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HomeMy WebLinkAbout1980-21 Exercising the Option and Obligation to Redeem Certain Street Improvement District No. 1 Local Improvement BondsRESOLUTION NO. 2I Series of 1980 A RESOLUTION EXERCISING THE OPT:CON AND OBLIGATION OF THE TOWN COUNCIL TO REDEEM CERTAIN OF ITS TOWN OF VATL, COLORADO, STREET IMPROVEMENT DISTRICT NO. 1 LOCAL IMPROVEMENT BONDS, SERIES OF OCTOBER 1, 1976, PRIOR TO MATi3RITY, AND AUTHORIZING THE MAILING AND PUBLICATION OF NOTICE THEREOF. WHEREAS, pursuant to Ordiance No. 27, Series of 1976, 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 $540,000 ("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 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 passible at a prase 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 sume of $145,000.00 exceeding six months' interest on the unpaid balance of the Bonds issued and outstanding, said sum being sufficient to redeem 29 of the Bonds, in the denomination of 5,000 each, aggregating $145,000.00 in principal amount; NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VATL, COLORADO, THAT: Resolution No. 21 page 2 Section 1. 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 outstanding, said sum being sufficient to redeem 29 of the Bonds, in the denomination of $5,000.00 each, aggregating $145,000.00 in principal amount. Section 2. The Town Council hereby exercises it option to redeem those Bonds numbered 57 to 85, in the denomination of $5,000.00 each, aggregating in principal amount, prior to their maturity date, on October 1, 1986, at the 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 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 ante 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 TOWN OF VAIL, COLORADO STREET IMPROVEMENT DISTRICT N0. 1 LOCAL IMPROVEMENT BONDS, SERIES OCTOBER 1, 1976 NOTICE IS HEREBY GIVEN that the Tawn Council of the Town of Vail, Colorado, has exercised its option to redeem bonds numbered 57 to 85 of the above--designated issue, in the denomination of 5,000.00 each, aggregating $145,000.00 in the principal amount, prior Resolution No. 2T Page 3 to their *naturity elate, on OctobE~r l,. 1980, at a redemption price consisting of the principal. artoYxnt of each bona so redeemed plus accrued interest thereon to sand 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 Association, Denver, Colorado, the principal amount of each such bond plus accrued interest thereon to said redemption date, and from and of ter said redemption date interest thereon will cease to accure. Each such bond will be redeemed on ar of ter said redemption date upon presentation and surrender of such bond, accompanied by all of its coupons for interest maturing after said data, 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 payment of accured 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 :..~.-lc-~. day of August, 1980. TOWN OF VAIL, COLORADO I Town Clerk S E A L} Publish in the Vail Trail Publish on August ,~-s „~„ 1980 Section 4. Ail 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. Re<~olution No. 2]: Page 4 ection 5. All resolutions, or parts thereof, in conflict with: this resolution are hereby repealed, except that this repealer sl~aall 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 invalidity or ~.znenforceability of such section, paragraph, clause ar provision shall not affect any of the remaining sections, paragraphs, clauses or provisions of this resolution. Section 7. This resoluta.on shall. take effect immediately upon its adoption. TNTRODUCTED, READ, APPROVED AND ADOPTED this 19th day of August, 1980. ATTEST: c To n Clerk r U 3 n' X~ Y~' 2 y e C W tf1 r C m ~ a Q Q- 0 0 Q Q Q 0 O N~ Tp O Q fl ~ fl O ~ D ~ p O C, `° y ~ R N L• m o Q cC D m CJ ~ O a Q Q 0 a Q. ~ ff a N i fl ~ fl ~ m n. ~ i Q fl O 4 O Q ~ Cl~ _' C d p fl ~ Q ro c i ' ~ -~ h 't7 c m ~ " N. ~ ~ e z o D o Q ~ _ N ~ Q a ~ a I~ o 7 m z D Q ~ { Q fl { Q -F _ { C cD Q 3 N Q ~ ~ rt cD a ° a 7 ~ Q~ ~ ~p ~O Q'D_~. Q ~Q ~ ~.~Q~ WQ m~ ~ -~ m Qm QQ o c Q. Q°n~Q~C; QfiXfl~ ~rn~C~Q~O J m~~~~~ammo=~°`Dm~~o 7 ~O7~Q~~~C1~ 3 cps~~tpc~~Dn~O(D~ ~ Cp s o cQm~.~~-c~~p_~~cn7~!-p~«QO n p~p~47cDp~~ i ~ fl `^ ~~~~ mm~- '~~c z Q m ~ y Q p~~Oan~D~nrcap7~ 7 ~Qp Cep ~ O fl...fQ~ y Q~,.~ ~n~- D ma~D~~r 3 j N~ S.Q-O 4 ~ -+7 m(p ~ (DOfl~ N p p p O D M ~_ 7 pQ O QQo~mQ,D~ro L D ~~fl Q~ro cDCDp O~ w~Q~ ~p~ 3 Q Q Q.oo=gyp 7~7'p O C ~t (p ~ 4 (D p-~Q m-~ ~oQfl ~ Qo O ID O n O r O r Dm 0 O T r-- a 1 Z Pub Notice RES uT+aN No. R1 SKIM o} 1480 j A RESOLUTION E7(ERCISING THE OP710N j!! AND 08LtGATION OF THE TOWN COUNCIL TO REOEEM CERTAIN OF ITS TOWN OF VAIL, COLORADO, STREET IMPROVEMENT i DISTRICT ND. 1 LOCAL IMPROVEMENT BONDS, SERIES OF OCTOBER 1, 197fi, PRIOR TO MATURITY, AND AUTHORIZING THE MAILING ANp PUBLICATION OF NOTICE THEREOF. i WHEREAS, pursuant to Ordinance No. 27, I Ser1Na of 1878, the Town Council has I fieralofgrs laauatl, soltl end delivered its Town a! Vell, Colorado Street Improvement Distract I No. t, Local Improvement Bontls, Series o1 October 1, 1874 tlated October 1, 1976, tlaled I October 1, 1878, kn the principal amount of 