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Mohr expressed his appreciation to Gene Caranci and <br />the members of the Chamber for their great strides <br />they have made. "We have a lot of reasons to be <br />proud of the kinds of goals that have been <br />accomplished." Mohr stated that he would be happy <br />to assist the Chamber in formalizing other goals for <br />the next year in the area of economic development <br />and thanked Caranci for his efforts in attaining <br />many of the goals the Chamber has achieved. <br />ORDINANCE #997, SERIES 1989 - RESTRUCTURING AND REFINANCING CITY OF <br />LOUISVILLE WATER BONDS - 2ND READING, <br />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." <br />Mayor Fauson opened the public hearing and proof of <br />publication and notice of public hearing were <br />certified by the City Clerk. <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 nearly $813,000 will <br />enable the City to negotiate more efficiently with <br />owners of large blocks of water as they become <br />available in the market. <br />Russ Caldwell, Kirchner Moore Inc., stated that it <br />is important to note that the average interest rate <br />on the existing debt is 7.76$ and the proposed rate <br />is 7.16$. No user rate increases or additional tap <br />fee increases are required to implement this <br />3 <br />