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HomeMy WebLinkAbout1979-20 Exercising the Option and Obligation to Redeem Vertain of its Town Street Improvement District No. 1 Local Improvement Bonds, Series of October 1, 1976RESOLUTION NO. ] Q Series of 1979 A RESOLUTION EXERCISING THE OPTION AND OBLIGATION OF THE TOWN COUNCIL TO REDEEM CERTAIN OF ITS TOWN OF VA IL, 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 1976, the Town Council has heretofore issued, sold and de- livered its Town, of Vail, Colorado, Street Improvement Dis- trict 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 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 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 $90,000.00 exceeding six months' interest on the unpaid balance of the Bonds issued and out- standing, said sum being sufficient to redeem 18 of the Bonds, in the denomination of $5,000.00 each, aggregating $90,000.00 in principal amount; NOW, THEREFORE, BE IT RESOLVED BY T~iE TOWN COUNCIL OF THE TOWN OF VA IL, COLORADO, THAT: Resolution No. ~Page 2 Section 1. The Town Council hereby finds that there exists in the Bond Fund the sum of $90,000.00 exceeding six months' interest on the unpaid balance of the Bonds issued and outstanding, said sum being sufficient to redeem 18 of the Bonds, in the denomination of $5,000.00 each, aggregating $90,000.00 in principal amount. Section 2. The Town Council hereby exercises its option to redeem those Bonds numbered 39 to 56, in the denomination of $5,000.00 each, aggregating $90,004.00 in principal amount, prior to their maturity date, on October 1, 1986, at a 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 Nat- ional 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: Resolution No. ~rJ Page 3 Form of Notice) NOTICE OF PARTIAL REDEMPTION OF TOWN OF VAIL, COLORADO STREET IMPROVEMENT DISTRICT NO. 1 LOCAL IMPROVEMENT BONDS, SERIES OCTOBER 1, 1976 NOTICE IS HEREBY GIVEN that the Town Council of the Town of Vail, Colorado, has exercised its option to redeem bonds numbered 39 to 56 of the above-designated issue, in the denomination of $5,000.00 each, aggregating $90,000.00 in the principal amount, prior to their maturity date, on October 1, 1980, at 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 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 principal amount of each such bond plus accrued interest thereon to said redemption date, and from and after sand re- demption 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 pay- ment of the principal amount thereof. Any coupons appurtenant to such bonds far interest payable on or before the designated redemption date may be attached to such bond for the payment of accrued interest to said redemptian date with the payment of such principal., or such coupons, if detached from any such bond by itc holder, may be presented separately for payment in the usual course. DATED at Vail, Colorado, this SEAL} day of August, 1979. TOWN OF VAIL, COLORADO Town Clerk Publish in the Vail Trail Publish on August , 1979 Resolution No. 2.~ Page 4 r Section 4. A11 actions+. not inconsistent with the provisions of this resolution, heretofore taken by the off i-- cers 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. A11 resolutions, or parts thereof, in con- flict with this resolution are hereby repealed, except that this repealer shall not be construed to reva.ve any resolution, or part thereof, heretofore repealed. Section 6. I~ 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 retraining sections, paragraphs, clauses or provisions of this resolution. Section ?. This resolution shall take effect immediately upon its adoption. 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