Ordinance 1982-763 - Laserfiche WebLink

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. > ORDINANCE NO. 763 AN ORDINANCE AUTHORIZING THE ISSUANCE, BY THE CITY OF LOUISVILLE, COLO'QADO, OF ITS NEGOTIABLE COUPON BONDS IN THE PRINCIPAL AMOUNT OF $575,000 TO BE DESIGNATED "SEWER REVENUE BONDS", FOR THE PURPOSE OF EXTENDING AND, IM~ROVING THE MUNICIPAL SANITARY SEWER SYSTEM OF THE CITY; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS FROM THE NET REVENUES OF THE SEWER SYSTEM OF THE CITY; J>ROVIDING OTHER COVENANTS AND DETAILS IN CONNECTION THEREWITH; AND DECLARING AN EMERGENCY. WHEREAS, the City of Louisville presently owns and operates a municipal sanitary sewer system for the City and its inhabitants; and WHEREAS, the City Council, pursuant to the provisisions of Title 31, Article 35, Part 4, Colorado Revised Statutes 1973, as amended, is authorized to issue revenue bonds of said system, for the purpose of improving and extending said system, pledging to the payment of said bonds the net income and revenue derived and to be derived from the operation of said system; and WHEREAS, the City Council has determined that it is necessary to extend and improve the existing municipal sanitary sewer system of the City and to issue revenue bonds in the princi- pal amount of $575,000, for the payment of the cost of such improvements, such bonds and the interest thereon to be payable solely ,from the net income and revenue of said system; and WHEREAS, pursuant to Ordinance N'o. 487, adopted on November 1 a, 1975, the City has previously authorized and issued its Se,.,wer Revenue Bonds, dated December 1 , 1975 (hereafter re- ferred to. as the "1975 Bonds"), in the principal amount of $280,'000',. Which have a first and prior lien on the net revenue of the municipal sanitary sewer system of the City; and - 2 -