Loading...
HomeMy WebLinkAboutORDINANCE 43-1928.I . CRDIJATJr Nc.42 AN CDI.iJAiCZ PROVIDING FOR THE IS3UANC BY T}’ TOWN CF iiSTS FARM,IN THE 3TAT CF COICRADC, OF ITS liEGOTIABIE COuPON BOIcWS IN THE AGGREGATE A}0UNT CF FOUR THCUSAID DOLLAL’iS (4,ooo.oo)TO BE DENOJNAL]D “REPUNDCG BCNDS,”FCR THE IUR POSE CF REPJNDING A LIiC AEiCU1’T CF OUTSTANDING BOIIDD INDEBTEE$3 OF SAID TOWN WHICH IS OPTIONAL FOR HEDEITION;PRESCRIBING TI-FORM OF SAID REWi\1DING 3CNDS AND PROVIDING FOR THE LEVY AND CCLICTICN OP AN A1UAL TAX TO PAY T} SAIB,PRINCIPAL AND INTREST. JffREA;3,trie Town of Estes Park,in the County of Larimer and State of Colorado,has heretofore issued and there are now outstanding and unpaid its negotiable coimon bonds,con sisting of Town of Estes Park Sewer Bonds in the amount of four thousand dollars (4,OOO.OO),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 HEBEAS,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 IREAS,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,as iiay be determined by the Board of Trustees of said town,the aount of bonds so determined to be issued as a±oresaid being the sum of four thousand dollars (4,OOC.oo),the certificate of such deterriination having been heretofore duly made and entered in and upon the records of said town as required oy lavi;and NHEREAS,the Board of Trustees has heretofore deter mined that said refunding bonds so to be issued in the aggregate amount of four thousand dollars ($4,OCO.OO)shall be exchanged H 7. ___________ I America of or eaual to the present standard of weight and fine ness,at the office of the Town Treasurer,or at the banking house of Kountze Brothers,in the City and State of New York, r U.S.A.,at the option of the holder.Said bonds shall be signed by the ::ayor,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: . . I !J 9. UNITED STATES OF ]EPJCA STATE CF CCLCpDO CCiJTY OF LAhflR. TOUIT OF ESIES PiF Refunding Bond. No.1,OOO.OC. 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 THCUSAFD DOLiARS, in gold coin of the United States of fierica,of or equal to the present standard of weight and fineness,on the first day of June,A.D.19,with interest thereon from the date hereof at the rate of five per centum per annum,payable semi-annually,on the first days of Deceer and June in each year,as evidenced by interest coupons hereto attached,cth 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 an 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 purose 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 arch 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 oond; and it is hereby certified and recited that all acts and thins reiuired to oe done and conditions and things required to exist 10. II precedent to and in the issuance of this bond to render the same lawful and valid,have happened,been properly done and Der 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 stes 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 hereci. 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 JT1cES$7HE.EciF,the Town of Estes Park has caused this bond to be signed by its Mayor,countersigned by its Treasurer,sealed with its corporate seal,end attested by its Town Clerk and ecorder,and has caused the annexed interest coupons to be executed with the engraved facsimile siature of its easurer,this first day of June,A.D.1928. Countersigned:Mayor. Town Treasurer. (Seal) Attest: Town Clerk RecTe±. 11. . •• Form of Coupon) 2 5 .00. June On the first day of December,A.D.19 ,the Town of Estes ark,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 Estee Park, Colorado,or at the oanking house of Kountze Brothers,in the City and State of New York,U.S.A.,at the option of the holder, being six months’interest on its Refunding Bond dated.June 1, A.D.1928. ‘I No iNc. (Facsimile Signature) Town Treasurer. 12. Section 5.That when issued,the refunding bonds here- by authorized hãll be exchanged dollar for dollar for the bonds to be rerunded,or sold,as may be deteriuined 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 arount equal to or in excess of the bonds so issued and all accrued interest on any of said bonds to be refunded shall be naid before such refunding bonds are issued in exchange therefor. B 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 reirnbursing 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 Princical ota1 1928 200.00 a,oco.co l,2CC.00 l29 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 cal1d the ttRedemption iund to Pay Refunding Bonds dated June 1,1928,”and said taxes shall be applied solely for t1e purpose of the payment of said interest and principal of said bonds resrectively,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 ray be in the treasury of the 13. ;II town and avilaD1e for that purpose to the payment of the said interest or princiol as the same resuectively mature,and the 1ej or levies herein iDrovicled for may thereuuon to that extent oe 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 end 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 1C.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 publishcd in jjPprk Trpil ______ ,a newspaper published and of general circulation within the limits of the to vm. PASSED A1D ADCPTD,SIfD AND APPROVED this 9th day of __________________, A.D.1928. _____ (Seal)Mayor. Attest: 14.