Ordinance 1989-0991 - Laserfiche WebLink

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WHEREAS, the Series 1975 Bonds maturing on and after December 1, 1987, are redeemable at the option of the City on December 1, 1986, or on any inte!est payment date thereafter, in inverse numerical order, in whole or in part, upon payment of par and accrued interest, without redemption premium; and WHEREAS, the Series 1982 Bonds maturing on and after July 1, 1993, are redeemable at the option of the City on July 1, 1992, and on any interest payment date thereafter, in inverse numerical order, in whole or in part, upon payment of par and accrued interest, without redemption premium; and WHEREAS, the Series 1985 Bonds maturing on and after December 1, 1992, are redeemable at the option of the City on December 1, 1991, and on any interest payment date thereafter, in inverse order of maturity, upon payment of par, accrued interest, and a premium of 1.00% of the principal amount so redeemed; and WHEREAS, none of the Series 1975 Bonds, the Series 1982 Bonds, or the Series 1985 Bonds (collectively, 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, the Outstanding Bonds are revenue obligations of the City, payable solely from the net revenue to be derived from the operation of the System; and WHEREAS, after extended discussions with City staff members and consultants, it has been determined by the City Council of the City (the "Council") that by entering into and completing a refunding program at this time, the City can reduce the principal and 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 revenue obligations of the City; and WHEREAS, the Council has determined and hereby determines that it is in the best interests of the City, and the - 52 -