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October 6, 1975 <br />TO: THE HONORABLE MAYOR & CITY COUNCIL <br />CITY OF LOUISVILLE, COLORADO <br />Ladies & Gentlemen: <br />Submitted herewith is the proposed City Budget for the fiscal <br />year 1976. The specific requirements of the State of Colorado re- <br />lating to Municipal Budgeting have been met by the document as pre- <br />sented. <br />Provision has been made for all bond and interest payments as <br />well as all obligations relating to land payments and the leasing of <br />vehicles, equipment and buildings. The debt position of the City is <br />detailed and summarized in the budget. The General Obligation Bond <br />limit is set by the State of Colorado at three (3) percent of the <br />City's actual valuation, which for the budget year 1976 is $16,129,466 <br />permitting a debt limit of $483,884 after deducting the amount out- <br />standing on the Pool Bond issue which is $95,000, we have an available <br />debt limit of $388,884. Water and Sewer Bonds do not apply to this <br />debt limit. <br />(A) <br />