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REGULAR BUSINESS: <br />ORDINANCE #975 <br />PUBLIC HEARING <br />- SERIES 1988 - ACQUISITION OF' WATER SHARES - 2nd READING - <br />Williamson read by title only, Ordinance #975, "An <br />Ordinance approving a contract for the purchase of <br />water rights to be used in the Municipal Water <br />System and authorizing the issuance of a Special <br />Obligation Water Revenue Note in Payment. <br />Therefor." Certification of publication and <br />notice of public hearing were established. <br />Mayor Fauson opened the public hearing. <br />Stahl explained that: this o <br />contract for the purchase o <br />authorizes the issuance of <br />revenue note payment:. The <br />City of Louisville and John <br />for the acquisition of 6.0 <br />shares of Davidson and 8.0 <br />Boulder Canyon. Total cons <br />purchase is $500,000 to be <br />period. Total annual yield <br />estimated at 276 acre feet <br />net yield of auoroxi.mately <br />-dinance approves a <br />water rights and <br />special water <br />;ontract between the <br />R. Cohagen provides <br />shares of McGinn, 18 <br />shares of South <br />Lderation for the <br />paid over a ten year <br />from the shares is <br />ind should provide a <br />i0$ or 165 acre feet <br />of water annually. The contract provides for <br />payments to begin iri 1989 and no cash is <br />required to close 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 water. Stahl stated that this is the <br />largest single watez• 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 />Mayor Fauson asked f'or any public comments either <br />in favor of or in opposition to this Ordinance. <br />None. <br />Mayor Fauson closed the public hearing and called <br />for a motion. <br />ORDINANCE #976, <br />WATER RATES AND <br />PUBLIC HEARING <br />Ferrera moved and Sc~arpella seconded to adopt <br />Ordinance #975, Series 1988. By Roll Call Vote, <br />Ordinance #975, Series 1988 was adopted 6-0. <br />SERIES 1988- AMENDMENT TO MUNICIPAL CODE REGARDING <br />WATER TAP FEES - 2nd READING - <br />Williamson read by title only Ordinance #976, "An <br />Ordinance amending Title 13 of the Louisville <br />Municipal Code concerning Fees for water taps and <br />2 <br />