon,shall be payable out of the sinKing fund hereinafter created composed of earnings and revenues to be derived from the operation of said Town of Estes Park municipal electric light and power systm and not otherwise. Section 4.That said revenue bonds and their appurtenant coupons shall be in substantially the following form: —7- ONE THOUSAND DOLLARS, and to pay,solely from said special fund,interest heroon half at the rate of.wo and one-/per centum per annum,payable semi-annually on the first days of May and November in each year,upon the presentation and surrender of this bond and of the annexed interest coupons as they severally become due. Both principal and interest are payable at the office of the Treasurer of the Town of Estes Park,in Estes Park,State of Colorado,in lawful money of the United States of America. This bond is one of an issue made for the purpose of acquiring a municipal electric light and power system con sisting of a generating plant and distribution system with all necessary appurtenances,to be hereafter owned and - (Form of 3ond) UNITED STATES OF AMERICA STATE OF COLORADO COUNTY OF LARIMER TOWN OF ESTES PARK No. ELECTRIC LIGHT AND POKER REVENUE BOND. $1 ,000.OO The Town of Estes Park,in the County of Larimer, State of Colorado,for value received,hereby promises to pay to the bearer hereof solely from the special fund provided therefor,as hereinafter set forth,on the first day of November .L.l9 the principal sum of -6- operated by the Town of Estee Park,all in full conformity with the constitution and laws of the State of Colorado and certain ordinances and resolutions of said Town duly adopted and approved prior to the issue hereof.This bond does not constitute an indebtedness of’the Town of Estee Park within the meaning of any constitutional,statutory or other provision or limitation,but is payable solely out of a special fund created in full conformity with law and designated the”Estes Park Light and Power Fund”,composed of earnings and revenues derived by the Town from the operation of its municipal electric light and power system;and it is hereby certified,recited and warranted that for the payment of this bond the Town of’ Estee Park will create and maintain said fund,deposit therein all receipts derived from the property acquired by the issue of its Electric Light and Power Revenue Bonds,of which issue this is a part,and out of such receipts and as an irrevocable pledge thereof and charge thereon will pay this bond and the interest accruing thereon in the manner provided by the ordi nance under which this bond is issued.For a description of said fund and the nature and extent of the security afforded thereby for the ayment of this bond,reference is made to said ordinance. This bond is subject to redemption at the option of the Town on May 1,1947 or at any time thereafter prior to maturity, at a price equal to the principal amount thereof with accrued I interest to the date of redemption,plus a premium of two and one-half per cent.if redeemed on or before October 31,1954; and if redeemed thereafter at a price equal to the principal amount thereof with accrued interest to date of redemption, upon not less than thirty days prior notice by publication *4 -9- I; -C, g:. in a newspaper published and of general circulation in the City and County of Denver,State of Colorado,in the manner and upon the terms and conditions provided in the ordinance authorizing the issue of this bond. (iote for printer:Omit above paragraph from bonds 1 to 14, both inclusive) It is further certified,recited and warranted that all the requirements of law have been fully complied with by the proper officers of said Town in the issue of this bond. IN TESTIMONY WTREOF,the Town of Estee Park,Colorado, has caused this Electric Light end Power Revenue Bond to be signed by the Mayor of the Town of Estee Park,with the seal of the Town hereto affixed,and attested by the Town Ulerk, and has caused the interest coupons hereto attached to be executed with the facsimile signature of said Mayor,hich official by the execution of this bond does adopt as and for his own proper signature,his facsimile signature appearing on said coupons,all as of tiil first day of November 1944. •• Th (Do not sign) (SEAL) ATTEST:- (Do not sign.) Town Clerk Mayor. - (Form of coupon.) On the first day of A.D.19 ,unless the bond to which this coupon is attached is sooner redeemed,the Town of Estes Park in the County of Larimer and State of Colorado,will pay to bearer at the office of the Treasurer.of said Town,in Estes Park,State of Colorado,the sum of Twelve and 50/100 Dollars in lawful money of the Uidted States,solely from the special fund referred to in said bond,representing semi-annual in terest then due upon its Electric Light and Power Revenue i3ond,dated November 1,1944 and numbered________________ (Do not sign) May or No.