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<br />ORDINANCE NO. 1084, SERIES 1992 <br /> <br />AN ORDINANCE PROVIDING FOR THE ISSUANCE BY <br />THE CITY OF LOUlSVllLE, COLORADO OF ITS <br />GENERAL OBUGATION BONDS, SERIES 1992 ISSUED <br />FOR THE PURPOSE OF ACQUIRING A MUNICIPAL GOLF <br />COURSE AND RELATED EQUIPMENT; PROVIDING FOR <br />THE LEVY AND COLLECTION OF ANNUAL AD <br />VALOREM TAXES TO PAY THE SAME; PRESCRIBING <br />THE FORM OF THE BONDS; PROVIDING OTHER <br />DETAIlS CONCERNING THE BONDS; AUTHORIZING <br />THE EXECUTION OF AN ESCROW AGREEMENT; AND <br />RATIFYING ALL ACIlON HERETOFORE TAKEN IN <br />CONNECTION THEREWITH. <br /> <br />WHEREAS, the City of Louisville (the "City") in the County of Boulder and <br />the State of Colorado, is a municipal corporation duly organized and existing under the laws <br />of the State of Colorado; and <br />WHEREAS, the City Council (the "Council") has determined and hereby <br />determines that it is necessary and in the best interests of the citizens and inhabitants of the <br />City that general obligation bonds be issued in the aggregate principal amount of $5,160,000 <br />(the "Bonds") for the purpose of exercising the City's option to purchase the Coal Creek <br />Golf Course and certain related equipment (the "Project") which the City is currently leasing <br />pursuant to three existing lease purchase agreements (the "Golf Course Leases"); and <br />WHEREAS, the City will achieve cost savings by acquiring such property and <br />equipment through the issuance of the Bonds rather than continuing to lease such property <br />and equipment; and <br />WHEREAS, at a special municipal election held on July 7, 1992, a majority of <br />the City's registered qualified electors voting thereon approved the issuance by the City of <br />general obligation bonds for the purpose set forth above; and <br /> <br />-1- <br />