Ordinance 2004-1437 - Laserfiche WebLink

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B. Pursuant to Article 12 of the Charter, subject to the State Constitution and notwithstanding any limitations in the State statutes, the City may borrow money and issue securities or enter into other obligations to evidence such borrowing in any form and in any manner determined by the City Council to be advantageous to the City. C. At the Election, the voters within the City approved the issuance of general obligation bonded indebtedness in an aggregate amount not exceeding $7,405,000 pursuant to the following bond question: SHALL CITY OF LOUISVILLE DEBT BE INCREASED $7,405,000, WITH A REPAYMENT COST OF $12,004,020; AND SHALL CITY OF LOUISVILLE TAXES BE INCREASED $586,400 ANNUALLY, OR BY SUCH LESSER AMOUNT AS MAY BE NECESSARY TO PAY SUCH DEBT; SUCH DEBT AND TAXES TO BE FOR THE PURPOSE OF CONSTRUCTING A NEW CITY OF LOUISVILLE LIBRARY, TO INCLUDE ALL NECESSARY LAND, EQUIPMENT, FURNISHINGS, IMPROVEMENTS AND INCIDENTALS FOR SUCH LIBRARY; SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF BONDS OR BONDS ISSUED TO REFUND SUCH BONDS; SUCH TAXES TO CONSIST OF AN ADDITIONAL AD VALOREM PROPERTY TAX MILL LEVY NOT TO EXCEED 1.581 MILLS BEGINNING JANUARY 1,2004 AND CONTINUING FOR TWENTY YEARS THEREAFTER FOR THE PURPOSE OF REPAYMENT OF SUCH DEBT; SUCH BONDS TO BE SOLD IN ONE SERIES OR MORE IN AN AGGREGATE AMOUNT NOT TO EXCEED THE MAXIMUM AUTHORIZED PRINCIPAL AMOUNT AND REPAYMENT COSTS, ON TERMS AND CONDITIONS AS THE CITY COUNCIL MAY DETERMINE, INCLUDING PROVISIONS FOR THE REDEMPTION OF THE BONDS PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF A PREMIUM; AND SHALL THE PROCEEDS OF ANY SUCH DEBT AND TAXES, AND ANY INVESTMENT INCOME THEREON, BE COLLECTED AND SPENT AS A VOTER-APPROVED REVENUE CHANGE AND AN EXCEPTION TO LIMITS WHICH WOULD OTHERWISE APPLY UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW? D. The City has not previously authorized or issued any of the debt authorized at the Election. 5