Ordinance 1978-584 - Laserfiche WebLink

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ORDINANCE NO. ~ AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON BEHALF OF THE CITY OF LOUISVILLE, COLORADO, AND UPON THE CREDIT THEREOF BY ISSUING GENERAL OBLIGATION BONDS OF THE CITY IN THE PRINCIPAL AMOUNT OF $300,000 FOR THE PURPOSE OF SUP- PLYING THE CITY WITH WATER BY EXTENDING AND IMPROVING THE EXISTING WATERWORKS SYSTEM OF THE CITY; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE LEVY OF TAXES TO PAY THE SAME; AND DECLARING AN EMERGENCY. WHEREAS, a majority of the voters of the City of Louisville, Colorado, who were taxpayers under the law, voting on the question at a municipal election heretofore held in said City, by their vote approved and authorized the City Council of the City to erect a system of \'laterworks for f ire and domestic purposes, the same to be owned and operated by the City; and WHEREAS, the City did erect and ever since said time has owned, operated and maintained a system of waterworks for said purpose; and WHEREAS, the City Council has determined to extend and improve the waterworks system in order to supply the City and the inhabitants thereof wi th a proper and adequate supply of water; and WHEREAS, the City has entered into a loan and grant agreement with the United States Department of Agriculture, Farmers Home Administration, whereby the Farmers Home Adminis- tration"will provide the following grant and loan toward the total estimated project cost of $1,237,000, as follows: (a) FmHA Grant $ 593,000 (b) FmHA Loan $ 344,000; and WHEREAS, pursuant to said agreement the City will provide the funds for the balance of the total project costs in the amount of $300,000; and WHEREAS, there are not sufficient funds in the treasury of the Ci ty to pay its share of the costs and expenses of sup- plying the City with water and the City Council deems it advisable and necessary to authorize the issuance of general obligation negotiable coupon bonds of the City in the amount of $300,000 for that purpose; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. BOND DETAILS. That for the purpose of paying part of the costs and expenses of supplying the City of Louisville with water by extending and improving the existing waterworks system of thle City, the City shall issue its general obligation negotiable coupon bonds in the principal amount of $300,000, each to be designated "General Obligation Water Bond", - 2 -