HomeMy WebLinkAbout00544Ordinance No. 544
AN ORDINANCE PROVIDING FOR THE ISSUE OF WATER BONDS
IN THE AMOUNT OF $118,000.00
Be it ordained by the City Council of the City of Pueblo:
Section 1. That whereas Section Seven (7) of an Act of the General Assembly of the
State of Colorado, approved April 10, 1885, and entitled "An Act to Amend an Act in Relation to
Municipal Corporations, approved April 4, 1877," in substance provides: That when two (2) or
more contiguous cities or incorporated towns shall desire to consolidate with each other, three
(3) commissioners appointed from each of such cities or towns by the Council or Board of
Trustees thereof respectively shall arrange and report to such Council or Board of Trustees the
terms and conditions on which such proposed consolidation can be made; and
WHEREAS, such section further provides that if the Council or Trustees of each of such
cities or towns shall approve of the terms and conditions so proposed, they shall by proper
ordinance so declare, and the Council or Board of Trustees of each of said cities or towns shall
submit the question of consolidation upon the terms and conditions so proposed to the electors
of said cities or towns; and
WHEREAS, the former cities of Pueblo and South Pueblo and town of Central Pueblo
being contiguous to each other and respectively cities of the second class, and an incorporated
town existing in the County of Pueblo and State of Colorado, did duly and respectively appoint
commissioners under and pursuant to said Section Seven (7), which commissioners so
appointed on the 15 day of February, A.D. 1886, reported to the Councils of said cities and the
Board of Trustees of said town certain terms and conditions agreed upon between them as the
terms and conditions for the proposed consolidation of said cities and said town, and in said
terms the name of Pueblo was given to such proposed consolidated city; that upon said 15
day of February, A.D. 1886, the Councils of said cities and the Board of Trustees of said town
respectively, by ordinance duly passed, declared their approval of the said terms and conditions
so reported by said commissioners, and thereafter, by ordinance duly passed, submitted the
question of consolidation upon the said terms and conditions so proposed to the electors of their
respective cities and towns, designating therein March 9, 1886, as the day upon which such
question should be submitted to the vote of said electors; and
WHEREAS, pursuant thereto, upon due notice and in compliance with the requirements
of Section Eight (8) of said Act of the General Assembly, as election was held on the said 9th
day of March in said respective cities and town, and a majority of the electors in each of said
cities and in said town voted in favor of consolidation of said cities and town upon the terms and
conditions proposed; and
WHEREAS, thereafter, pursuant to Section Nine (9) of said Act of the General
Assembly, at the annual Municipal election of officers held April 6, A.D. 1886, officers of and for
such consolidated city were elected, and said city consolidated, as aforesaid, upon the terms
and conditions heretofore referred to, and has ever since maintained its organization and
existence as such consolidated city under the name of the "City of Pueblo "; and
WHEREAS, under Article Eleven (11) of the terms of consolidation agreed upon as
aforesaid, it is provided: That the title to the real estate and to the Pueblo Water Works, owned
by the former City of Pueblo before and at the date of consolidation aforesaid of said former
cities of Pueblo, South Pueblo and town of Central Pueblo, should vest in the Aldermen of the
consolidated city from the wards north of the Arkansas River and their successors in office for
the use and benefit of the former city of Pueblo and the inhabitants and property therein to be
known as "The Trustees of the Pueblo Water Works, and the said Trustees should have the
cars, repair, operation, management and control of the Pueblo Water Works, real and other
property therein described, and should have and exercise the same power as was possessed
by the former City of Pueblo for supplying water and control of real estate in and for that portion
of said consolidated city lying north of said Arkansas River; and
WHEREAS, said Article Eleven (11) further provides that the City Council of the
consolidated city shall, when so requested by the Trustees of the Pueblo Water Works, pass
any ordinance or take any action or step necessary to aid said Trustees in obtaining or
supplying water to that portion of the consolidated city lying north of the Arkansas River; and
WHEREAS, Article Fourteen (14) of said terms and conditions agreed upon, provide that
the respective Water Works and system of water supply existing respectively in the former cities
of Pueblo and South Pueblo, shall remain to all intents and for all purposes the same as though
the consolidation contemplated in said terms and conditions had never been effected, and that
the Water Works then owned by the former City of Pueblo, or any Water Works that might be
thereafter owned by the consolidated city during the lifetime of the contract with the South
Pueblo Water Co. should not furnish or supply any water to any portion of the consolidated city
lying south of the Arkansas River. The said Article further providing that it should not be lawful
for the said South Pueblo Water Works to extend its mains or supply water to any part of the
consolidated city lying north of the Arkansas River; and
WHEREAS, the following preamble and resolution, at a special meeting of the Trustees
of the Pueblo Water Works, called for the purpose, was duly passed by said Trustees, viz:
"WHEREAS, the said Trustees of the Pueblo Water Works, for the purpose of increasing
and improving the supply of water for that portion of the city lying north of the Arkansas River by
laying new and additional water mains and making other improvements, are desirous of
contracting a bonded indebtedness in the sum of $188,000.00, to be paid from the revenues
derived from said Water Works system, and by taxation upon that portion of the consolidated
City of Pueblo lying north of the Arkansas River, the present and ordinary revenues being
inadequate to meet the additional expense created by said improvements, and said increase
and improvements of said water supply being necessary for the public health and welfare of that
portion of the said consolidated city lying north of the Arkansas River, now, therefore be it
RESOLVED by the said Trustees of the Pueblo Water Works, that the City Council of the
City of Pueblo be, and is hereby requested, pursuant to all of the Articles of Consolidation of
said City, to pass an irrepealable ordinance providing for the issue of bonds in the sum of
$118,000.00 for the purpose of borrowing money for the objects above stated, such bonds to be
issued in the name of the City of Pueblo for the uses and purposes above set forth.
