HomeMy WebLinkAbout1982-19 Exercising the Option and Obligation of the Town Council to Redeem Certain of it's Town of Vail Street Improvement District No. 1 Local Improvement Bonds1
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RESOLUTION #~9
Series of 1982)
A RESOLUTION EXERCISING THE OPTION AND
OBI,IGATTON OF THE TOjYN COUNCIL TG REDEEM
CERTAIN OF ITS TOw~1 OF VAIL, COLGF~ADO,
STREET IMPROVEMENT DISTRICT NO. 1 LOCAL
IMPROVEMENT BONDS, SERIES OF OCTOBER 1,
1976 , PRIOR TO MATURITY , AND AUTIiORIZING
THE MAILING AND PUBLICATION OF NOTICE
THEREOF.
WHEREAS, pursuant to Ordinance No. 27, Series ox 1976, the
Town Council has heretofore issued, sold and delivered its Town of
Vail, Colorado Street Improvement District Na. 1, Local Improvement
Bonds, Series of October 1, 1976, dated October 1, 1976, in the
principal amount of $540,000 ("The Bonds");
WHEREAS, Section 6 of said ordinance provides that whenever
on any interest payment date there exist in the "Town of Vail,
Colorado, Street Improvement District No. 1, Local Improvement Bonds,
Series of October 1, 1976, Bond and Interest Fund" {"The Bond Fund")
sufficient funds exceeding six months' interest on the unpaid balance
of the bonds issued and outstanding, the Town Council must exercise
its option to redeem the bonds of the issue in regular numerical order
to the extent possible at a price ecluai to the principal amount of
each bond so redeemed plus accrued interest thereon to the redemption
date; and
WHEREAS, the Town Council hereby finds that there exists in the
Bond Fund the sum of $60,400.00 exceeding six months' interest on the
unpaid balance of the Bonds issued and outstanding, said sum. being
sufficient to redeem 11 of the Bonds, in the denomination of $5,000.
each, aggregating $60,000.00 in principal amount;
NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL, COLORADO, THAT:
Section ].. The Town Council hereby finds that there exists in
the Bond Fund the sum of $60,000.00 exceeding six months' interest
on the unpaid balance of the Bonds issued and outstanding, said
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sum being sufficient to redeem 12 of the Bonds, in the denomination
of $S,000.0o each, aggregating $60,000.00 in principal amount.
Section 2. The Town Council hereby Pxercises its option to
redeem those Bonds number 97 t~ ]08, in the denomination of $5,000.00
ea•;h, aggregating in princi°~al amount, priox to them maturity date,
ali October 1, 1986, at the redemption price consisting of ttie
principal amount of each Bond so redeemed plus accrued interest
thereon to the redemption date, payable at United Bank of Denver
National Association, Denver, Colorado, as provided more fully in
the form at notice hereinafter prescribed.
Section 3. The Town Clerk shall cause a Notice of Partial
Redemption in the following form to be published at least once in
the Vail Trail and sent by first-class postage prepaid mail to the
holder of each of the Bonds being redeemed, if the names and addresses
of such holders have been recorded with the Town Clerk, at least
thirty (30} daps prior to the redemption date:
Form of Notice)
NOTICE OF PARTIAL REDEMPTION
OF TOWN OF VAIL, COLORADO
STREET IMPROVEMENT DISTRICT N0. 1
LOCAL IMPROVEMENT BONDS, SERIES OCTOBER 1, 1976
NOTICE IS HEREBY GIVEN that the Town Council of the Town of
Vail, Colorado has exercised its option to redeem bonds numbered 97
to 108 of the above-designated issue, in the denomination o~ $5,000.00
each, aggregating $60,000.00 in the principal amount, pxior to their
maturity date, on October 1, 1986, as a redemption price consisting
of the principal amount of each bond so redeemed plus accrued interest
thereon to said redemption date.
On said redemption date there will become due and payable in
lawful money of the United States of America, without deduction for
exchange or collection charges, for each of the above-designated bonds
of the above-designated series, at United Bank of Denver National
Association, Denver, Colorado, the principal amount of each such bond
2-
plus accrued interest therf~on to said redemption date, and from ar=d
after said redemption date interest the~.~eon will cease to accrue.
Each such bond will be rr~dees~ed on or after said redemptio~~ date upon
presentation and surrender of such band, accompanied by all of its
coupons for interest iraturina after said date, by the payment of the
principal amount therEC~f. Ar.y coupons appurtenant to such bonds for
interest payable on or before the designated redemption date may be
attached to such bond for the payment of accrued interest to said
redemption date with the payment of such principal, or such coupons,
if detached from any such bond by its holder, may be presented separately
for payment in the usual course.
