Ordinance 1978-621 - Laserfiche WebLink

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ORDINANCE NO. 621 AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON BEHALF OF THE CITY OF LOUISVILLE, COLORADO, AND UPON THE CREDIT THEREOF BY ISSUING GENERAL OBLIGATION vlATER BONDS OF THE CITY IN THE PRINCIPAL AMOUNT OF $344,000 FOR THE PURPOSE OF SUPPLYING THE CITY WITH WATER BY EXTENDING AND IMPROVING THE EXISTING WATERWORKS SYSTEM OF THE CITY; PRESCRIBING THE FORM OF SAID BONDS; PRO- VIDING FOR THE LEVY OF TAXES TO PAY THE SAMEi AND DECLARING AN EMERGENCY. WHEREAS, a majority of the voters of the City of Lou isvi lIe, Colorado, who we re .taxpayers under the law, vot i n9 on the question at a municipal election heretofore held 1n said City, by their vote approved and authorized the City Council of the City to erect a system of waterworks for fire and domestic purposes, the same to be owned and operated by the City; and IrVHEREAS, the City did erect and ever since said ti:ne has owned, operated and maintained a system of waterworks for said purposei and WHEREAS, it is necessary to extend and improve the waterworks system in order to supply the City and the inhabitants thereof with a proper and adequate supply of wateri and WHEREAS, the estimated total project cost of the improve- ments and extensions to the water system is $1,237,000, and the City has previous ly au thor iz ed and is sueo its General Obl i9a t ion Water Bonds, dated April 1, 1978, in the principal amount of $300,000, for the payment of part of such costi and WHEREAS, the City has entered into a loan agreement with '.. the United States Department of Agriculture, Farmers Home Adminis- tration, whereby the Farmers Home general obligation wat.er bonds $344,000, at an interest rate of 5% part of the additional cost; and \'J H E PEA S, i t 1. S n e c e s s a r y to aut h 0 r i z e the 1 S S U (; :; C e of sa i d bonds and to provi de for the form and payment t-; err.: c f i Administration will purchase in the principal amo:..:.nt of per annum, for the pay~ent of - 2 -