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Home My WebLink AboutORDINANCE 90-40A - r ORDINANCE NO.9o AN ORDINANCE TO CONTRACT AN INDESTE1E$S ON BEHALF OF THE TOWN OF ESTES PARK,COLORADO,AND UPON THE CREDIT THER!OF,B!ISSUING A BOND OF SAID TO IN THE AMOUNT op sEvENTI—nvE ThSAND DOLLARS f7 5,000.00)FOR THE KXT3ION AND IMPrOVEENT OF WATERY0RKS FOR FIRE AID DOMESTIC PURPOSES,PRESCRIBING THE FORM OF SAID BOND, PROVIDING FOR THE LEVY OF TAXES AND THE PLEDGE OF RATER REYWE3 TO PA!THE SAlLE,PRINCIPAL AND INTEREST; R’EAL!NG ALL ORDINANCES RESOLUTIONS OR PARTS THERE)? IN CONFLICT HEREWITH AND DECLARING AN ERGC! WHEREAS,The Tori of Est.s Park owns and operat.s a water ayste for said Teen and the residents therein;and NIIEREAS,Said water systiB is not adequate for th.said Town and the inhabitants thereof,and in order that th.present and future needs of the people may be met,it is necessary to erect and construct additions, extensions and improvements to the said water system in order to supply the said Town and the inhabitants thereof with a proper and adequate supply of water;and WHEREAS,There are nob sufficient funds in th.treasury of said Teen to provid,for the necessary additionE,extensions and i*prov-ements to said watar systen,and th.Board of Trustees d..ms it advisable and necessary to issue a bond of the said Town to supply the said Town and Its inhabitants with water,as hereinafter set forth; NOW,THEREFORE,BE IT ORDAINED B!THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK,COLORADO: Section 1.That for the purpose of providing funds for the extension and improveaetit of the Eates Park waterworks systes,as originally contepla ted and authorized by the Town of Estes Park,the Town shell issue a negotiable bond thereof,in the amount of Seventy—Five Thousand Dollars f75,OOO.OO),payabl.in lawful money of the United States of -2- -‘:‘ America and bearing interest from and after the Pifteeth day of September, i.1).1940,at the rate of Two and Three—çuarters Per Cantum (2 3/4%)per annum,payable Eetni—annually on the Fifteenth day of March and the Fifteenth day of September in each year.Said bond shell be nwabered One (1),shail be absolutely due and payable on the Fifteenth day of September,.D.1950, and shall be redeemable at any tL.s prior to aaturity.Said bond and the interest thereon hall be payable at the Offic,of the To!li Treasurer in Estes Park,Colorado. Said bond hal1 bear date the Fifteenth day of September,A.D. 1940 end ehall be sied by the Rayor,attested by the To’en Clerk and Recorder,under the official seal of said Toi,countereignad by the To Treasurer,and shall be recorded in a book to be kept by the said Town Clerk for that purpose. Section 2.That the said bond shall be in substantially the following form: -3- . USITED STATZS OF AMEIICA STATE OF COLORADO OUNT OF LARLWER TO 01 ESTES PARK ESTES PARK RATER XTEZON BOND No.J 75,000.O0 The To*of Eates Park,in the County of Larimer,and State of Colorado,for value received,acknowledges it..lf indebted and hereby prowius to pay to bearer,upon presentation and surrender of this bond, EErnT!-FIYE THOUSAND JDLLARS in lawful money of the United States of America,on the Fifteenth day of September,A.D.1950,reserving the right to pay the same at any time prior thereto;with interest thereon at the rate of Two and Three—çzarters Per Osuttim (2 3/4%)p.r annum,payable semi—annually,on the Fift.mth day of MArch and the Fifteenth day of September in each year;both prin cipal and interest being payabl.at the Office of the Teen Treasurer,in Eites Park,Colorado. Thie bond is issued by the Board of Trustees of the Town of Estee Park for the purpose of improving the waterworke system of said Toti, under the authority of and in full conformity with the Constitution of the Shete of Colorado,the provisions of Chapter 163,Colorado Statutes Annotated,1935,and all acts aasidatory thereof and supplemental thereto, and pur.uant to an ordinance of said Towi duly adopted,published and made a law of aaid Town pTior to the issuance of this bond;and it is hereby certified sad recited that all the requirements of law have been fully complied with by th.proper officers in tlie issue of this bond, and that the total dt of the Tomi,including that of this bond,does -4,- 4—(hIF\* not exce.d any limit of indebteduess prescribed by the constitution or laws of the $tat of Colorado,and that provision has been aade for the levy and collection of an annual tax sufficient to pay the interest on and the principal of this bond when the same become due,and in additia, the net water revenues of said Town,as the same are defined in the or— dinance authorizing the iauance of this bond,have likewise been pledged for such payments. The faith and credit of