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<br />. ORDINANCE NO. 476 <br /> <br />AN ORDINANCE TO CONTRACT AN INDEBTED- <br />NESS ON BEHALF OF THE CITY OF LOUIS- <br />VIl["LE, COLORADO, AND UPON THE CREDIT <br />THEREOF BY ISSUING GENERAL OBLIGATION <br />BONDS OF THE CITY IN THE PRINCIPAL <br />AMOUNT OF $800,000 FOR THE PURPOSE <br />OF SUPPLYING THE CITY WITH WATER BY <br />EX'rENDING AND IMPROVING THE WATERWORKS <br />SYSTEM OF THE CITY; PRESCRIBING THE <br />FORM OF SAID BONDS; PROVIDING FOR THE <br />LEVY OF TAXES TO PAY THE BONDS AND <br />THE INTEREST THEREON; AND DECLARING <br />AN EMERGENCY. <br /> <br />WHEREAS, a majority of the voters of the City of <br />Louisville, Colorado, 'who were taxpayers under the law, voting on <br />the question at a municipal election heretofore held in said <br />City, by their vote approved and authorized the City Council <br />of the City to erect a system of waterworks for fire and <br />domestic purposes, the same to be owned and operated by the <br />City; and <br /> <br />WHEREAS, the City did erect and ever since said <br />time has owned, operat.ed and maintained a system of waterworks <br />for the purpose of supplying the City and its inhabitants with <br />water for fire and domestic purposes; and <br />WHEREAS, it is necessary to extend and improve the <br />waterworks system in order to supply the City and the inhabitants <br />thereof with a proper and adequate supply of water; and <br />WHEREAS, thE!re are not sufficient funds in the <br />treasury of the City 1:0 pay the costs and expenses of supplying <br />the City with water by extending and improving said system and <br />the Board of Trustees deems it advisable and necessary to <br />authorize the issuance of general obligation negotiable <br />coupon bonds of the City in the amount of $800,000 for that <br />purpose; <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF <br />LOUISVILLE, COLORADO: <br />Section 1. BOND DETAILS. That for the purpose of <br />paying the costs and expenses of supplying the City of Louisville <br />with water by extending and improving the waterworks system of <br />the City, the City shall issue its general obligation negotiable <br />coupon bonds, dated September 1, 1975, in the principal <br />amount of $800,000, consisting of 160 bonds in the denomination <br />of $5,000 each, numbered 1 to 160, inclusive, payable in <br />lawful money of the United States of America, to bear interest <br /> <br />- 2 - <br />