HomeMy WebLinkAbout1977-15 Partial Redemption of its Town Street Improvement District No. 1 Local Improvement Bonds, Series October 1, 1976CERTIFIED RECORD
OF
PROCEEDINGS OF THE TOWN COUTdCTL OF
THE TOWN OF VAIL, COLORADO
RELATING TO A RESOLUTION
RELATING TO A PARTIAL REDEMPTION
OF IT5
TOWN OF VAIL, COLORADO
STREET IMPROVEMENT DISTRICT N0. 1
LOCAL IMPROVEMENT BONDS, SERIES OCTOBER ]., 1976
STAVE OF COLORADO )
COUNTY OF EAGLE } ss.
TOWN 0~' VAI L 1
The Town Council of the Town of Vail, Colorado, met in regular
session at the Vail Municipal Building, the regular meeting place
thereof in said Town, on Tuesday, the 16th day of August, 1977, at
the hour of 7:30 p.m.
The following members of the Tocvn Council were present:
Tohn Dobson, Mayor
John Donovan
Eill Heimbach
b ~su~
Rod Slifer
Josef Staufer
The following members of the Town Council were absent:
fob RuD~R
QiLL iiUILTO
The following persons were also present:
Larry Rider, Town Attorney
Sammye Meado~n*s, Executive Assistant
Thereupon Council Member b~N~ U ~ti{ 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:
1_
RESOLUTION NO. ~~ -77
3
1~
A RESOLUTION EXERCISING THE OPTION AND OBLIGATION OF THE
TOWN COUNCIL TO REDEEM CERTAIN OF IT5 TOWN OF VAIL,
COLORADO, STREET IMPROVEMENT DISTRICT NOM LOCAL IM-
PROVEMENT BONDS, SERIES OCTOBER ~, 1976, PRIOR TO MATURTTX,
AND AUTHORIZING THE MAILING AND PUBLICATION OF NOTICE
THEREOF.
2-
WHEREAS, pursuant to Ordinance No. 27-76 the Town Council has
heretofore issued, sold and delivered its Town of Vail, Colorado,
Street Improvement District No. 1, Local Improvement Bonds, Series
actober 1,_1976, dated October 1, 1976, an the principal amount of
540,000 ("the Bonds"); and
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.F'und") sufficient
funds exceeding six months' interest on the unpaid balance of the
bonds issued and autstanding~tlze 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 Tawn Council hereby finds that there exists in the
Bond Fund the sum of $ 85,000.00 exceeding six months' in-
terest on the unpaid balance of the Bands issued and outstanding,
said sum being sufficient to redeem l7 of the Bonds, in the
denomination of $5,000 each, aggregating $85,000.00 in principal
amount.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN CO.UNCZL OF THE TOW-N
OF VATL, COLORADO THAT:
5e~ction 1. The Town Council hereby finds that there exists in
the Bond Fund the sum of $ 85,000.00 exceeding six months' interest
on the unpaid balance of the Bonds issued and outstanding, said sum
being sufficient to redeem 17 of the Bonds, in the denomination of
5,000 each, aggregating $ 85,000,00 in principal amount.
Section 2. The Town Council hereby exercises its option to
redeem these Bonds numbered 1 to l7 , in the denomination of $5,000
each, aggregating $ 85,000.00 in principal amount, prior to their
maturity date, an October 1, 1977, at a redemption price consisting
of the principal amount of each Band so redeemed plus accrued in-
terest thereon to the redemption date, payable at United Bank of
Denver National Association, Denver, Colorado, as provided mare fully
in the form at notice hereinafter prescribed.
