Ordinance 1982-762 - Laserfiche WebLink

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'ORDINANCE NO. 762 AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON BEHALF OF THE CITY OF LOUISVILLE, COLORADO, AND UPON THE CREDPr THEPEOF BY ISSUING GENERAL OBLIGATION BONDS 01" THE CITY IN THE PRINCIPAL AMOUNT OF $550,000 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 'l~AXES TO PAY THE SAME; AND DECLARING AN EMERGENCY. WHEREAS, the City own s , operates and maintains 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 1iVith 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 $550,000 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 $550,000, each to be designated "General Obligation Water Bond", dated July 1 , 1982, consisting of 110 bonds in the denomination of $5,000 each, numbered 1 to 1 1 0 , inclusive. The bonds shall be payable in lawful money of the United States of America, bear interest from and after date, payable on January 1 , 1983, and semi-annually thereafter on the 1st day of January and the 1st day of July, each year, as evidenced by interest coupons attached to said bonds, and mature serially on July 1, as follows: - 2 -