DATED at Vail, Colorado this day of August, 198.
TOWN OF VAIL, COLORADO
Town Clerk
S E A L )
Publish in the Vail Trail
Publish on ~ ~ t ~~ 1982.
Section 4. All actions not inconsistent with the provisions of
this resolution, heretofore taken by the officers of the Town, whether
elected or appointed, directed towards the redemption of the Bonds
as hereinbefore provided are hereby ratified, approved and confirmed.
Section 5. All resolutions, or parts thereof, in conflict with
this resolution are hereby repealed, except that this repealer shall.
not be construed to revive any resolution, or part thereof, heretofore
repealed,
Section 6. If any section, paragraph, clause of provision of
this resolution shall for any reason be held to be invalid or
unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the remaining
sections, paragraphs, clauses or provisions of this resolution.
3-
Section 7. This resolution shall take effect immediately upon
its adoption.
INTRODtT~'FT] , READ , APPR(]V~ED AN:} ADOPTED THIS ~~ day of August ,
1982.
ATTEST:
Town Clerk
Mayor ~ ~ °" j/ ~ ~
4-
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RESOLUTIDN NO. 1L ~. ,
E:nries of f P62 ~ _
q F ITION EXERCI51*JG THE OPTION
ANL :CATION DF THE TOWN GDI7NCIL
TO HE DEEM CERTAIN OF ITS 7p WN OF
VAtL GOLORAbO. STAECT IMpROYEMCNT
p15TAIGT N6 1 LOCAL U.r F•RDYE ME N7
BONDS SERIT:5 OF OCTOBER 7, t97G.
RRIDR TO MAI UAITY, ANb AVTHpHl7!NG
THE MAILING AND PUBLICATION OF
NOTICE THEREOF- ._ "
WHEREAS. purr ue nl l0 Gr Ornance No Z7,
Srnes of 19Th. the 7 own GOUnCII haI
herd of pre issued, sold and tlrurerrd ns Town
o! V,aii. Doi oratlo Strel; ImFrrprement DrslnCt
Np 1, Lord Improve meni E+nnds. Sears of
October 1. 1976. delrtl October }, 1576. rn the
pnncrpel ampum of SSap 000 I- Fhe 9onOS'J; -
WHEREAS, Srclron G 01 card nrdrnanrs
prwloes 1ha1 whpnevm an arty msrrest
payment date }Here eaisi In Toe "'TDwn of VaIL
plpratlD, Sireel Improve mrnE Dostncl No T, .
Local Improve meni Bontls, Se*rrs of October t.
1976. Etond and Interst Fund" ('"T hr Fond
Fund") sufflGent Lundy patreding sif mom RS'
interrsl on The uhparC ba:e rice pt snr buntls
rss ueC and out s;anolnG thr-TCwn Counu!musl
erer[r5e il5 Op1rDn 1C redfrm Ina DonpS O! the
IyfUe 1rr reQplaf nlJmeflcal Orpr! JC Ihf fltlP R:
pCSS ib IF eta pace Eo UaI 1O 11+P pilnCl^ra~ amOUn;
of each band so IedeemeC plus ac cr uetl
rnirr eSl Inereon to the rppemt,lrpn Hate ertC
4'~HER~A$, the Tpwn GDUnGI hfrcbv lrnds
that the+e earsls in Ihr Bpnd Fund inf some p}
560.000 DCI eacredrng sry mpn;h5~ rn+erest on
the unpaid Ga:ance o! the Roncs rssuep anC
Oul standr rig saki svm bein0 wil~nent to
repeem 1} o' lhp Bond s, in the oenp^,rnatro7r p!
55.000 each, aggrrgatr rig 560.D0000 ir,
pnnupal amount;
NDri'.'THEAEFORE BE JT RESGLVEB By
THE TOWN COUNCIL {sF THE TOV.'N OF
VAIk. COtORA60, THAT:
SEC7JON 7_ The Town Council hereoy
lrndy ihal there ecisty In the 6pndfuntlthe sum
o: 550.D00.00ea[rrtling sic months' Imp•e51 on
the unpaVtl balance of the 5Unes res urC antl
oulstandrng, card Sum beln4 yuFlrp ie nl 1D
rearEm }ZOI the 60ndy, In 1nf Drn Drntnal pn^{
55,itp000 each, agprepatrng 560,000.00 In
pnncipa! amount. '
SECTION 2. Thr Town Council heret,y
exrreses its option tD rapt-em IhUSe 6pnps
num5er g7 tp 10E. rc 1ne Cenom,nanan of
5500000 e.th. agprrcaang In {,rlnc pal
a mpun;, prior le iherr m,a+urev date pn G[~pbe•
1. 1c5L e7 the revrn,al,on p„ar cors~st,r.p p'
the poop, al amwnl U! each acnC 50
Ic•cfe hlrC pies accr ueC rn ]t 7nelre• Ip the
t[•Or.T pion case pa}'a c.ir1 2e Uc,:ed = .r. p!