3-
Section 3. The Town Clerk shall. cause a Notice of Partial
Redemption in the following form to be published a.t least once in
The Vail Trail and sent by first-class postage prepaid mail to the
holder pf each of the Bonds being redeemed, i~ the names and addresses
of such holders have been recorded with the Town Clerk, at least
thirty (30) days prior to the redemption date:
4-
i ! ~~
Form of Notice)
NOTICE OF PARTIAL REDEMFTION
OF
TOWN OF VAIL, COLORADO
STREET IMPROVEMENT DISTRICT N0. 1
LOCAL IMPROVEMENT BONDS, SERIES OCTOBER 1, 1976
NOTICE IS HEREBX GIVEN that the Town Council of the Town of
Vail, Colorado, has exercised its option to redeem bonds numbered
1 to 17 of the above-designated issue, in the denomination of
5,000 each, aggregating $ 85,000.00 in principal amount, prior to
their maturity date, on October 1, 1977, at a redemptian price con-
sisting of the principal amount of each bond so redeemed plus ac-
crued interest thereon to said redemptian 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 after said redemption date interest thereon will cease
to accrue. Each such bond will be redeemed on or after said redemp-
Lion 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 principal amount thereof. Any coupons appurtenant
to such bands 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 26th day of August, 1977.
TOWN OF VAIL, COLORADO
s/ Rosalie Jeffrey
TOWN) Town Clerk
SEAL)
Publish in: The Vail Trail
Publish on: August. 26, 197'1
5-
1 ~ ,i --
Section 4. All actions, not inconsistent with the provisions
of this Resolution, heretfore taken by the officers 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 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 or provision
of this Resolution shall for any reason be held to be invalid ar
unenforceable, the ~.nvalidity 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.
RESOLUTION ADOPTED AND APPROVED this 16th day of August, 1977.
TOWN 0~' VAIL, COLORADO
TOWN}
SEAL)
ATTEST:
l `~~'~
Town ~G1erk /' j
Town of Vail, olarado J
b -
i • •
Council Member ~t~u -f=~~2 seconded the motion,
and the question being upon the adoption of said. Resolution,
the roll was called with the following result:
Those voting "Yes": .
Council Members: John Dobson, Mayor
John Donovan
Bill Heimbach
F ~ ,r
Rod Slifer
Josef 5taufer
Those voting "No":
LL~{members of the Council present having voted in favor
or 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 adjo reed.
Yor
tern of. Vail, Colorado
TowN )
SEAL}
ATTES
r /
rf+
V ' ,f .
Town clerk
vl
Town of Vail, olorado '
7-
STATE OF COLORADO )
COUNTY OF VATL ) ss.
TOWN OF VATL )
T, Sammye Meadows, Executive Assistant, Town of Vail, Eagle
County, Colorado, do hereby certify that the attached copy of
Resolution No. ~~ w'77 relating to a partial redemption of Town of
Vail, Colorado, Street Improvement District No. 1, Local Improvement
Bands, Series October 1, 1976, is a true and correct copy .of said
Resolution as 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 Tawn, an Tuesday, the 16th
day of August, 1977; 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 Tocan Clerk of the Town, sealed with the
seal of the Town, ahd recorded in the officio]. records of the Town;
that the foregoing pages numbered 1 through 7, inclusive, constitute
a true and correct copy of the record of the proceedings of the
Town Council at said regular meeting insofar as said proceedings relate
to said Resolution; that said proceedings were duly had and taken;
that said meeting was duly held; and that the person were present at
said meeting therein shown.
TN LJTTNESS WHEREOF, T have hereunto set my band and the seal
of the Town of Vail, Colorado, this f(ylZt, day of August, 1.977.
Executive assistant
Town of Vail, Colorado
TOWN)
SEAL)
STATE OF COLORADO ) ,
COUNTY OF EAGLE ) ss,
TOWN OF VAIL )
ICS
I, Ra~~~:; ~.y, Town Clerk, Town of Vail, Eagle County,
Colorado, do hereby certify that I caused a Notice of Partial Re-
demption in substantially the form set forth herein at page 5 to
be published in The Vail Trail in its issue, of August 26, 1977, as
evidenced by the affidavit of publication attached hereto at page
i0, and to be sent by first-class postage prepaid mail on August
1977, 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 11. (~ ~~ Vu~•f ~~~ ~~ ~~.~
7G~
IN WITNESS WHEREOF', i have hereunto set my hand and th.e seal
of the Town of Vail, Colorado, this ~v day of August, 1977,
Tow Clerk
mown of Vail, Colorado
TOWN)
SEAL)
g_
STATE OF COLORADO ~
COUNTY OF EAGLE )
TOWN OF VATL }
Attach affidavit of publ~.cation.}
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