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HomeMy WebLinkAbout00545ORDINANCE No. 545 An Ordinance providing for the Issue of $192,000.00 of bonds to refund outstanding Water Bonds of the City of Pueblo 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 15th 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. 1889, 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 said 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, an election was held on the said 9 th 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, has ever since maintained its organization and existence as such consolidated city under the name of the "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 herein to be known as "the Trustees of the Pueblo Water Works ", and the said Trustees should have the care, 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 the 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 thereafter be owned by the consolidated city during the life time of the contract with the South Pueblo Water accompany, 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, there is now outstanding a bonded indebtedness of $192,000.00, incurred for the purpose of supplying water to that portion of the City of Pueblo lying north of the Arkansas river, of which $42,000.00 in amount is evidenced by bonds dated January 10, 1884, and the remaining $150,000.00 thereof is evidenced by bonds dated April 1, 1889; and Whereas all of said bonds now bear interest at the rate of 6% per annum, and $42,000.00 of bonds, dated January 10, 1884, are now subject to an option to pay the same, and said $150,000.00 of said bonds are subject to an option to pay the same on the 1S day of April, A.D. 1899; and Whereas the Trustees of the Pueblo Water Works desire to reduce the rate of interest upon said bonded indebtedness, NOW, THEREFORE, be it Resolved, that the City Council of the City of Pueblo be requested, pursuant to #11 of the Articles of Consolidation of said City, to pass an irrepealable ordinance providing for the issuing of bonds in the sum of $192,000.00 for the purpose of refunding the outstanding water bonds above described. That such ordinance shall, in substance, provide farther as follows: That said bonds be entitled "Refunding Water Bonds', and be in the denomination of $1,000.00 each, and shall consist of two series. Series "A" shall consist of 42 bonds of $1000.00 each dated January 2, 1899, and payable 15 years after date, numbered from 1 to 42, both inclusive. $15,000 in amount, thereof, shall be payable at the option of the City of Pueblo, at any time after January 2, 1904; $15,000 in amount, thereof, shall be payable at the option of the City of Pueblo, at any time after January 2, 1905; and $12,000 thereof shall be payable at the option of the City of Pueblo, at any time after January 2, 1906. Series "B" shall consist of 150 bonds of One Thousand Dollars each, shall be dated April 1, 1899, and be payable 15 years after date, numbered from 43 to 192 both inclusive. $3,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1906; $15,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1907; $15,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1908; $15,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1909; $20,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1910; $20,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1911; $20,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1912; and $25,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1913; That said bonds bear interest at 4 %2% per annum, payable semi - annually Series "A" on the second days of January and July, and Series "B" on the first days of April and October. 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 refunding the water bonds above described. That said ordinance, for the purpose of extinguishing the principal of said bonds within the time 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 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, as it becomes optional. 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 the Trustees of the Pueblo Water Works and the proceeds thereof be applied by said Trustees for the purposes hereinbefore set forth; and Whereas the City of Pueblo, in the State of Colorado, is a duly incorporated city of the first class, having a population of more than Ten thousand (10,000); and Whereas the City Council of the City of Pueblo desires to reduce the rate of interest upon the bonded indebtedness described and set forth in the above resolution of the Trustees of the Pueblo Water Works. NOW, THEREFORE, for the purpose of carrying into effect the purpose of the Trustees of the Pueblo Water Works, and for the purpose of refunding the said indebtedness above described, heretofore incurred for the purpose of improving the supply of water for that portion of the consolidated City of Pueblo lying north of the Arkansas river, be it ordained by the City Council of the City of Pueblo, Colorado: Section 1. That there shall be, and there is hereby ordered, issued, the negotiable coupon bonds of the City of Pueblo, Colorado, payable solely from revenues of the Pueblo Water Works and the Revenues derived from that part of the said City north of the Arkansas river, to the aggregate amount of One hundred and Ninety Two thousand Dollars ($192,000) for the purpose of refunding a like amount of the legally issued bonds of the of the said city, and the Board of Trustees of said Water Works, heretofore issued for the purpose of supplying water to that portion of the said city of Pueblo lying north of the Arkansas river, and which said outstanding bonds are now the legally subsisting binding obligations of said City of Pueblo, but payable solely from revenues derived from that portion of said city north of the Arkansas river. Section 2. The bonds hereby authorized shall be designated "Refunding Water Bonds ", and shall consist of two series: "Series "A" shall consist of 42 bonds of $1,000 each, dated January 2, 1899, and payable 15 years after date, numbered from 1 to 42, both inclusive. $15,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of January 2, 1904; $15,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of January 2, 1905; and $12,000 thereof, shall be payable at the option of the City of Pueblo, at any time after January 2, 1906; Series "B" shall consist of 150 bonds of One Thousand Dollars each, shall be dated April 1, 1899, and be payable 15 years after date, numbered from 43 to 192, both inclusive. $3,000 in amount of said series shall be payable at the option of the City of Pueblo, at any time after the first day of April, 1906; $15,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1907; $15,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1908; $15,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1909; $20,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1910; $20,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1911; $20,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1912; and $25,000 in amount of said Series shall be payable at the option of the City of Pueblo, at any time after the first day of April 1, 1913, and in the event that the City of Pueblo shall desire to exercise its option to pay any of the said bonds, it shall give thirty day's notice of its intention to so pay by mailing a notice to the