________12.50 Section 5.That when said bonds have been duly executed as aforesaid,tie oonds or so many thereof as may be necessary to provide for the purposes of acquiring the electrical generating plant and distribution system now owned by Public Service ompanj of Colorado,and the other purposes herein stated,shall oe delivered to Boettcher and opa the purchasers thereof and the proceeds of said bonds and all moneys realized from the issue thereof,shall be raid to the Treasurer of the Town of Estes Park,and shall be kept in a separate account or special fund which is hereby created and designated The Estee Par Colorado Electrical Senerating Plant and Distribution System Acquisition Fund”,and shall be applied to the following purposes,to-wit:To purchase from Public Service Qompany of Colorado,the said electrical generating plant and distribution system;to ay interest accruing on said bonds prior to the acquisition of the system;to acquire such equipment,materials and supplies as may be necessary for the proper and adequate operation of the system;to make such addi tions and improvements to the system as may be necessary or proper for the efficient and adequate operation thereof,and to pay for the cost of the acquisition of said syst,and for no other purposes whatsoever;but the purchasers of said bonds shall in no manner be responsible for the application or disposal by said Town or by any of its officers,agents or employees of any of the funds derived from the sale thereof. Section 6.(A)That when the Town of Estee Park shall have commenced the operation of said light and power system, said system shall thereafter be operated continuously for the purposes of this ordinance on a fiscal basis coimnencing on f -12- the first day of January in each year and ending on the last day of L.ecember of the same year.From and after the delivery of any bond issued pursuant to this ordinance,the entire gross income and revenues of said system shall be set aside into a separate and special fund to be known and designated as the Estes Park Light and Power Fund,which fund shall e used (1)for the maintenance of said system;(2)for the retirement of bonds issued under the provisions of this ordinance and im proverents and additions to the plant and system,and (3)provid ing for payments to certain tax units in lieu of taxes;all as follows and in the following manner,to-wit: (1)Out of said Estes Park Light and Power und there shall oe set aside each year in monthly installments as an Operation and Maintenance ‘und,such a percentage of said Estes Park Light and Power Fund as the Board of Trustees shall determine to be necessary for the proper operation and mainte nance of said system.The said Operation and Maintenance Fund shall be used solely for the efficient and economical operation and maintenance of said system.Any surplus remaining in said Operation and Maintenance Fund at the end of any fiscal year and not needed for operation and maintenance purposes,may,in the discretion of the Board of Trustees,be transferred to the Bond Sinking rund and used for the purposes thereof. (2)There shall be and there is hereby created an account or fund to be known as the l?Estes Park Electric Light and Power Revenue Bond Sinking und into vthich there shall e set aside and paid from the Estes Park Light and Power Fund,in fixed monthly installments during each fiscal year after making provision for said Operation and Maintenance Fund,an amount sufficient to pay (a)the next maturing installment of the principal of oonds issued hereunder vhen due;(b)the interest I F -13- * :• payments on all outstanding bonds falling due during the fiscal h year;and (c)an amount at least equal to twenty per centum of the sum of the amounts required by (a)and (b)in order to pro vide a reserve in such account.No payment required by Cc)need be made into said bond sinking fund account when and if the amount contained in said account is at least equal to the aggre gate principal amount of bonds then outstanding,plus the amount of interest then due or thereafter to become due on said bonds. If in any month for any reason the Town shall fail to pay into said account the amounts required by this subdivision (A)(2) of this section 6,then an amount equal to any deficiency in the amount paid into said account in each