Ordinance 2017-1735 - Laserfiche WebLink

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Underwriter the Underwnter of the Bonds as designated in the Sale Certificate Section 2. Recitals A The City is a mumcipal corporation duly organized and existing under the Charter adopted pursuant to Article XX of the Constitution of the State B Pursuant to Article 12 of the Charter, subject to the State Constitution and notwithstanding any limitations m the State statutes, the City may borrow money and issue securities or enter into other obligations to evidence such borrowing m any form and m any manner determined by the City Council to be advantageous to the City C At the Election, the voters within the City approved the issuance of bonds in an aggregate amount not exceeding $28,600,000 pursuant to the following bond question. SHALL CITY OF LOUISVILLE DEBT BE INCREASED $28,600,000, WITH A REPAYMENT COST OF UP TO $45,400,000, AND SHALL CITY OF LOUISVILLE TAXES BE INCREASED UP TO $1,820,000 ANNUALLY, OR BY SUCH LESSER AMOUNT AS MAY BE NECESSARY TO PAY SUCH DEBT FROM AN ADDITIONAL AD VALOREM PROPERTY TAX MILL LEVY NOT TO EXCEED 3.350 MILLS TO BE IMPOSED FOR A PERIOD NOT TO EXCEED TWENTY FIVE YEARS, SUCH DEBT AND TAXES TO BE FOR THE PURPOSE OF CONSTRUCTING, EXPANDING AND RENOVATING THE LOUISVILLE RECREATION/SENIOR CENTER AND THE POOL FACILITIES AT MEMORY SQUARE PARK, TO INCLUDE ALL NECESSARY LAND, EQUIPMENT, FURNISHINGS, IMPROVEMENTS AND INCIDENTALS FOR SUCH FACILITIES, SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF BONDS OR BONDS ISSUED TO REFUND SUCH BONDS, SUCH BONDS TO BE SOLD IN ONE SERIES OR MORE IN AN AGGREGATE AMOUNT NOT TO EXCEED THE MAXIMUM AUTHORIZED PRINCIPAL AMOUNT AND REPAYMENT COSTS, ON TERMS AND CONDITIONS AS THE CITY COUNCIL MAY DETERMINE, INCLUDING PROVISIONS FOR THE REDEMPTION OF THE BONDS PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF A PREMIUM, AND SHALL THE PROCEEDS OF ANY SUCH DEBT AND TAXES, AND Ordinance No 1735, Senes 2017 Page 5 of 36