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411 41/ <br /> BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF <br /> LOUISVILLE, BOULDER COUNTY, COLORADO: <br /> Section 1. Constru tion and Ext nsian of S stun. <br /> The City Council has determined, and does hereby determine, <br /> that it is in the best interest of the City and its inhabitants <br /> to provide funds for constructing and installing improvements <br /> to and estimations of the waterworks system of the City. The <br /> total estimated cost of the project is $1,237,000. The method <br /> of payment is as follows: (approximate amounts) <br /> (a) FaHA grant - $593,000 <br /> (b) Fm)IA loan - $344,000 <br /> (c) General Obligation <br /> Water Bond issue, <br /> Dated April 1, 1978 - $300,000 <br /> TOTAL $1,237,000 <br /> Section 2 . Bond Details . That for the purpose of <br /> paying part of the costs and expenses of supplying the City of <br /> Louisville with water by extending and improving the existing <br /> waterworks system of the City, the City shall issue general <br /> obligation negotiable coupon bonds in the principal amount of <br /> $344,000, each to be designated 'General Obligation Water Bond, <br /> Series 1978" . The bonds shall be dated as of the date of the <br /> issuance and delivery of the bonds, shall consist of 344 bonds <br /> in the denomination of $1,000 each, numbered 1 to 344, inclusive, <br /> payable in lawful money of the United States of America. The net <br /> effective interest rate of this issue of bonds is 5.00%. Said <br /> bonds shall bear interest at the rate of 5% per annum, payable on <br /> October 1, 1979, and semi-annually thereafter on the lst day of <br /> April, and the lst day of October, each year and shall mature <br /> serially on April 1, as follows: <br /> Amount Maturity <br /> $ 3,000 1980 to 1982,''sncl. <br /> 4,000 1983 to 1986, incl. <br /> 5,000 1987 to 1990, incl. <br /> 6,000 1991 to 1994, incl. <br /> 7 ,000 1995 to 1997, incl. <br /> (schedule continued) <br /> . . - 3 - <br />