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WHEREAS, the City Council finds it is in the best interest of the City to refer a TABOR <br />ballot issue to a vote of the registered electors of the City at the November 8, 2016, special <br />election pursuant to Article X, Section 20 of the Colorado Constitution. <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE <br />CITY OF LOUISVILLE, COLORADO: <br />Section 1. Pursuant to applicable provisions of the laws of the State of Colorado and <br />the City of Louisville Home Rule Charter, the City Council hereby submits to the registered <br />electors of the City at the City of Louisville special election to be held on November 8, 2016 (the <br />"election"), the ballot issue specified in Section 2 of this ordinance. <br />Section 2. The following ballot issue, certified in substantially the form set forth <br />below, is hereby referred to the registered electors of the City and shall appear on the ballot of the <br />election to be held on November 8, 2016: <br />SHALL CITY OF LOUISVILLE DEBT BE INCREASED $28,600,000, WITH A <br />REPAYMENT COST OF UP TO $45,400,000; AND SHALL CITY OF <br />LOUISVILIF, TAXES BE INCREASED UP TO $1,820,000 ANNUALLY, OR <br />BY SUCH LESSER AMOUNT AS MAY BE NECESSARY TO PAY SUCH <br />DEBT FROM AN ADDITIONAL AD VALOREM PROPERTY TAX MILL <br />LEVY NOT TO EXCEED 3.350 MILLS TO BE IMPOSED FOR A PERIOD NOT <br />TO EXCEED TWENTY FIVE YEARS; SUCH DEBT AND TAXES TO BE FOR <br />THE PURPOSE OF CONSTRUCTING, EXPANDING AND RENOVATING <br />THE LOUISVILLE RECREATION/SENIOR CENTER AND THE POOL <br />FACILITIES AT MEMORY SQUARE PARK, TO INCLUDE ALL NECESSARY <br />LAND, EQUIPMENT, FURNISHINGS, IMPROVEMENTS AND <br />INCIDENTALS FOR SUCH FACILI'1'1hS; SUCH DEBT TO BE EVIDENCED <br />BY THE ISSUANCE OF BONDS OR BONDS ISSUED TO REFUND SUCH <br />BONDS; SUCH BONDS TO BE SOLD IN ONE SERIES OR MORE IN AN <br />AGGREGATE AMOUNT NOT TO EXCEED THE MAXIMUM AUTHORIZED <br />PRINCIPAL AMOUNT AND REPAYMENT COSTS, ON TERMS AND <br />CONDITIONS AS THE CITY COUNCIL MAY DETERMINE, INCLUDING <br />PROVISIONS FOR THE REDEMPTION OF THE BONDS PRIOR TO <br />MATURITY WITH OR WITHOUT PAYMENT OF A PREMIUM; AND SHALL <br />THE PROCEEDS OF ANY SUCH DEBT AND TAXES, AND ANY <br />INVESTMENT INCOME THEREON, BE COI ',FETED AND SPENT AS A <br />VOTER -APPROVED REVENUE CHANGE AND AN EXCEPTION TO LIMITS <br />WHICH WOULD OTHERWISE APPLY UNDER ARTICLE X, SECTION 20 OF <br />THE COLORADO CONSTITUTION OR ANY OTHER LAW? <br />YES <br />NO <br />Ordinance No. 1723, Series 2016 <br />Page 2 of 4 <br />