Ordinance 1982-763 - Laserfiche WebLink

Home Browse Search

WHEREAS, Section 13 of said Ordinance passed and adopted on November 18, 1975, which authorized the issuance of the 1975 Bonds, permits additional revenue bonds to be -issued having a first and prior lien on the net revenue of the municipal sanitary sewer system on a parity with the outstanding 1975 Bonds, provided that the City has complied l~ith certain requirements concerning the issuance of additional parity lien bonds; and WHEREAS, the City Council, after a review of a written certificate by an Independant Certified Public Accountant, certi- fying that the City's net revenues meet the test as set forth in said Section 1 3 of said Ordinance, has determined that such requirements have been met, and that the Sewer Revenue Bonds to be issued in the amount of $575,000 shall have a lien on the net income of the municipal sanitary sewer system on a parity with the lien of the 1975 Bonds; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, BOULDER COUNTY, COLORADO: Section 1 . Authorization. That for the purpose of paying the cost of extending and improving the existing municipal sanitary sewer system of thE~ City, there are hereby authorized Sewer Revenue Bonds of the City in the principal amount of $575,000, both the principal thereof and the interest thereon to be payable solely and only out of the net revenue and income to be der i ved "bY the City from and through the operation of its munici- pal sanitary sewer system, and having a lien on such net revenue and income on a parity with the lien of the 1975 Bonds, as herein- aft,er set:: fort;.:p. , pursuant to the provisions of Title 31 , Article 35, Part 4., Colorado Revised Statutes 1973, as amended. 'S e ct ion 2 . Bond Details. That the Bonds shall be ------- negotiable in form, payable to bearer, shall be dated July 1 , 1982, and consist of 115 bonds in the denomination of $5,000 each, numbered 1 to 115, inclusive, shall bear interest as evidenced by interest coupons attached to said bonds, payable on January 1 , 1983, and semiannually thereafter on the 1 st day of January and the 1st day of. July each year, and shall mature ser ially on the 1st day o;f July ,each year, as follows: - 3 -