HomeMy WebLinkAboutORDINANCE 114-47 & CERTIFICATE//
Town of tes ParL,LariDler County,Colorado
lectric Light and Power Revenue Bonds
Series B,1947
.Dated september 1,1947
Laturing 1946 to1957,inclusive
T111 IS TO C.JZ That I have xa:ind a certified
copy of the record of the proceedirs of the Board of Trustees of
the Town of Zstes ParL,Lariir:County,Colorado,taI:n pre1iz—
mary to the issuance by said City of its
lectric Light and Pover Revenue Bonds,
erias 3,1947,in the principal amount
of ç40,OCO;
Dated September 1,1947;
Consisting of 40 bonds in the denomina—
t:cn of çi,ooo each,numbered 1 to 40,
inclusive;
Earing interest at per annum payable
semi-annually on the 1st days of March
september of each year,’and maturig
H;-on September 1st as fc•l1o:s:
S.
4,00O in each of the years 1946,1950
and the years 1252 to 1955,inclusive;
3,OOO in each cf the years 1949 aid 1951,
‘5,000 in each of the years 1956 and 1957;
Said bonds being redeemable,in inverse
numerical orJr,on any interest payment
date to and mncr:the first day of
Oepteriber,1952,at par,accrued interest,
and a pr:ium of 5 of orincioal,and on
any interest payment date after September
1,1952,at ar,accrued interest,and a
preaium of 3 of princ:pa1;
Principal and interest payable at the of
fice of the Town Treasurer,in 2stes Park,
Colorado.
I have also examined Bond No.1 of said issue,and
have found the same duly executed and in full conformity with law.
It is my opinion that such proceec!ings show lawful
authority for said issue of bonds under the Conttution and laws
of the Stato of Colorado,that said cnds constitute valid and
legally binding obligations of the Town of stes Park,Colorado,
—
MYLES P.TALLMADGE
ATTORNEY AT LAW
FIRST NATIONAL BANK BUILDING
DENVER,COLORADO
October 21,1947
fage 2 —
payable,principal and interest,solely from the stes Park
Electric Light and Revenue Bond SIiiLIflF Fund”,which fund is
pledged for the payment of te principal of and interest on
said Series B bonds,after the payment of operation and main
tanance expenses,the payments required by 0rirnce No.100
of said Town,authorizing the issuance of bonds dated Novem
ber 1,1944,and the payments recuired by 0rdinnce No.115
of said Town,authorizing Electric Light and Power Revenue
Bonds,Seros A,1947,dated September 1,1947,as provided
by Ordinance No.114 of said Town,adopted on August 25,1947.
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(‘E*J![
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0E0I%1JzI‘:3,HIHI1I01?4I0IC
STATE OP COLORADO )
)
flF L:RIM
TOWN OF 1TS PARK)
The Board of Trustees of the Town of stes Park,
Colorado,et in regular meeting,in full confornity with law
end the ordinances and rules of seid Town,at the Town Hall,in
said Town,beinr the regular meeting place of said oard,on
Monday,the 25th day of 4uust,A.D.1947,at %Ooolook E.li.,
at which n.eeting there were present and nswering at roll call:
Mayor:RonBid C.Brodie
Trustees:G..Casey
S.LHurd
Clarence Graves
kerl Moreheed
,.
George H.Watson
Verne H.anton
__Ae J
Thereupon Trustee
______________
introduced and
there was read ir full te following ordinance,to—wit:
K
K i
as.
Town Clerk:
ibaent:
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0RDINAN0 NO.‘1
AN ORDINANCE A’HOIZING TH ISSUANC!
OF BONDS 011 TIt TOWN OF TS PARK)
C’I.ORADO,IN A i’RWCIPAL AMOUNT OF
‘4O,OOO,FOR TB PURPOsE:OF IMPROVING
AND ;TTDING TH 3LECThIC LIG AND
POW!R SYST!M OF SAID TOWN,SUCH BONDS
.‘NO Tfl INTiRT ThEREON T(B PAYABLE
SOI.1ELY FROM TH N1T INCOM.F SUCH
SYSTEM,fVID N FOR Tff PAY2T OF
SUCH BONDS AND T1fl INTiST TH1RJON,
AND DECLARING AN EMRGNOY.
