HomeMy WebLinkAboutORDINANCE 278-65ORDINANCE NO.%7
AN ORDINANCE PROVIDING FOR THE ISSUANCE BY
THE TOWN OF ESTES PARK,COLORADO,OF ITS
NEGOTIABLE COUPON BONDS IN THE PRINCIPAL
A11OUNT OF $322,000,TO BE DESIGNATED “REFUND
ING WATER BONDS”,FOR THE PURPOSE OF REFUND
ING OUTSTANDING BONDED INDEBTEDNESS OF SAID
TOWN IN THE AMOUNT OF $328,000;PROVIDING
FOR THE DEPOSIT OF FUNDS IN AN ESCROW ACCOUNT
TO EFFECT SUCH REFUNDING;PRESCRIBING THE FORN
OF SAID REFUNDING BONDS;PROVIDING FOR THE
LEVY AND COLLECTION OF AN ANNUAL TAX TO PAY
SAID BONDS,PRINCIPAL AND INTEREST;AND DECLAR
ING AN EMERGENCY.
WHEREAS,the Town of Estes Park,Larimer County,Cob
!rado,has outstanding its General Obligation Water Extension Bonds,
dated December 1,1953,in a total amount of $133,000,and its
Genera1 Obligation Water Bonds,dated July 1,1964,in a total
amount of $195,000;and
WHEREAS,said bonds may be redeemed and refunded and a
I substantial savings in Net Interest Cost and reduction in Net
Effective Interest Rate thereby obtained;and
WHEREAS,by a Resolution duly adopted on the day
h of
__________
,l965,the Board of Trustees of the Town of Estes
Park,Colorado,determined to issue,in accordance with the Laws
of the State of Colorado,particularly Colorado Revised Statutes
1963,Chapter 139,Article 44,new bonds,each to be designated
“Refunding Water Bond”,the same to be sold at not less than their
par value and the proceeds thereof used for the purpose of refund
ing and paying said outstanding bonds,the amount of said Ref und
ing Bonds so to be issued as aforesaid being the sum of $322,000,
and the Certificate of such Determination having been heretofore
duly made and entered in and upon the records of said Town,as
required by law;
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NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE TOWN OF ESTES PA(,RIR COUNTY,COLODO:
Section 1.That by virtue and in pursuance of said
Statute,there shall be issued negotiable coupon bonds of said
Town,each to be designated “Refunding Water Bond”,in the prin
cipal amount of $322,000,for the purpose of refunding outstand
ing bonded indebtedness of said Town which the Board of Trustees
of the Town has determined to refund,as provided herein.
Section 2.That the Mayor and Town Clerk of said Town
be and they are hereby authorized and directed to have prepared
negotiable coupon Refunding Water Bonds of said Town,in said
aggregate amount of $322,000.
Section 3.That said bonds hereby authorized shall be
negotiable in form,payable to bearer,shall be dated July 1,l965,
shall consist of 66 bonds,bonds numbered 1 and 2 being in the
denomination of $1,000 each,and bonds numbered 3 to 66,inclusive,
being in the denomination of $5,000 each,shall bear interest,
payable September 1,1965,and semi-annually thereafter on the 1st
day of March and the 1st day of September each year,and shall
!mature September 1,as follows:
Amount Maturity Interest Rate
$17,000 1965 4%
20,000 1966 to 1968,mcI.4%
25,000 1969 and 1970 4%
25,000 1971 to 1973,mcI.3.40%
30,000 1974 to 1977,md.3.40%
Bonds maturing in the years 1976 and thereafter
shall be redeemable at the option of the Town on September 1,1975,
and on any interest payment date thereafter,in inverse numerical
order,upon payment of par and accrued interest.
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The
principal of and interest on said bonds shall
1 be payable in lawful money of the United States of America,at
the office of the Town Treasurer,in Estes Park,Colorado.