f.Jr over Na1lp r,ei Asa pcialrpn, ;'f nve•
C~~Dri•CC ar prvv:nrd m{~,r }ul~, rn L':e farm z~
r;e nrrr=nar.e: p.rscrl;,ec "
SECTION 3. Tnr Town Err. nsrh ca_s[ r
Ncrrce a' Pa ^..E' F-r nrrr, ~• „ rr, 1•~e Ir ., _
ln'm. SG fr F'v.': rrr' r; Ir F.^ Hove rr. i nP 1L
ira.l artC .rn: h~ }rrtiS-[Ic'S lr<.. r'r.t:
Ia tnr nnlnw ni ,; r n! r,r E nr
rr^rP n,rC 111~p ramr' r':f' ann: r• •~ r
hUinrrs navy Lrrn rrcrn nrn w1 Y~r ~r~+
Clrrr a! leis: Ihrny [3L1 cay:.•pn p• tc tt:r
rrormptrvn calr
Farm cf NGhrr7
NpTJCE CF ~AATIAL.
JaEDEMPTION GF
TOWN OF VAII, CGLGRAE70
STREET IMPROVEJvSENT DISTRICT NO. i
kOGAL~MPROVEMENTEONDS
SERIES OCT06ER }. 197E
NOTICE IS HEREBY GI'/EN Eha! ror T nwr
Gaunol of me Tpwn pt Yap: Gnio.epU f,et
e•sr a:e:[I rla OpSrpnlO rrc rrm ann ca Hum;+•r_
971a 1D( pl Ihr ePprr-Phrp~.a:ro :ss car In -1r
penummahon pl SS DOG OC eacn, ^gq•ra!rn~
f f><l GAD 00 r n me pr Inc:;a i a m writ O+r n Ip Ryr•
maturny aete, pn Geenhar 1 19BF, u a
rwempmon Prrte cons a+mq or Ina on ncrpY
mwT1 O! each DonC a0 IFtl lr mwC prw
accruetl Irn rr eat 1nt.reon tC far4 reoempuon
calr
tr, sard rroemplrpn tale rr+rre wdl prc;'mr
our anC Ln raple u, Irw1w mpnrv D: Vrr Un~1ea -
S1a5rS C! Ar*ienq, w•:n oU: pro.rChnr !Dr
rcc r.a~~pe or eO~recJron cnar~rs Iw rech p; Inv
ovvr-ors rpnarec honor o' ror arx~+r
crs;gnatec se,res at Unrlrc Ran. o! Lrnvr~
Nae,p~al Assexreuon fxnve• CornradC. Inv
prmcrp+~ amount o+ ravn auto r1c:x Jp us
aac: card rnrr+eyt Ihrrppr tc sy,C rear mp',on
Case end Irpm, anC e!1r• u+a rr~rn p:•nr, calr
enlrresi ;hY^r(M w,li crave lr ia[fyr [acre LL>Cr
M+ntl wrU br rr Orr mra on d arle• sa.C
rearmplrhn Cnr uDpn prrxntatrpr: enC
wrrrr,0er pf suan bo nC accvm[,a n.r0 pv an C'
rla c~uppny la rnl r•rgf mY Urrnv after-a~C aa,r
by the pavmrm Ot rhr pr+nu:,a ~~ ^mvvnl J'1r+cr'
Any CiJUppny apLV nrrta n! i0 loth !rung] Id
Inirr ry; pa Va brr nrt O: Drrore 1',! a!a•_na'.rC
rrprm pl+pn Lalr mew tx a:la Ct,rtl lC, !uC': ir::T
lo. Ihr parmrm D: aCCr ulIC rnlr: r]i I. faav
rrtlrmptron Gatr w31R Shr `.a yn,rn' p! f1Yr
pr rnc4ual. or yuah CO UnOrli 1: ar:eCr.rG rr(xr.
lnV fJCn DDn~ by na tiptop' m.ey JC i1'C}r'~1 rC
yrpa•ately tp[ pevment rn for us.la~ ca urx
DATED a! VaJ. Go+ora pv Ira ~7Ir. cay n'
August 1982
TOWN D~ VAf_ CD[C•=4~~
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