month,shall be addad to the amount otherwise required to oe paid into the account in the next succeeding month.The amount paid into said sinking fund shall be used solely and only,and said fund is hereby expressly and exclusively pledged,for the purpose of paying the principal of and the interest on the bonds herein authorized to be issued,except that whenever the amount in the sinking fund shall exceed the requirements of any fiscal year,and of the next fiscal year thereafter,for the payment of interest and principal maturing in such fiscal year and the next succeed ing fiscal year;such surplus may ce used either for improve ments and additions to the system or for the redemption of out standing revenue bonds issued under the provisions of this ordinance,in the manner set forth in Section 3 of this ordi nance.Bonds so redeemed and paid shall forthwith be cancelled (3)Out of the Estes Park Light and Power Fund,there shall be paid annually to the Town of Estes Park,in lieu of taxes heretofore levied by the Town of Estes Park upon the Electrical Generating Plant and Distribution .ystem to be ac quired,after making provisions for the Operation and Mainte -14— I •••• (N nance Fund and the 8ond Sinking Fund,such amount or amounts as the Board of Trustees of said Town may determine from time to time, provided,however,that such amount or amounts shall not be in excess of the sum of One thousand Jollars in any one year.The payments herein provided in lieu of taxes shall be made annually within three months after the close of each fiscal year. (4)Any surplus remaining at the close of any fiscal year in the Estes Park Light and Power Fund after making provisions for the Operation and aintenanee Fund,the Sond SinKing Fund and for the payments in lieu of taxes as hereinbefore provided, shall be set aside and paid into the .dond SinKing Fund,until Ii such time as the amount in said i3ond Sinking und account shall at least oe equal to the aggregate principal amount of bonds then outstanding,plus the amount of interest then due ana to :become due on said bonds.when full and adequate provision has been made for the payment of all of the outstanding bonds and the amount of interest then due and to become due thereon, any surplus in the Estee Park Light and Power Fund may be used by the Town,at the discretion of the 3oard of Trustees,for any lawful municipal purpose. (3)Interest on said bonds accruing prior to the ac quisition of said system and prior to the receipt of sufficient income therefrom to pay such interest,shall be paid from the proceeds derived from the issue of the revenue bonds hereby 1 authorized to the extent that such interest is not available from funds received as accrued interest,and upon the delivery of said bonds,or any thereof,and the receipts of the proceeds thereof,the sum of not less than l75O.OO,including the accrued interest received,shall be withdrawn from said pro- ;;V•; V V V -15- ceeds and placed in said sLiking fund to pay said interest. lienever and as a sufficient surplus shall have accumulated in tne operation and maintenance fund herein created to oaiance the amount of the proceeds derived from the issue of said bonds so used to pay said interest,reimoursement from saic operation and maintenance fund to the “Acc.juisition Fund”shall be made. (C)The payments hereinaoove required to oe made into said Operation and Maintenance and Bond Singing Fimds shall ce made in fixed monthly installments on the tenth day of each month,except that when the tenth day of any month shall be a Sunday or a legal holiday,then such payments shall be mace on the next succeeding secular day.In the event that the income and revenues during any month are inadequate to make the required payments into said funds,the deficiency shall be made up and paid as aforesaid from the first income and revenues thereafter received..VV (D)It is hereby represented to and covenanted with each holder of a revenue bond herein authorized that reference to the gross income and revenues of said electric light and power system as made in this ordinance is intended to include and shall be construed to Include all revenues received oy the Town of Estes Parc,or any Launicipal corporation succeeding to the rihts of said Town of Estes Park,from the operation of said electric light and power system of said Town,and from the sale of electric current to the inhabitants of what is now the Ton of stes Park (including all territorial annexations which may be made while said revenue conds,or any thereof, are outstanding)or from the sale of electrical energy dis tributed by