Ordinance 1985-859 - Laserfiche WebLink

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date thereafter, in inverse numer ical order, upon payment of par and accrued interest, without redemption premium; and WHEREAS, the pr inc ipal of and interest on the 1982 Bonds are payable at the office . of the City Treasurer, in Louisville, Colorado: and WHEREAS, none of the 1976 Bonds, the 1978 Bonds, the 1981 Bo nds , or the 1982 Bonds (collectively, the "Outstanding Bonds" ) have heretofore been refunded, nor have any of the same been redeemed or otherwise pa id , cancelled, or retired by the City; and WHEREAS, after extended discussions with City staff members and consultants, it has been de termined by the City Counc il ( the "Counc il II ) that by en ter ing into and comp1 e ting a refunding program at this time, the Ci ty can reduce the pr inc ipal and in teres t payable on the Outstanding Bonds in the ye ar s 1985 through 1990; and WHEREAS, pur sua n t to Title II, Article 56, Part 1 , C.R.S. , the Ci ty is author i zed to iss ue bo nds for the purpose of refunding valid outstanding general obligations of the City; and \'JHEREAS, the Counc il has de termined and hereby determines that it is in the best interests of the City, and the inhabitants thereof, that the Outstanding Bo nds in the to tal amoun t of $1,565,000 be refunded, and that refunding bonds in the pr inc i pal amount of $1,565,000 ( the "Refundi ng Bonds ") be is sue d for such purpose; and vvHEREAS, the City has in its funds and accoun ts , and legally ava il able for such purpose, an amount not exceeding $106,729.95 ( the "Escrow Supplement") which the City has determined and hereby determines to alloca te, wi th the proceeds 0 f the Refunding Bonds, to supplement the same, for the purpose of pay i ng the pr inc ipal of, pr emi um if any, and interest on the Outstanding Bo nds as they become due and payable, and for the purpose of payi ng all costs and expenses of the refunding procedur e, all as is hereinafter more s pe c i f i call y set for th: and - 5 - -