HomeMy WebLinkAbout1980-21 Exercising the Option and Obligation to Redeem Certain Street Improvement District No. 1 Local Improvement BondsRESOLUTION NO. 2I
Series of 1980
A RESOLUTION EXERCISING THE OPT:CON
AND OBLIGATION OF THE TOWN COUNCIL
TO REDEEM CERTAIN OF ITS TOWN OF
VATL, COLORADO, STREET IMPROVEMENT
DISTRICT NO. 1 LOCAL IMPROVEMENT
BONDS, SERIES OF OCTOBER 1, 1976,
PRIOR TO MATi3RITY, AND AUTHORIZING
THE MAILING AND PUBLICATION OF
NOTICE THEREOF.
WHEREAS, pursuant to Ordiance No. 27, Series of 1976, the
Town Council has heretofore issued, sold and delivered its Town of
Vail, Colorado Street Improvement District No. 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 bands of the issue in regular numerical order
to the extent passible at a prase equal 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 sume of $145,000.00 exceeding six months' interest
on the unpaid balance of the Bonds issued and outstanding, said
sum being sufficient to redeem 29 of the Bonds, in the denomination of
5,000 each, aggregating $145,000.00 in principal amount;
NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VATL, COLORADO, THAT:
Resolution No. 21 page 2
Section 1. The Town Council hereby finds that there exists
in the Bond Fund the sum of $145,000.00 exceeding six months'
interest on the unpaid balance of the Bonds issued and outstanding,
said sum being sufficient to redeem 29 of the Bonds, in the
denomination of $5,000.00 each, aggregating $145,000.00 in
principal amount.
Section 2. The Town Council hereby exercises it option to
redeem those Bonds numbered 57 to 85, in the denomination of $5,000.00
each, aggregating in principal amount, prior to their maturity date,
on October 1, 1986, at the redemption price consisting of the
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 ante
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} days 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 Tawn Council of the Town of
Vail, Colorado, has exercised its option to redeem bonds numbered
57 to 85 of the above--designated issue, in the denomination of
5,000.00 each, aggregating $145,000.00 in the principal amount, prior
Resolution No. 2T Page 3
to their *naturity elate, on OctobE~r l,. 1980, at a redemption price
consisting of the principal. artoYxnt of each bona so redeemed plus
accrued interest thereon to sand 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
plus accrued interest thereon to said redemption date, and from and
of ter said redemption date interest thereon will cease to accure.
Each such bond will be redeemed on ar of ter said redemption date upon
presentation and surrender of such bond, accompanied by all of
its coupons for interest maturing after said data, by the payment
of the principal amount thereof. Any 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 accured 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 :..~.-lc-~. day of August, 1980.
TOWN OF VAIL, COLORADO
I
Town Clerk
S E A L}
Publish in the Vail Trail
Publish on August ,~-s „~„ 1980
Section 4. Ail 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.
Re<~olution No. 2]: Page 4
ection 5. All resolutions, or parts thereof, in conflict with:
this resolution are hereby repealed, except that this repealer sl~aall
not be construed to revive any resolution, or part thereof, heretofore
repealed.
Section 6. If any section, paragraph, clause or provision of
this resolution shall for any reason be held to be invalid ar
unenforceable, the invalidity or ~.znenforceability of such section,
paragraph, clause ar provision shall not affect any of the remaining
sections, paragraphs, clauses or provisions of this resolution.
Section 7. This resoluta.on shall. take effect immediately
upon its adoption.
TNTRODUCTED, READ, APPROVED AND ADOPTED this 19th day of
August, 1980.
ATTEST:
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To n Clerk
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Pub Notice
RES uT+aN No. R1
SKIM o} 1480
j A RESOLUTION E7(ERCISING THE OP710N
j!! AND 08LtGATION OF THE TOWN COUNCIL
TO REOEEM CERTAIN OF ITS TOWN OF
VAIL, COLORADO, STREET IMPROVEMENT
i DISTRICT ND. 1 LOCAL IMPROVEMENT
BONDS, SERIES OF OCTOBER 1, 197fi,
PRIOR TO MATURITY, AND AUTHORIZING
THE MAILING ANp PUBLICATION OF
NOTICE THEREOF.
i WHEREAS, pursuant to Ordinance No. 27,
I Ser1Na of 1878, the Town Council has
I fieralofgrs laauatl, soltl end delivered its Town
a! Vell, Colorado Street Improvement Distract
I No. t, Local Improvement Bontls, Series o1
October 1, 1874 tlated October 1, 1976, tlaled
I October 1, 1878, kn the principal amount of
5540,pi>0 "Tha Bonds");WHER~A5, Section S of said ordinance
prgvldaa that whenever on any interest
payment date there exist in the "Town of Vail,
ColCrsdo. Street Improvement District Na. t,
Loco! Improvement Bonds, Series of October 1,
1878, Bond and Interest Fund" ("Th8 Bond
Fund") aufllelent funds exceeding six months'
interest on the unpold balance at the bontls
Issued and outatand ing, the Town Counci I mus;
exercise Its option to retleem the bonds of the
issue in regular numerical order to the extent
possible at a price equal to the principal amount
01 each bond ~ so redeemed plus accrued
Interest thereon to the redemption date; end
WHEREAS, the Tawn GGuncil hereby finds
that there exlsta in th8 Bond Fund the sum of
St45,00D.00 exceeding six months' interest on
the unpaid balance of the Bonds issued antl
outstanding, sold sum being sufficient to
redeem 29 of iha Bonds, in the tlenominahon of
55,000 each, aggregating $145.000.00 in
principal amount;
NOW, THEREFORE BE tT RESOLVED BY
THE TOWN COUNCIL OF THE TOWN OF
VAIL, COLORADO, THAT:
SECTION 1. The Town Council hereby finds
that there'exists in 1Re Bond Fund the sum o1
S1a5,000.00 exceeding six months' Interest on
the unpaid balance 01 the Bonds issued and
outstanding, said sum being sufficient fo
redeem 28 of the Bonds, In the denomination of
S5,000.00 each, aggregating $145,000.00 in
principal amount.
