Ordinance 1989-0997 - Laserfiche WebLink

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upon payment of par, accrued interest, and a premium of 1. 00% of the principal amount so redeemed; and WHEREAS, the Series 1987 Bonds maturing on and after August 15, 1997, are subject to redemption prior to maturity, at the option of the City, as a whole or in integral multiples of $5,000, in inverse order of maturity, and if less than an entire maturity is to be redeemed, then by lot within such maturity, on August 15, 1996, and on any interest payment date thereafter, upon payment of par, accrued interest, and a premium of 1.00% of the principal amount so redeemed; and WHEREAS, the principal of and interest on the SE ies 1986 Bonds and the Series 1987 Bonds are payable at Central Bank Denver, National Association (formerly Central Bank of Denver, a banking corporation), in Denver, Colorado; and WHEREAS, the City Council of the City (the "Council" ) has determined and hereby determines that it is in the best interests of the City and its residents that (i) the Series 1987 Bonds, and (ii) the Series 1986 Bonds maturing in the years 1989 to 1992, inclusive, $175,000 of the Series 1986 Bonds maturing in 1998, and the Series 1986 Bonds maturing in the years 1999 and 2000, being Series 1986 Bonds in the aggregate principal amount of $1,460,000 (collectively, the "Outstanding Bonds") , should be refunded; and WHEREAS, none of the Outstanding Bonds have heretofore been refunded, nor have any of the same been redeemed or otherwise paid, cancelled, or retired by the City; and WHEREAS, after extended discussions with City staff members and consultants, it - has been determined by the Council that by entering into and completing a refunding program at this time, the City can reduce the principal and/or interest payable on the outstanding Bonds in particular years; and WHEREAS, pursuant to Title 11, Article 56, Part 1, C.R.S. , the City is authorized to issue bonds for the purpose of refunding valid outstanding general obligations of the City; and - 3 -