Ordinance 2003-1426 - Laserfiche WebLink

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Section 3. Authorization. In accordance with the Charter, the constitution and laws of the State of Colorado, including but not limited to the Supplemental Act, and the provisions of this Ordinance, the City hereby authorizes the issuance of its Sales Tax refunding revenue bonds, to be designated the "City of Louisville, Colorado, Sales Tax Refunding Revenue Bonds, Series 2003," in the aggregate principal amount approved in the Sale Certificate (provided, however, that the principal amount of the Bonds shall not exceed $4,025,000). Section 11-57-204 of the Supplemental Act provides that a public entity, including the City, may elect in an act of issuance to apply all or any of the provisions of the Supplemental Act. The Council hereby elects to apply all of the Supplemental Act to the Bonds. The Bonds are issued under the authority of the Supplemental Act and shall so recite as provided in Section 8 hereof. Pursuant to Section 11-57-210 Colorado Revised Statutes, such recital shall be Conclusive evidence of the validity and regularity of the issuance of the Bonds and their delivery for value. Pursuant to Section 11-57-205 of the Supplemental Act, the Council hereby delegates to the Mayor or the Finance Director the authority to arrange for the sale of the Bonds, to execute the Sale Certificate and to accept the Proposal, as well as the authority to make determinations in relation to the Bonds contained in the Sale Certificate, subject to the parameters and restrictions contained in Section 5 of this Ordinance. Section 4. Special Obligations; Pledge; Negotiability. (a) All of the Bonds, together with the interest thereon, all Policy Costs, and all amounts due to the Bond Insurer shall be payable only out of the Capital Improvement Fund and the Pledged Revenues which are to be deposited in the Bond Account or the Reserve Account thereof. The Owner or Owners of the Bonds and the Bond Insurer may not look to any ad valorem property taxes levied or collected by the City for the payment of the princiPal of and interest on the Bonds, and the Bonds and all amounts due to the Bond Insurer shall not constitute a debt or an indebtedness of the City within the meaning of any constitutional, Charter, or statutory provision or limitation; nor shall they be considered or held to be general obligations of the City. None of the covenants, agreements, representations and warranties contained herein or in the Bonds shall ever impose or be construed as imposing any liability, obligation or charge against the City (except to the extent of the Pledged Revenues which are to be deposited in the Capital Improvement Fund, the Bond Account or the Reserve Account thereof) or its general