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<br />COUNCIL COMMUNICATION <br /> <br />TO: <br />FROM: <br /> <br />MAYOR AND CITY COUNCIL <br /> <br />WILLIAM A. SIMMONS <br />CITY MANAGER <br /> <br />DATE: <br />SUBJECT: <br /> <br />July 26,2003 <br />Ordinance No. 1423, Series 2003 - An Ordinance Submitting to the <br />Registered Electors of the City at the November 4, 2003 Regular <br />Municipal Election A Ballot Issue Concerning Increases in City Debt <br />and Property Taxes for the Purpose of Constructing a New City of <br />Louisville Library, and Authorizing Other Actions Regarding the <br />Conduct of Such Election. - public hearing and 2nd reading <br />ORIGINATING DEPARTMENT: City Manager's Office <br /> <br />SUMMARY: <br />Attached is an ordinance which will set the ballot question asking for voter approval for the <br />issuance of bonds to construct a new library, and to increase the City's mill levy to finance <br />those bonds. The question will be part of the mail ballot election scheduled for November 4, <br />2003. The total amount of the bond issue is $7,405,000, for $7.2 million in capital costs for the <br />library and $205,000 in issuance costs. The bond issue would be for twenty years, with the I- <br />bonds to be sold competitively. At an interest rate of 4.85%, the maximum annual payment on W <br />the bonds would be $586,400. A mill levy of 1.581 would be certified, generating an average ~ <br />annual property tax increase of $37.75 on a $300,000 residence. The current mill levy for the \J <br />City of Louisville is 5.292. < <br />a.. <br />The notice of public hearing and second reading was published on Wednesday, July 16 in the <br />Daily Camera. In addition, a display ad providing notice of the special meeting was also <br />published in the Louisville Times on July 23, 2003. <br /> <br />RECOMMENDATION: <br />Hold public hearing and approve Ordinance No. 1423, Series 2003 on second reading, setting <br />the ballot question for the regular election on November 4, 2003. <br /> <br />SUBJECT <br /> <br />AGENDA ITEM <br /> <br />IE <br /> <br />Ordinance No. 1423, Series 2003 - An Ordinance Submitting to the <br />Registered Electors of the City at the November 4, 2003 Regular <br />Municipal Election A Ballot Issue Concerning Increases in City Debt <br />and Property Taxes for the Purpose of Constructing a New City of <br />Louisville Library, and Authorizing Other Actions Regarding the <br />Conduct of Such Election. - public hearing and second reading - <br />published Daily Camera 7/16/03 SA <br />