Laserfiche WebLink
<br /> ORDINANCE NO. 670 <br />AN ORDINANCE AMENDING VARIOUS SECTIONS OF <br />ORDINANCE NO. 668 TO ESTABLISH A CITY HALL <br />IMPROVEMENT RESERVE FUND, AND ESTABLISHING <br />THE CURRENT CIT'Y SALES TAX AS IRREPEALABLE <br />UNTIL THE SPECIAL OBLIGATION NOTE HAS BEEN <br />PAID IN FULL. <br />WHEREAS, Ordina.nce No. 668 was passed arid adopted on <br />second reading on December 18th, 1979; and <br />WHEREAS, to facilitate the administration of the Special <br />Obligation Note, certain amendments are requested. <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF <br />THE CITY OF LOUISVILLE, COLORADO: <br />Section 1. Section five of Ordinance No. 668 is amended <br />by addition of the follo~ring language at the end of said Section: <br />Said City of Louisville, City Hall Improvement Fund <br />shall be maintained as a pledged special account of <br />the City at a bank acceptable to the Holder of said <br />Special Obligation Note. In any year during which <br />any interest on or principal of said Note is still <br />outstanding, there shall be deposited in such special <br />account by the City from the monthly proceeds of the <br />City's two percent (2%) Sales Tax, as and when <br />received by the City from the State, an amount <br />equal to one-tvvelfth (1/12 ) of the then applicable <br />designated next annual installment of interest on <br />and principal of said Special Obligation Note, less <br />any interest credited to such account in such month <br />or any sums deposited in such account by the City <br />from any other available sources during such month. <br />The aggregate of all such sums in such special <br />account shall not be withdrawn or utilized for any <br />other purpose, but shall remain fully funded in said <br />special account and shall, on the designated due <br />date, be applied to the payment of the then appli- <br />cable designated installment of interest on and <br />