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REGULAR BUSINESS: <br />PRESENTATION - SUPER 6 SCHOOL NEW - <br />LOUISVILLE ELEMENTARY Holly Hill and Todd Nelson from the Louisville <br />Elementary School, produced a news video for <br />television about their school and community. <br />The video was ~>resented to Council and <br />certificates we're given to the students. <br />RESOLUTION #57, SERIES 1988 - A RESOLUTION RECOGNIZING THE ACHIEVEMENTS <br />OF J. SCOTT HAMILTON This resolution of recognition of the <br />achievements of° J. Scott Hamilton was presented <br />to him. Mr. Hamilton was selected for <br />induction into the 1988 Colorado Aviation Hall <br />of Fame. <br />ORDINANCE #975 - ACQUISITION OF WATER SHARES - 1ST READING - <br />SET PUBLIC HEARING Williamson read by title only, Ordinance #975, <br />"An Ordinance approving a contract for the <br />purchase of wager rights to be used in the <br />Municipal Water System and authorizing the <br />issuance of a Special Obligation Water Revenue <br />Note in Payment: Therefor." <br />Stahl explained that this ordinance approves a <br />contract for the purchase of water rights and <br />authorizes the issuance of special water <br />revenue note payment. The contract between the <br />City of Louisville and John R. Cohagen provides <br />for the acquisition of 6.0 shares of McGinn, 18 <br />shares of Davidson and 8.0 shares of South <br />Boulder Canyon. Total consideration for the <br />purchase is $5C10,000 to be paid over a ten year <br />period. Total annual yield from the shares is <br />estimated at 27'6 acre feet and should provide a <br />net yield of approximately 60~ or 165 acre feet <br />of water annually. The contract provides for <br />payments to begin in 1989 and no cash is <br />required to clc-se the deal during 1988. Funds <br />are projected and budgeted in the Water Capital <br />Utility Fund for the acquisition of these <br />shares of watez•. Stahl stated that this is the <br />largest single water acquisition the City of <br />Louisville has ever done. Stahl commended <br />Williamson for his seven month effort in <br />getting this contract to Council. <br />Staff is seeking permission to place Ordinance <br />#975, Series 1988 out for publication and set a <br />public hearing for December 20, 1988. <br />Sackett moved a.nd Ferrera seconded to place <br />Ordinance #975, Series 1988 out for publication <br />2 <br />