WRERAS,the Town of gtes Park has heretofore ac
quired and is now operating a municipal electric light and power
system (herein celled the “System”);nd
WEEREAS,it is nooesary to improve and extend the
System,end for such purpose to issue bonds payable out of the
revenues to be derived from the operation of the Systa;and
!IRiAE,by Ordinance No.100 at said Town,adopted
and a’proved on November 4,1944,the Town euthorizci nd there
were issue 25O,OOO of 1ectric Light and Power Revenue Bonds
of the Town,dated November 1,1944,(herein celled “First Issue”)
of which ;228,OOO re now outstanding;and
WHREA$,by Ordinance No.Z1 ,of said Town,adopted
and approved on August 25,194’?,the Town authorized the issu
ance of 110,OOO of lectric Light and Power evenut Bonds,Ser
ies A,124’?,therein called “Second Issue”),for the purpose of
improving and extending the System;and
‘ILtREAS,the proceeds of said :i’Issue will not
be sufficient to complete the improvement and extension of the
System;end
the lien of the Series B Bonds,authorized
herein must be subordinate to the liens of the bonds of the First
end Second Issues;
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NOW,THERFOR,B IT ORDAXNID B!THE BOARD OF
TRVSTW OF PH TOt.OF EST8 PUU,LARI1R COUNTY,COLORADO:
Section 1.The Town of stee Park,Colorado,shall
improve and extend the System in accordance with plans and sped—
fictions prepared therefor.
Section 2.For such purpose it is hereby declared
necessary that the Town of stes Park issue its revenue bonds in
the principal amount of j40,000,payable solely out of the net
income to be derived from the operttion of the System of said
Town,after providing for payments recuired for the First and
Second Issues,end that said Town pledge,irreooably,such in
come to the payment of such bonds and interest thereon,the pro
ceeds of such bonds to be used solely for said purpose.
Section 3.For said purpose,1eotrio Light and
Power Revenue Bonds,Series B,1947,of said Town are hereby au
thorized to be issued in the principal aILount of 40,OOO.
Section 4.3aid bonds shell be dated September 1,
1947,shall consist of 40 bonds in the denorainntion of $1,000
each,numbered 1 to 40,inclusive,ifld shall mature on Septem
ber 1st as follows:
4,O0O in sachof the years 1948,1950 and the years
1952 to 1955,inclusive;
3,000 in each of the years 1949 and 1951;
5,000 in eaoh of the years 1956 and 1957.
On any interest date to ad including the let day of
September,A.D.1952,the Town ay redeem bonds then outstand
ing by paying prlncipal,accrued interest end a premium of 5%of
principal.On any interest payment date after the 1st day of
eptember,1952,the Town y redeem bonds then outstanding by
paying principal,accrued interest and e premium of 3 of prin
cipal.Thirty thiys’notice of any redeiption prior to moturity
shall be iv•n to o.ttobor &Co.,of Jenver,Colorado,and
shell be published once in a newspaper of ionor’l circulation
in Osnyar,Colorado,at least 30 days prior to the redemption
date,and all redemptions prior to maturity shall be made In in—
verse numerical order.
Said bonds shall beer interest at a rate to be de
termined by the Board of Trustees of the Town,not exceeding 3
per annum,payable semi—annually on the let days of March and
September of each year.Said bonds shell be payable,prineipal
end interest,in lawful ney of the United tates of xiierioe,
et the office of the Town Treasurer,in 1stes Perk,Colorado;
shall be neotiab1e coupon bonds payabl to ‘rer,shall be
signed by the Mayor and Treasurer,and Rttested by the Clerk of
said Town,with the seal of said Town of stes.Park affixed there
to,and the interest coupons thereto attached shall be nuthenti—
sated by the facsimile signature of the Town Treasurer.
