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Louisville City Council Meeting <br />January 6, 2004 <br />Page 10 of 12 <br /> <br />Interest Rate - 4.95% and Final Maturity Date not to exceed December 1, 2023. If <br />approved, the sale of the bonds will take place January 21, 2004 with closing at the <br />beginning February. Laus introduced James Manire of James Capital Investments, the <br />City's financial advisor for the bond issue. <br /> <br />Mayor Davidson called for public comments. <br /> <br />COUNCIL COMMENT <br /> <br />Council member Brown asked about the disposition of the funds arbitrage. Laus stated <br />the arbitrage would be restricted and the investments watched very carefully. She noted <br />interest rates are very low, and she did not anticipate a problem. <br /> <br />Council member Van Pelt asked if there was a legal limit in which the funds had to be <br />spent. Laus stated the funds would have to be spent within three years. James Manire <br />confirmed the timeframe is three years for the City to certify its expectation to spend <br />those funds. <br /> <br />Mayor Davidson called for public comments and hearing none, closed the public hearing. <br /> <br />MOTION: Council member Brown moved that Council approve Ordinance No. 1437, <br />Series 2004, as an emergency ordinance, seconded by Mayor Pro Tem Sisk. Roll call <br />vote was taken. The motion passed by a vote of 7-0. <br /> <br />City Manager Simmons updated Council on the calendar schedule for the new library: <br />The proposals for architectural firms will be distributed to the architectural community <br />and a meeting scheduled for January 22nd. Deputy City Manager Julie Boyd explained at <br />the meeting the interview process for finalist would be discussed. <br /> <br />ORDINANCE NO. 1438, SERIES 2004 - AN ORDINANCE APPROVING <br />TRANSFER OF COLORADO BIG-THOMPSON TEMPORARY USE PERMIT - <br />1st reading - set public hearing 1/20/04 <br /> <br />Mayor Davidson called for City Attorney introduction. <br /> <br />City Attorney Sam Light read Ordinance No. 1438, Series 2004. <br /> <br />MOTION: Council member Levihn moved that Council send out Ordinance No. 1438, <br />Series 2004 for publication and set a public hearing for January 20, 2004. Council <br />member Van Pelt seconded the motion. All in favor. <br /> <br />APPROVAL OF COLORADO BIG THOMPSON WATER RIGHTS CONTRACT <br /> <br />Mayor Davidson called for Staff presentation. <br /> <br />10 <br /> <br /> <br />