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HomeMy WebLinkAbout1980-08 Amending Section 3 of Resolution No. 5 1980A RESOLUTION A;~ENDSNG SECiiJN ~3OF RESOL~,?TXG2~ N~3. ~5 ADOPTED MAFtC~I 12, 1980 AUTHORIZii1G THE SUBSTITUTiO~` OF GOVERNMENT SECURITi~:S HEDD :iN THE' COi'~ORADO NAT L4ti=AL BANK ICI DENVER, DE~`'VER, COLORADO, DEPOSITED IN AN ESCROy~+ ACCJUNT ' PURSUANT 'x'C1 RN ESC'R0;`~ ACREE~iE~FT ~iET:vEEt1 THE 'I'Oi~v OF 51'AZL AND THE BANK IN CON~~FCTION WITH AN ADVANCED REFUNDING OF THE TOWN'S GENERAL ~3L;J:,~CGATwDN BONDS, SERIFS f~€ARCH 1, 1974, DATED t~II1RCH 1, 2974, AND' LTS GENERAL, OF3LIGATIOGd BOVbS, SERIES DECEi~~BER 1, i 975, DATED UECEt~IBER 1 , 1975; ACID PROVIDING OT~iER DETAILS YN CONNECTI©N THEREWITH.' WHEREAS, the Town of Vail ~.n the County of Eagle and State of Colorado, ("Town"}, is a political, sut~dl.vision of the State, a body corporate and politic, and a home--rule Town pursuant to Article XX of the State Constitution; and Article 2" - of Title 31, C. R. S. 1973, as amended; and WHEREAS, by Resolution No. 5, Series 1980, adopted March 12, 198Q, the Town authozized the substitution of Government Securities held in the Colorado National Bank of Denver in Denvex, Denver Colorado, deposited in an escrow account purs~~ant to an esczaw agreement between the Tawn of Vail and the Bank in con~sect~.on with an advanced refunding of the Town's General Obligation Bonds, Series March 1, 1974, Dated March 1, 1974, and its General. Obligation Bonds, Series December 1, 1975, Dated Deeembzr 1, 1975; and providing other details in connection therewith; and 7HEREAS, the Town Councl.l determina.nes it necessary 3-- A~ i04+f, THEREFORE, f3~ TT RESOL`TED: Section ~. Tha` Section 3 of Resolu~ion 5, Seri23 1980 be amended to read as Tollows: Section 3. That the fees of the financial advisor, Ii. I.S., Sne. and Dain Bosworth, Tnc. and o~hpr associated costs for assistir~c~ the Town in pur.•chasing the subs~.itute securities acid re--COmpu~:ing the EscrOS~' F~ccount and its sQrvices in connection therewith aze founc~.to be reasonable and proper aru are reasonably apportioned as tally set out in ~vLachment 1 to this Amended resolution. Mayor ~• `' S EA L) r~ ~ • ATTEST Town Clerk ' r Thereupon, it was ved by Councilman and seconded by Councilman ~ that the above Resolution b e placed on its final passage and that all rules of the Council, which might prevent, unless suspended, the final. passage and adoption of this Resolution No. ~ , amending Resolution No. 5 at this meeting be and the same are hereby suspended. The question being upon the adoption of the motion and the suspension of the rules the role was called with the following results: Those voting YES: Mayor Councilmembers: Those voting ND: Rodney E. Slifer John Donovan o py na?1 Bill Wi1to Dr. Thomas Steinberg Paula Palmateer Ronald Todd 4- 4 • a The presic', ~ ~g officer ther~~u~ ~~n d~olax~ed that, a majority of the mem~~ers of the Council present having voted in favor thereof, ti.e said motion =,~as carried and the said Resolution No. ~ ~, duly pas5erl and ac'opted., After taking up other husines, to come before the Council, the meeting was thereupol adjourned. RESOLUTION APPROVED ~'~ND ADO~'TuD this /ryC day of 1980. s .. Town Clerk - 1 TE o~ coLORA~o ~ COE3idTY flF EAGL ) ss . TO~r;N JF VAIL ) I, Cvll.een Kline, Town Clerk of the Town of Vail, Colorado, do hereby certify that the foregoing pages nu:naered 1 to 5, inclusive, constitute a true ana correct copy of the record of proceedings of the Town Council of the Town of Vail. Colorado,- taken at a special. meeting of the Town Council held vn ~"~ the /~~J~tiay of ~~1980, insofar as said proceedings relate to the final passage and adoption of Resolution No. ~ amending Resolution No. S, has been duly authenticated by the signatures of the ~~ayor, as presiding officer of the Council, and myself, as Town Clerk of the Town. IN WITNESS 1~THEREOF, I have hereunto set my hand affnd affixed the seal of the Town, at Vail, Colorado, this JjLT`~-- day of~'~~'~198n . 5 E A L) r ~' ~ ~ . A.TT~S'S;~ ~`' 6- r ~ ~ TOS'!N Ol' VATL, COLO~~ADO 1976 C~0 ~,EFUNDSNG BOND ISSUE ESCRO~Y SECURITIES REPLACE",IE;,~ Secuxl.ties Redeemed ~'xom Escrow st.it~scription Number hiatura.ty_Type 102-101.8 11-30-8~',SLGS-Bond 1,02-1019 11-30-94 SLGS-Bond 1,02-,1421 11-30-92 SLGS-Band 102-1.022 11-30-93 ST;C~--Bond 102-X023 11-30--94 SLB~~-Bond 102-1024 11-30-95 SLGS--Bond Total Securities Redeened Less Redgnption Penalties Plus Accrued Interest from 11/30 to 4/2 Total. Proceeds frcm SLGL Red~~~N~ion Rate Hmount 7.64%' $ 335,000 7.60% 380,000 7.68% 455,000 7.70% 490,000 7.71% 670,000 7.73% 90,000 2,420,000.00 93,546.39) 53,008.64 2,379,462.25 Securities Purchased fox Escrow Maturity .Type Coupon Price Par Amount Cost 11-15-89 Open Mkt. 10-3/4 88-24132 $ 230,000 213,51,0.44 05--15-90 Open Mkt. 8-1,/4 81-28l32~ 385,D00 X27,347.84 OS-15-92 Open Mkt. 7-1/4 68- 6/32 ~ 435,000 300,687.78 08-15--93 Open Mkt. S-5/8 74 480,000 360,545.60 08-15-94 Open Mkt. $-3 /4 74- 6132 650,000 49'x,094.23 02-01-95 Open Mkt. 1.0-1.12 85- 8/32 90,000 78,869.65 Total Par Amount of Openi4Sarkets $2,280,000 Total Cost of Open Markets 1,778,055.54 Add Beginning Cash to Escrow 71,787.00 Add Issuing Expenses 125,000.00 Total Cost of Escrow Exchange 1,974,842.54 Net Savings to Town 404,519.71 Expenses Bond Attorney 12,500.00 CPA Verx.fication 2,000.00 C~x~.yster Expense 5 000.00 Tar~.istee Fee 500.00 Subttotal Direct Expense 20 OOO.OD F1.nancial Advisory Fees: Hana.fen, Imhoff & Samford, Inc.35,000,00 Coughlin & Caznpany 35 , 000.00 Dain Bosworth, Inc.35,000.00 Total Expenses 125,000. DD A1locatzon of Expenses. Majox Portion Minor Portion Total Paa.d by Town} 43,000 $$2,000 $125,D00 ti r s T ..• I, ili .I' I(3 i~u 1.t .. ,ilii :,. :lh l'IS ~,},.~I..~ ~~~ _~ !.. -~1'1;'i' €.''l. ,~ .u~:3 .ircl II,~ ~ ~`' ,.S ~. .. i~ r' ~ _`'.~I(• ~~ I `?:~ I I~.. ;) 1.:.'~ ''I.i ~ r I. ,:~i L.t.S i .~,1,' i.{ '~ I,I ~t.lif~ il: .:~ I .J~.11 ,'f"1 I, !~l ~il". Y, ~;hf~ ~ `'1~~3 .. 'I~~. yi.'.( '7. ;~~ ~ ~~r-~ ~ ,~~;~,`I~ ;.Q (.~;J .`'_~h L~~i~ 1(~1~~ 1, .~ .''Y)~ €f~ ~~I-i~~i I : if. i~ .'1~I~1~ ;;~ I,-;~ !. .~.~~~~ I11 ~7, '.f~:~ ~:~~~ Il,l i.:i;.a~~l'll~ ~ (31~ ,,, ,I~ll:,i.l j :~, r i'. _'~' i `r~, : I i.:: :)l~i~ I,(] f.!1`y I. ,(. ~~}, o?,~ .;~~ I .1 i ! ~ r J ~ S 'y '`~~ ,. i} I.!I~ :r. _ t i 1 i~, ~ ~I,IJ i'~/ ,,lf...li i.,i~t„ r' I l ~'nll. l.:i~.,~l ..~~~, GI:. " 1- I i i'_ ~ I_ . ~ ~ i i' :. Y' o r c . /_ s f)',l11 I, ~ (''f ~ I . ... i f,h rl ,.i:". I : , `~:: .