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to the meeting. Si~ate Statute only requires that <br />the ordinances be published in full after first <br />reading and after adoption. Adoption of this <br />ordinance will avoid the necessity of reading <br />during the Council Meeting lengthy ordinances. <br />Mayor Fauson closed the public hearing and called <br />for a motion. Nfohr moved and Mayor Fauson <br />seconded to adopt Ordinance #953, Series 1988. <br />By Roll Call Vote, the motion passed unanimously. <br />Anderson and Sackett asked to be excused during the proceedings on the next <br />three Agenda Items, Ordinance #959, Series 1988 as relates to the golf <br />course, Authorization to Reject Golf Course Management Bids, and <br />Authorization to Bid Golf Course Project due to possible conflict of <br />interest. <br />ORDINANCE #959 - APPROVAL OF LEASE AND RELATED TRANSACTIONS AS RELATES TO <br />GOLF COURSE BONDS ISSUANCE - 1ST READING - <br />SET PUBLIC HEARING Introduced and read in its entirety, Ordinance <br />#959, Series 1988, "An Ordinance of the City of <br />Louisville, Colorado concerning the financing of a <br />municipal golf course, authorizing the execution <br />of a golf course lease purchase agreement and <br />authorizing and approving certain related <br />transactions." <br />Stahl explained that during the past several <br />months, the staff in conjunction with several <br />property owners anti a golf course advisory group <br />has been working with Dick Phelps to finalize the <br />design of a public golf course on the Coal Creek <br />Ranch site. A review and recommendation to <br />Council has beers presented a proposal for <br />financing of the project. <br />Blake Jordan, Lamm & Edstrom, the City's Bond <br />Counsel, as well as Russ Caldwell, Kirchner Moore, <br />presented the differences between the initial <br />proposal (Ordinance #953) and this proposal <br />(Ordinance #959). <br />Mr. Caldwell explained that the purchasers of the <br />bonds came to Louisville and did their own <br />evaluation of the site and all the features of the <br />golf course. The changes within this ordinance <br />that occurred were a result of discovering that <br />other transactions relative to golf course <br />projects similar to this (only two that Mr. <br />Caldwell is aware of in other states) resulted in <br />the bond purchasers having a trustee and the <br />trustee had a lien on the property. Therefore, <br />Mr. Caldwell looked at what model that could be <br />created under Colorado law which would allow the <br />City to achieve the same thing that would get the <br />2 <br />