Resolution 1981-18 - Laserfiche WebLink

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I RESOLU'I'ION NO. L(' RESOLUTION RELATING TO A REFUNDING SCROW AGREEMENT, DATED JUNE 1, 976, BY AND BETWEEN THE CITY OF OUISVILLE, COLORADO, BOULDER OUNTY, COLORADO, AND UNITED BANK OF ENVER N.A., DENVER, COLORADO, UTHORIZING AND DIRECTING THE ESCROW OLDER TO SUBSTITUTE UNITED S'I'ATES REASURY NOTES AND BONDS--STATE AND OCAL GOVERNMENT SERIES WITH OTHER NITED STATES TREASURY OBLIGATIONS N THE ESCROW ACCOUNT CREATE'D URSUANT TO THE REFUNDING ESCROW GREEMENT; AUTHORIZING AND DIRECTING HE CITY OFFICIALS TO TAKE ALL ECESSARY ACTION TO REm~EM ALL OR A ORTION OF S UC H UNITED STATES REASURY NOTES AND BONDS--STATE AND OCAL GOVERNMENT SERIES; AND UTHORIZING AND DIRECTING OFFICIALS F THE CITY ~r 0 TAKE ALL ACTION ECESSARY OR APPROPRIATE TO 'FFECTUATE THE TRANSACTIONS ONTEMPLATED HEREBY. HEREAS, City of Louisville, Boulder County, Colorado erein sometimes called the "City") is a City; arid HEREAS, the City, authorized the issuance of General Obligation Refunding Bo nd s (the "Refunding Bonds") f .r the purpose of refinancing and refunding certain outstanding bonds) (the "Re fund ed Bo nd s" ) theretofor issued by the City; and the City escrowed the proceeds of the Refunding Bonds, together with certain moneys made available y the City, and provided for the investment of the mo eys so escrowed in d i r ec t obligations of the United Sta es of A~erica; and HEREAS, the Treasury regulations applicable to obligat ons issued on the date of the issuance of the Refunding Bdnds promulgated under Section 103 (d) , now .Section 10 (c) , of the Internal Revenue Code of 1954, as amended, rovide that the investment of less than a major portion of the proceeds of a bond issue in materially higher yielding obligations will not cause such bonds to be arbitrage bonds, as defined therein; and r ~. 1