purchaser and holders of said bonds, it shall give thirty day's notice of its intention to so pay by mailing a notice to the purchaser and holders of said bonds, so far as known to said City, and by depositing a like notice at the place of payment of said bond at least thirty days before the date fixed for such redemption. Said refunding bonds shall bear interest at the rate of 4 Y2% per annum, payable semi - annually, and said interest shall be evidenced by appropriate interest coupons attached to each of the said bonds, and both principal and interest of said refunding bonds shall be payable at the National Bank of North America, in the City and State of New York and said refunding bonds shall be signed by the Mayor and Clerk of the City of Pueblo, and shall bear the seal of said City, and said coupons shall be signed by said Clerk, or by his facsimile engraved signature, and when executed said refunding bonds shall be delivered Jointly to the treasurer of the City of Pueblo and the Treasurer of the Pueblo Water Works to be by them delivered to the purchasers thereof, and the proceeds of said bonds shall be used only for the purposes aforesaid. The said refunding bonds may be issued in exchange for said outstanding bonds par for par. In any event the said outstanding bonds shall be cancelled simultaneously with the delivery of said refunding bonds, hereby authorized, the intention being to change but not to increase the indebtedness of the City of Pueblo by the issue of said refunding bonds. Section 3. To provide for the payment of said bonds and interest, there is hereby established with the city treasurer of the City of Pueblo "Water Works Bond Fund" into which shall be covered a sufficient amount of the earnings of the Water Works to pay the interest and retire the principal as it becomes optional. No part or portion of said Water Works Bond Fund shall be used for any purpose whatever, except to pay the interest and principal of the bonds authorized by this ordinance, and the said Fund shall be and remain pledged to said purpose. This ordinance shall be irrepealable until said bonds are fully paid. Section 4. The City Council of the City of Pueblo, shall, annually, at the time and in the manner fixed by law, for levying other city taxes, levy a special tax upon the taxable property of the City of Pueblo situated in the wards lying north of the Arkansas river sufficient to provide for the payment of the principal and interest of the bonds herein authorized. And the property in all other parts of said City and the revenues derived therefrom, shall in no event be liable for, or be applied to the payment of any part of said bonds or interest. Section 5. Said bonds shall state on the face thereof the title of this Ordinance, the Section of the General Statutes of the State and the title of the Act of the General Assembly of the State of Colorado, under which the cities of Pueblo, South Pueblo, and the town of Central Pueblo were consolidated, and in pursuance of which the same are issued. Said bonds shall expressly recite on their face that they are in all respects duly issued under and pursuant to the authority of said Acts of the Legislative Assembly and the said terms and conditions of said Articles of Consolidation. Section 6. The said bonds shall contain an express recital thereon, that they are issued for the purpose of refunding the outstanding Water Bonds of said City, heretofore issued for supplying water in that portion of said 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 hereof. Section 7. The said bonds, when issued, shall be negotiated by the Trustees of the Pueblo Water Works, and all expenses incident to the issuing 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 the said Trustees for the purposes and objects above mentioned, and to no other purposes, or purposes, whatsoever. Section 8. The said bonds, when issued, shall constitute a valid indebtedness in the hands of the holders thereof against the said City of Pueblo, to the extent, however, only of binding and subjecting the taxable property situate in that portion of said City of Pueblo lying north of the Arkansas river, or property subject to taxation in said portion of said City to the payment of the same, both principal and interest, out of and from taxes to be levied, assessed and collected from said property, real, personal or otherwise, being so north of said river, or so subject to taxation therein. Section 9. The form of bonds to be issued under this ordinance, shall be the same as the one herewith submitted, which is hereby approved. Section 10. This Ordinance shall take effect from and after its passage, approval and publication. No..................... UNITED STATES OF AMERICA State of Colorado. City of Pueblo. Refunding Water Bond. $1000 Series Know All Men By These Presents, that the City of Pueblo, in the State of Colorado, acknowledges itself to owe, and for value received hereby promises to pay to bearer One Thousand Dollars ($1000) on the day of A.D. 1914, or at any time before said date, after the expiration of years from the date hereof, at the option of said city, together with interest thereon from the date hereof, at the rate of four and one half 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 irrevocable pledged. This bond is issued by the City Council of the City of Pueblo for the purpose of refunding a like amount of the legally issued bonds of said City and the Board of Trustees of said Water Works, heretofore issued for the purpose of supplying water to that portion of said City of Pueblo lying North of the Arkansas river, and pursuant to and in full compliance with the provisions of an act of the General Assembly of the state of Colorado, entitled "An Act to enable Towns and Cities to refund their bonded indebtedness contracted for the supplying of water, and to repeal all other Acts relating thereto, Approved March 25, 1895 ", and in accordance with an ordinance, entitled "An Ordinance providing for the issue of One Hundred and Ninety Two Thousand Dollars ($192,000) of bonds to refund outstanding Water Bonds of the City of Pueblo ", 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, entitled "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, happened and been performed in regular and due form as required by law; that the bonded indebtedness refunded by the issue of this bond was and is a valid subsisting binding obligation of said City of Pueblo, heretofore issued for the purpose of supplying water to the inhabitants of that portion of the City of Pueblo lying North of the Arkansas river, and that the total indebtedness of said City of Pueblo, including this bond, do06 not exceed the constitutional and statutory Lim In Testimony Whereof, the said City Of Pueblo has caused, this bond to be signed by the ;:rayor and Clerk thereof 1 , and sealed with the corporate seal of said City, this A. D. 1899, day of Attest- City Clerk. (eoupon,) Pueblo,Colorado. The City of Pueblo, Colorado, promise to nay to bearep Twenty Two and 50 Dollars, gold coin, of the Uniterl states on the day of I 19 , in accordance with the Provisions of the hereinafter named bond, at the National Bank Of ?+orth L*- I erica in the City arut state of Nev York, for semi. annual interest d1te that day on it4 Refunding Water Fond, dated 1899. No. w Vl � -vy Clerk (9)