means of the distribution system owned and operated 4r Vt V V V Vr) :VV V -16- by said Town as the same may at any time exist,to serve cisto mers outside the Town limits as well as customers within,said Town limits,or from the sale of surplus electrical energy, which iuiay be generated from time to time to such other dis tributing agencies as may purchase the same. CE)Nothing in this ordinance contained shall be con I strued in such a manner as to prevent the issuance by the Town of Estes Park of additional bonds payable from the income derived from the operation of the system and constituting a lien upon the said revenues on a parity with the lien of the bonds herein authorized;provided,however,that before any such additional bonds are authorized or actually issued,annual earnings derived from the operation of said system for the f is- cal year preceding the date of authorization and issuance (whether the system during such period was operated by the town or by the Public Service ‘‘ompany of Colorado)shall have been sufficient to pay the averabe annual cost of operation and main tenance and in addition sufficient to pay an amount represented by l75 of the following:(a)a sum sufficient to pay the maximuih amount of principal and interest on the revenue bonds of the city herein authorized becoming due during any ensuing fiscal year and (b)a sum equal to the maximum amount of principal and interest falling due in any one year on the additional bonds proposed to be issued.In determiningwhether additional bonds may be issued as aforesaid,consideration shall be given to any pro bable reduction in operating or maintenance expenses that will result from the expenditure of the funds proposed to be derived from the issuance and sale of said bonds.Nothing herein con tained shall be so construed to prevent the Town of Estes Park from issuing bonds other than those hereby authorized,payable from the annual revenues of the system but constituting a lien inferior to the lien c’eated for the payment of the bonds here- by authorized. A -17 Section 8 (A)That while the oonds hereby authorized,or any thereof,remain outstanding and unpaid,the rates for all services rendered by saia electric light and power system to said Town,and to its inhaiitants,arm to all consumers within or without the boundaries of said lown,shall oe reasonaole and just,taking into account and consideration the cost and value of said system and the cost of maintaining and operating the same,and the proper and necessary allowances for the deprecia tion thereof and the amounts necessary for the retirement of all borms and the accruing interest thereon,as may oe issued here under,aria there shall e charged against all users of electric current such rates and amounts for seriice as shall oe adequate to meet the requirements of this section and the preceding sec tions hereof. (B)Should the lown of Estes Park elect to use said electric light aria power system to supply electric current for municipal light and power purposes,the Town shall at all times so long as any of the oonds issued liereuriaer remain outstand ing and unpaid,pay into the stes Park Light aria Pover Fund a reasonable amount,semi-annually or oftener,for all light and power service actually rendered to the Town,or its agencies, as such services accrue,and as may be fixed by the Town board of Trustees. Section 9.That the Town of Estes Park herecy covenants and agrees with each aria ever’holder of any bond issued here under: (A)That so long as any of the oorids issued hereunder remair outstanding,th 1own ill maintain said electric light and power system in good condition and operate the same in an efficient manner and at reonacle cost; (3)That so long as any of the bonds issued hereunder / -18- remain outstanding,the Town will maintain insurance on said system for the benefit of the holder or holders of said bonds, of a aind and in an amount which would normally be carried by private companies engaged in a similar type of business.All premiums and all costs or charges incurred in connection with or by reason of such insurance shall be paid out of the revenue derived from the operation of said system and in no event shall be a charge against the general funds of the Town.The proceeds of any such insurance received by the Town by reason of injury to or destruction of,or partial destruction of,said system, •or any part thereof,shall be used to repair or replace that part or parts of said system so injured or destroyed,or,if not so used,shall be placed in and be subject to the provisions of the bond sinking fund hereinbefore