Ordinance 1981-725 - Laserfiche WebLink

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-- ~ ORDINANCE NO. 725 AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON BEHALF OF THE CITY OF LOUISVILLE, COLORADO, AND UPON THE CREDIT THEREOF BY ISSUING GENERAL OBLIGATION BONDS OF THE CITY IN THE PRINCIPAL AMOUNT OF $350,000 FOR THE PURPOSE OF SUPPLYING THE CITY WITH WATER BY EXTENDING AND IMPROVING THE EXISTING WATERWORKS SYSTEM OF THE CITY; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE LEVY OF TAXES TO PAY THE SAME; AND DECLARING AN EMERGENCY. WHEREAS, the Ci ty has owned, operated and maintained a system of waterworks for fire and domestic purposes; and WHEREAS, the City Council has determined to extend and improve the waterworks system in order to supply the City and the inhabitants thereof with a proper and adequate supply of water; and WHEREAS, there are not sufficient funds in the treasury of the City to pay the cost of constructing and extending the water system, and the City Council deems it advisable and neces- sary to authorize the issuance of general obligation negotiable coupon bonds of the City in the amount of $350,000 for that purpose; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1 . Bond Details. That for the purpose of paying the costs and expenses of supplying the City of Louisville with water by extending and improving the existing waterworks system of the City, the City shall issue its general obligation negotiable coupon bonds in the principal amount of $350,000, each to be designated "General Obligation Water Bond", dated August 1 , 1981, consisting of 70 bonds in the denomination of $5,000 each, numbered 1 to 70, inclusive. The bonds shall be payable in lawful money of the United States of America, bear interest from and after date, payable on February 1 , 1982, and semi-annually there- after on the 1st day of February and the 1st day of August, each year, as evidenced by interest coupons attached to said bonds, and mature serially on August 1, as follows: - 2 -