That such ordinance shall, in substance, provide farther as follows: Said bonds shall be
entitle "Water Bonds ", and shall be in the denomination of $1,000.00 each.
That the term of said bonds shall be for the period of fifteen years from the 2n day of
January, A.D. 1899, bearing interest at 4 %2% per annum, payable semi - annually on the second
days of January and July.
That said bonds shall be signed by the Mayor of the City of Pueblo, and attested by its
Clerk.
That said bonds shall contain an express recital that they are issued for the purpose of
increasing and improving the supply of water in that portion of the City of Pueblo lying north of
the Arkansas River.
That said ordinance, for the purpose of extinguishing the principal of said bonds within
the term limited for them to run and of paying the interest accruing thereon, shall impose upon
the City Council of the City of Pueblo the duty, annually, at the time and in the manner that other
city taxes are levied, to levy upon the taxable property situated in that portion of the City of
Pueblo lying north of the Arkansas River a special tax sufficient to pay the annual interest on
said bonds and to extinguish the principal thereof at maturity.
That the entire expense of printing and negotiating said bonds, and all other expenses
incident thereto, shall be borne by the Trustees of the Pueblo Water Works.
That said bonds when issued, shall be negotiated by said Trustees and the proceeds
thereof applied by said Trustees for the purposes herein before set forth, and said ordinance
shall also provide the doing, and causing to be done all things necessary and proper for the
creation of a valid loan as aforesaid."
NOW, THEREFORE, for the purpose of carrying into effect the said request of the
Trustees of the Pueblo Water Works, and for the purpose of increasing and improving the
supply of water, as herein before stated, for that portion of the consolidated city lying north of
the Arkansas River, be it ordained by the City Council of the City of Pueblo, Colorado that 4 Y2%
coupon bonds, amounting to $118,000.00, be issued in the name of the City of Pueblo with the
view of borrowing money to increase and improve the supply of water for that portion of the city
of Pueblo lying north of the Arkansas River.
Section 2 . The said bonds shall be 118 in number, numbered from 1 to 118 both
inclusive, in the denomination of $1,000.00 each, payable to bearer, and be dated January 2,
1899, and bear interest at the rate of 4 1/2 % per annum, payable semi - annually thereafter on
the second days of January and July.
Said bonds shall state on the face thereof the title of this ordinance, the section of the
General Statute of the State and the title of the Act of the General Assembly of the State of
Colorado under which the cities of Pueblo and South Pueblo and the town of Central Pueblo
were consolidated, and in pursuance of which the same were issued.
Said bonds shall expressly recite on their face that they are in all respects duly issued
under and pursuant to authority of the said Acts of the Legislative Assembly and of the terms
and conditions of said Articles of Consolidation.
The said bonds shall be signed by the Mayor and City Clerk of the City of Pueblo, and
the seal of said city shall be thereunto affixed.
Section 3. The said bonds shall mature, and the principal thereof shall become due and
payable at the expiration of fifteen years from the date thereof, and both principal and interest
thereof shall be payable, when due, in gold coin of the United States of the present standard of
weight and fineness, at the National Bank of North America, in the City and State of New York.
The said bonds shall contain an express recital thereon that they are issued for the
purpose of increasing and improving the supply of water in that portion of the City of Pueblo
lying north of the Arkansas River, and a copy of this ordinance shall be printed on the back of
said bonds and shall be considered a part thereof.
