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in the separate escrow account for the payment of <br />the bonds being refunded; and providing other <br />details in connection therewith." <br />Stahl explained that Ordinance #991, Series 1989 <br />authorized the issuance of sewer revenue refunding <br />bonds in the amount of $3,035,000. By refunding, <br />the City will achieve a savings and produce annual <br />revenue in excess of debt to provide annual <br />capital outlay. April 18th is the proposed second <br />reading and public hearing. Closing on the Bonds <br />is scheduled for April 25th. <br />Russ Caldwell, Kirchner Moore and Co., detailed <br />the refunding of the City's sewer bonds and the <br />advantages of restructuring the debt. The 1985 <br />Bond Issue did not have gaod rates and the debt <br />was for only 15 years. The refunding and <br />refinancing now with create more equity among the <br />rate payers. These bonds will be insured as the <br />City has demonstrated good fiscal management which <br />will lower the annual payment and the principal. <br />Mayor Fauson moved and seconded to place Ordinance <br />#991 out for publication and a public hearing held <br />on April 18, 1989. Motion carried 7-0. <br />ORDINANCE #992, SERIES 1989 - AUTHORIZATION TO TSSUE SALES TAX REVENUE <br />BONDS - 1ST READING, <br />3ET PUBLIC HEARING Read by title only Ordinance #992, Series 1989, <br />"An Ordinance authorizing the issuance of Sales <br />Tax Revenue Bonds, Series 1989, of the City of <br />Louisville, Colorado, in the aggregate principal <br />amount of $5,250,000, for the purpose of <br />constructing, installing, and acquiring certain <br />capital improvements to include library <br />facilities, a City recreation center, and street, <br />sidewalk, drainage, and parking facilities; <br />prescribing the form of the bonds and providing <br />for the payment thereof from the sales tax <br />proceeds pledged to the City's sales tax capital <br />improvement fund; adopting other details in <br />connection therewith; and declaring an emergency. <br />Stahl explained this Ordinance authorized the <br />issuance by the City of Louisville sales tax <br />revenue bonds in the amount of $5,250,000 for the <br />purpose of constructing the new library, rec <br />center, downtown improvements and South Boulder <br />Road improvements. The bonds are payable solely <br />from 1/3 of the City's 3$ sales tax imposed <br />pursuant to the March 21, 1989 election. Issuing <br />these bonds is the first step in acquiring RFP's <br />for the construction of these designated projects. <br />8 <br />