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HomeMy WebLinkAboutORDINANCE 11-71ORDINANCE NO.,,_/ AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON BEHALF OF THE TOWN OF ESTES PARK,COLORADO,AND UPON CREDIT THEREOF BY ISSUING GENERAL OBLIGATION BONDS Of SAID TOWN IN THE PRINCIPAL AMOUNT Of $600,000 FOR THE PUR POSE OF SUPPLYING TI-IE TOWN WITH WATER BY EXTENDING AND IMPROVING THE WATERWORKS SYSTEM THEREOF;PRES CRIBING THE FORM OF SAID BONDS;PROVIDING FOR THE LEVY OF TAXES TO PAY THE SANE;AND DECLARING AN EMERGENCY. WHEREAS,a majority of the voters of the Town of Estes Park,Colorado,who were taxpayers under the law,voting on the question at a municipal election heretofore held in said Town, by their vote approved and authorized the Board of Trustees of said Town to erect a system of waterworks for fire and domestic purposes,the same to be owned and operated by the Town;and WHEREAS,the Town did erect and ever since said time has owned,operated and maintained a system of waterworks for said purpose;and WHEREAS,it is necessary to extend and improve said water- works system in order to supply the said Town and the inhabitants thereof with a proper and adequate supply of water;and WHEREAS,there are not sufficient funds in the treasury of said Town to provide for the costs and expenses of supplying said Town with water and the Board of Trustees deems it advisable and necessary to issue coupon bonds of said Town for that purpose; THEREFORE,BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK,LARIMER COUNTY,COLORADO: Section 1.That for the purpose of providing funds to pay the costs and expenses of supplying the Town of Estes Park —2— with water,the Town shall issue general obligation negotiable coupon bonds thereof,dated July 1,1971,in the principal amount of $600,000,consisting of 120 bonds in the denomination of $5,000 each,numbered 1 to 120,inclusive,payable in lawful money of the United States of America,bearing interest payable January 1,1972 and semi-annually thereafter on the 1st day of January and the 1st day of July each year,as evidenced by in terest coupons attached to said bonds,and maturing on July 1, as follows: Amount Maturity Interest Rate $30,000 1972 and 1973 5.00% 35,000 1974 to 1977,mci.5.50% 75,000 1978 5.50% 100,000 1979 5.50% 110,000 1980 5.00% 115,000 1981 5.25% Bonds of this issue maturing in the years 1980 and there after shall be callable for redemption prior to maturity,at the option of the Town on July 1,1979,and on any interest payment date thereafter,in inverse numerical order,at par and accrued interest.Notice of prior redemption shall be given by publica tion once in a newspaper of general circulation in the Town,not less than 30 nor more than 60 days prior to the redemption date, and by mailing a copy of such notice to Boettcher &Co.,Denver, Colorado,the original purchaser of said bonds,not less than 30 days prior to the redemption date.The Notice of Prior Redemp tion shall state the date and place of redemption and the amount and numbers of the bonds being called and shall provide that after the redemption date the interest on said bonds shall cease. Said bonds and the coupons thereto attached shall be pay able at the office of the Town Treasurer in Estes Park,Colorado, and shall be signed with the facsimile signature of the Mayor, -3- C sealed with the official seal of said Town,countersigned with the facsimile signature of the Town Treasurer and attested by the Town Clerk,and shall be recorded in a book to be kept by the Town Clerk for that purpose.All coupons shall bear the facsi mile signature of the Treasurer of said Town.Should any officer whose signature or facsimile signature appears on said bonds or the coupons thereto attached cease to be such officer before delivery of the bonds to the purchaser,such signature or facsi mile signature shall nevertheless be valid and sufficient for all purposes. Section 2.That the said bonds and the coupons attached thereto shall be in substantially the following form: -4- 0 (Form of Bond) UNITED STATES OF ANERICA STATE OF COLORADO COUNTY 0F LARIMER TOWN OF ESTES PARK GENERAL OBLIGATION WATER BOND No. ________ $5,000 The Town of Estes Park,in the County of Larimer and State of Colorado,acknowledges itself indebted and hereby promises to pay to the bearer hereof the sum of FIVE THOUSAND DOLLARS on the 1st day of July,19,with interest thereon at the rate of ________________________ per centum (%)per annum,pay able January 1,1972,and semi-annually thereafter on the 1st day of January and the 1st day of July each year,as evidenced by interest coupons hereto attached,both principal and interest being payable in lawful money of the United States of America, at the office of the Town Treasurer in Estes Park,Colorado,upon presentation