Ordinance 1978-621 - Laserfiche WebLink

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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, BOULDER COUNTY, COLORADO: Section 1. Construction and Extension of ~stem. The City Council has determined, and does hereby determine, that it is in the best interest of the City and its inhabitants to provide funds for constructing and installing improvements to and extenstions of the waterworks system of the City. The total estimated cost of the project is $1,237,000. The method of payment is as follows: (approximate amounts) (a) FmHA grant $593,000 (b) FmHA loan $344,000 (c) General Obligation Water Bond issue, Dated April 1, 1978 - $300,000 TOTAL $1,237,000 Section 2. Bond Details. That for the purpose of paying part of the costs and expenses of supplying the Ci ty of Louisville with water by extending and improving the existing waterworks system of the City, the City shall issue general obligation negotiable coupon bonds in the principal amount of $344,000, each to be dE~signated "General Obligation v~ater Bond, Series 1978". The bonds shall be dated as of the date of the issuance and delivery of the bonds, shall consist of 344 bonds in the denomination of $1,000 each, numbered 1 to 344, inclusive, payable in lawful money of the United States of America. The net ef::ective interest rate of this issue of bonds is 5.00%. Said bonds shall bear interest at the rate of 5% per annum, payable on Oc tober 1, 1979, and semi -annua lly thereaf ter on the Is t day of April, and the 1st day of October, each year and shall mature serially on April 1, as follows: Amount Maturity $ 3,000 1980 to 1982 , .>~ n c 1 . 4,000 1983 to 1986, incl. 5,000 1987 to 1990, incl. 6,000 1991 to 1994, incl. 7,000 1995 to 1997, incl. (schedule continued) - 3 -