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HomeMy WebLinkAboutORDINANCE 34-1925WHEREAS,The Board of Trustees of the Town of Estes Park,in the State of Colorado,did heretofor.by Ordinance No.35,duly adopted and approved on the eleventh day of March,A.I).1Q25,call an election of the qualified electors of said town,w shall hay,paid a.tax within the calendar year immediately preceding such election upon property assessed to such voters in said town,to be held in said town on Tuesday,the seventh day of April,A.D.1Q25,for the purpose of Toting upon the following question,to—wit: “Shall the Board of Trustees of the Town of Este. Park,Colorado,be authorized to contract an indebted— -:ness on behalf of the Town and upon the credit thereof by issuing the negotiable coupon bonds of the Town in the aggregate principal aunt of Fourteen Thousand Dollars (*i4,000),for the purpose of funding the legal floating indebtedness of said Town;” AND WHEREAS,Said election so called has been duly held in said town in accordance with law,and from the canvass of the returns from said election it appears that a majority of all the votes cast thereat were “For Funding Bonds”and i favor of contracting such indebtedness for th.purpose aforesaid;and WHER.Aa,Said Board of Trustees has by resolution declared that• said election resulted in favor of contracting said indebtedness to the amount aforesaid: NOW,THEREFONE,E IT ORDAINED BY THE BOARD OF TRUSTEES 0?THE TOfl 0?ESTES PARK,IN THE STATE OF COLORADO Section 1.That for the purpose of funding the legal floating indebtedness of said town,represented by warrants heretofore issued,the ‘5 I ,• rr I ORDINANCE NO.3 AN ORDINANCE PROVIDING FOR THE ISSUANCE BY THE TO1N Of ESTES PARK,IN THE STATE OF COLORADO, OF ITS NNGOTIABLE COUPON BONDS IN THE AGGPJXATN AMOUNT OF FOURTEFJ THOUSAND DOLLARS (it,ooo),TO BE DESIGNATED “FUNDING BONDS,”FOR THE PURPOSE OF FUNDING A LIKE AMOUNT 0?THE LAL FLOATING INDEBTEDNESS OF SUCH TOfl,PROVIDING FOR TUE LEVY AND COLLECTION OF A TAX TO PAT THE PRINCIPAL OF AND THE INTEREST UPON SAID BONDS,AND DECLARING AN 1ERGENCY. I .‘ [_ . ‘: / H said town shall issue its negotiable coupon bonds in the aggTegatO amount of P’oureen Thousand Dollars (*14,000),coneistfng of fourteen (14)bonds, numbered consecutively froa one (i)to fourteen (14),inclusive,in dewmination of One Thousand tkllars ($1,000)each,to bear dat.the tfteenth day of April,A.D.1925,and to bear interest from and after date at the rate of five per centum (5%)per annum,payable seai—innually on the fifteenth day of October and the fifteenth day of April in each year,said interest to b.evidenced by coupons attached to said bonds. Said bonds shall mature aerially and shall be due and payable in regular numerical order as follows,to—wit:One (1)One Tbousand Dollar ($i,000) bond shall be iu.and payable on the fifteenth day of April in each of the years 1930 to 1945,inclusive,and both the principal of and interest on ‘N seid bonds shall be payable in lawful money of the United States of America at tqff1oeof)Iko Treamirer of the Town of Estee Park,Colorado,or at The Uatfonal Bank,in the City of New York,U.S.A. Said funding bonds shall be signed by the mayor,oountersiga.d by the treasurer,and attested by the clerk,and the seal of the town affixed thereto;and each of said bonds shall have attaohed tber.to coupons securing the payment of the interest accruing thereon as it falls due,each coupon bearing the engraved faa—simile signature of the treasurer of said town. Said coupons,when issued as aforesaid as a part of said bonds,shall be the lawful promises and obligations of said town,securing th.payment of said interest as it becomes due in the hands of all persons to whoa they may lawfully come. Section 2.Said bonds and the coupons thereto attached shall be in substantially the following form: . I I I •. UNITED STATES OF AMERICA STATE OF OOuiMi OOWITT 0?LAIiIMER jfl 0?ESTES PABX \.FUNDIIG BOND $1,000 I THE TOWN OF ESTES PARK,in the County or Lariser and State of Colorado,for value received,hereby acknowledges itself indebted amd promises to pay to th.bearer the sum of “ ONE THOUSAND DOLLARS, in lawful mq of tk.United States of America,on the fifteenth day .f :J April,A.D.1_,with interest thereon at the rate of five per centun (5%)per annum1 payable semi—annually on the fifteenth day of April end the fifteenth day of October in aoh year,as evidenced by interest coupons hereto attached,both thd principal hereof aid the interest hereon being payable at e office of the Treasurer of the Town of Estee Park,Colorado, or at National Bank,in the Cit7 and State of New York,U.8.A.,upon presentation and surrender of this bond or said coupons as they respectively mature. This bond i issued by the Town of Est..Park for the purpose of funding the legal floating indebtedness of said tows under,by virtue of,end in full conformity with th.constitution of the State of Colorado, S.otioas 9177 to 9184,inclusive,of the Compiled Laws of Colorado 1921,and all other laws of the State of Colorado thereunto enabling;and it is hereby certified and recited that all the requirements of law have beea fully complied with,by the proper officers in the issuance of this bond,ad that the issuance of this bond has been authorized by a vote of a majority of 1. ;jfr,... the duly qualified electors of said Town of Eates Park voting on the question at an election duly held in said Town on th.seventh day of April,A.1).1925. It I.further hereby certified and recited that this bond is issued in full satisfaction and payment of a like amount of outstanding, unpaid,payable,lawful and valid indebtedness of the Town of Estee Park, and in exchange therefor,and that all necessary acts and things required to be done and oonditions and things required to exist precedent to and in the issuance of this bond to render the sane lawful and valid hare