Said bonds shall be signed with the facsimile sig
nature of the Nayor,with a facsimile of the seal of the Town af
fixed thereto,attested by the manual signature of the Town Clerk,
1 and countersigned with the facsimile signature of the Town Treas
urer.The interest accruing on said bonds shall be evidenced by
interest coupons thereto attached,bearing the facsimile signa
ture of the Town Treasurer,and when so executed,such coupons
shall be the binding obligations of the Town,according to their
import.In addition there shall be a certificate relating to the
registration of said bonds printed thereon,which certificate shal
be signed with the facsimile signature of the Town Clerk and shall
bear the facsimile of the seal 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 de
livery of the bonds to the purchaser,such signature or facsimile
signature shall nevertheless be valid and sufficient for all pur
:poses.
Section 4.Said bonds and coupons to be attached there-
to shall be in substantially the following form:
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UNITED STATES OF ANERICA
STATE OF COLORADO COUNTY OF LARIMER
TOWN OF ESTES PARK
REFUNDING WATER BOND
No
______
$1,000
$5,000
The Town of Estes Park,in the County of Larimer and
State of Colorado,for value received,hereby acknowledges itself
indebted and promises to pay to the bearer hereof the sum of
ONE THOUSAND DOLLARS
FIVE THOUSAND DOLLARS
in lawful money of the United States of America,on the 1st day
of September,19,with interest thereon from the date hereof
at the rate of
____________________________
per centum
(________
per annum,payable September 1,1965,and semi-annually thereafter!
on the 1st day of March and the lst day of September each year,as
evidenced by interest coupons hereto attached,both principal and
interest being payable at the office of the Town Treasurer in
Estes Park,Colorado,upon presentation of said coupons and this
Bond,respectively.
(The following clause to appear in bonds maturing in the!
years 1976 and thereafter)
This Bond is redeemable at the option of the Town on
September 1,1975,and on any interest payment date thereafter,
in its inverse numerical order in the issue of which it is one,
upon payment of par and accrued interest.
This Bond is issued by the Town of Estes Park,Colorado,
for the purpose of paying,redeeming and refunding lawful and
lva1id outstanding bonded water indebtedness of said Town,under,
by virtue of and in full conformity with the provisions of the
Constitution and Laws of the State of Colorado,more particularly
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being Chapter 139,Article 44,Colorado Revised Statutes 1963,and
all other laws thereunto enabling,and pursuant to an Ordinance
duly adopted by the Board of Trustees of said Town prior to the
issuance of this Bond.
It is hereby certified and recited that all acts and
things required to be done and conditions and things required to
exist precedent to and in the issuance of this Bond to render the
same lawful and valid have happened,been properly done and per
formed,and did exist in regular and due time,form and manner,as
required by law,and that the total debt of said Town,including
that of this Bond,exceeds neither the statutory nor the constitu
tional limitations of the State of Colorado;that said total debt
is not increased by the issuance hereof;and that provision has
been made for the levy and collection of an annual tax on all the
taxable property in said Town sufficient to pay the interest on
and principal of this Bond when the same become due.
The full faith and credit of the Town of Estes Park,
Co1orado,are hereby pledged for the punctual payment of the
principal of and the interest on this Bond.
IN WITNESS WHEREOF,the Town of Estes Park,Larimer
County,Colorado,has caused this Bond to be signed with the fac
simile signature of the Mayor of said Town,sealed with a facsi
mile of the corporate seal thereof,attested by the manual signa
ture of the Town Clerk and counters igned with the facsimile signa
ture of the Town Treasurer,and has caused the annexed interest
coupons to be executed with the facsimile signature of the Town
Treasurer,as of the 1st day of July,1965.
(Facsimile Signature)(FAa S IMILE)
(SEAL)
ATTEST:
(Do not sign)
Town
Clerk
Mayor
COUNTERS IGNED:
(Facsimile Signature)
Town Treasurer
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0.
(Form
of Coupon)
NNo.
______
$_______
On the 1st day of Septernbr,19,*(unless the bond
to which this coupon is attached has been called for prior redemp
tion,)the Town of Estes Park,in the County of Larimer and State
of Colorado,will pay to bearer
______________________________
DOLLARS
in lawsul money of the United States of America,at the office
of the Town Treasurer,in Estes Park,Colorado,being months’
interest on its Refunding Water Bond dated July 1,1965,bearing
No.