SECTION Z The Town Council hereby
exercises Its optlonto.~redeem those Bonds
numbered.57, to B5„In the denomination of
S5,a00a>a'''each; 'aggregating In principal
amount, prlorto their maturitydata, on October
1, 1988, at the redemption price consisting of
Fhe pflnClpel amOUnt Of each Bond so
redeemed plus accrued Interest thereon to the
redemption date, payable at United Bank of
Denver Nation a! Association, Denver,
Colorado, as provided more fully in thalorm at
notice herainalter prescribed.
SECTION 3. Tha Town Clerk shall cause a
Notice o1 Partial Aetlemptlon in the Fallowing
form to be published et least once in The Vail
Troll and sent by fire!-class postage prepaid
mail to the Rofdar 0! each o1 the Bonds being
redeemed, if the names and addresses of such
holders have bean recorded with the Town
Clerk, at least thirty 130) days prior to the
redemption date:
Form of Notices
NOTICE OP PARTIAL REDEMPTION
OF TOWN OF VAIL, OOLORADO
STREET +MPROVEMENT D18TR1CT NO. t
LOCAL IMPROVEMENT BONDS
SER1E5 OCT08ER 1, 1876
NOTICE 18 HEREBY GIVEN That the Town
Councl of the Town of Vall, Colorado, has
exerelaed 1lagptign tq retleembantls numberetl
57 m 85 of the above-deslgnal0d beue, in the
denomination of 55,000.00 each, aggregating
5145,000.00 In the principal amount, prior to
their maturity date, on' October 1, 1888, at a
redemption price Cgnsisting of the principal
amount o} each band so redeemed ph:.~
accrued Interest tReredn ,tq said redemplio^
date.
On sell redemption date there will become
due and payable m lawful money of the United
States of America, without deduction for
exchange or Co110Ctlon C barges, for each of thv
above-designated, bonds of the above-
tlesignated aeries, at United Bank o1 Denver
National Asaoclatlon, Denver, ,Colorado, thr
principal amount of each such bond plus
aeeruetl interest thereon to Bald redemption
tlate, and from and after Bald redemption dare
interest thereon well cease to accrue. Each such
bond wilt be redeemed on or after said
retlemptlon date upon presentation antl
surrender of sucR bond, accompanied by aEi of
its coupons far Interest maluri ng of ter said date,
by the payman! of th8 principal amountthereof,
Any coupons appurtenant to such bonds for
Interest payable on or before the designates
redemption date may be attached to such bond
for lire ppaayment of accrued Interest to said
redemption date with the payment of such
principal, or aucR Coupons, If detached from
any sucR bond by Ira holder, msy be presenfeC
aeparataly for pa men! In the usual course.
DATED at Vail, Colorado this 19th tlay c!
Aupuel, 1880,'
TOWN OF VAIL, GOLORAp6
Colleen M. I(line
Town Clerk.
SEAL)
Published In The Vail Trail
On August 22, 1980
SECTION 4. Aq actions not inconsistent wilt,
the pravlaiona of this resolution, heretolorc
taken by the Oflrcars of the Town, whether
elected or appointed, directed towards the
redemption o1 tRe Bonds as hereinbefore
provided are hereby refilled, approved and
confirmetl.
BEGTION 5. Afl res0lutlans, qr parts thereof,
In conflict with this resolution are herehv
repealed, except that Ehin repealer shall not he
ConaVUed t0 revive any reSOlutiOn, Or par!
thereof, heretolora repealetl.
BEGTION 6. If anyaection, paragraph. clausr
or provision of Ihts resolution shall tar any
reason be h87d to be invalid of unenforceaClr.
the InY0lidily Or uneMOYCeabll fly o1 such
eectlon, paragraph, clause or provision sheik
na! affect any o1 iha remaining section;;,
paragraphs, clauses Or provisions of this
resolution.
SECTION 7. Thla resolution shalt lake effcc[
immetlletely upon its atloptign.
INTRODUCED, READ, APPROVED AND
ADOPTED this 19th day Of August, 1980.
TOWN OF VAIL
Rodney E. Slicer
Mayor
ATTEST: '
Cdleen M. Kline
Town Clerk
Published in The Vaif Trail
on Augus9 22. 7980
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