and surrender of said coupons and this Bond as they severally become due. Bonds of this issue maturing in the years 1979 and there after shall be callable for redemption prior to maturity,at the option of the Town,on July 1,1979 and on any interest payment date thereafter,in inverse numerical order,at par and accrued interest.Notice of prior redemption shall be given by publica tion once in a newspaper of general circulation in the Town not less than 30 days prior to the redemption date. —5— This Bond is issued by the Board of Trustees of the Town of Estes Park,Colorado,for the purpose of supplying water to said Town and its inhabitants by extending and improving the waterworks system thereof,under the authority of and in full conformity with the Constitution of the State of Colorado,the provisions of Chapter 139,Article 32,Colorado Revised Statutes 1963,as amended,and all other laws thereunto enabling,and pursuant to an Ordinance of said Town,duly adopted,published and made a law of said Town prior to the issuance of this Bond. It is hereby certified and recited that all the require ments of law have been fully complied with by the proper of fi cers of said Town in the issuance of this Bond;that the total debt of the Town,including that of this Bond,does not exceed any limit of indebtedness prescribed by the Constitution or laws of the State of Colorado,and that provision has been made for the levy and collection of annual taxes sufficient to pay the interest on and the principal of this Bond when the same become due. The full faith and credit of the Town of Estes Park,Colo rado,are hereby pledged for the punctual payment of the prin cipal of and the interest on this Bond. IN TESTIMONY WHEREOF,the Board of Trustees of the Town of Estes Park,Colorado,has caused this Bond to be signed with the facsimile signature of the Mayor of said Town,attested by the Town Clerk,countersigned with the facsimile signature of the Town Treasurer thereof and sealed with the seal of the Town, —6— and the attached coupons to be signed with the facsimile sig nature of the Town Treasurer as of the 1st day of July,1971. (SEAL) ATTEST: (Do not sign) Town Clerk (Facsimile Signature) Mayor COUNTERS IGNED: (Facsimile Signature) Town Treasurer I, —7— •: (Form of Coupon) No. __________ $ January On the 1st day of July,19,unless the bo.nd to which this coupon is attached,if redeemable,has been called for prior redemption,the Town of Estes Park,in the County of Larirner and State of Colorado,will pay to bearer the amount shown hereon,in lawful money of the United States of America, at the office of the Town Treasurer in Estes Park,Colorado, being interest then due on its General Obligation Water Bond dated July 1,1971,bearing Na. (Facsimile Signature) Town Treasurer —8— Section 3.That when said bonds have been duly executed as aforesaid,they shall be sold and delivered to the purchaser thereof,and the proceeds thereof shall be used for the purpose of paying the costs and expenses of supplying the Town of Estes Park with water and for no other purpose whatsoever,but neither the purchaser of said bonds nor any subsequent holder of any of them shall be responsible for the application or disposal by said Town or any of its officers of any of the funds derived from the sale thereof. Section 4.The interest to become due on said bonds on January 1,1972,may be advanced from the water or other available funds of the Town.For the purpose of reimbursing said advance and paying the interest accruing on said bonds promptly as the same becomes due,and for the purpose of providing for the ulti mate payment and redemption of said bonds,there shall be levied on all the taxable property in said Town,in addition to all other taxes,direct annual taxes in each of the years 1971 to 1980, inclusive,sufficient to make such reimbursement and produce the principal of and interest on outstanding bonds as the same become due and payable. Said taxes when collected shall be deposited in a special fund to be known as Estes Park General Obligation Water Bond Fund of 1971”,and such Fund shall be applied solely to the pur pose of the payment of the interest on and the principal of said bonds,respectively,and for no other purpose whatever until the indebtedness so contracted under this Ordinance,both principal and interest,shall have been fully paid,satisfied and discharged, but nothing herein contained shall be so construed as to prevent —9— said Town from applying any other funds or revenues that may be in the Town Treasury and available for that purpose to the pay ment of said interest or principal as the same respectively mature,and upon any such payments,the levy or levies herein provided may thereupon be diminished to that extent. An amount necessary to pay all