created; (a)That nothing herein shall be construed so as to require the Town to expend any funds which are derived from sources other than the operation of said utility (except as by such agreement as may be made by the Town under the provi sisions of Section 8 (3)to pay from its general fund the fair value of all services furnished the Town by means of said system); CD)That the Town of Estee Park will keep proper books, records and accounts separate from other records and accounts, in which complete and correct entries shall be made of all transactions relating to the electric light and power system owned and operated by the Town under the provisions of this ordinance.Said books and accounts shall be kept as nearly as may be in accordance with the rules and regulations estab lished by the Colorado State Public Utilities commission for privately owned utilities.The Town will furnish to any holder of any of the bonds issued hereunder,upon written request, V IL - j II 1 _.1.- after the close of each fiscal year,complete operating and income statements of the electric light and power system,in reasonao!e detail,covering such fiscal year;aria (E)That the holder or holders of twenty -five per cent. in aggregate principal amount of the boncs issuea hereunaer and at any time outstanding,shall have the right,to be exercised y their duly aesignated agent,at all reasonacle times to inspect the system and all records,accounts and data of the Town of Estes Park relatina thereto,aria,upon request,the Town of Estes Park will furnish to such oondholders such financial statements and other information relating to the Town of Estes Park and its electric light and power system as such holder or holders may from time to time reasonably require. section 10.That the ow:i o Estes ParK hereby covenants and agrees ith the iolder or holders of the oonds hereby au thorizea,or any or them,that it ill faithfully and.punctually perform all duties with resject to said.electric light and power system required by the constitution arid laws of the $tate of Lolorado and.the laws of the Town of Estes ParK,including the making and collecting of reasonaule and sufficient rates for service rendered by said system as hereinbefore provided, and will segregate the revenues of saiu system and apply said revenues to the respective funds created by this or dinance,ana tne Town nereby irrevocaoly covenants,binds and ooligates itself not to sell,lease,mortgage or in any manner encumber or aispose of said electric light and power system,or any part thereof,including any anu all extensions, and additions thereto or cetteruents thereof,that may ce made, until all of the OOflQS herecy authorized to oe issued anu at any time issued anu outstanaing,shall have ceen paid in full, ooth principal and interest,aria the Town further covenants and agrees that it vill continuously operate said system and will -20- b 3::D charge and collect rents,revenues and charges for services rendered thereby,so that the gross revenues will at all times be sufficient to provide for the payment of the operation and maintenance of said system and to maintain the sinking fund as herein provided.Any holder of any one or more of said bonds, or any of the coupons representing interest thereon,may,either at law or in equity,by suit,action,mandamus or other appro priate proceeding in any Uourt of competent jurisdiction,protect the lien created by this ordinance on the revenues of said elec tric light and power system,and may by suit,action,mandamus or other appropriate proceeding or proceedings,enforce and com pel the performance of any duty imposed upon said Town by the provisions of this ordinance,including the making and collecting of sufficient rates and charges and the segregation of the income’ and revenues of said system and the proper application thereof. The Town of Estes Park further covenants and agrees if any default be made in the payment of the principal of or the interest upon any of said bonds,then,upon the commencing of suit by any holder of said bonds or coupons,any Court having jurisdiction of such action may appoint a receiver to administer said system on behalf of the Town,with power to charge and collect rates sufficient to provide for the payment of all bonds and obligations outstanding against said system, and for the payment of all operating expenses,and to apply the income and revenues derived from the operation of said system in conformity with the provisions of this ordinance. Section 11.That the bonds authorized to be issued hereunder and from time to time outstanding,shall not be entitled to any priority one over the other in the application of the revenues of said electric light and power system,regard less of the time or times of their issue,it being the inten— . 