$eoUon 0.Said bonds and the coupons thereto at
tached and each of tbei shall be in substantially the following
form:
No.
_____
$1,000
The Town of stes Park,in the County of Larimer
and State of Co1ordo,hereby acknowledges itself indebted and
for value received,promises to pay to the bearer,out of the
speciil fund hereinafter mentioned,end not otherwise,
ONE ThOUSAND DOLLARS
on the 1st day of September,A.D.1Q,and tr pay interest
thern ot the rate of pr centum per annum,semi—annual
ly on the let day of eroh and the let day of September,upon
surrender of the annexed coupons and this bond,as they severs).—
ly become due.Both prinqipal and interest of this bond shall be
payable in lawful ney of the United Statos of ‘merica,at the
office of the Town raasurer,in rnetes Park,Colorado.
*Con any interest payment date,prior to maturity,
to and including the let day of September,A.D.192,Town
may redeem this bond by paying principal,accrued interest and a
premium of 5%of principal,)
**(Qfl any interest payment date,prior to maturity,
to end including th let day of September,A.D.195,the Town
may redeem this bond by paying principal,accrued interest and a
premium of of principal.On any interest payment date,prior
to iturity,after the let day of September,A.U.l52,the
2own may redeem this bond by peyiri’,prIncipal,icorued interest
and a pramium of 3 of principal.)
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STAT]OF COLORADO
UNIT’D (?AWiRICA
TOWN 0!3TES PARK
iUC TRIG LX’I1’AND POWMn:vw BCND,SRI B,194’T
COUNTY CF L.’IRIMER
L
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.
Thirty days’notice of an redemption prior to niatur—
it7 shall be published once in a newspaper of general circulation
in Denver,Colorado,at least 30 days prior to the redemption
date,and all bonds of this issue which are redeemed prior to
maturity,shall be paid in inverse numerical order.
Payment of this bond and the interest thereon shall
be made solely from a special fund created by Ordinance Na.100,
adapted the 4th day of November,A.D.1944,identified as ‘Estes
Park Electric Light end Power Revenue Bond sinking Fund”,into
which the Town of stes Park covenants to pay,from the revenues
to be derived from the operation of its electric 1iht and power
systea,after provision for ll reasonable expenses of operation
and maintenance as rrovided in said ordinance,and for the payment
of the principal of and ntereet on leotrio Light snd Power Rev
enue Bonds of eid Town,dated November 1,1944,and Series A
Bonds of said Town,dated September 1,1947,suns sufficient to
pay,when due,the princIpal of and interest on the bonds of this
Series B,of which this is one,and to create and maintain rea
sonable reserves for such issues,and the Town of Estee Park
agrees with the bolder of this bond and with eaoh and every per—
son o may become the bolder hereof,that it will keep and per-
form all the covenants of the ordinances authorizing the iesnce
of all of said bonds.
This bM is issued for the purpose of providing
funds to improve and extend the electric light and power system
of said Town,and is issued in strict compliance with the Gon—
stitution and Laws of the State of Colorado.
It ía hereby certified that all conditions,acts
and things required by the Constitution and Laws of the State of
Colorado,to exist,to bave happened and to have been performed,
precedent to and in the issunco of this bond,exist,have hap—
6
pened,and hare been performed,and that the issue of bonds of
which this is one,toetber with afl othor indebtedness of said
Town of stes Park,je within every debt and other liidt pre
soribed by the Constitution and Laws of the State of Colorado.
J I35 WtRO!,the Town of ates Park,o1orado,
has caused this bond to be signed by its ayor and Treasurer,
sealed with its oorporte seal,attested by its Clerk,and the
coupons hereto annexed to be signed with the fscaini1€signature
of the Town Treasurer,this 1st day of Septeber,A.194’?.
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S A L )
ATTS:
oCS?k
*febis clause to appear in bonds maturing in 1948 to 1952,in
elusive.)
f These cl’usea to bo inserted in bonds maturing in 1953 to
1957,inclusive).
