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Staff is meeting with these three developers in <br />hopes to work out a timely method of payment. <br />Mayor Meier moved that Council approve the Inter- <br />fund Loan in the annount of $450,305 from the Sewer <br />Fund to the Water Fund to be repaid in the <br />Calendar Year 1985,. Luce seconded and the motion <br />was passed unanimously. <br />WORK SESSION Hundley recommended that a Council Work Session be <br />set to discuss, 1) the City Audit, 2) the Credit <br />Report by Moody's, 3) update the City's financial <br />position, 4) the Master Plan for Parks and Bike <br />Trails, 5) the renaming of a park in honor of Cleo <br />Mudrock and other pertinent items. The suggested <br />date is May 16th. <br />Mayor Meier moved that the Council hold a Study <br />Session on May 16th, Luce seconded and the motion <br />was passed unanimously. <br />ORDINANCE #859 <br />WATER BOND ISSUANCE Rautenstraus read Ordinance #859 by title only, <br />"An Ordinance authorizing the issuance by the City <br />of Louisville, Colorado, a general obligation <br />water refunding and improvement bond, Series 1985, <br />in the principal amount of $2,950,000 for the <br />purpose of refunding valid and outstanding general <br />obligation water bonds of the City for the purpose <br />of paying the cost of improving the existing Water <br />Treatment Storage and Transmission Facilities of <br />the City. Prescribing the form of said bond, <br />providing for the levy of ad valorem taxes and the <br />application of revenues derived from the water <br />system of the City to pay the same providing for a <br />part of the proceedls of said bonds to be deposited <br />in a separate escrow account for the payment of <br />the bonds being refunded, providing other details <br />in connection therewith and declaring an <br />emergency." <br />Hundley related that the emergency part of the <br />ordinance is necessary as the bonds have already <br />been sold (the buyers been identified) at an <br />average coupon rate of 9.75, but it is a <br />contingent sale. Pay using the emergency provision <br />the bonds can be issued in two weeks as is <br />appropriate in this bond issue. It has been <br />identified by the Elond Council as a opportune time <br />to enter the market.. <br />Mayor Meier moved that Ordinance #859 be adopted, <br />put out for publication and set a Public Hearing <br />for May 21, 1985. Fauson seconded and the motion <br />was passed unanimously. <br />10 <br />