City Council Minutes 2003 04 01 - Laserfiche WebLink

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Louisville City Council Meeting April 1, 2003 Page 7 of 22 MOTION: Van Pelt moved that Council continue the public hearing on Ordinance No. 1416, Series 2003 to April 15, 2003, seconded by Brown. All in favor. ORDINANCE NO. 1417, SERIES 2003 -AN ORDINANCE AUTHORIZING AN INTERIM LOAN AGREEMENT WITH THE COLORADO WATER RESOURCES AND POWER DEVELOPMENT AUTHORITY TO FINANCE THE ACQUISITION OF WATER RIGHTS FOR THE CITY WATER SYSTEM; AUTHORIZING THE FORM AND EXECUTION OF THE INTERIM LOAN AGREEMENT; RATIFYING PRIOR DETERMINATIONS OF THE CITY COUNCIL; DECLARING AN EMERGENCY; AND PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH - 2"d reading - public hearing (advertised Daily Camera 3/8/03) Sisk called for City Attorney introduction. City Attorney Sam Light read Ordinance No. 1417, Series 2003 and noted there are second reading amendments. He stated the ordinance is an emergency ordinance and requires an affirmation vote of 2/3 of the entire Council, or six votes. Sisk called for Staff presentation. Finance Director Charlene Laus reviewed Ordinance No. 1417, Series 2003, authorizes an Interim Loan Agreement with the Colorado Water Resources and Power Development Authority for interim funding for an amount not to exceed $12.5 million dollars. The interest rate is 4% per year and will only be paid on principal amount. She noted changes are still being made to the agreement on the advice of bond counsel. The changes will be made before the Mayor signs the agreement. Sisk opened the public hearing and asked if anyone in the audience wished to speak for or against Ordinance No. 1417, Series 2003. There were no comments. Van Pelt asked about the anticipated timing for the long-term financing. Laus stated the Authority would be issuing the bonds in July or August. Sisk asked Laus to explain why the ordinance is an emergency ordinance. Laus explained it is considered an emergency ordinance due to the potential for purchasing water rights. Public Works Phare explained the emergency ordinance was required to meet the Water District deadlines, which controls the transfers of CBT units. Sisk called for public comments and hearing none closed the public hearing. MOTION: Keany moved that Council approve Ordinance No. 1417, Series 2003, seconded by Levihn. Roll call vote was taken. The motion passed by a vote of 6-0.