2• -21- tion of the Board of Trustees of the Town of Estee Park that there shall e no priority among the bonds authorized to be issued pursuant to this ordinance,regardless of the fact that they may be actually issued and delivered at different times. Section 12.That the provisions of this ordinance shall onstitute an irrevocable contract oetween the Town of Estee Park and the holder or holders of the bonds issued hereun der,and after the issuance of any of the bonds herein authorized1 no chage,variation or alteration of any kind in the provisions of this ordinance shall De made in any manner except as herein provided,until such time as all of the bonds issued hereunder and the interest accruing thereon,shall have been paid in full. Section 13.That said revenue bonds authorized as herein provided,when duly executed and delivered for the purpose of providing for the acquisition of a municipal electric light and power system and for the purpose of attaining the objects hereinbefore recited,shall constitute a warranty by and on behalf of said Thwn,for the benefit of each and every future holder of any of said bonds,that said bonds have been issued for a valuaole consideration in full conformity with law. Section 14.That the Mayor and the Town Ulerk and other proper officers of the Town of Estee Park be ana they are hereby authorized and directed,fl the name of the Town of Estee Park,to take all necessary proceedings,execute all necessary contracts,and do all other things requisite to accomplish the provisions of this ordinance and to acquire, operate and maintain a municipal electric light and power system for the Town of Estes Park,so that the provisions I 0 % I ]34 ‘1 -22- 4 4 2’ V of this ordinance may in all respects be effectuated in manner and form as herein set forth. Section 15.That notwithstanding anything in this ordinance contained,nothing herein shall ‘be construed so as to impose an obligation upon the Town requiring the Town to expend any funds derived from sources other than from the operation of said municipal electric light and power system;and further,no obligation imposed upon the Town of Estes Park by any provision of this ordinance shall constitute an indebtedness of the Town of Estee Park within the meaning of any constitutional or sta tutory limitation,but every such obligation shall be discharged solely out of the special fund herein created and designated the Estes Park Light and Power Fund,composed of earnings and revenues derived by the Town from the operation of the municipal electric light and power system owned and operated by the Town. Section 16.That if any section,paragraph,clause or provision of this ordinance shall,for any reason,be held to be invalid or unenforceable,the invalidity or unenforceabi lity of such section,paragraph,clause or provision shall not affect any of the remaining provisions of this ordinance. Section 17.That all ordinances,resolutions and orders, or parts thereof,in conflict with the provisions of this ordinance,are,to the extent of such conflict,hereby repealed. Section 18.That upon its adoption this ordinance shall be authenticated by the signatures of the Mayor and Town Clerk, and shall be published in The Estee Park Trail,a newspaper published and of general circulation in the Town of Estee Park. A true copy of this ordinance,when adopted,shall be numbered and recorded in the book marked “Ordinance Recordtt,and an -23 , affidavit of adoption and publication shall be authenticated by the oath of the publisher and by the signatures of the Mayor and Town Clerk.$ Section 19.That by reason of the fact that the Town of Estee Pari and its inhabitants are not properly or adequately supplied with electric light and power service at the present time,and oy reason of the necessity of effectuating without delay the legislative policy of the 3oard of Trustees as herein declared,it is hereby declared that this ordinance is necessary for the immediate preservation of the public peace,health and safety,and this ordinance shall oe in full force and effect five days after its publication. F -?: - r Ii ADOPTED D APPROVED,this 1/day of Jo ycM2e’ A.D..1944. Mayor. (SEAL) ATTEST: Town Clerk -24- a It was then moved by Trustee S Iti-A”c1/2 and seconded by Trustee that all rules of this Board which might prevent,unless suspended, the final passage and adoption of this ordinance at this meeting, be