HomeMy WebLinkAboutORDINANCE 278-65 CERTIFIED RECORD/
CERTIFIED RECORD
OF
PROCEEDINGS OF
THE BOARD OF TRUSTEES OF
THE TOWN OF ESTES PARK,COLORADO
RELATING TO THE ISSUANCE OF ITS
REFUNDING WATER BONDS
IN THE PRINCIPAL AMOUNT OF $322,000
DATED JULY 1,]965
AND RELATED MATTERS
STATE OF COLORADO )
)
COUNTY OF LARIMER )ss.
)
TOWN OF ESTES PARK )
The Board of Trustees of the Town of Estes Park,Larimer
County,Colorado,met in session,in full conformity
with law and the ordinances and rules of said Town,at the Town
Hall,in said Town,being the regular meeting place of said Board,
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the day of ,1965,at the hour ofonAD’ThQY
7 o’clock f.M.
Upon roll call the following were found to be
Mayor:Clarence A.Graves
Mayor Pro Tern:Ronald C.Brodie
Trustees:Henry Dannels
C.M.Hunter
I.Leo Martin
Carl Swanson
Harry B.Tregent
Dale G.Hill
Henry D.Dannels
Town
Town
Absent:
Thereupon
which was thereupon
WHEREAS,the Town of Estes Park,Larirner County,Cob
prado,by Ordinance No.139 of said Town,adopted and approved on
!!the 28th day of December,1953,authorized general obligation
bonds of said Town,designated “Water Extension Bonds”,dated
December 1,1953,in the total amount of $200,000;and
0
I,
present:
Clerk:
Treasurer:
Trustee introduced a Resolution
read in full and is as follows:
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WHEREAS,there now remain outstanding of said issue of
bonds a total of $133,000,the outstanding bonds being described
as follows:
Issue of 1953:Town of Estes Park,Larimer County,
Colorado,General Obligation Water Extension Bonds,$133,000,dated
December 1,1953,consisting of 133 bonds in the denomination of
$1,000 each,numbered 6$to 200,inclusive (hereinafter referred
to as “Bonds 19537t),bearing interest payable semi-annually on the
1st day of June and the 1st day of December each year,and matur
ing on December 1,as follows:
Amount Maturity Interest Rate
$9,000 1965 2-3/4%
14,000 1966 and 1967 2-3/4%
15,000 1968 2-3/4%15,000 1969 3%
16,000 1970 and 1971 3%17,000 1972 and 1973 3%
Bonds maturing in the years 1964 and thereafter being redeemable
at the option of the Town on December 1,1963,and on any interest
payment date thereafter,in inverse numerical order,at par and
accrued interest;and
WHEREAS,the Town of Estes Park,Larimer County,Cob
rado,by Ordinance No.262 of said Town,adopted and approved on
the 8th day of June,1964,authorized general obligation bonds of
said Town,designated “Water Bonds”,dated July 1,1964,in the
total amount of $200,000;and
WHEREAS,there now remain outstanding of said issue of
!bonds a total of $195,000,the outstanding bonds being described
as follows:
Issue of 1964:Town of Estes Park,Larimer County,
Co1orado,General Obligation Water Bonds,$195,000,dated July 1,
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1964,consisting of 195 bonds in the denomination of $1,000 each,
numbered 6 to 200,inclusive (hereinafter referred to as “Bonds
l964”),bearing interest payable semi-annually on the 1st day of
January and the 1st day of July each year,and maturing on July 1,
as follows:
Amount Maturity Interest Rate
$6,000 1966 and 1967 4%
7,000 1968 to 1973,mci.4%
8,000 1974 4%
25,000 1975 3-3/4%
27,000 1976 3-3/4%
28,000 1977 3-3/4%
30,000 1978 3.60%
23,000 1979 3.60%
!Bonds maturing in the years 1975 and thereafter being redeemable
lat the option of the Town on July 1,1974,and on any interest
payment date thereafter,in inverse numerical order,at par and
haccrued interest;and
II WHEREAS,said $133,000 of Bonds 1953 and $195,000 of
U Bonds 1964,which now remain outstanding,may be refunded at a
hlower net interest cost and a lower net effective interest rate,
U thereby effecting a substantial saving in cost to the Town and the
inhabitants and taxpayers thereof;and
WHEREAS,the Town proposes to issue Refunding Water
Bonds in the amount of $322,000 to provide funds with which to re
1fund said outstanding Bonds 1953 and 1964,in the total amount of
!$328,000,heretofore issued;and
WHEREAS,it is considered advisable and necessary to
‘authorize the issuance of said Refunding Water Bonds in said
amount for such purpose;
THEREFORE,BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
T1-TOWN OF ESTES PARK,LARIMER COUNTY,COLORADO:
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I.That the Town of Estes Park,Colorado,shall issue
!and cause to be sold Refunding Bonds at not less than their par
value to provide funds with which to refund and pay $328,000 of
the outstanding bonds of said Town,described above,under the
provisions of Chapter 139,Article 144,Colorado Revised Statutes
l963,each to be designated “Refunding Water Bond”,in the aggre
gate principal amount of $322,000,bearing date July 1,1965,to
bear interest payable September 1,1965,and semi-annually there
after on the 1st day of March and the 1st day of September each
year,and to mature on September 1,as follows:
Amount Maturity Interest Rate
$17,000 1965 4%
20,000 1966 to 1968,mci.4%
25,000 1969 and 1970 4%
25,000 1971 to 1973,mci.3.40%
30,000 1974 to 1977,md.3.40%
Bonds maturing in the years 1976 and thereafter
shall be redeemable at the option of the Town on September 1,l975,
and on any interest payment date thereafter,in inverse numerical
order,upon payment of par and accrued interest.
