Ordinance 1915-226 - Laserfiche WebLink

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(Form of Coupon) No. $15.00 On the first day of December the Town of Louisville, in Boulder County, State- of Colorado- will pay to the bearer hereof, Fifteen---and-- no/100 Dollars in lawful money of the United States of America at the office of the Town Clerk of the Town of Louisville, Boulder County, Colo- rado, being interest on its Town of Louisville Water and Water Works Bond, Series of 1945, dated the first day of December, 1945, Bond No. (Facsimile Signature) Town Treasurer of Louisville, Colo. SECTION 3, That the Town of Louisville Water and Water Works Bonds, Series of 1945 hereby authorized and the proceeds of the sale thereof shall be used exclusively for the purpose of paying the purchase price of water rights and of defraying the expenses in connection with the preparation and prosecution of appropriate legal action seeking a change 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, and for the necessary expenses connected with the acquiring and making available of additional water and water rights to the Town of Louisville. SECTION 4. That the principal of said bonds and the interest accruing thereon from time to time shall be paid by said Town of Louisville in lawful money of the United States of America, which shall be derived from direct annual taxes upon all the taxable property within said Town, ordered and caused to be levied and collected, and the full faith, credit and all the taxable property within the Town of Louisville are and shall continue pledged for the prompt payment of the principal and interest of said bonds ; provided however, that if the board of trustees - of the Town of Louisville shall appropriate from the funds of the water works department a sufficient amount so that the Interest and principal on these bonds is paid as the same become due, then and in that event no tax need be levied as long as said principal and interest is paid when due from the water works funds, but if said water works funds are not sufficient to pay the principal and interest on said bonds as the same become due, then and in that event said bonds and said interest shall be paid from the general funds of the Town of Louisville when and as the same become due and the board of trustees shall at the earliest pthssible time proceed to forthwith levy and collect a tax on all taxable property within said town to reimburse the general fund for the amount in order to pay the principal and interest on future maturing bonds as the same become due. Any funds raised by taxes to pay said bonds and the tnterest thereon shall be kept as a separate fund, to-wit: Town of Louisville Water and Water Works Bonds , Series of 1945, fund which shall be used to pay the interest on said bonds and to redeem said bonds as they become due and said funds shall be used and employed only for the purposes for which said taxes were originally levied and collected. None of the provisions herein contained for the levy of a