______
(Facsimile Signature)
Town Treasurer
*(This clause to appear in coupons maturing March 1,1976,and
thereafter)
TOWN CLERK’S CERTIFICATE
The undersigned,the duly appointed,qualified and act
ing Clerk of the Town of Estes Park,Larimer County,Colorado,
N hereby certifies that this Bond has been duly registered in a book
kept for that purpose,and that the law under which this Bond is
V issued provides that when so registered,its legality shall not
be open to contest by the Town which has issued it or any person
or corporation in behalf of such Town for any reason whatever.
IN WITNESS WHEREOF,I have caused a facsimile of my sig
;nature and a facsimile of the official seal of said Town to be
affixed hereto,at Estes Park,Colorado,as of the 1st day of
July,1965.
(FACS IMILE)
(S E A L )(Facsimile Signature)
Town Clerk
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Section 5.That said Refunding Water Bonds,before de
livery to the purchasers thereof,shall be registered by the Town
Clerk in a book kept for that purpose,and said Clerk is hereby
1 instructed to perform such registration as a part of the duties
of that office.Such registration shall note the principal amount
the date of issuance,maturities and rates of interest of said
bonds.
Section 6.Said Refunding Water Bonds,when executed
and registered,as provided by law,shall be delivered to the pur
chaser thereof,in accordance with the contract of purchase there
for,and the proceeds derived therefrom shall be used exclusivelyhforthepurposerecitedinsaidbonds;but neither the purchaser
of said bonds nor the subsequent holder of any of them shall be
in any way responsible for the application of the proceeds of said
bonds by said Town,or any of its officers or employees.
Section 7.If necessary,the interest due on said Re
h funding Bonds on September 1,1965,may be advanced from any
available funds of the Town.For the purpose of reimbursing said
funds and paying the interest on said bonds as it shall thereafter
!become due and providing for the ultimate payment of said bonds,
U there shall be levied on all the taxable property in said Town,
in addition to all other taxes,direct annual taxes in the years
U 1965 to 1976,inclusive,sufficient to produce the interest on
haii of said bonds outstanding,and the principal thereof,as the
same become due and payable respectively.
Said taxes,when collected,shall be deposited in
I!a special fund to be known as Refunding Water Bond Fund,July 1,
:1965?!,and such Fund shall be applied solely to the purpose of
the payment of the interest on and principal of said Refunding
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Water Bonds,and for no other purpose whatever,until the bonds
authorized by this Ordinance,both principal and interest,shall
have been fully paid,satisfied and discharged.Notwithstanding
the foregoing provisions for tax levies,the Town may apply to the
payment of said bonds and the interest thereon any or all of the
revenues of said waterworks system,after the payment of reason
able costs of maintenance and operation,and upon the application
of such revenues as aforesaid,the levy or levies herein provided
may thereupon to that extent be diminished,all as is hereinafter
more specifically set forth.The sums herein provided to meet the
interest on said bonds and to discharge the principal thereof when
due are hereby appropriated for that purpose and said amounts for
heach year shall also be included in the annual budget and the ap
propriation bills to be adopted and passed by the Board of Trustees
of said Town in each year,respectively.
Section 8.It shall be the duty of the Board of Trustees
Bof 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
jcarry out the provisions hereof with reference to the levying and
collection of taxes;and such taxes,when collected,shall be
kept for and applied only to the payment of the interest on and
principal of said bonds,as hereinabove specified.
Section 9.That the provisions of this Ordinance and
:each of the bonds and the interest coupons issued pursuant there
to shall constitute,and the same are hereby declared to be a
binding and irrevocable contract between the said Town and the
:h01d1er from time to time of each of said bonds and the interest
thereto attached.
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Section 10.The proceeds of such Refunding Water Bonds,
being an amount of not less than $322,000,shall be deposited by
the Town in a special fund and separate trust account,designated
as the “Town of Estes Park General Obligation Water Extension
Bond,Refunding Escrow Account”(herein referred to as the “Re
funding Escrow Account”),said Account to be established and main
tamed at the Guaranty Bank &Trust Company,Denver,Colorado,a
commercial bank duly organized and existing under the Laws of the
State of Colorado,being a member of the Federal Deposit Insurance
Corporation,having full and complete trust powers (hereinafter
sometimes referred to as the “Bank”).
