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HomeMy WebLinkAbout1978-19 Exercising the Option and Obligation to Redeem Street Improvement District No. 1 Local Improvement Bonds, Series October 1, 1976R f r ,.~ i 1 7 CERTIFIED RECORD OF PROCEEDINGS OF THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO RELATING TO A RESOLUTION RELATING TO A PARTIAL REDEMPTION OF TTS TOWN OF VAIL, COLORADO STREET IMPROVEMENT DISTRICT NO. 1 LOCAL IMPROVEMENT BONDS, SERIES OCTOBER 1, X978 STATE OF COLORADO } COUNTY OF EAGLE } ss. TOWN OF VAIL ) The Town Council of the Town of Vail, Colorado, met in regular session at the Vail Municipal Building, the regu- lar meeting place thereof in said Town, on Tuesday, the 15th day of August, 1978, at the hour of 7:3d P.M. The following members of the Town Council were present: Rod Slifer, Mayor John Donovan Scott Hopman Paula Palmateer Bob Ruder Bill Wilto Tom Steinberg The following members of the Town Council were absent: The following persons were also present: Colleen Kline, Town Clerk Larry Rider, Town Attorney Terry Minger, Town Manager Thereupon Council Member introduced and moved the adoption of the following resolution, which was read by title, sufficient copies having previously been made available to the Council and to the public: RESOLUTION NO. ~~ Series of 1978 ' A RESOLUTION EXERCISING THE OPTION AND OBLIGATION OF THE TOWN COUNCIL TO REDEEM CERTAIN OF ITS TOWN OF VATL, COLORADO, STREET IMPROVEMENT DISTRICT NO. 1 LOCAL IMPROVEMENT $ONDS, SERTE5 OCTOBER 1, 1976, PRIOR TO MATURITY, AND AUTHORIZING TF~E MAILING AND PUBLICATION OF NOTICE THEREOF WHEREAS, pursuant to Ordinance No. 27, Series of 1.976, the Town Council has heretofore issued, sold and deliv- ered its Town of Vail., Colorado, Street Improvement District No. 1, Local Improvement Bonds, Series October 1, 1976, dated October 1, 1.976, in the principal amount of $540,000 ("the Bonds" ? ; WHEREAS, Section 6 of said ©rdinance 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, 1.976, Bond and Interest Fund" ("the Bond Fund") sufficient funds exceeding six months' interest on the unpaid balance of the bonds issued and outstand- ing, 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 $145,000.00 exceeding six months' interest on the unpaid balance of the Bonds issued and outstand- ing, said sum being sufficient to redeem 21 of the Bonds, in the denomination of $5,004.00 each, aggregating $1D5,000.00 in prin- cipal amount; NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL Off' THE TOWN OF VAIL, COLORADO, THAT: Section 1. The Tawn Council hereby finds that there exists in the Bond Fund the sum of $105,000.00 exceeding six months' interest an the unpaid balance of the Bands issued and RES. Page 2 outstanding, said sum being sufficient to redeem 21 of the Bonds, in the denomination of $5,000.00 each, aggregating 105,000.00 in principal amount. Section 2. The Town Council hereby exercises its option to redeem those Bonds numbered l8 to 38, in the denom- ination of $5,000.00 each, aggregating $105,000,00 in princi- pal amount, prior to their maturity date, on October 1, 1986, at a redemption price consisting of the principal amount of each Band 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) days prior to the redemption date: RES. Page 3 Farm of Notice) NOTICE OF PARTIAL REDEMPTION OF TOWN OF VAIL, COLORADO STREET IMPROVEMENT DISTRICT NO. 1 LOCAL IMPROVEMENT BONDS, SERIES OCTOBER 1, 1976 NOTICE TS HEREBY GIVEN that the Town Council of the Tawas of Vail, Colorado, has exercised its option to redeem bonds. numbered 18 to 38 of the above-designated issue, in the denomination of $5,000.00 each, aggregating $105,000,00 in the principal amount, prior to their maturity date, on October 1, 1986, at a redemption price consisting of the principal amount of each band 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 prin- cipal amount of each such bond plus accrued interest thereon to said redemption date, and from and after said redemption 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 payment of the prin- cipal amount thereof. Any coupons appurtenant to such bands far 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 C S day of August, 1978. TOWN OF VAIL, COLORADO S E A L) s/ Colleen Kline Town Clerk Publish in; The Vail Trail Publish on: August ~s , 1978 RES. Page 4 Section 4. All actions, not inconsistent with the provisions of this resolution, heretofore taken by the offi- cers of the Town, whether elected or appointed, directed toward the redemption of the Bonds as hereinbefore provided are hereby ratified, approved and confirmed. Section 5. All resolutions, or parts thereof, in con- flict 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. Tf 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 remaining sections, paragraphs, clauses or provisions of this resolution. Section 7. This resolution shall take effect immediately upon its adoption. INTRODUCED, READ, APPROVED AND ADOPTED, this 15th day of August, 1978. Mayor ATTEST: Town Clerk RES. Page Council Member seconded the motion, and the question being upon the adoption of said resolution, the roll was called with the fallawing result: Those voting "Yes": Council Members Rod Slifer, Mayor Paula Palmateer John Donovan Scott Hopman Bob Ruder Bill wilto Tom Steinberg Those voting "No": Council Members members of the Council present having voted in favor of the adoption of the resolution, the presiding officer thereupon declared the resolution duly approved and adopted. Thereupon, after consideration of other business to come before the Council, the meeting was adjourned. Mayor Town of Vail, Colorado ATTEST: Town Clerk Town of Vail, Colorado S E A L) RES. Page 6 STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ) I, Colleen Kline, Town Clerk, Town of Vail, Eagle County, Colorado, do hereby certify that the attached copy of Resolution No. ~~ Series of 1978, relating to a partial redemption of Town of Vail, Colorado, Street Improvement Dis- trict No. 1, Local Improvement Bonds, Series October 1, 1976, is a true and correct copy of said resolution a.s adopted by the Town Council at a regular meeting thereof held at the Vail Municipal Building, Vail, Colorado, the regular meeting place of the Town Council in the Town, on Tuesday, the 15th day of August, 1978; that a true copy of said resolution has been duly executed and authenticated by the signatures of the Mayor of the Town of Vail and the Town Clerk of the Town, sealed with the seal of the Town, and recorded in the official records of the Town; that the foregoing six .pages constitute a true and correct copy of the record of the proceedings of the Town Council at said regular meeting insofar as said pro- ceedings relate to said resolution; that said proceedings were duly had and taken; that said meeting was duly held; and that the persons were present at said meeting therein shown. TN WITNESS W~#EREOF, T have hereunto set my hand and the seal of the Town of Vail, Colorado, this 15th day of August, 1976. Colleen Kline Town Clerk S E A L) M v l P RES. Page STATE OF COLORADO ) COUNTY OF EAGLE ) ss. TOWN OF VAIL ) I, Colleen M. Kline, Town Clerk, Town of Vail, Eagle County, Colorado, do hereby certify that T caused a Notice of Partial Redemption in substantially the form set forth herein at page 3 to be published in The Vail Trail i~ its issue of August , 197$, as evidenced by the affidavit of publication attached hereto at page S, and to be sent by first- class postage prepaid mail on August , 1.978, to the holders of each of the bonds being redeemed whose names and addresses had been recorded in my office, which names and addresses are listed herein at page 9. IN WITNESS WHEREOF, Z have hereunto set my hand and the seal. of the Town of Vaa.1, Colorado, this day of August, 197$. Colleen M. Kline Town Glerk Town of Vail, Colorado S E A L}