Ordinance 2003-1426 - Laserfiche WebLink

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Project") because by undertaking the Refunding Project, the City will reduce interest costs and effect other economies. (g) The City is authorized to issue sales tax refunding revenue bonds without an election to accomplish the Refunding Project. (h) Article X, Section 20 of the Colorado Constitution requires voter approval in advance for the creation of any multiple-fiscal year direct or indirect debt or other financial obligation except for refunding at a lower rate of interest. (i) The Council has determined to authorize and issue the Bonds for the purpose of defraying the costs of the Refunding Project. (j) The Council has determined, and hereby determines that the Bonds authorized by this Ordinance shall be sold at a public sale, and that conducting a public sale is to the best advantage of the City. (k) The Bonds authorized by this Ordinance shall be payable in whole or in part from the Capital Improvement Fund and available proceeds of the Pledged Revenues and shall have a first and prior lien, but not necessarily an exclusive first lien, on such Capital Improvement Fund and Pledged Revenues. (1) The City has received a proposal from the Purchaser concerning the purchase of the Bonds. (m) The Council has determined, and hereby determines, that the Bonds shall be sold to the Purchaser in accordance with its proposal, and that such sale is to the best advantage of the City. (n) There have been filed with the City Clerk: (i) the form of a Preliminary Official Statement for the Bonds; (ii) the form of the Reserve Account Guaranty Agreement; (iii) the form of the Paying Agent Agreement; (iv) the form of the Disclosure Certificate; and (v) the form of the Escrow Agreement. (o) It is necessary to provide for the form and details of the Bonds, the payment of the Bonds, the payment and discharge of the Refunded Bonds, and other provisions relating to the authorization and issuance of the Bonds. 7