HomeMy WebLinkAboutORDINANCE 49-29ORDINANCE NO.49
AN ORDINANCE PROVIDTN FOR THE ISSUANCE BY THE TOWN OF E3T’3 PARK,IN THE STATE OF COLORADO,OF ITS NEGOTIABLE CONPON BONDS IN THE AGGREGATEAMOUNTOFSEVENTYFIVETHOUSAND(75 ,000.00)DOLLARS TO BE DENOMINATED“FTTNDPG BONDS”R TW TTOS1’OF EWTTTDTG P LIKf ANQTT OF OtJTSTANDPTGBOTDEDID2D”S3 OF SAID WHTC IS NOW,BY CON3ThIT OF THECL2ROPTIONALAND3tmJ’CT TO REFUNDING;PRFSCRIBING THE FORN OF SAIDREFUNDINGBONDS,AND PROVIDING FOR THE LEVY AND COLLNCT ION OF AN ANNUALTAXTOPAYTHESANE,T.INCrAL.AND INTEREST.
WHER0AS,the Town of Este Park,in the County of Larimer and StateofColorado,has heretofore issued,and there is now outstanding and unoald,
its negotIable couon bond as follows:
Town •f Estee Park Water Bond dated April 1,1929,due and ayab1eApril1,i9L4,bearing Interest at the rate of four and one—half per
centum per annum,and consisting of Bond No.1,in the denomination of
Seventy Five Thousand (75,00O.0O)Dollars;and
WHEREAS,said indebtedness is now,by consent of the bondholder,
otIona1 and subject to refunding;and
WHERTA3,by a resolution duly adopted on the 22nd day of April,A.D.
1929,the Board of Trustees of the To’rn of Estee Park determined to issue
in accordance with the 1aw of the State of Colorado,new bonds to be
denominated “Refunding Bonce”the same to be exchançed dollar for dollar
for the bond to be refunded,the amount of bonds so deterrIned upon to be
issued as aforeaId being the sum of Seventy Five Thousand f$?5,000.O0)
Dollars the certificate of such determination having been heretofore duly
made and entered in and upon the record of said Town as requIred by lar;
and
WHEREAS,the Board of Trustees has heretofore determIned that said
Refunding bonds so to be issued in the aggregate amount of Seventy Five
Thousand ($75,000.00)Dollars shall be exchanged dollar for dollar for the
bond to be refunded,and said Board of Trustees believes it to be their
duty to issue saId RefundIng bonds ana cause the same to be exchanged for
the bond to be refunded as aforesaid,as and.in the manner provIded by
law;NOW,TPFEFORE,
BE IT ORDAIND BY THE BOARD OF TRNSTEES OF THE TOIN OF E3TS PARK,
IN THR 3TATE OF COLORADO:
Section 1.That by virtue of and in puruance of an act of the
General Assembly of the State of Colorado,entitled:“An Act to enable
cities and towns to refund their bonded Indebtedness,H approved March 16,
1921,and aDpearing as Title 11—B Chapter 173,Compiled Laws of Colorado,
1921,there shall be ic’sued band of said Town of Estee Park to be denomi
nated “Refunding Bonds”,to the amount of 3eventy Five Thousand ($75,000.00)
subject to refunding.
Section 2.That the Mayor and Town Clerk of said Town of Estee Park,
be,end they hereby are,authorized and directed to have prepared the
negotiable coupon refunding honda of the Town In the aggregate amount of
Seventy Five Thousand (75,000.00)Dollars.