and the same are hereby suspended for the purpose of per mitting the final passage and adoption of said ordinanc.e at this me e ti rig. The question Deing upon the adoption of said motion and the suspension of the rules,the roll was called with the following result: Those voting aye:Trustees C4SE/ Av .4%A/G e-)/IYA7&’o Those voting nay:ArdA,-e. _________members of the Board having voted in favor of said notion,the presiding officer declared said iotion carried and the rules suspended. Trustee R ,%<,2/jYO _then moved that said ordinance heretofore introduced and read in full at this meet ing be now placed upon its passage. Trustee..j’4 /7 ,4.hA,V seconded the motion; the question being upon the placing of said ordinance upon passage,the roll was called with the following result: Those voting aye:Trustees A.C4’ey )i%iAf P4i ZJ1dA,A,4AA’6q A’ Those voting nay:__________________________________ The presiding officer declared the motion carried and the ordinance placed upon its passage. a VV .V* V1 VV Vt VVV and i ts —25 -‘V ‘V VV V V V Trustee./t,A.71,c-%4/then moved that said ordinance be passed and adopted as read.Trustee P,/4 ___________seconded tie motion. The question being upon the passage and adoption of said ordinance,the roll was called with the following result: Those voting aye:Trustees E.C.%5e/)V’’zi, A ‘9-/!ijvy,i’4c’%if/4A,P’,id 7 %•1YAT/, Those voting nay:____________________________________ The presiding officer thereupon declared that a majority of all the trustees elected having voted in favor thereof, the said motion was carried and the said ordinance duly passed and 3dopted. On motion duly adopted it was ordered that said ordinance be numoered 100 and after approval by the Mayor be published as in said ordinance designated and be recorded according to law. : -Th Mayor(SEAL) ATTEST: 2zz Town Clerk I I,VERNE H.FANTON,Town Clerk and Recorder of the Town of Estes Park,Colorado,do hereby certify that the foregoing paes,numbered from 1 to 26 inclusive,are a full, true,and correct copy of the record of proceedings of the Board of Trustees of said Town taken at a special meeting thereof held on the_tday of November 1944,insofar as said minutes relate to Ordinance No.100,a copy of which is there in set forth;that said copy of said ordinance contained in said minutes is a full,true,and correct copy of the original of said ordinance as passed and adopted oy the Board of Trustees at said meeting;that said original ordinance has been duly authenticated by the signatures of the Mayor as the presiding officer of the i3oard of Trustees and myself as Town Clerk and Recorder of said Town,sealed with the corporate seal of said Town,signed and approved by the Mayor thereof, and recorded in the book of ordinances of said Town kept for that purpose in my office;that saia ordinance was on the)’ day of A/pyfe 1944,published in full in the Estes Park Trail,a newspaper published and of general circulation in the Town of Estes Park. I further certify that the Mayor and__________ members of the Board of Trustees were present at said meeting, and that /‘members of said Board voted on the passage of said ordinance as in said minutes set forth. IN ITNESS WHEREOF,I have hereunto set my hand and the seal of said Town,this_)/day of /Cv,fitv’1944. (SEAL)Town lerk and .ecorder /. ,‘0*44 VV I 44 4- STATE OF COLORADO,) COUNTY OF LARLIER )SS. ) TOWN OF ESTES PARK ) I, -27- STATE OF COLORADO COUNTY OF LARIR TOWN OF ESTES PARK ) ) )5$. ) ) The Board of Trustees of the Town of Estes Park, in the Uounty of Larimer and State of Colorado,met in regular session in full conformity with law and the ordinances and rules of said Town,at the Town Hall,111 the Town of Estes Park, being the regular place of meeting of said Board,on Monday, the_/%day of August 1944,at 7:30 o’clock P.M.,at ;hich meeting there were 2resent and answering the roil call: ,I’_*1 th6i O . J’e.4 z. Also present: Absent: C c.ct) j_6.__c.&,J- introduced an Mayor True tees: Town ulerk Thereupon the following proceedings,ainon others, were had and taen,to-wit: Trustee - ordinance entitled: “AN ORDINANCE ADOPTING A PLAN FOR THE ACQUISI TIOR OF AN ELECTRICAL GENERATING LT AND DISTRIBUTION SYSTEM TO i3E OTNED AND OPERATED BY THE TO OF ESTES PARK;PROVIDING FOR AN ELECTION AT .HIOH THE QUESTION OF APPROVING THIS ORDINANCE SHALL BE SUBMITTED TO A VOTE OF THE QUALIFIED PROPERTY ELECTORS OF THE TOWN OF ESTES PARK AS SHALL IN THE NEXT YEAR PRECEDING-THE YEAR OF ELECTION HAVE PAID A PROPERTY TAX THEREIN;AND DECLARING AN EMERGENCY” which ordinance was thereupon read in full and is as follows, to-wit: -2-