HomeMy WebLinkAboutORDINANCE 43-1928PROVIDINIG
STES PA t,/ I T
GOTIABILE CO
Cr OF FOUR THOUSAND.
t 4"Ofi,&:INATED "REFUNDING
POD; OF REFUNDING A LI-KE
BONDED INDEBTEDNESS OF SAI
OPTIONAL FOR REDF: NFTI ON ;
OF SAID REFUNDING BONDS
LEVY AND COLLECTIOS OF
SALL, PRINCIPAL AND INTE
WHEREAS, the Town of Estes
Larimer and State of Colorado, has here
%0
ISSUANCE BY THE
TE OF COLORADO,
IN THE AGGREGATE
s (.4,000.00) TO
S," FOR THE PUR-
NT OF OUTSTANDING
WHICH IS
BING THE FORM
OVIDING FOR THE
TAX TO PAY THE
in the County of
fore issued and there
are now outstanding and unpaid its negotiable coupon bonds. con-
sisting of Town of Estes Park Sewer Bends " in the amount of four
thousand dollars (14,000.00), dated June 1, 1918, due and payable
June 1, 1933 and optional for payment June 1, 1928; said bonds
bearing interest at the rate of six per centum per annum; and
WHEREAS, there are and will be no funds in the treasury
of said town available for the redemption of said bonds, or any
part thereof; and
WHEREAS, by a resolution duly adopted on
the 9th
day of April, A. D. 1928, the Board of Trustees of the Town of
Estes Park determined to issue, in accordance with the laws of
the State of Colorado, new bonds to be denominated Refunding
Bonds, the same to be exchanged dollar for dollar for the bonds
to be refunded, or sold, ae'may be determined by the Board of
Trustees of said town, the"°iount of bonds so determined to be
issued as aforesaid bein
($4,000.00)., the. certi
heretofore duly made and,.e `
said town
required ' by
aid refundin
ur tousand„6
sure of four thousand dollars
oh determination having been
d in and upon the records of
and
Trustees has heretofore deter-
ds;so to be issued in the aggregate
4,000.00) shall be exchanged
America of or equal to the present standard of weight andfine-
ness, at the office of the Town Treasurer., or at the banking
house of Kountze Brothers, in the City and State of New York,
U. S. A., at the option of the holder. Said bonds shall be
signed by theMayor, countersigned by its Treasurer, with the
seal of said town affixed thereto, and attested by the Town
Clerk and Recorder of said town. The interest accruing on said
bonds will be evidenced by a proper number of semi-annual
interest coupons thereto attached, bearing the engraved fac-
simile signature of the Treasurer of said town, and when so
executed such coupons shall be the binding obligations of the
town according to their import.
Section 4. Said bonds and coupons to be attached
thereto shall be in substantially the following form:
UNITED STATES OF AMERICA
STATE OF COLORADO
TOWN. OF ESTES PARK
Refunding Bond.
No.
COUNTY OF LARIELR.
$1,00mo.
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 bearer the sum of
ONE THOUSAND DOLLARS,
in gold coin of the United States of America, of or equal to the
present standard of weight and fineness, on the first day of
June, A. D. 19 , with interest thereonfrom the date hereof at
the rate of five per centum per annum, payable semi-annually, on
the first days of December and June in each year, as evidenced by
interest coupons hereto attached, both principal and interest
payable at the office of the Town Treasurer, in Estes Park,
Colorado, or at the banking house of Kountze Brothers, in the
City and State of New York, U. S. A., at the option of the holder;
upon presentation of this bond or said coupons respectively.
This bond is issued by the Town of Estes Park for the
purpose of paying, redeeming and refunding a like amount of out-
standing, unpaid, payable, lawful and valid bonds of said town,
and the lawful and valid indebtedness evidenced thereby, under,
by virtue of and in full conformity with the provisions of an
act of the General Assembly of the State of Colorado, entitled;
"An Act to enable cities and towns to refund their bonded in-
debtedness," approved March 16, 1921, and pursuant to an ordi-
nance duly adopted by the Board of Trustees of said town at a
lawful meeting thereof, held prior to the issuance of this bond;
and it is hereby certified and. recited that all acts and things
required to be done and conditions and things required to exist
10.
precedent to and in the issuapce 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 of Estes
Park, including that of this bond, exceeds neither the statutory
nor the constitutional limitations of the State of Colorado, and
that said total debt is not increased by the issuance hereof.
