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WHEREAS, the City Council finds it in the best interests of the City to call a special <br />election for November 5, 2002 to be conducted as a coordinated election, and to refer a TABOR <br />ballot issue to a vote of the registered electors of the City at such special municipal election, as <br />provided herein. <br /> <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE <br />CITY OF LOUISVILLE, COLORADO: <br /> <br /> Section 1. A special election is hereby called to be held on November 5, 2002, to be <br />held as part of a coordinated general election. <br /> <br /> Section 2. Pursuant to applicable provisions of the laws of the State of Colorado and <br />the City of Louisville Home Rule Charter, the City Council hereby submits to the registered <br />electors of the City, at the special election to be held on November 5, 2002 (the "election"), the <br />ballot issue specified in Section 3 of this ordinance. <br /> <br /> Section 3. The following ballot issue, certified in substantially the form set forth <br />below, is hereby referred to the registered electors of the City and shall appear on the ballot of <br />the City of Louisville special election to be held on November 5, 2002: <br /> <br />BALLOT ISSUE 2A <br />SHALL CITY OF LOUISVILLE DEBT BE INCREASED $23,100,000, WITH A <br />REPAYMENT COST OF $39,500,000, AND SHALL CITY OF LOUISVILLE <br />TAXES BE INCREASED $1,975,800 ANNUALLY, OR BY SUCH LESSER <br />AMOUNT AS MAY BE NECESSARY TO PAY SUCH DEBT; SUCH DEBT <br />AND TAXES TO BE FOR THE PURPOSE OF CONSTRUCTING, <br />EXPANDING AND RENOVATING RECREATIONAL AND CULTURAL <br />FACILITIES OF THE CITY CONSISTING OF THE LOUISVILLE LIBRARY, <br />THE LOUISVILLE RECREATION/SENIOR CENTER, AND OUTDOOR POOL <br />FACILITIES, TO INCLUDE ALL NECESSARY LAND, EQUIPMENT, <br />FURNISHINGS, IMPROVEMENTS AND INCIDENTALS FOR SUCH <br />FACILITIES; SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF <br />BONDS OR BONDS ISSUED TO REFUND SUCH BONDS; SUCH TAXES TO <br />CONSIST OF AN ADDITIONAL AD VALOREM PROPERTY TAX MILL <br />LEVY NOT TO EXCEED 5.340 MILLS BEGINNING JANUARY 1, 2003 AND <br />CONTINUING FOR TWENTY YEARS THEREAFTER FOR THE PURPOSE <br />OF REPAYMENT OF SUCH DEBT; SUCH BONDS TO BE SOLD IN ONE <br />SERIES OR MORE IN AN AGGREGATE AMOUNT NOT TO EXCEED THE <br />MAXIMUM AUTHORIZED PRINCIPAL AMOUNT AND REPAYMENT <br />COSTS, ON TERMS AND CONDITIONS AS THE CITY COUNCIL MAY <br />DETERMINE, INCLUDING PROVISIONS FOR THE REDEMPTION OF THE <br />BONDS PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF A <br />PREMIUM; AND SHALL THE PROCEEDS OF ANY SUCH DEBT AND <br /> <br /> <br />