Ordinance 1994-1145 - Laserfiche WebLink

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[Back of Bond] ADDITIONAL PROVISIONS This Bond is one of a series aggregating Two Million Three Hundred Forty-five Thousand and 001100 Dollars ($2,345,000) par value, all of like date, tenor, and effect except as to number, principal amount, interest rate, and date of maturity, issued by the City Council of the City of Louisville, Colorado, for the purpose of refunding valid and outstanding sewer revenue bonds of the City, by virtue of and in full conformity with the Constitution of the State of Colorado; Title 11, Article 56, Part 1, C.R.S.; and all other laws of the State of Colorado thereunto enabling, and pursuant to the duly adopted Ordinance authorizing the issuance of this Bond. Pursuant to Section 11-56-107(6), C.R.S., such recital shall conclusively impart full compliance with all of the provisions and limitations of said Article 56, and this Bond issued containing such recital is incontestable for any cause whatsoever after its delivery for value. It is hereby recited, certified, and warranted that all of the requirements of law have been fully complied with by the proper officers in issuing this Bond. The principal of, premium if any, and interest on this Bond are payable only out of (i) a special account of the City created in full conformity with law and designated as the "City of Louisville Sewer Revenue Bond Account, 1994", into which the City covenants and agrees to deposit, from the revenues of its sanitary sewer facilities (the "System") after deduction of operations and maintenance costs (the "Net Revenue"), amounts sufficient to pay the principal of, premium if any, and interest on the Bonds when the same become due and payable; and (ii) if necessary, the "City of Louisville Sewer Revenue Bond Reserve Account, 1994", all as more particularly set forth in the Ordinance authorizing the issuance of this Bond. The Bonds of this issue constitute an irrevocable and first lien upon the Net Revenue, but not necessarily an exclusive first lien. Subject to expressed conditions, obligations in addition to the Bonds of this issue may be issued and made payable from the Net Revenue having a lien thereon subordinate and junior to the lien of the Bonds of this issue or, subject to additional expressed conditions, having a lien on the Net Revenue on a parity with the lien of the Bonds of this issue, in accordance with the provisions of said Ordinance. -20-