Ordinance 2003-1426 - Laserfiche WebLink

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Special Record Date: a special date fixed to determine the names and addresses of Owners of Bonds for purposes of paying interest on a special interest payment date for the payment of defaulted interest. Subordinate Lien Bonds: additional .bonds, notes, certificates, contracts, or other similar obligations, issued in accordance with Sections 25 hereof, payable in whole or in part from the Capital Improvement Fund and Pledged Revenues and having a lien thereon which is subordinate to the lien of the Bonds and Parity Lien Bonds. Supplemental Act: the Supplemental Public Securities Act, constituting Title 11, Article 57, Part 2, Colorado Revised Statutes. Tax Code: the Internal Revenue Code of 1986, as amended to the date of delivery of the Bonds, and applicable regulations and rulings thereunder. Section 2. Recitals. (a) The City is a legal and regularly created, established, organized and existing corporation under the provisions of Article XX of the Constitution of the State of Colorado and the Charter. (b) The City has heretofore issued the Refunded Bonds in the aggregate principal amount of $6,115,000, currently outstanding in the aggregate principal amount of $4,025,000. (c) The Refunded Bonds were payable from the sales tax revenues deposited into the Capital Improvement Fund, such deposits equal to one third (1/3) of the net revenues derived from a three percent (3%) sales tax imposed by the Sales Tax Ordinance. (d) The Refunded Bonds maturing on and after December 1, 2004 (the "Refunded Bonds") are subject to redemption at the option of the City on and after December 1, 2003 (the "Redemption Date"), at a redemption price equal to the principal amount of each Bond called for redemption plus accrued interest to the redemption date, and a premium of 1.00% of the principal amount so redeemed. (e) The City is not delinquent in the payment of or interest on any of the Refunded Bonds. (f) The Council has determined and hereby declares that it is advantageous and favorable to the City to refund, pay and discharge the principal of and interest on the Refunded Bonds as the same become due upon maturity or prior redemption (the "Refunding 6