Ordinance 1915-226 - Laserfiche WebLink

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ORDINANCE NO. 226 n AN ORDINANCE PROVIDING FOR THE ISSUE AND SATE OF NEGOTIABLE COUPON BONDS OF THE TOWN OF LOUISVILLE, COLORADO .IN THE SUm OF FIFTEEN THOUSAND DOLLARS (015;000) FOR THE PURPOSE OF PAYING THE PURCHASE PRICE OF' WATER RIGHTS AND OF DEFRAYING THE EXPENSES- IN CONNECTION WITH THE PREPARATION AND PROSECUTION OF APPROPRI- ATE LEGAL ACTION SEEKING A CHAGE OF POINT OF DIVERSION OF ANY WATER RIGHTS PURCHASED, SO AS TO MAKE THE SAME USABLE THROUGH' THE WATER WORKS SYSTEM OF THE TOWN OF LOUISVILLE, FOR THE PUR- POSE OF PAYING FOR THE COST OF EXTENSIONS AND BETTERMENTS OF THE WATER WORKS SYSTEM OF THE TOWN OF LOUISVILLE, AND FOR THE NECESSARY EXPENSES CONNECTED WITH THE ACQUIRING AND MAKING AVAILABLE OF ADDI TIONAL WATER AND WATER RIGHTS TO THE TOWN OF LOUISVILLE, PRESCRIBING THE FORM AND DETAILS OF THE ISSUANCE AND NEGOTIATION OF SAID BONDS AND THE NECESSARY PROVISIONS FOR THE LEVY OF THE TAXES TO PAY BOTH PRINCIPAL AND INTEREST OF SAID BONDS. WHEREAS, the Town trustees of the Town of Louisville are empowered by the statutes of the State of Colorado to erect and maintain water works both within and without the corporate limits of said Town and to purchase water and water rights as provided in 1935 Colorado Statutes Annotated, Chapter 163, Sec. 10, Bub-sec. 67 and 68; Sec. 395 and 396, and are empowered to contract indebtedness and issue bonds for such purposes without the necissity of an election as provided by the Constitution of the State of Colorado, Article XI, Sec. 8, and 1939 Sessions Laws of Colorado, Chapter 167, and whereas the present supply of water for the inhabitants of the Town of Louisville is insufficient to meet the reason- able and necessary requirements of the inhabitants-of the Town for water for domestic irrigation and fire protection purposes , and whereas the public peace, health and safety require that additional water be secured and provided for the inhabitants of the Town of Louisville, now therefore, it is determined by the Trustees of the Town of Louisville that funds must be raised by a bond issue to meet the expenses of securing additional water -and water rights and making additional water available to the inhabitants of the Town of Louisville, THEREFORE: BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF LOUISVILLE, BOULDER COUNTY, COLORADO: SECTION 1. That for the purpose of raising funds for the paying of the cost of the purchase of additional water rights, defraying the expenses in connection with legal action to obtain a change of point of diversion of the water rights purchased and of meeting the other expenses set forth in the title of this Ordinance and for necessary ex- penses -connected therewith, the Town of Louisville, Colorado shall issue its negotiable coupon bonds in the aggregate amount of Fifteen Thousand Dollars to be designated "Town of Louisville Water and Water Works Bonds, Series of 1945" and consisting of thirty bonds of the denomination of Five Hundred Dollars each, payable in lawful money of the United II State of America and bearing interest from and after the first day of December, 1945 at the rate of three percent per annum payable annually on the first day of December each year thereafter until paid. The said bonds shall be numbered in regular and consecutive order commencing with Bond No. 1.