2.The proceeds of the sale of said Refunding Water
Bonds shall immediately be placed in escrow to be applied to the
payment of the said outstanding Bonds 1953 and 1964,in the manner
provided by law and the Ordinance authorizing such Refunding Bonds.
AND BE IT FURTHER RESOLVED That a Certificate of Deter
mination be made and entered upon the records of the Town prior to
the issuance of said Refunding Water Bonds,as provided by law,
in the following form:
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STATE OF COLORADO )
)
COUNTY OF LARIMER )ss
)
;TOWN OF ESTES PARK )
CERTIFICATE OF DETERMINATION
WHEREAS,the Town of Estes Park,Colorado,in pursuance
of proceedings lawfully had and taken,proposes to issue its Re
funding Water Bonds in the aggregate amount of $322,000,to refund
1a total of $328,000 of bonded indebtedness of said Town,as follows:
Town of Estes Park,Colorado,General Obliga
tion Water Extension Bonds,in the amount of
$133,000,dated December 1,1953,numbered 68
to 200,inclusive,maturing in the years 1965
to 1973,inclusive,and redeemable December 1,
1963;and
Town of Estes Park,Colorado,General Obliga
tion Water Bonds,in the amount of $195,000,
dated July 1,1964,numbered 6 to 200,inclu
sive,maturing in the years 1966 to 1979,in
clusive,and redeemable July 1,1974;
and
WHEREAS,the law under which said Refunding Water Bonds
must be issued requires the Board of Trustees to determine the
amount of Refunding Water Bonds to be issued and to make and enter
!upon the records of the Town a Certificate of Determination prior
to the issuance of said bonds;
NOW,THEREFORE,IN CONSIDERATION OF THE PREMISES,IT IS
HEREBY CERTIFIED AND RECITED AND DETERMINED BY THE BOARD OF TRUS
:TEES OF THE T(MN OF ESTES PARK,COLORADO,AS FOLLOWS:
1.That on the date of this Certificate such Refunding
Water Bonds have not been issued.
2.That the amount of said Refunding Water Bonds to be
hissued for the purpose of redeeming and refunding the outstanding
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lawful bonded indebtedness of said Town in the amount of $328,000,
above described,is hereby determined to be the sum of $322,000.
3.That the Net Interest Cost of and the Net Effective
Interest Rate on the Refunding Water Bonds shall be substantially
less than the Net Interest Cost of and the Net Effective Interest
Rate on the bonds to be refunded.
IN WITNESS WHEREOF,the Board of Trustees of the Town
of Estes Park,Colorado,has caused this Certificate of Determina-
tion to be signed by the 1ayor and attested by the Town Clerk un-
der the seal of said Town,this i?day of Jy ,1965.
Nayor
C
SA L
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RESOLUTION ADOPTED AND APPROVED This /%day of
________
1965.
/
(S E A L )
___________________________
Mayor
ATTEST:
Jy
Town Clark
Trustee j),jç thereupon moved the adoption of
the foregoing Resolution.Trustee seconded the
motion and upon roll call the vote upon the motion for adoption
of said Resolution resulted as follows:
U Those voting AYE:
Trustees:Ronald C.Brodie
Henry Dannels
C.M.Hunter
L.Leo Martin
Carl Swanson
Harry B.Tregent
Those voting NAY:
_____________________________
Thereupon the Mayor declared said Resolution duly adopt
ad and instructed the Clerk to enter said Certificate of Deter
mination upon the records of the Town.
Thereupon Trustee introduced and there
was read in full the following Ordinance:
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