Ordinance 2004-1437 - Laserfiche WebLink

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E. Pursuant to Article X, Section 20(4) of the State Constitution, the Bonds may not be sold on terms which exceed the maximum principal and repayment cost amounts described in the ballot question or in the notice sent to voters, as $7,405,000 maximum principal amount of bonds, $586,400 maximum annual repayment cost, and $12,004,020 maximum total repayment cost. F. The City Council has determined and hereby declares that it is in the City's best interest to effect the Project. G. After a public sale is held, the City anticipates receiving a proposal from the Purchaser, for the purchase of the Bonds, for the purpose of defraying in whole or in part the costs ofthe Project. H. There have been filed with the City Clerk the proposed forms of the following documents: the Registrar Agreement; the Continuing Disclosure Certificate; and the Preliminary Official Statement. I. The City Council desires to cause the Bonds to be issued, to authorize and direct the application of the proceeds thereof as set forth herein, and to provide security for the payment thereof, all in the manner set forth below. Section 3. Ratification. All actions heretofore taken (not inconsistent with the provisions of this Ordinance) by the City Council and other officers of the City relating to the Project and the sale and issuance of the Bonds for the purposes provided herein are ratified, approved and confirmed. Section 4. Authorization of the Bonds There hereby is authorized to be issued an issue of fully registered limited tax general obligation securities of the City, to be payable solely from and to the extent of the Limited Mill Levy and to be designated "City of Louisville, Colorado, Limited Tax General Obligation Library Bonds, Series 2004" in the aggregate principal amount approved by the City Manager or Mayor in the Sale Certificate (provided, however, that the principal amount of the Bonds shall not exceed $7,405,000). Section 11-57-204 of the Supplemental Act provides that a public entity, including the City, may elect in an act of issuance to apply all or any of the provisions of the Supplemental Act. The City Council hereby elects to apply all of the Supplemental Act to the Bonds. 6