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ibyCr
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(orLL of Coupon)
No.
roh,
On the let day of September,A.D.l9..,unless
the bond to which this coupon is attached has been called for
prior red.pUon,the Toxn at .stes Park,in the County of Lan—
men end state of Colorado,will pay to the bearer lierof,
DOLLARS
in lwful money f the United tetes of fmenicri,•it the office
of the Town Treasurer,in stes Par,‘olorado,such paynient to
be made sole].y from the fund designated in said bond,being the
semi—annual interea on its leotnic Light and Power evenue
3ond,Series ,1947,dated september 1,194’?,bearing
No.
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VVF
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:V’VVVV..
VVVV;..•k
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VVVVVVVVS
4.
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Section 6.Said bonds shili be sold for cash end
the proceeds thereof shell be deposited in a speciol trust ac
count and shall be applied on orders of the Board of Trustees
of said Town,solely in improving end sxtendinfz the municipal
light and power system of said Town,but neither the purchaser
of said bod nor any subsequent holder of an of them shall be
re’uired to see to the application of the proceeds thereof.
Section 7.The Board of Trustees of said Town shall
establish,intain nd enforce such rates for srvioes rendered
by the System as shall create &n income sutfiøient to pay all
reasonable expenses of iaintenanoe and operation end create a
net revenue which shall be sufficient to pay the principal of and
interest on the First and Secon Issues and ti.is ‘aries B,194?
issue of bonds,promptly as the same become due,1 to ecoumu—
late esorvo Funds for each of said issues ond series,and it
shall be its duty to establish,inta1n and enforce audi rates
continuously until all of the bonds of the First and coond Th—
sues,and this Series B,1947 issue and the interest on all of
said bonds have been fully liquidated.
Seotion 8.After settiz aside the amounts required
to be paid Into the Operation and Maintenance Fund,as provided
by said Ordinance No.100,there sbrll be placed in the stes
Peri Electric Light kind.Power evonuo Bond sinking Fund,the
amounts reruired to pay principal of,interest on and a reserve
fund for said first nd Second Issues,as provided by the Ordi
nances authorizing said Issues,end in addition thereto,in
monthly installments,amounts which shall be suffici’nt proihptly
to pay the interest on and principal of the Series B,l47 bonds,
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herein authorized,as the same become due end payable.Also,
there shall be placed in said Bond Sinking Fund,not loss than
6OO per year until there shall beaccuu1ated therein as e Re
serve Fund,an amount sufficient to pay in advence one year’s
principal and interest on said bonds,Series B,1947.Any sur
plus remaining after the payments specified in this eotion 8,
may be used or applied as directed by the Board of Trustees of
said Town.
Section 9,Nothing in this ordinance contained
shall be construed in such a rnner as to prevent the issuance
by the Town of 1stes Vrk of additional bonds payable from the .
income derived from the operation of the ystem and constituting
a lien upon the said revenues superior to the lien of the bonds
herein authorized;provided,however,that before any such
additional bonds are authorized or actually issued,annual
earnings derived froa the operation o the System for the fiscal
year preceding the date of authorization and issuance shall have
been sufficient to pay the average animal cost of operation and
maintenance and in addition sufficient to pay an amount repro-
sented by l75 of the following:f a)a sum sufficient to pay
the maximum amount of principal and interest on the xvenue
bonds of the Town,dated November 1,1944,and said Series A
bonds,dated September 1,194?,becoming due during any ensuing
fiscal year and (b)a sum equal to the average amount of prin—-
cipal and interest falling due in any one year on the additional
bonds proposed to be issued.In determining whether additional
bonds may be issued as aforesaid,consideration shell be given to
any probable reduction in operating or maintenance expenses that
will result from the expenditure of the funds proposed to be de—
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rived from the issuance and sale of said bonds.Nothing herein
contained shall be so construed to prevent the Town of stee Park
from issuing bands other than those hereby authorized,payable
from the annual revenues of the 3ysteiii but constituting a lien
interior to the lien created for the payment of said !onds,
dated November 1,1q44,end the Series A end Series B Bonds,
dated september 1,194’?.
