Ordinance 1994-1145 - Laserfiche WebLink

Home Browse Search

I ' j J:~) \(:' ,~~u~'~ ORDINANCE NO,/Jfj ~:~A~RDINANCE OF THE CITY OF LOUISVILLE AUTHORIZING THE ~' ISSUANCE OF THE CITY OF LOUISVILLE, COLORADO, SEWER REVENUE REFUNDING BONDS, SERIES 1994, FOR THE PURPOSE OF REFUNDING THE CITY'S OUTSTANDING SEWER REVENUE REFUNDING BONDS; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS FROM THE NET REVENUE DERIVED FROM THE CITY'S SANITARY SEWER SYSTEM; PROVIDING FOR THE PAYMENT AND DISCHARGE OF THE OUTSTANDING BONDS BEING REFUNDED; AND PROVIDING OTHER COVENANTS AND DETAILS IN CONNECTION THEREWITH. WHEREAS, the City of Louisville, Colorado (the "City"), has heretofore determined and undertaken to develop sanitary sewer facilities (the "System") for the City and its residents; and WHEREAS, in anticipation of the collection of the revenues of the System, the City is authorized to issue revenue bonds to fInance in whole or in part the cost of acquisition, construction, reconstruction, improvement, betterment, or extension of the System, and to pledge to the payment thereof all or any part of the revenues. of the System, including the revenues of improvements, betterments, or extensions thereto; and WHEREAS, the City has heretofore duly authorized, sold, issued, and delivered to the purchasers thereof its Sewer Revenue Refunding Bonds, Series 1989 (the "Series 1989 Bonds") in the original principal amount of $2,910,000 which are currently outstanding in the amount of $2,345,000; and WHEREAS, the Series 1989 Bonds maturing on and after December 1, 1997, are subject to redemption prior to maturity, at the option of the City, as a whole or in integral multiples of $5,000, in any order of maturity, on December 1, 19'-J6, and on any interest payment date thereafter, upon payment of par, accrued interest, ;tnd a premillll1 of 1.00% of the principal amount so redeemed; and -2-