The accrued interest,if any,on said Refunding
Water Bonds from their date to the date of issuance and delivery
thereof shall be deposited with the Town Treasurer,Estes Park,
Colorado,the Paying Agent of said Refunding Water Bonds.
The accrued interest,if any,on outstanding Bonds
h1953,to be refunded,from June 1,1965,and outstanding Bonds
l964,to be refunded,from July 1,1965,to the date of delivery
of the Refunding Water Bonds,shall be deposited by the Town with
the Bank in said Refunding Escrow Account.
Section 11.Said Refunding Escrow Account,including
therein the proceeds of the Refunding Water Bonds and the accrued
interest on the outstanding Bonds 1953 and 1964,as referred to
above,when invested by the Bank will at all times be at least
sufficient to pay the interest on and principal of the outstanding
Bonds 1953 and 1964 of the Town,being refunded,under and in ac
cordance with the following schedule:
(A)Outstanding Bonds 1953,numbered 68 to 200,
inclusive,.maturing in the years 1965 to 1973,inclusive,and
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a
outstanding Bonds 1964,numbered 6 to 67,inclusive,maturing in
the years 1966 to 1974,inclusive,shall be paid and retired at
their respective maturity dates according to their original terms.
(B)Outstanding Bonds 1964,numbered 68 to 200,
inclusive,maturing in the years 1975 to 1979,inclusive,shall
be called for redemption prior to their respective maturities on
January 1,1975,which date is hereby designated as the Prior Re
demption Date.
(C)Interest on said Bonds 1953 and 1964,which
matures subsequent to the date hereof shall be paid semi-annually
each year as the same accrues according to the original terms of
said bonds until said bonds mature or until the Prior Redemption
Date whichever is the earlier date.
Section 12.The Bank shall invest the funds on deposit
in the Refunding Escrow Account in direct obligations of the
United States of America ONLY,and shall fully secure any cash
balance in said Account in the manner required by law for other
trust funds.
Section 13.If,for any reason,at any time,the funds
on hand in such Refunding Escrow Account shall be insufficient to
jmeet such payments,as the same shall be about to become due and
N payable,the Town shall forthwith deposit in such Refunding Escrow
jAccount such additional funds as may be required fully to meet
the amount so about to become due and payable.
Section 14.The Bank shall from time to time redeem all
hor a portion of the direct United States obligations in said Re
funding Escrow Account,in sufficient amounts so the proceeds
therefrom and the interest thereon as the same accrue will be suf
H ficient to meet the interest requirements on the outstanding bonds
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I as such interest accrues and to pay or call in and redeem said
bonds at their respective maturities or on the Prior Redemption
Date,according to the schedule hereinabove set forth.
Section 15.The Mayor and Town Clerk and Treasurer
shall,and they are hereby authorized and directed to take all
necessary or appropriate action toward the execution of a proper
Escrow Agreement with the Bank concerning the deposits in,invest
ments of and disbursements from said Refunding Escrow Account,
and such other agreements as may be necessary or desirable to ef
fectuate the provisions of this Resolution and comply with the re
quirements of law.
Section 16.The Town Treasurer is hereby authorized
and directed,and he shall give notice of prior redemption and
refunding of said outstanding Bonds 1953 and 1964,at the time of
such refunding and again in the manner rquired by law before the
Prior Redemption Date herein established.Unless additional and
1 more extensive notice is required by law,the Notice shall be give1
by publication in some newspaper published in the Town,or,if
there be no such newspaper,then in some newspaper published in
the County in which the Town is located and which newspaper is
customarily used by said Town for legal notices.At the time of
such refunding,said Notice shall be published one time at or
about the date on which the Refunding Water Bonds are issued and
delivered.The Notice shall again be published before the Prior
Redemption Date in such a newspaper,by insertion in at least one
edition thereof,such publication to be not less than thirty (30)
!days before said Prior Redemption Date.Said Notice shall contain
all the details required by law and must adequately describe the
H bonds to be called and redeemed,the date on which the same will
occur and shall state that after the date for payment and redemp
tion,interest on said bonds will cease.