eotion 10,All of the terms,provisions,covenants
and agreeients set forth in said Ordinence So.100,for the bane—
fit of the owners and holders of said bonds dated November 1,
1944,and in 0rdiranee No,/3 for the benefit of the owners and
holders of said Srios A Bonds,shall so far as the same may be
appliosble,reein in full force and effect for the benefit of
the owners and holders of said bonds,Series B,1947,so lone as
any of them remains outstanding.3ubj eat to the superior rights
and remedies of the owners and holders of the First and -eoond
issues,the owners end holders of said bonds,series B,1947,
shall hare the same rights and remedies with respect to thejr
bonds as are conferred on tne omiers and holders of the First
and eoond Issues by the ordinances authorizing said Issues,and
the Town of stes Porx hal1 be subject to the same duties end
liabilities with respect to said series B bonds as it is to the
Bonds of the First end 7econd Issues,
¶ection 11.All ordinances1 or parts thereof,in
conflict with this ordinance,are hereby repealed.After seici
eries B Bonds have been issued this ord1mnae shall be irrepeal—
able until said Series B Bonds and the interest thereon shall be
fully paid,satisfied and discharged in the nner heroin proviced.
Section 12.By reason of the fact that said Town
and its inhabitants are not adequately or properly supplied with
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electiic light and power,it is declared tbat an emercncy ax—
lets,that this ordinance is necessary to the immediate prserva—
tion of the public peace,health and safety,snd that it shall be
in full force and effect five 1nye aftr its publication.
ADOPTED AND APROVD,This 26th day of August,A.I).
1947.
fsAL)
ATTEST:
1.
fi
Mar
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it was then moved by Trustee
__________
seconded by Trustee that all rules cr this
Board,which unless suspended,uight prevent the final passage
ad opt.ion of this ordinance at this meeting,he and the same
are hereby suspended for the purpose of permitting the final pas
sage and adoption of this ordinance at this Leeting,
The tuestion being uron the adoption of said ot1on
and the suspension of the rules,the roll was celled with the
fol1oing result:
Thos,voting AYE:
Trustees:G,E.Casey
S.k.Hurd
1arence trrg
ken orohead
George H.‘Vatson
Those voting NAT:
________________
—_____.u__
members of the Board of Trustees of said Town
hoving voted in favor of said motion,the presiding officer de—
dared said iotion carried and the rules suspended.
Trusteeap}/WAfle,1then moved that said ordi
nanoi be passed and adopted as read.
Trustee
____________
seconded the motion.
The question being upon the passage and adoption of
said ordinance,the roll was called with the following result:
Those voting ATE:
Trustees:G.i.Casey
..
Clarence Graves
Marl orebead
ul
George H Watson
t
1
Those voting NAT
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fSAL)
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S
1:
The presiding officer thereupon dec1tred that 4
Trua1eea having voted in favor thereof,the saLd motion was car
ried end the ordinance duly passed i adopted
On motion duly adopted it was ordored thut said
ordinance be pub1ishid and reoordd according to law.
me’etlng eI 3vuh
ayor
ATiT
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53AT 0!COLORADO
COT]TY OF LARfl(.R
TOWI OF PARK)
as.
i
X,Verne K.Fenton,the Town Clerk of the Town of
stes Park,Qoloredo,do hereby certify tlwt the foroin copy
of O:dinanoe No.iY has been compared by me with nd is a true
and correct copy of the whole of such Ordinance No.as du
ly adopted at and appearing among the otfioii1 minutea c.f thø
regular meeting of the I3oard of Trustees of said Town of stes
Park,Oolorado,held on the 25th day of August,.4,D.1947;
that said ordinance has been duly ;iublih,ed e required by lew,
and that said ordin3nce baa been du17 recoIei in book k*pt
for that purpose in my offioe.