happened,been properly done end peTforned,end did exist in due tine,fors and manner as required by law,and that the total indebtedness of said Town of Estea Park,including that of this bond,doea not exceed the limit prescribed by the constitution or laws of the State of Colorado. The faith and credit of the Town of Estee Park are hereby pledged for the punctual payment of the principal of and the interest upon this bond. i: Il TESTIMOR WIIEBIUF,The Town of Estes Park has oauaed this bond o be signed by its Mayor,countersigned by its Town Treasurer,end the seal of said Town to be hereto affixed and attested by the Clerk thereof, this fift•entk day of April,A.ii.1925.1 ‘ ATTEST, _______________________________ 25.OO April, On the fifteenth day of October,A.D.19 ,the TOfl Of ESTES PA1L,in the County of Larimer and State of Colorado,will pay to bearer TWEEIT_FIVE DOLLARS,in lawful sonoy of the Uaited States of A*erioa, at the office of the Trea8urer of the Tonn of Eates Park,Colorado,or at the4aaf;z oIi*Eation&l Bank,in the City and State of low York, V.8.A.,being six eonths’interest on its funding Bond,dated April 15, 1925,bearing (Fac—siail.Signature) TOWN Ti.EàSUhnn. - - — . No. (l’ors of Coupon) No. ____ ‘i’• -4’- --p..:.. p 1-, .7- I I .. Seot,io 5.That the funding bonds hereby authorized to be issued,or the proceeds thereof,shall be used øxclueively foT the purpose of paying,redeeming and funding the floating indebtedness and outstanding legal warrants of the Town of Estes Park herein provided to be funded, and for no other purpose whatever,and to that end the said bonds hereby authorized shall be delivered by the Board of Trusto..to Boswortb, Chanut.and Coapany,the lawful purchaser thereof,at not less than their face value,and the proceeds thereof used in paynient of such legal in— debtedness and legal warrants which were outstanding at the time of the calling of said election of April 7,1Q5. Section 4.That when issued the funding bonds hereby author ized hail be duly registered by the Town Clerk i a book kept fo that purpose,therein noting the date of issue and maturity dates,interest paying periods,and the respective interest and principal amounts.And the Town Treaaur.r shall keep a like register,and shall enter therein th floating indebtedness which say be funded by the issu,of the bonds hereby authorized.Said bonds hereby authorized shall be executed aad delivered fros time to time only so fast as a like principal amount of the said floating indebtedness of the Town of Estea Park is presented for payment or redeptioa,and in euch manner that no increase in the debt of the Town of Estes Park shall at any time result therefrom;and said indebtedness shall thereupon be immediately canceled in an amount equal to or in excess of the bonds so issued,and a report,or reports,of the proceedings in the execution and dolirery of the funding bonds hereby authorized sad the contemporaneous payment and cancelation of the in debtedness thus funded shall be made to the Board of Trustees by the Town Treasurer. Section 5.That the ftoroat due o said Dund.t)e fifteenth day of otober,A.D.15,ihall b ?.LU out of the general revenues of said tn,and for the purpose of reimbursing said general reveziiee 40 . for the payment of interest so taken from them and for the purpos.of pro viding the necessary funds to pay the interest on said bonds after Octob.? 15,1925,as the same becomes due,end to pay th.principal of said bonda as it beooses due serially in the years 1950 to 1943,inclusive,there shall be levied on all of the taxable property in said town,in addition to all other taxes,the following direct annual tax,to—wit: YEAR OF LIV!FOR IRTREST FOR PPJ)GIPAL 70TAL 1925 *1,050 1,050 1926 700 700 1927 700 700 192$700 700 1929 700 *1,000 1,700 1050 0 1,000 1,650 - 1931 600 iOO0 1,600 -(ç 1932 550 1,000 1550 1933 500 1,000 1,500 1954 450 1,000 1,450 1935 400 1,000 1,400 1938 350 1,000 1,550 1937 300 1,000 1,300 1938 250 1,000 1,250 1959 200 1,000 1940 150 1,000 1,150 1941 100 1,000 1,100 1942 50 1,000 1,050 And said taxes,when collected,shall be p1.oed in a.fund to be called the “Redemption Fund.”3aid taxes shall be applied solely for tb. purpose of the payment of said inttrest and principal of said bonds respectively,and for no other purpose whatever until the bonds authorized under this resolution,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 town and available for that purpose to tb.payment of the said interest or principal as the same reapsotf rely mature,and the levy or levies herein provided for say thereupon to that extent be dimi1sbed. Seotion 6.That th.provisions of this ordinance and each of the bonds and the interest coupons issued pursuant thereto shall constitute, and the same are hereby declared to be,a binding and irre’,ocable contract 41 . between said town ad the holder from time to time of each of said bonds and the interest coupons thereto app ertaining. Section ..This cidinance shall be irrep.elable until the indebtedness herein provided for,and the bonds iesued as herein provided, shall have been fully paid. Section 8.This ordinance,after its passage,3hall be r.oorde, in a book kept for that purpose,shall be authenticated by the signatures of the Mayor and Town Clerk,and shall be published in The Estos Park Trail, a newspaper published within the limits of the Towxz of Estes ?ark,Colorado. Section 9.That the legal,floating indebtedness of said tow* to be redeemed and paid upon the issuanc.of said funding bonds bears a rate of interest higher than the rate prescribed for th.said trending bonds.Therefore,an .m.rg.noy is hereby declared to exist and the adoption of this ordinance is declared to be neoessary to the fediate preservation of the public peace,health and eafet,and ft shall,there fore,take effect and be in fore.upon the expiration of five days after it has been so published.