Ordinance 1986-887 - Laserfiche WebLink

Home Browse Search

(B) The funds and investments to be placed in the Escrow Account, together with interest to be derived from such investments, are in an amoun t which at all times shall be sufficient to pay the Outstanding Bonds as they become due at their respective ma tur ities as to principal, pr emi um if any, and interest, and the c omp u- tat ions made in determining such sufficiency have been verified by a Certified Public Accountant: and (C) The total aggrega te amou n t of bonded indebt- edness of the City does not now, nor shall it upon the issuance of the Bonds, exceed any applicable I im i t pre scr ibed by the constitution or laws of the State of Colorado; and ( D) The issuance of the Bonds, the refunding of the Outstanding Bonds, and all procedures undertaken incident thereto, are in full compliance and conformi ty with all applicable requirements, provis ions, and limi- tations prescr ibed by the constitution and laws of the State of Colorado thereunto enabling, and part i cular ly Title 11, Ar tic 1 e 5 6 , Part 1, C.R.S. : and ( E ) Entering into and completing the refunding program herein au thor ized at this time will enable the City to reduce the principal and interest payable on the Outstanding Bonds in certain years. Section 26. Costs and Expenses of Iss uance. All c os t s and expenses incurred in connection with the issuance and paymen t of the Bonds, including without limitation, the Escrow Supplement, the Underwri ter' s di scoun t, and all other expenses related to the refunding procedure, shall be paid either from the proceeds of the Bonds, or from legally ava ilable mon eys of the Ci ty , or from a combination thereof, in an aggrega te amount not to exceed $85,000, and such moneys are hereby appropriated for that purpose. Section 27. Ratification and Approval of Prior Actions. All actions heretofore take n by the officers of the City and members of the Council, consistent with the provisions of this - 31 -