HomeMy WebLinkAbout1981-23 Excersising the Option and Obligation of Town Council to Redeem Certain of its Town Street Improvement District No. 1 Local Improvement BondsRESOLUTION #23
Series of 1981)
A RESOLUTION EXr_RCISING THE OPTION AND
OBLIGATION OF THE TOWN COUNCIL TO REDEEM
CERTAIN OF ITS TOWN OF VAIL, 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 1.976, 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,x00 ~"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 Bands,
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 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 $55,000,00 exceeding six months' interest on the
unpaid balance of the Bonds issued and outstanding, said sum being
sufficien't to redeem 11 of the Bonds, in the denominat-ion of $5,000.
each, aggregating $55,000.00 in principal amount;
i~OW, THEREFORE BE I7 RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF VAIL, COLORADO, THAT:
Section 1. The Town Council hereby finds that there exists in
the Bond Fund the sum of $55,000.00 exceeding six months` interest
on the unpaid balance of the Bonds issued and outstanding, said
Burn being tiufficient to redeem 11 of the Bonds, in the denaminatiort
of $5,000.00 each, aggregating. $55,000.00 in principal amount.
Section 2. The Town Cour3cil hereby exercises its apticn to
redeem those Bonds number 86 to 9f, in the denomination o: $5,000.00
each, aggregating in or--incipal amount, r,rior to their maturity date,
on October 1, 19$6, at she 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 fu11y in
the farm at notice hereinafter prescribed.
Section 3. The Tvwn 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:
Form of Notice)
NOTICE OF PARTIAL REDEMPTION
OF TO~fN OF VAIL, COLORADO
STREET IMPROVEMENT DISTRICT N0. 1
LOCAL IMPROVEMENT BONDS, SERIES OCTOBER 1, 3.976
NOTICE IS HEREBY OTVEN that the Town Council of the Town of
Vail, Colorado, has exercised its option to redeem bonds numbered 8G
to 96 of the above-designated issue, in the denomination of $5,000.00
each, aggregating $55,000.00 in the principal amount, prior to their
maturity date, on October i, 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
Rssociation, Denver, Colorado, the principal amount of each such band
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plus accrued interest thereon to said redemption date, and from.aand
after said redemption date interest thereon will cease to accrue.
each such bond will be redeemed on or after said redemption date. upon
presentati~~~ and surrender of such bond,, accompanied by all of its
coupons for interest maturing after said d«te, 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 payme~~t 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
far payment in the usual course.
DAT~B at Vail, Colorado this day of August, 1981.
TOWN OF VAiL, CO~oRAOO
Town Clerk
S E A E.)
Publish in the Vail Trail
Publish on August ~ g I981
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 small
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 unenforceabi1ity of such section,
paragraph, clause or provision shall not affect any of the remaining
sections, paragraphs, clauses or provisions of this resolution.
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Section 7. This resolution shall take effect immediately upon
its adoption.
IN'T'RODUCED, BERG, APPROVEG AND ADOPTED ~CHIS 18~.h day of August,
1981.
N1 a y~r
ATTEST:
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Town Clerk
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