Section 3.That said bonds hereby authorized shall be negotiable In
form,oayable to bearer,shall bear date the first day of April,A.D.1929,
shall bear interest from and after date ct the rate of four and one—half
per centum per annum,payable seri-mn’:nlly on the first days of April and
October in ech year;shall conist of cixty bonds in the denomination of
$1,000 each,and thirty bonds in the denomination of 500 each;said bonds
shall mature serially,in consecutive order,2,5OO.on October first in
each of the years 1920 to 1959,Inolusive.The numbers of saId bonds,
deno;nlnation,maturIty dates and number of coupons to he attached to each
shall be as follows:
Dollars for the purpose of refunding the outstanding bonded indebtedness
of said Town which is now,by consent of the bondholder,optional end
Bond Denornin—Bond Denomin—Iaturity Number of
Numbers ation Numbers ation Date Coupons Amount
1 —2 $1,000 3 $500 October 1,1930 3 $2,500
4 —5 1,000 6 530 October 1,1931 5 2,500
7 —8 1,000 9 500 October 1,1932 7 2,500
10—11 1,000 12 500 October 1,193 9 2,500
1—14 1,000 15 500 Octc”r 1,1934 11 2,500
16—17 1,000 18 500 October 1,1935 13 2,500
19—20 1,000 21 500 October ,1936 15 2,500
22—23 1,000 24 500 October 1,1937 17 2,500
25—26 1,000 2?500 October 1,1938 19 2,500
28—29 1,000 30 530 October 1,199 21 2,500
31—32 1,000 33 500 October 1,19L10 23 2,00
34_35 1,000 36 500 October 1,1941 25 2,500
7—8 1 000 39 500 October 1,1942 2?2,500
0_1 1000 4?500 October 1,l94 29 2,500
43—44 1,000 45 500 October 1,1944 31 2,500
46—47 1 000 8 500 October 1,1945 33 2,300
49—50 1,000 51 500 October 1,1946 35 2,500
52—53 1,000 54 500 October 1,1947 37 2,50055—56 1,000 5?500 October 1,1948 39 2,50058—59 1,000 60 500 October 1,1949 41 2,50061—62 1,000 63 500 October 1,1950 43 2,50064651,000 66 500 October 1,1951 45 2,50067—68 1,000 69 500 October 1,1952 47 2,50070—71 1,000 72 500 October 1,1953 49 2,50073—74 1,000 75 500 October 1,1954 51 2,50076—77 1,000 ?8 500 October 1,1955 53 2,50079—80 1,000 81 500 Oøtober 1,1956 55 2,50082—83 1,000 84 500 October 1,195?57 2,50085—86 1,000 8?500 October 1,1958 59 2,50388—89 1,000 90 500 October 1,1959 61 2,500
The Drincipal of said bonds and the interest accruing thereon shallbepayableinlawfulmoneyoftheUnitedStatesofAmerica,at the officeoftheTownTreasurerinEstesPark,Colorado,or at the Hanover NationalBank,in the City of New York,U.S.A.3aid bonds shall be signed by theMayor,countersigned by the Treasurer,with the seal of ealci Town af fixedthereto,attested by the Town Clerk of said Town.The interest accruingonsaidbondsshallbeevidencedbysemi—annual interest coupons attachedthereto,bearing the engrved facsimile signature of the Treasurer ofsaidTown,and when so executed.such oouions shall be the binding obligationsoftheTownaccordingtotheirimport.
Said bonds and the couoons to be attached thereto shall be in substantiallythefollowingform:
UNITED 3fAr3 OF AMERICA
STATE OF C0LOADO COUNTY OF LARIM
TOWN OF E3TS PARK
R’Dr:G BoND
No.__________
The Town of Estes Park in the County of Larimer and State of Coloradoforvaluereceived,hereby acknowledges itself indebted and promises topaytobearerthesumofDOLLAR8inlawfulmoneyoftheUnitedStatesofAmerica,on the firt day of October,A.D.19_,with interestthereonfronthedatehereofattherateoffourandone—half per centumperannum,ayab1e semi—annually on the firt days of April and October ineachyear,as evidenced by interest coupons hereto attached,both principalandinterestbeingpayableattheofficeoftheTownTreasurerinEsteePark,Colordo,or at the ‘tanover National Bank in the City of New ork,
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 Estee Park for the purpose of flay—
irig,redeeming and refunding a like amount of outstanding,unpaid,payable,
lawful and valid bonds of said Town,and the laful and valid indebtedness
evidenced thereby,and in exchange theref or,under,by virtue of and in
full conformIty with the proviions of an Act of the General As’erthly of the
State of Colorado,entitled:stAn Act to enable cities and towns to refund
their bonded indebtedness”,approved ?1arch lf’,l92l and all other acts
thereunto enabling,and ouruant to an ordinance duly adopted by the Board
of Trustees of said Town at a lawful meeting thereof,held orior to the
issuance of this bond;and it 1 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 issuing of this bond to render the same law
ful and valid,have hapoened,been oroerly done and performed,and did
exist in regular and due time,form and manner as required by law,and that
the total debt of said Town of Estee Park,including this bond,exceeds
neither the statutory nor the constitutional limitations of the State of
Colorado,and that said total debt 1”not increased by the issuance of this
bond.
The full faith and credit of the Town of Estee Park are hereby pledg
ed for the punctual nayrnent of the principal of and the Interest uoon this
bond.
IN WITNE33 WHEREOF,the Town of Estee Park,hap.caused this bond to
be signed by it Mayor,countersigned by its Treasurer,and sealed with
its cor)orate seal,and attested by its Town Clerk,and has caused the
annexed Interest coupons t be executed wIt*the engraved facsimile signa
ture of its a1d Treasurer,as of this firt day of April,A.D.1929.