The full faith and credit of the Town of Estes Park
are hereby pledged for the punctual payment of the principal of
and the interest upon this bond.
IN WITNESS WHEREOF, the Town of Estes Park has caused
this bond to be signed by its Mayor, countersigned by its
Treasurer, sealed with its corporate seal, and attested by its
Town Clerk and Recorder, and has caused the annexed interest
coupons to be executed with the engraved facsimile signature of
its Treasurer, this first day of June, A. D. 1928.
Countersigned:
Town Treasurer.
(Seal)
Attest:
Town Clerk: & Recorder.
11.
Mayor.
1
(Form of Coupon
June
On the first day of December, A. D. 19
, the Town
of Estes Park, in the State of Colorado, promises to pay to
bearer twenty-five dollars, in gold coin of the United States of
America, of or equal to the present standard of weight and fine-
ness, at the office of the Town Treasurer, in Estes Park,
Colorado, or at the banking .house of Kountze Brothers, in the
City and State of New York, U. S. A., at the option of the holder,
being"e ix months' interest on its Refunding Bond dated June 1,
A. D. 1928,.
i
(Facsimile Signature
12.
Town Treasurer.
Section 5. That when issued, the refunding, bonds here-
by authorized shall be exchanged dollar for dollar for the bonds
to be refunded, or sold, as may be determined by the Board of
Trustees, and they shall not be issued until the outstanding
bonds to be refunded have been called in and cancelled in an
amount equal to or in excess of the bonds so issued and all
accrued interest on any of said bonds to be refunded shall be
paid before such refunding bonds are issued in exchange therefor.
Section 6. That the interest due on said refunding
bonds on December 1, 1928 shall be paid out of the general
fund of said town, and for the purpose of reimbursing'said
general fund for the payment of interest so taken and for the
purpose of providing the necessary funds to pay the interest on
said bonds after December 1, 1928, as the same becomes due, and
to pay the principal of said bonds as they become due serially
in the years 1929 to 1932, both inclusive, there shall be levied
on all the taxable property in said town, in addition to all
other taxes, the following direct annual taxes, to -wit:
Year Interest Principal Total
1928 6yg 00.00 $1,000.00 41,200.00
1929 150.00 1,000.00 1,150.00
1930 100.00 1,000.00 1,100.00
1931 50.00 1,000.00 1,050.00
And said taxes, when collected, shall be placed in a
fund to be called the "Redemption Fund to Pay Refunding Bonds
dated Tune 1, 1928," and said taxes shall be applied solely for
the purpose of the payment of said interest and principal of
said bonds respectively, and for no other purpose whatever until
the bonds authorized under this ordinance, principal and interest,
shall have been fully paid, satisfied and discharged, but nothing
herein contained shall be so construed as to prevent said town
from applying any other funds that may be in the treasury of the
13.
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town and available for that purpose to the payment of the said
interest or principal as the same respectively mature, and the
levy or levies herein provided for may thereupon to that extent
be diminished.
Section 7. 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 said town and the
holder from time to time of each of said bonds and the interest
coupons thereto appertaining.
Section 8. That after said bonds are issued this
ordinance shall not be altered or repealed until the bonds here
by authorized shall have been fully paid, both principal and
,interest.
Section 9. All ordinances or resolutions, or parts
thereof, heretofore adopted, in conflict with the provisions
hereof, be, and the same hereby are repealed.
Section 10. That this ordinance immediately upon its
passage, shall be recorded in the book of ordinances of said
town kept for that purpose, and shall be authenticated by the
signatures of the Mayor and Town Clerk and Recorder, and shall
be published in The Estej Park Traia. , a newspaper
published and of general circulation within the limits of the
town.
PASSED AND ADOPTED, SIGNED AND APPROVED this 915a
day of Ass 1 , A. D. 1928.
(Seal)
Attest:
14.
TM iay o r .
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