5540,pi>0 "Tha Bonds");WHER~A5, Section S of said ordinance prgvldaa that whenever on any interest payment date there exist in the "Town of Vail, ColCrsdo. Street Improvement District Na. t, Loco! Improvement Bonds, Series of October 1, 1878, Bond and Interest Fund" ("Th8 Bond Fund") aufllelent funds exceeding six months' interest on the unpold balance at the bontls Issued and outatand ing, the Town Counci I mus; exercise Its option to retleem the bonds of the issue in regular numerical order to the extent possible at a price equal to the principal amount 01 each bond ~ so redeemed plus accrued Interest thereon to the redemption date; end WHEREAS, the Tawn GGuncil hereby finds that there exlsta in th8 Bond Fund the sum of St45,00D.00 exceeding six months' interest on the unpaid balance of the Bonds issued antl outstanding, sold sum being sufficient to redeem 29 of iha Bonds, in the tlenominahon of 55,000 each, aggregating $145.000.00 in principal amount; NOW, THEREFORE BE tT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: SECTION 1. The Town Council hereby finds that there'exists in 1Re Bond Fund the sum o1 S1a5,000.00 exceeding six months' Interest on the unpaid balance 01 the Bonds issued and outstanding, said sum being sufficient fo redeem 28 of the Bonds, In the denomination of S5,000.00 each, aggregating $145,000.00 in principal amount. SECTION Z The Town Council hereby exercises Its optlonto.~redeem those Bonds numbered.57, to B5„In the denomination of S5,a00a>a'''each; 'aggregating In principal amount, prlorto their maturitydata, on October 1, 1988, at the redemption price consisting of Fhe pflnClpel amOUnt Of each Bond so redeemed plus accrued Interest thereon to the redemption date, payable at United Bank of Denver Nation a! Association, Denver, Colorado, as provided more fully in thalorm at notice herainalter prescribed. SECTION 3. Tha Town Clerk shall cause a Notice o1 Partial Aetlemptlon in the Fallowing form to be published et least once in The Vail Troll and sent by fire!-class postage prepaid mail to the Rofdar 0! each o1 the Bonds being redeemed, if the names and addresses of such holders have bean recorded with the Town Clerk, at least thirty 130) days prior to the redemption date: Form of Notices NOTICE OP PARTIAL REDEMPTION OF TOWN OF VAIL, OOLORADO STREET +MPROVEMENT D18TR1CT NO. t LOCAL IMPROVEMENT BONDS SER1E5 OCT08ER 1, 1876 NOTICE 18 HEREBY GIVEN That the Town Councl of the Town of Vall, Colorado, has exerelaed 1lagptign tq retleembantls numberetl 57 m 85 of the above-deslgnal0d beue, in the denomination of 55,000.00 each, aggregating 5145,000.00 In the principal amount, prior to their maturity date, on' October 1, 1888, at a redemption price Cgnsisting of the principal amount o} each band so redeemed ph:.~ accrued Interest tReredn ,tq said redemplio^ date. On sell redemption date there will become due and payable m lawful money of the United States of America, without deduction for exchange or Co110Ctlon C barges, for each of thv above-designated, bonds of the above- tlesignated aeries, at United Bank o1 Denver National Asaoclatlon, Denver, ,Colorado, thr principal amount of each such bond plus aeeruetl interest thereon to Bald redemption tlate, and from and after Bald redemption dare interest thereon well cease to accrue. Each such bond wilt be redeemed on or after said retlemptlon date upon presentation antl surrender of sucR bond, accompanied by aEi of its coupons far Interest maluri ng of ter said date, by the payman! of th8 principal amountthereof, Any coupons appurtenant to such bonds for Interest payable on or before the designates redemption date may be attached to such bond for lire ppaayment of accrued Interest to said redemption date with the payment of such principal, or aucR Coupons, If detached from any sucR bond by Ira holder, msy be presenfeC aeparataly for pa men! In the usual course. DATED at Vail, Colorado this 19th tlay c! Aupuel, 1880,' TOWN OF VAIL, GOLORAp6 Colleen M. I(line Town Clerk. SEAL) Published In The Vail Trail On August 22, 1980 SECTION 4. Aq actions not inconsistent wilt, the pravlaiona of this resolution, heretolorc taken by the Oflrcars of the Town, whether elected or appointed, directed towards the redemption o1 tRe Bonds as hereinbefore provided are hereby refilled, approved and confirmetl. BEGTION 5. Afl res0lutlans, qr parts thereof, In conflict with this resolution are herehv repealed, except that Ehin repealer shall not he ConaVUed t0 revive any reSOlutiOn, Or par! thereof, heretolora repealetl. BEGTION 6. If anyaection, paragraph. clausr or provision of Ihts resolution shall tar any reason be h87d to be invalid of unenforceaClr. the InY0lidily Or uneMOYCeabll fly o1 such eectlon, paragraph, clause or provision sheik na! affect any o1 iha remaining section;;, paragraphs, clauses Or provisions of this resolution. SECTION 7. Thla resolution shalt lake effcc[ immetlletely upon its atloptign. INTRODUCED, READ, APPROVED AND ADOPTED this 19th day Of August, 1980. TOWN OF VAIL Rodney E. Slicer Mayor ATTEST: ' Cdleen M. Kline Town Clerk Published in The Vaif Trail on Augus9 22. 7980 i - r-,