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<br /> ORDINANCE NO. 997 <br /> AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE <br /> CITY OF LOUISVILLE, COLORADO, OF GENERAL OBLI- <br /> GATION WATER REFUNDING AND IMPROVEMENT BONDS, <br /> SERIES 1989, IN THE PRINCIPAL AMOUNT OF <br /> $5,700,000, FOR THE PURPOSE OF REFUNDING VALID <br /> AND OUTSTANDING GENERAL OBLIGATION WATER BONDS <br /> OF THE CITY, AND FOR THE PURPOSE OF PAYING <br /> CERTAIN COSTS IN CONNECTION WITH THE WATER <br /> TREATMENT, STORAGE, AND TRANSMISSION <br /> FACILITIES OF THE CITY; PRESCRIBING THE FORM <br /> OF SAID BONDS; PROVIDING FOR THE LEVY OF AD <br /> VALOREM TAXES AND THE APPLICATION OF REVENUES <br /> DERIVED FROM THE WATER SYSTEM OF THE CITY TO <br /> PAY THE SAME; PROVIDING FOR A PART OF THE <br /> PROCEEDS OF SAID BONDS TO BE DEPOSITED IN A <br /> SEPARATE ESCROW ACCOUNT FOR THE PAYMENT OF THE <br /> BONDS BEING REFUNDED; AND PROVIDING OTHER <br /> DETAILS IN CONNECTION THEREWITH. <br /> WHEREAS, the City of Louisville, Colorado (the "City") <br /> has heretofore duly authorized, sold, issued, and delivered to the <br /> purchasers thereof the following issues of its general obligation <br /> water bonds: <br /> Presently <br /> Original Outstanding <br /> Principal Principal Hereinafter <br /> Designation and Date Amount Amount Referred to as <br /> General Obligation $3,310,000 $3,110,000 "Series 1986 <br /> Water Refunding Bonds" <br /> Bonds, Series 1986, <br /> dated May 1, 1986 <br /> General Obligation $2,980,000 $2,960,000 "Series 1987 <br /> Water Bonds, Bonds" <br /> Series 1987, dated <br /> August 1, 1987 <br /> WHEREAS, the Series 1986 Bonds maturing on and after <br /> December 1, 1997, are subject to redemption prior to maturity, at <br /> the option of the City, as a whole or in integral multiples of <br /> $5,000, in inverse order of maturity, and if less than an entire <br /> maturity is to be redeemed, then by lot within such maturity, on <br /> December 1, 1996, and on any interest payment date thereafter, <br /> - 2 - <br />