Section 4. The said bonds when issued, shall be negotiated by the Trustees of the
Pueblo Water Works, and all expenses incident to the issue of said bonds and their negotiation
shall be borne solely by said Trustees. The proceeds from the sale of said bonds shall be
applied by said Trustees to the purposes and objects of increasing and improving the supply of
water for that portion of the City of Pueblo lying north of the Arkansas River and to no other
purposes whatever.
Section 5. The City Council of the City of Pueblo shall, at the time and in the manner
fixed by law for levying other city taxes, levy a special tax sufficient to pay the interest and
principal on said bonds as the same shall mature and become payable, which tax, both for the
payment of the principal and interest of said bonds, shall be collected by the same officers and
in the same manner as city taxes are, and when collected shall be preserved and only be
applied by said city to the payment of both the principal and interest of the bonds, as aforesaid,
until the indebtedness hereby created shall be fully paid and discharged, Provided, however,
that all taxes levied for the payment of said principal and interest of said bonds shall be
assessed upon and collected only out of the taxable property of that portion of the City of
Pueblo lying north of the Arkansas River.
Section 6. This ordinance shall be irrepealable until the indebtedness herein created
shall be fully paid and extinguished in manner herein provided, and the said bonds when issued,
shall constitute a valid indebtedness against the City of Pueblo to the extent, however, only of
binding and subjecting the taxable property situate in that portion of said city lying north of the
Arkansas River, or property subject to taxation in such portion of said city, to payment of the
same, both principal and interest, out of and from taxes to be duly levied, assessed and
collected from the said property — real, personal or otherwise — being so north of said river or
subject to taxation therein.
Section 7. The form of bonds to be issued under this ordinance shall be the same as the
one herewith submitted, which is hereby approved.
Section 8. This ordinance shall take effect from and after its passage, approval and
publication.
No.
$1,000.00
UNITED STATES OF AMERICA,
State of Colorado,
City of Pueblo.
Water Bonds.
KNOW ALL MEN BY THESE PRESENTS, That the City of Pueblo, in the State of
Colorado, acknowledged itself to owe, and for value received hereby promises to pay to bearer
One Thousand Dollars ($1000) upon the 2n day of January, A.D. 1914, with interest thereon
from the date hereof, at the rate of four and one -half (4 Y2 %) per centum per annum, payable
semi - annually upon presentation and surrender of the annexed interest coupons as they
severally become due. Both principal and interest of this bond are hereby made payable in
Gold Coin of the United States of the present standard of weight and fineness at the National
Bank of North America, in the City and State of New York, and for the prompt payment of this
bond, both principal and interest, the income and revenue of the Pueblo Water Works supplying
water to the inhabitants of that portion of the said City of Pueblo lying north of the Arkansas
River, and the revenue derived by taxation from the territory comprised in the wards of said city
lying north of the Arkansas River, only, are hereby irrevocably pledged.
This Bond is issued by the City Council of the City of Pueblo for the purpose of
increasing and improving the supply of water in that portion of the City of Pueblo lying north of
the Arkansas River, and pursuant to and in full compliance with the provisions of Section 4403
of Mills' Annotated Statutes of Colorado, as amended, and under an ordinance, entitled "An
Ordinance Providing for the Issue of Water Bonds in the Amount of One Hundred and Eighteen
Thousand Dollars ($118,000) ", duly passed at the request of the Board of Trustees of said
Water Works by the City Council of said City of Pueblo, at a meeting thereof in all respects
legally and regularly called and held, which said ordinance is printed on the back of this bond
and shall be considered and held a part hereof, and in pursuance to the Articles of
Consolidation entered into by the cities of Pueblo and South Pueblo and the town of Central
Pueblo, under an Act of the General Assembly of the State of Colorado, approved April 10,
1885, entitle "An Act to Amend an Act in relation to Municipal Corporations, Approved April 4,
1877 "; and it is hereby certified and recited that all acts, conditions and things required by the
Articles of Consolidation and the laws and Constitution of the State of Colorado, to be done
precedent to and in the issuing of this Bond, have been properly done, happended and been
performed in regular and due form as required by law, and that the total indebtedness of said
City of Pueblo including this Bond, does not exceed the constitutional and statutory limitations.
IN TESTIMONY WHEREOF, The said City of Pueblo has caused this Bond to be signed
by the Mayor and Clerk thereof, and sealed with the corporate seal of said City, this 2n day of
January, A.D. 1899.
R
(COUPON)
$22.50
PUEBLO, COLORADO.
The City of Pueblo, Colorado, promises to pay to bearer Twenty -Two and 50/100
Dollars, Gold Coin of the United States, on the 2 nd day of January, in accordance
with the provisions of the hereinafter named Bond, at the National Bank of North America, in the
City and State of New York, for semi - annual interest due that day on its Water Bond of January
2" 1899, No ..................
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