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Page 3 <br />September 15, 1987 <br />Provisions have been made for all bond and interest payments <br />as well as obligations relating to land payments and leasing of <br />vehicles equipment and buildings. The 1988 Budget details the <br />debt position of the City. The General Obligation Bond limit for <br />Louisville set by the State of Colorado is 3% of the City's <br />actual valuation. In 1987, this valuation is $484,853,445 <br />thereby permitting a debt limit of $14,545,603. The City cur- <br />rently has no outstanding General Obligation Debt and none is <br />proposed for Budget Year 1988. <br />Finally, the proposed 1988 Budget is geared for the <br />effective and efficient delivery of City services. It is <br />premised on maintaining City employment at its current level so <br />as to maintain the level of service provided in the previous <br />year. <br />I thank the Mayor and City Council for the time, effort and <br />interest expending in developing the 1988 Budget. I would also <br />like to thank the Department Heads and other members of the City <br />staff who assisted in the preparation of the Budget. And I would <br />like to especially acknowledge the extra effort expended by <br />Finance Director Sharon Asti-Caranci and her staff. <br />Respectfully, <br />Or--r.vrt 4-- <br />Terry L. Hundley <br />City Administrator <br />pf <br />