(Do not sign)
I:ayor
(SEAL)
ATT3T:(Do not sign)
Town Clerk
COUNPEB3IGNID:
(Do not sign)
Town Treasurer
(Form of CouDon)
4?
1’l_)•Si’_________________
April
On the first day of October,A.D.19———,the Town of Estee Park,
In the State of Colorado romises to pay to the bearer___________________
_________________________Dollar
In lawful money of the United states of
America,at the office of the Town Treasurer in Estee Park,Colorado,or
at the t-anover National Bank,in the City and 3tate of New York,U.3.A.,
at te otion of the holder,being six months’interest on its Refunding
Jond dated ADr11 1,l959 bearing
No.________
(Facsimile signature)
Town Treaurer.
Section 4.When isqued,the Refunding Bonds hereby authorized shallbeexchanged,dollar for dollar,for the bond to be refunded,and theyshallnot‘cc issued until the outstanding bond to be refunded has beencalledinandcancelledinanamountequalto,or in excess of,the bondssoissued,and all accrued interest on said bonds to be refunded shall bepaidbeforesuchrefundingbondsareissuedinexchangetherefor.
SectIon 5.That the interest due on said bonds on October 1,1929,shall be paii from the general fund of said Town;and for the purpose ofreimbursingsaidgeneralfundforsaidInterestandtoprovidetheneoes—sary funds for the payment of interest on said bonds as the same becomedue,tnd to provide funds for the payment of the principal of said bondsastheymatureseriallyintheyearn1930to1959,inclusive,there shallbeleviedonallthetaxablepropertyinsaidTown,in addition to allothertaxes,the following direct annual taxes,towit:
Year of
Levy
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
19 L0
19 --1
1942
1943
19 4
1945
19%6
1947
1948
1949
1950
1951
1952
195
195.
1955
1956
195%
1958
For
Interest
5,062.50
3,262.50
3,150.00
3,037.50
2,925.00
2,812.50
2,700.00
2,587.50
2,475.00
2,362.50
2,?50.00
2,137.50
2,025.00
1,912.50
1,800.00
1,687.50
1,575.00
1,462.50
1,350.00
1,237.50
1,125.00
1,012.50
900,OCi
787.50
675.00
562.50
L.50.OQ
337.50
225.00
112.50
for
Principal
$2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
2,500
?,500
2,500
2,500
2,500
2,500
2,500
Total
$7,562.50
5,762.50
5,650.00
5,537.50
5,125.00
5,312.50
5,200.00
5,087.50
4,975.00
,862.5o
4,750.00
4,637.50
4,525.00
4,412.50
4,300.00
4,187.50
4,075.00
3,962.50
3,850.00
3,737.50
3,625.00
3,512.50
3,400.00
3,287.50
3,175.00
3,062.50
2,950.00
2,237.50
2,725.00
2,612.50
And said taxe when collected shall be placed in a fund to be called“Redenrntion Fund to pay Refunding Bonds dated Apr11 1,1929”,and saidtaxesshallbeappliedsolelyfortheourposeofthepaymentofsaidinterestandorincipalofsaidbondsrespectively,and for no other ourposewhatever,until the bonds authorized under this ordinance,principal andinterest,shall have been fully paid,satisfied and discharged;but nothinghereincontainedshallbesoconstruedastopreventsaidTownfromaoplyinganyotherfundsthatmaybeinthetreasuryoftheTownandavaflhleforthatpurosetothepaymentofthesaidinterestorprin—cral as the same respectively mature,and the levy or levies herein
provided for may thereuoon to that extent be diminished.
5ection 6.That the provisions of this ordinance and each of thebondsandInterestccuonsIssuedpursuanttheretoshallconstituteandthesameareherebydeclaredtobeabindingandirrevocablecontrctbetweenthesaidTownandtheholderfromtimetOtimeofeachofsaidbondsandtheInterestcouponstheretoappertaining.
Section 7.That after said bonds are issued,this ordinance shallnotbealteredorrepealeduntilthebondsherebyauthorizedshallhavebeenfullypaid,both principal and interest.
Section 8.All ordinances or resolutions,or parts thereof,heretoforeadopted,in conflict with the provisions hereof,be,and the sameherebyare,repealed.
Section 9.This ordinance,inmediately on its passage,shall berecordedintheTownbookofordinanceskeptforthatpurpose,authenticatedbythesignatureoftheMayorandClerk,and shall be published inTheEsteeParkTrailsanewsoaperpublishedandofgeneralcirculationinsaidTown,and shall be in full force and effect thirty days aftersuchpublication.
AND APPROVrD,this .2nd day of Aoril,A.D.1929.
FRANK C.BOND,
Mayor.
(SEAL)
ATTEST:
CHA3.F.HDC
Town Clerk