the Town of tstea Park are hereby pledged for the punctual payment of the principal of and the interest on this bond. IN TESTIMONY 1flIER)F,The Board of Trustees of the Town of Eetes Park has caused this bond to be signed by the Mayor of said Town,attested by the Clerk thereof,under the seal of the Town,and counteraigned by its Treasurer,as of the Tiftanth day of Septenber,A.0.1940. —(DO ROT SIGN) (SEAL)Mayor ATTEST:OOWIUItSIONEDa (Do NOT iai)-:(Do NOT SIGN) Town Clerk Town Treasurer -5- •L’ Section 3.That when said bond has bean duly executed as aforesaid,the ewze shall be delivered to the purchaser thereof,and the fund#rained thereby shall be applied solely to the purpose aforesaid, of the extension and iapro ent of weterwrks for fire and dozestic purposes within and for said Town,and for no other purpose whataoever, but th.purchaser of said bond haU in no annner be responsibl.for the application or diap.aal by said Town,or any of its officers,of any of the funds derived froa the sale thereof. Section 4.For the purpose of meeting the interest on said bond promptly and as the same becomes due,and for the purpose of pro viding for the ultiutate payment and redenption of the said bond,there shall be levied on all the taxable property in said Town,in addition to nfl other taxes,direct annual taxes in each of the years 19140 to 19149, ino1uaie,sufficient to produce one year’a interest on said bcu1 and one—tenth of the principal thereof.41nd said taxes,whmz collected, shall be applied solely to the purpose of the p.iyment of the said interest and the principal of said bond,reapec1vely,and for no other ‘urpoae whatever,until the indebtedness so contracted under this ordinance,both principal and interest,shall have bean fully paid,satisfied and dis charged;but nothing herein contained shall be so construed as to prevent said Town from applying any other funds that may be in the ton treasury and available for that purpose,to the payment of said intereat or prin cipal,as th.same respectively mature,end upon any such application of funds tb levy or levies herein provided may thereupon to that extent be diminished. kid the sums hereinb.fore provided to rneet the interest on said bond,and to discharge the principal thereof when due,ar,hereby —6- C,’- :.:., 4 appropriated for that purpose,and said amount for each y-ea shall also be included in the annual appropriation bills passed by the Board of Trustees of said To in each year respectively. Section 5.It lia1l be th duty of the ocrd of trustees of said Town,amiuafly,at the time and in the manner provided by law for levying oth.r tovn taxes,if such actIon shall he necessary to effectuate the provisions of this ordinance,to ratify and carry out the provisions hereof with reference to the le’vring and collection of taxes;ond said 3oard ahail require th.officers of and for sald Town to levy,extend and collect such taxes in the manner provided by law for the purpoa of creating a fund for the payment of the principal of said bond end in terest thereon,end such taxes,eri collected,hal1 be applied only to the payment of the interest and principal of id bond as hereiibefore specified. Section 6.AU revenues derived by the Teen from th.operation of its waterworks aytem,after paying the cost and expense of operation, necessary r.pairs and maintenance,rthall be deemed and considered net revenues,and such net revenues shall b•end the same are hereby irrevocably pledged for the payment of the indebtedness evidenced by said bond and the interest thereon.Upon such use of maid net revenues,the tax levies here— inbefore required say be reduced as provided in Section 4 of this Ordinance. Section 7.AU ordinances,by—laws end regulations of the Town of Zstes Park,in conflict with this ordinance,are h.r.by repealed. Section EL After said bond is issued,this ordinance shall be and remain irrepealabi.until said bond and the interest thereon shall have bean fully paid,eatfafied and discharged,as herein provided. —7— :: : 2 Section 9.This ordinance,immediately on its passage,shall be recorded in the town book of ordinances kept for that purpose, authitioated by the signatures of the 1ayor and Clerk,and shall be lished in the “Estee Park Trail”,a newspaper of gisral circulation said Town. Section 10.By reason of the fact that the Ton and its in— babiteute are not properly or adequately supplied vith sufficient ‘eater at the orest time,it is hereby declared that an emergency exists, that this ordinance is necessary to the imieiats preservicri of the public peace,health and safety,end that it shall be in full force and effect fire (5)days after publication. PASSED,ADOPTED AND APPROVED This j_day of September, A.D.1940. (szx4)Mayor Town • pub- in ATTESTt —B-