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L <br />City of Louisville <br />749 Main Street Louisville, Colorado 80027 666-6565 <br />October 21, 1976 <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 1977. 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 <br />of vehicles, equipment and buildings. The debt position of the City <br />is detailed and summarized in the budget. The General Obligation <br />Bond limit is set by the State of Colorado at three (3) percent of <br />the City's actual valuation, which for the budget year 1977 is <br />$22,247,933 permitting a debt limit of $667,437 after deducting the <br />amount outstanding on the Pool Bond issue which is $90,000, we have <br />an available debt limit of $577,437. Water and Sewer Bonds do not <br />apply to this limit. <br />(A) <br />