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Section 17.If any court of competent jurisdiction
should ever determine that any part of this Ordinance is invalid
or unenforceable,such determination shall not affect the remain
ing parts hereof,the intention being to make the provisions here
in severable.
Section 18.That after said Refunding Bonds are issued
this Ordinance shall not be altered or repealed until the bonds
hereby authorized shall have been fully paid,as to both principal
and interest.
Section 19.That all ordinances,or resolutions,or
Harts thereof,in conflict with the provisions hereof,be and the
same are hereby repealed.
Section 20.That it is necessary for the refunding pro
ceedings herein provided to be completed as soon as possible in
order that the said Town may reduce the interest costs on said in
debtedness;therefore,it is hereby declared that an emergency
exists and that this Ordinance is necessary for the immediate pre
servation of the public peace,health and safety,and it shall
become effective five (5)days after its publication.
Section 21.This Ordinance,immediately upon its pas
sage,shall be recorded in the Book of Ordinances of said Town
kept for that purpose,authenticated by the signatures of the
Mayor and Town Clerk,and shall be published in the Estes Park
Trail,a newspaper of general circulation in said Town
ADOPTED AND APPROVED This /,%±-day of jy ,1965
E AL)
ayor
Town Clerk
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It was thereupon moved by Trustee
______________
and
seconded by Trustee
_______________
that all the rules of this
Board which,unless suspended,might prevent the final passage
and adoption of this Ordinance at this meeting,be and the same
are hereby suspended.
The question being upon the adoption of said motion,
the roll was called with the following result:
Those voting AYE:
Trustees:Ronald C.Brodie
Henry Dannels
C.M.Hunter
L.Leo Martin
Carl Swanson
Harry B.Tregent
Those voting Y:
______________________________
members of the Board of Trustees having voted
in favor of said motion,the presiding officer thereupon declared
said motion carried.
Thereupon Trustee moved that said Ordi
nance,heretofore introduced and read in full at this meeting,be
passed and adopted as read.Trustee
____________
seconded the
motion and the question being upon the final passage and adoption
of said Ordinance,the roll was called with the following result:
Those voting AYE:
Trustees:Ronald C.Brodie
Henry Dannels
C.M.Hunter
L.Leo Martin
Carl Swanson
Harry B.Tregent
Those voting NAY:
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___________
members of the Board having voted in favor
of the passage and adoption of said Ordinance,said number being
H at least three-fourths of all the Board members,the presiding
:officer thereupon declared said Ordinance duly passed and adopted.
On motion duly adopted,it was ordered that said Ordi
nance be numbered %7 and that,after its approval by the
Mayor and attestation by the Town Clerk,it be published in the
Estes Park Trail,a newspaper published in said Town and be re
H corded by the Town Clerk in the Ordinance Book,according to law.
Thereupon the meeting adjourned.
(S E A L)I
Mayor
ATTEST:
Town Clerk
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STATE OF COLORADO )
)
COUNTY OF LARIMER )ss
)
TOWN OF ESTES PARK.)
I,Dale G.Hill,Town Clerk of the Town of Estes Park,
Colorado,do hereby certify that the foregoing pages numbered 1
to 21,inclusive,constitute a true and correct copy of the record
of the proceedings of the Board of Trustees of the Town of Estes
1 Park,Colorado,taken at a meeting thereof,held at
the Town Hall,in said Town,being the regular meeting place of
said Trustees,on
__________
,the day of ,1965,
insofar as said proceedings relate to a Resolution and an Ordi
nance,copies of which are therein set forth;that said copies of
said Resolution and Ordinance contained in said minutes are true
and correct copies of the originals of said Resolution and Ordi
nance,as acted upon at said meeting;that,pursuant to instruc
tions,the undersigned Town Clerk has caused said Ordinance to be
published in the Estes Park Trail,in its issue of Jy
____
,
1965,and that Affidavit of such publication is hereto attached.
IN TESTIMONY WHEREOF,I have hereunto set my hand and
seal at Estes Park,Colorado,this day of J’(,1965.
(S E A L )
____________________________
Town Clerk
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