IN WITNiSS WBgRZO!,I hare hereunto set my hand
and the offioial seal of said Towi,this
____
of iGc’i,
A D.194?.
fsAL)
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aoh of the undersind,being first duly sworn on
oath deposes and says:
1.That they are,respectively)the.?ayor,Clerk
and Treasurer of the Town of Estes PCTC,in the State of Colo
rado,
2.That said Town w’s duly incorporated in the year
____
and that there is no litigation threatened or pending con—
earning the validity of such incorporation,or the ri.ht of any
of the officers of said Town to bold hi respeetivc position.
3.That fron the 25th dy of Mwust,A.J.1947,
up to and including the date of this certificate,be fo1iowin
have been and now re the duly elected or appointed offiners of .
said Town,to-witt
Ron.1d C,Brodie
G.L Casey
;..Hurd.
Clarence Drvea
Men Iorehead
-J.ASO 9-i--’t7
George H.T’etson
Towp Clerk:Verne H.Fnnton
Treasurer;
4,rp on the dey of A.D.1947,
said Town delivered to of
______________________
its :lectnfc Light and Power Revenue Bonds,
Series B,1947,da1ed Septeaber 1,14?,in the principal sum of
$40,000,coiitin of 40 bonds in the denomination of lOOO
STATE O COLORADO )
)
COUNfY OF LARDER
)
TOfN OF ESPES PARK)
85
ayor:
Trustees:
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each,nnd said Town acknowledges receipt of the purchase price
therefor;that the proceeds of said bonds hae been deposited
in a specinl trust account in the Bank of
,&‘7s /%,GLUAo ,for the sole and only purpose
of proiin funds to improv’and extend the lipht acid power
systs*of said Town,that at a mnoting of the Board of Trustees
of said Town,held on dy 194?,said Boerd
determined that aiid 9ond’should bear interest at t,io rate of
per annum.
5.Th9t there am no liens or eno brancea of any
kin’or deeeritiop th siectrie light nd power system
of sid Town,or the revenuis to be deriv tharetroa,except
the first liens prescribed in Ordinnce No,100,of said Town,
adopted rind r’ro’’on the 4th of Nove.be:,and in
Ordinance No.)L adot-an’provd on the 25th day of
August,l4 nd tha aoon4 lir jresorbc6 in Ordinance No.
____
adopted and npproved on the 2th dy or Au:ust,l47.
6.Tbt there in no iitiotion thruatened or pend—
in re1tin in any wa to th Talidity of said 1ectric Light
and Power Revenie ro1s,rion B,194?,or any of theru,or the
right n eai Town to iarrove and extend its electric iiht and
powor yateu with the freed13 of E3ti bon,or to collect
electric 1it and power renuo oit of which said bonds and
the interest therson hal1 be psid.
town reaaur
Sub5erihed and separately sworn to hf:i’
____
dy of 1’).‘947.
My oomznie sion expiresfcLL..
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rtTRIt
I,the undarigned
_____________
of the
__________
Bank of —,Ooloredo,do hereby certify
that I ai prsona11y aoouainted with
______________
,nyor,
with ,Town Olerk,and with
___
,Town
?reasurer that I know th above ient1oned offIcials held their
respective positionri on the date of the exocutton and delivery
of that certain issue of Bonds of the Town f .stes Prrk,(olo—
rado,bearing date September 1,194’7,designated “leotrio Light
and Power Revenue Bonds,Series B,I4l7,consiating of 40 bends
in the denodnation of 1,00O each,numbered 1 to 40 inclusive,
maturing serially in the years 1948 to 1957,inclusive.
I furthr certify that I am acquainted with the sig
natures of said officials and know that the signatures appeerin
on each of said bonds are the sin ures of said officials re
spectively,and tht said officials have to this certificate at
tached their respctive signatures s follows:
-
own ream
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Signed end certified this day of
__________
fl.
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1947.
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Bani of
Colorado.
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