HomeMy WebLinkAbout1979-20 Exercising the Option and Obligation to Redeem Vertain of its Town Street Improvement District No. 1 Local Improvement Bonds, Series of October 1, 1976RESOLUTION NO. ] Q
Series of 1979
A RESOLUTION EXERCISING THE OPTION
AND OBLIGATION OF THE TOWN COUNCIL
TO REDEEM CERTAIN OF ITS TOWN OF
VA IL, COLORADO, STREET IMPROVEMENT
DISTRICT N0. 1 LOCAL IMPROVEMENT
BONDS, SERIES OF OCTOBER 1, 1976,
PRIOR TO MATURITY, AND AUTHORIZING
THE MAILING AND PUBLICATION OF
NOTICE THEREOF
WHEREAS, pursuant to Ordinance No. 27, Series of
1976, the Town Council has heretofore issued, sold and de-
livered its Town, of Vail, Colorado, Street Improvement Dis-
trict 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 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 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 sum of $90,000.00 exceeding six months'
interest on the unpaid balance of the Bonds issued and out-
standing, said sum being sufficient to redeem 18 of the Bonds,
in the denomination of $5,000.00 each, aggregating $90,000.00
in principal amount;
NOW, THEREFORE, BE IT RESOLVED BY T~iE TOWN COUNCIL OF
THE TOWN OF VA IL, COLORADO, THAT:
Resolution No. ~Page 2
Section 1. The Town Council hereby finds that there
exists in the Bond Fund the sum of $90,000.00 exceeding
six months' interest on the unpaid balance of the Bonds
issued and outstanding, said sum being sufficient to redeem
18 of the Bonds, in the denomination of $5,000.00 each,
aggregating $90,000.00 in principal amount.
Section 2. The Town Council hereby exercises its
option to redeem those Bonds numbered 39 to 56, in the
denomination of $5,000.00 each, aggregating $90,004.00 in
principal amount, prior to their maturity date, on October
1, 1986, at a 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 Nat-
ional 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)
days prior to the redemption date:
Resolution No. ~rJ Page 3
Form of Notice)
NOTICE OF PARTIAL REDEMPTION
OF TOWN OF VAIL, COLORADO
STREET IMPROVEMENT DISTRICT NO. 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 39 to 56 of the above-designated issue, in the
denomination of $5,000.00 each, aggregating $90,000.00 in
the principal amount, prior to their maturity date, on October
1, 1980, at 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 pay-
able 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 after sand re-
demption date interest thereon will cease to accrue. Each such
bond will be redeemed on or after said redemption date upon
presentation and surrender of such bond, accompanied by all of
its coupons for interest maturing after said date, by the pay-
ment of the principal amount thereof. Any coupons appurtenant
to such bonds far interest payable on or before the designated
redemption date may be attached to such bond for the payment
of accrued interest to said redemptian date with the payment
of such principal., or such coupons, if detached from any such
bond by itc holder, may be presented separately for payment in
the usual course.
DATED at Vail, Colorado, this
SEAL}
day of August, 1979.
TOWN OF VAIL, COLORADO
Town Clerk
Publish in the Vail Trail
Publish on August , 1979
Resolution No. 2.~ Page 4
r
Section 4. A11 actions+. not inconsistent with the
provisions of this resolution, heretofore taken by the off i--
cers 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. A11 resolutions, or parts thereof, in con-
flict with this resolution are hereby repealed, except that
this repealer shall not be construed to reva.ve any resolution,
or part thereof, heretofore repealed.
Section 6. I~ any section, paragraph, clause or pro-
vision 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 retraining sections, paragraphs, clauses
or provisions of this resolution.
Section ?. This resolution shall take effect immediately
upon its adoption.
ZNTRODi7CED, READ, APPROVED AND ADOPTED, THLS Z/ day
of August, 1979.
ayor '
ATTEST:
d :roc
Town Clerk
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