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<br />{flo - ~ <br /> <br />ORDINANCE NO. 1070, SERIES 1992 <br /> <br />AN ORDINANCE OF THE CITY OF LOUISVILLE, <br />COLORADO, APPROVING A LOAN FROM THE COLORADO <br />WATER RESOURCES AND POWER DEVELOPMENT <br />AUTHORITY IN THE PRINCIPAL AMOUNT OF <br />$7,500,000 FOR THE PURPOSE CONSTRUCTING, <br />INSTALLING, AND ACQUIRING CERTAIN WATER <br />FACILITIES; AUTHORIZING THE FORM AND EXECUTION <br />OF THE LOAN AGREEMENT AND A SPECIAL REVENUE <br />GOVERNMENTAL AGENCY BOND TO EVIDENCE SUCH <br />LOAN; PLEDGING THE NET REVENUE OF THE CITY'S <br />WATER SYSTEM TO THE REPAYMENT OF SUCH BOND; <br />PRESCRIBING OTHER DETAILS IN CONNECTION <br />THEREWITH; AND DECLARING AN EMERGENCY. <br /> <br />WHEREAS, the City of Louisville, Colorado <br />is a duly organized and acting statutory city, <br />operating pursuant to the constitution and laws of <br />Colorado; and <br /> <br />(the "City"), <br />created and <br />the state of <br /> <br />WHEREAS, the <br />municipal water system <br />"System"); and <br /> <br />City owns, operates, <br />as an income producing <br /> <br />and maintains a <br />enterprise (the <br /> <br />WHEREAS, under ~31-35-401 et seq., C.R.S., the City is <br />authorized to acquire, construct, improve, better, and extend <br />water facilities, and in anticipation of the collection of revenue <br />from such facilities, to issue bonds payable from such revenue for <br />the purpose of providing funds to pay the cost thereof; and <br /> <br />WHEREAS, the City Council (the "Council") of the City <br />has determined that it is necessary to extend and improve the <br />System by the construction, installation, and acquisition of a <br />water treatment plant, a raw water pipeline, a treated water <br />pipeline, and a treated water storage tank, including necessary <br />incidentals (the "Project"), and that there are insufficient <br />moneys in the City treasury to pay the costs of the Project; and <br /> <br />WHEREAS, the Council has determined that in order to <br />finance the Project, it is necessary and advisable and in the best <br />interests of the City to enter into a loan agreement (the "Loan <br />Agreement") with the Colorado Water Resources and Power <br />Development Authority (the "Authority"), a body corporate and <br />political SUbdivision of the State of COlorado, pursuant to which <br />the Authority shall loan the City the amount of $7,500,000 (the <br />"Loan") for such purposes; and <br /> <br />WHEREAS, the Authority will obtain moneys to fund the <br />Loan to the City through the issuance of its bonds (the "Authority <br />Bonds"); and <br /> <br />- 2 - <br />