Ordinance 2003-1420 - Laserfiche WebLink

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2003 and hereinafter collectively referred to as the "Interim Loan", in order to obtain interim financing for a portion of the costs of the Project; and WHEREAS, in addition to the Interim Loan, there is currently outstanding that certain loan Contract between the City and the Colorado Water Conservation Board dated August 1, 1983, as amended by Amendment dated May 12, 1987, (the "CWCB Loan"), which loan was for the financing of certain improvements to Harper Lake and other components of the City water system, and which loan has an outstanding principal balance of $1,169,941; and WHEREAS, the City has determined that in order to finance a portion of the cost of the Project, it is necessary and advisable and in the best interests of the City for the City to enter into a long-term loan agreement (the "Loan Agreement") with the CWRPDA, a body corporate and political subdivision of the State, pursuant to which CWRPDA shall loan the City an amount of not to exceed $14,200,000 (the "Loan") for such purposes and for refinancing the Interim Loan; and for potential refinancing of the CWCB Loan; and WHEREAS, the repayment obligations under the Loan Agreement shall be evidenced by a governmental agency bond (the "Bond") to be issued by the City to CWRPDA; and WHEREAS, such Loan shall be a revenue obligation of the City, payable from the Pledged Property (as defined in the Loan Agreement); and WHEREAS, the City's obligations under the Loan Agreement and the Bond (collectively referred to herein as the "Financing Documents") shall not constitute a general obligation of the City within the meaning of any constitutional, statutory or home rule charter provision or limitation; and WHEREAS, there have been presented to the City Council the forms of the Financing Documents; and WHEREAS, the City Council desires to approve the form of the Financing Documents and other documents referenced therein, authorize the execution thereof, and authorize the execution and delivery of the Bond; and WHEREAS, none of the members of the City Council have any financial interest or other potential conflicting interests in connection with the authorization or execution of the Financing Documents, or the use of the proceeds thereof. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. Approvals, Authorizations, and Amendments. The forms of the Financing Documents presented at this meeting are incorporated herein by reference and are hereby approved. The City shall enter into and perform its obligations under the Financing Documents in the forms of such Documents, with such changes as are not inconsistent herewith and as are hereafter approved by