Ordinance 1976-504 - Laserfiche WebLink

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Ordinance No. 504 AN ORDINANCE AUTHORIZING THE SALE AND ISSUANCE OF GENERAL OBLIGATION REFUNDING WATER BONDS, IN THE PRINCIPAL l~OUNT OF $1,100,000 OF THE CITY OF LOUISVILLE, COLORADO, FOR THE PURPOSE OF REFUNDING GENERAL OBLIGATION WATER BONDS AND REFUNDING WATER BONDS OF THE CITY OUTSTANDING IN THE ~OUNT OE~ $1,143,000; PROVIDING FOR THE ESTABLISHMEN,]~ OF AN ESCROW ACCOUNT FOR THE PAYMENT AND REDEMPTI0N OF THE OUTSTANDING BONDS TO BE REFUNDED; PROVIDING FOR THE LEVY OF TAXES TO PAY SAID REFUNDING BONDS AND THE INTEREST THEREON; FINDING AND DECLARING AN EMERGENCY; AND PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH. WHEREAS, the City of Louisville, in the County of Boulder and the State of Colorado (herein the "City"), is a political subdivision of the State, a body corporate and politic, existing pursuant to the laws of the State of Colorado; and WHEREAS, the City Council (herein "Council") deems it necessary to authorize by this Ordinance the issuance of negotiable coupon General Obligation Refunding Water Bonds of the City, to provide funds to refund and pay the out- standing General Obligation Water Bonds and Refunding Water Bonds described in this Ordinance; and WHEREAS, the City of Louisville, Colorado, by Ordinance heretofore adopted and approved by its City Council, has authorized the issuance of its Refunding Water Bonds, dated January 1, 1966, in the amount of $270,000 (herein the 1'1966 Issue"), of which amount $63,000 remains outstanding, being bonds numbered 208 to 270, inclusive, bearing interest payable on January 1 and July 1 each year and maturing on January 1, as follows: Bond Numbers Interest Rate Amounts Years (All Inclusive) (Per Annum) Maturing Maturing 208 - 233 3-3/4% $26,000 1977 234 - 260 3-3/4% 27,000 1978 261 - 270 3-3/4% 10,000 1979 and -2-