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ORDINANCE #993, SERIES 1989 - WATER RIGHTS PURCHASE - CANNON WATER USERS <br />ASSOCIATION - 1ST READING, <br />SET PUBLIC HEARING Read by title only, Ordinance #993, Series 1989, <br />"An Ordinance approving a contract for the <br />purchase of water rights to be used in the <br />municipal water system and authorizing the <br />issuance of a Special Obligation Water Revenue <br />note in payment therefor." <br />Williamson explained that this is for the purchase <br />of 1.5 shares of McGinn Ditch Stock from the <br />shareholders of Cannon Water Users Association for <br />the purchase of their corporation for $104,250.00, <br />and upon acquisition, the City will dissolve the <br />corporation. Interest on the outstanding <br />principal will be calculated at 7.1$ per annum and <br />final principal payment will be on December 1, <br />1993. The water stock certificates will be <br />transferred to the City immediately and will be <br />held in escrow until all payments have been made <br />under the promissory note. <br />Mayor Fauson moved and Ferrera seconded to publish <br />Ordinance #993, Series 1989 and set a public <br />hearing for May 2, 1989. Motion passed 7-0. <br />ORDINANCE #994, SERIES 1989 - PUBLIC SERVICE CO. FRANCHISE <br />AGREEMENT - 1ST READING - <br />SET PUBLIC HEARING Read by title only, Ordinance #994, Series 1989, <br />"An Ordinance amending an electric and gaseous <br />fuel franchise granted by the City of Louisville, <br />Boulder County, Colorado, to Public Service <br />Company of Colorado, its successors and assigns." <br />Stahl explained that this Ordinance reflects all <br />the updates to the City's Agreement with Public <br />Service including 1) payments are to be made <br />monthly by Public Service to the City; 2} a "most <br />favored nations clause" has been incorporated <br />into the agreement which allows for Louisville <br />to automatically receive the same <br />benefits/increases of fees negotiated with other <br />jurisdictions adjacent to us without amending the <br />franchise agreement or further negotiation; 3) <br />this establishes a 1$ undergrounding fund; and 4) <br />changes the current franchise fee to a straight 3~ <br />fee regardless of the amount that is used on an <br />annual basis. <br />Mayor Fauson moved and Mohr seconded to publish <br />Ordinance #994, Series 1989 and set a public <br />hearing for May 16, 1989. Motion carried 7-0. <br />8 <br />