Ordinance 1986-887 - Laserfiche WebLink

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any interest payment date thereafter, upon payment of par and accrued in teres t, without redemption pr em i um : and WH EREAS, the principal of and interest on the Outstanding Bonds are payable at Central Bank of Denver, a banking corporation, in De nve r , Colorado; and WHEREAS, none of the Outstanding Bonds have heretofore been refunded, nor have a ny of the same been redeemed or otherwise paid, cancelled, or retired by the City: and WHEREAS, after extended discussions with City s taf f members and consultants, it has been determined by the City Counc il (the "Council II ) that by entering into and completi ng a ref un ding program at this time, the City can red u c e the pr incipal and interest payable on the Outstanding Bonds in certain years; and WHEREAS, pur suant to Title 11, Article 56, Part 1 , C.R.S. , the City is authorized to issue bonds for the purpose of ref un ding valid outstanding general obligations of the City; and HHEREAS, the Counc il has dete rmi ned and hereby determines that it is in the best interests of the City, and the inhabitants there of, that the Outstanding Bonds in the total amount of $2,950,000 be refunded, and that refunding bonds in the principal amoun t of $3,310,000 (the " Bo n d s " ) be issued for such purpose; and HHEREAS, the Ci ty has in its funds and accounts, and legally available for such purpose, an amoun t not exceeding $150,000 (the IIEscrow Supplementll ) which the City has determined and hereby determines to allocate, with the proceeds of the Bonds, to supplement the same, for the purpose of paying the principal of, pr emi um if any, and interest on the Outstanding Bonds as they become due and payable, and for the purpose of paying all costs and expenses of the refunding procedure, all as is hereinafter more specifically set forth: and ~VHEREAS , the proceeds derived from the sale of the Bo n d s , together with the Escrow Su p pl eme nt, after paymen t of the cas ts and expenses of the refunding procedure, shall be placed in a special fund and trust acc oun t , to be established as he re i n - 8 -