Resolution 1981-18 - Laserfiche WebLink

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I NOW, THEREFORE~ , BE IT RESOLVED BY THE CITY COUNCIL, THE GOVERNING BODY OF CITY OF LOUISVILLE, BOULDER C UNTY, COLORADO: ection l. If the benefit to the City shall exceed $25,000, the City. Officials, with the advice of Boettcher Company, are hereby authorized and directed to procee with all due speed to e ff ec t the prior redemption of all or a portion of the United States Treasury otes and Bonds--State and Local Government Series, a d to substitute in place thereof direct obligation of having in the aggregate, a yield greater than the ield on the United States Treasury Notes and Bonds--sta e and Local Government Se ri e s and the o the r. obi igation presently contained in the Escrow Account. e8tion 2. The City Officials and the Escrow Bank are authorized and directed to execute all appropriat documents to e f f ec t the redemption of the United Sta es Treasury Notes and Bonds--State and Lo c a 1 Government Series and to otherwise authorize the sale or redemption of securities contained in the Escrow Account created pursuant to the Escrow Agreement in o rd e r to consummate the. transactions contemplated hereby. Section 3 . The Escrow Bank is hereby requested and authorized to take all actions and to execute al documents necessary to e Ef ec t the redemption or sale of the United States Treasury Notes and Bonds--Sta e and Local Government Series as directed by the City Officials and to substitute therefore Substitute Securities to be purchased by the Escrow Bank from Boett her & Compan.y. ection 4. Consummation of the transactions contemplat d hereby shall be conditioned upon receipt of ( i ) an opi ion of legal counsel, selected' by Boettcher & . .Company an acceptable to the City , to the effect that such trans ctioni, if reasonably expected on the date of issuance 0 the Refundinq Bo nds, \vould not have caused the Refundinq Bo nd s to be arbitraqe bonds within the meaning' of Section 103 (d), now Section 103 (c) of the Code and the reg ul a t ions thereunder applicable to ob1 igation issued on the date of issuance of the Refundinq onds and ( i i ) a report of a firm of certified public acc untants, selected by Boettcher & Company, to the effect thClt, upon ccmpletion of such sale or redemption and substitution, the principal of and interest 0 the . s e cur it i e s held in the Escrow Account will be su ficient to pay the principal of and interest on the Ref nded Bond S I as and when the same shall become due and pa able. r . r