costs and expenses inci dental to the issuance of said bonds and the sums hereinbefore provided to meet the interest on said bonds and to discharge the principal thereof when due are hereby appropriated for that pur pose,and said amount for each year shall also be included in the annual budget and the appropriation bills to be adopted and passed by the Board of Trustees of said Town in each year respectively. Section 5.It shall be the duty of the Board of Trustees of said Town,annually,at the time and in the manner provided by law for levying other Town taxes,if such action shall be neces sary 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 said Board shall levy,certify and collect such taxes in the manner provided by law for the purpose of creating a fund for the payment of the principal of said bonds and interest thereon,and such taxes when collected shall be kept for and applied only to the payment of the interest and principal of said bonds as hereinabove specified. Section 6.All ordinances or parts.thereof,in conflict with this Ordinance,are hereby repealed. Section 7.After said bonds are issued this Ordinance shall be and remain irrepealable until said bonds and the inter est thereon shall have been fully paid,satisfied and discharged. -10 - Section 8.Should any part or provision of this Ordinance ever be judicially determined to be invalid or unenforceable, such determination shall not affect the remaining parts and pro visions hereof,the intention being that each part or provision of this Ordinance is severable. Section 9.This Ordinance,immediately on its passage, shall be recorded in the Town Book of Ordinances kept for that purpose,authenticated by the signatures of the Mayor and Clerk and be published as required by law. Section 10.By reason of the fact that the Town and its inhabitants must be properly and adequately supplied with water, it is hereby declared that an emergency exists,that this Ordi nance is necessary to the immediate preservation of the public peace,health and safety,and that it shall be in full force and effect five days after publication. ADOPTED AND APPROVED as of the 14th day of June,1971. (SEAL)Mayor ATTEST: Town Clerk —11 - © It was then moved by Trustee Henry 0.Dannels and seconded by Trustee Glenn Prosser ,that all rules of this Board, which,unless suspended,might prevent the final passage and adoption of this Ordinance at this meetiiig,be and the same are hereby suspended. The question being upon the adoption of said motion and the suspension of the rules,the roll was called with the following result: Gerald H.Brownfield Henry D.Dannels N.T.Petrocine Glenn Prosser Marvin L.Steele Harry B.Tregent Those voting NAY:None Six members of the Board of Trustees having voted in favor of said motion,the presiding officer declared said motion carried and the rules suspended. Trustee Henry 0.Dannels then moved that said Ordinance be passed and adopted as read.Trustee N.T.Petrocine seconded the motion. the passage and adoption of said with the following result: Gerald H.Brownfield 1-lenry 0.Dannels N.T.Petrocine Glenn Prosser Marvin L.Steele Harry B.Tregent Those voting AYE: Trustees: The question being upon Ordinance,the roll was called Those voting AYE: Trustees: —12 — Those voting NAY:None The presiding officer thereupon declared that,six of the Trustees elected having voted in favor thereof,the said motion was carried and the said Ordinance duly passed and adopted. On motion duly adopted,it was ordered that said Ordinance be numbered 11-71 ,and after approval by the Mayor,be pub lished in the Pr1’Ta4-)the official newspaper of the — Town,and be recorded according to law. ($E AL )Mayor ATTEST: Town Clerk -13 - STATE OF COLORADO COUNTY OF LARIMER ss. TOWH OF ESTES PARK I,Dale C.Hill,Town Clerk of the Town of Estes Park, County of Larimer,Colorado,do hereby certify that the fore going pages numbered 1 to 13,inclusive,constitute a true and correct copy of the record of proceedings of the Board of Trustees of said Town,taken at a regular meeting thereof,held at the Town Hall,in Estes Park,the regular meeting place of said Board,on N 0 N D A Y,14th day of June,1971,insofar as said proceedings relate to the passage and adoption of the Ordi nance therein set forth. That attached hereto is an affidavit of publishing said Ordinance as passed and adopted by said Board of Trustees at said meeting;that said original Ordinance has been duly authenti cated by the signatures of the Mayor and myself,as Clerk of said Town,sealed with the corporate seal of said Town,signed and recorded in the Book of Ordinances of said Town kept for that purpose in my office. IN WITNESS WHEREOF,I have hereunto set my hand and the seal of the Town of Estes Park,Colorado,this day of June,1971. (S E AL ) •• 4’ -14-