City Council Minutes 1993 12 07 - Laserfiche WebLink

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PRf~IDING FOR THE PAYMENT AND DISCHARGE OF THE OUTSTANDING SALES TAX REVENUEBONDS BEING REFUNDED; AND PROVIDING OTHER COVENANTS AND DE]~ILS IN CONNECTION THEREWITH - 2ND READING - PUBLIC HEARING (~mL. LSVL. TI~ES ~1/6/93) Griffiths read by title only Ordinance No. 1130, Series 1993, "An ordinance of the City of Louisville authorizing the issuance of the City of Louisville, Colorado, sales tax refunding revenue bonds, Series 1993, in the total aggregate principal amount of $6,115,000, for the purpose of refunding a portion of the city's outstanding sales tax revenue bonds; prescribing the form of said bonds; providing for the payment of the principal of and interest on said bonds from a portion of the revenues of the sales tax imposed by the city and pledged to the city's Capital Improvement Fund; providing for the payment and discharge of the outstanding sales tax revenue bonds being refunded; and providing other covenants and details in connection therewith." Forest Cason, Vice President of Kirkpatrick Petis, 1700 Lincoln Street, Denver, Colorado, stated they were able to receive insurance that meets all of the requirements to protect the City of Louisville. They marketed the bonds as insured bonds with present value savings of approximately $700,000, which amounts to a debt se~wice savings of approximately $1 million in relation to the prior bond issue. The interest rate on this bond issue was 15 - 20 basis points lower than comparable bond issues on a national basis. Maria Prevedel, Sherman & Howard (Bond Counselors for the City of Louisville), 633 - 17th Street, Denver, Colorado, was there to answer any questions. Griffiths: Sherman & Howard is also acting as Special Counsel to the City, in addition to being the bond counselors. With respect to the future amendments to the sales tax ordinance, in terms of changes, does it only limit changes that would adversely effect the amount of revenue the city would be collecting under the sales tax ordinance? Prevedel: You may not amend, modify, or repeal the sales tax ordinance in any way that adversely effects the amount of sales tax revenues, which would otherwise be collected. Nothing prevents you from amending the sales tax ordinance to comply with the State law that changes in administration, enforcement, or collection of the sales tax.