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In response to Anderson's questions, Caldwell <br />stated that there is no City owned land encumbered <br />by this and a Special Improvement District is <br />secondary to a general tax lien. <br />Mayor Fauson moved that Ordinance #885 be set for <br />a Public Hearing on April 22, 1986. Mohr <br />seconded. Unanimous. <br />Mayor Fauson reiterated that there would be two <br />items for Council consideration on the Special <br />Council Meeting April 22, 1986, Resolution #20 and <br />Ordinance #885. There would then be a Council <br />Work Session immediately following the Special <br />Meeting. <br />ORDINANCE #886 - FIRST READING - AMENDMENT T'O <br />WATER BOND ORDINANCE #859 <br />Rautenstraus read by title only Ordinance #886, <br />"An Ordinance amending Ordinance #859 adopted May <br />21, 1985, by the City of Louisville, Colorado, <br />which Ordinance #859 authorized the issuance of <br />the City's General Obligation Water Refunding and <br />Improvement Bonds, Series 1985, in the principal <br />amount of $2,950,000; to provide for the redemption <br />of such 1985 Bonds on December 1, 1991, and on any <br />interest payment date thereafter, upon payment of <br />par and accrued interest, without redemption <br />premium; authorizing the reprinting of the Series <br />1985 Bonds; providing other details in connection <br />therewith; and dec]_aring an emergency." Staff <br />recommends adoption of this Ordinance on First <br />Reading and a Public Hearing set for April 15, <br />1986. <br />Hundley explained that in connection with this <br />Ordinance is a subsequent Ordinance which will <br />begin the process of refinancing or reissuing <br />these bonds. <br />Blake Jordan, the C:ity's Bond Counsel, explained <br />that it takes two ordinances to complete this <br />process. The first one amends the original <br />ordinance authorizing the original issuance of the <br />bonds. The only amendment to the original <br />Ordinance #859 is to do away with the 1~ premium <br />making the refundir.~g more advantageous to the City <br />because the City will not then have to pay a <br />premium to redeem i:he bonds in 1991 through the <br />function of the escrow. That being accomplished, <br />the second ordinance then authorizes the <br />reissuance of bonds with the assumption that the <br />previous ordinance will become effective <br />concurrently. <br />4 <br />