Laserfiche WebLink
was issued (the <br />months after it <br />This allows the <br />license) to ope: <br />state and local <br />for a brand new <br />a provision for <br />temporary license itself expires 4 <br />was issued and can not be renewed). <br />applicant (who formerly had a <br />rate his establishment while the <br />authorities examine his application <br />license. This Bill does not include <br />holder of 3.2~ beer licenses. <br />Mayor Fauson closed the public hearing. <br />Mayor Fauson moved and Carnival seconded to adopt <br />Ordinance #996, Series 1989 on second and final <br />reading. By Roll Call Vote, motion carried 5-0. <br />ORDINANCE #997, SERIES 1989 - RESTRUCTURING AND REFINANCING CITY OF <br />LOUISVILLE WATER BONDS - 1ST READING, <br />SET PUBLIC HEARING Read by Title Only, Ordinance #997, Series 1989, "An <br />Ordinance authorizing the issuance by the City of <br />Louisville, Colorado, of General Obligation Water <br />Refunding and Improvement Bonds, Series 1989, in the <br />principal amount of $5,700,000, for the purpose of <br />refunding valid and outstanding general obligation <br />water bonds of the City, and for the purpose of <br />paying certain costs in connection with the water <br />treatment, storage, and transmission facilities of <br />the City; prescribing the form of said bonds; <br />providing for the levy of Ad Valorem Taxes and the <br />application of revenues derived from the water <br />system of the City to pay the same; providing for a <br />part of the proceeds of said bonds to be deposited <br />in a separate escrow account for the payment of the <br />bonds being refunded; and providing other details in <br />connection therewith." Council is being asked to <br />approve publication of the ordinance and set a <br />public hearing for October 3, 1989. <br />Stahl explained that this ordinance provides the <br />necessary funds to restructure a large portion of <br />the City's outstanding water fund issues (including <br />several water rights acquisition obligations). In <br />addition to refunding a portion of the debt, <br />additional funds totaling $813,000.00 have been <br />included for water rights acquisition and/or <br />additional storage capacity. The 5-year capital <br />improvement program currently includes $270,000.00 <br />per year for acquisition of new water rights. The <br />immediate availability of $813,000.00 will enable <br />the City to negotiate more efficiently with owners <br />of large blocks of water as they become available in <br />the market. <br />It is important to note that the average interest <br />rate on the existing debt is 7.76$ and the proposed <br />rate is 7.16$. No user rate increases or additional <br />tap fee increases are required to implement this <br />3 <br />