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advantages of restructuring the debt. The 1985 <br />Bond Issue did not have good rates and the debt <br />was for only 15 years. The refunding and <br />refinancing now will 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 closed the public hearing and moved <br />that Ordinance #991, 1989 be adopted. Anderson <br />seconded the motion. By Roll Call vote, the <br />motion passed 7-0. <br />ORDINANCE #992, SERIES 1989 - AUTHORIZATION TO ISSUE SALES <br />TAX REVENUE BONDS - 2ND READING, <br />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 />Proof of publication and notice of public hearing <br />were established. <br />Mayor Fauson opened the public hearing. <br />Stahl explained this Ordinance authorized the <br />issuance by the City of Louisville sales tax <br />revenue bonds in the amount of $5,250,00 for the <br />purpose of constructing the new library, rec <br />center, downtown improvements and South Boulder <br />Road improvements. The bonds are payable solely <br />from 1/3 of the City's 3$ 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 />Mayor Fauson closed the public hearing and called <br />for a motion. <br />Carnival moved and Scarpella seconded to adopt <br />Ordinance #992, Series 1989. By Roll Call Vote, <br />the motion passed 7-0. <br />COMPREHENSIVE DEVELOPMENT PLAN - 1989 UPDATE - <br />PUBLIC HEARING Stahl explained that staff has prepared the 1989 <br />Update to the Comprehensive Development Plan and <br />6 <br />