Ordinance 1989-0997 - Laserfiche WebLink

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WHEREAS, the Council has determined and hereby determines that refunding bonds (the "Refunding Bonds") shall be issued for the purpose of refunding the Outstanding Bonds; and WHEREAS, the proceeds derived from the sale of the Refunding Bonds, after payment of the costs and expenses of the refunding procedure, shall be placed in a special fund and trust account, to be established as herein authorized, for the purpose only of paying the principal of, premium if any, and interest on the Outstanding Bonds as they become due and payable, all as is more particularly hereinafter set forth; and WHEREAS, the Council has determined that it is also necessary to improve the existing water treatment, storage, and transmission system of the City by paying and cancelling obligations which constitute encumbrances upon City water rights under certain water purchase agreements and notes, and by acquiring additional water rights, for use in connection with the City's water system (the "Project"); and WHEREAS, there are insufficient moneys in the City treasury to pay the cost of the Project; and WHEREAS, the Council has determined that it is in the best interests of the City, and the inhabitants thereof, that general obligation water bonds (the "Improvement Bonds") be issued for the purpose of paying the costs of the Project; and WHEREAS, the Council has determined that the issuance of the Refunding Bonds and the Improvement Bonds simultaneously as permitted by Section 11-56-111, C.R.S. , will result in a savings in issuance costs; and WHEREAS, the City has received a proposal from Kirchner Moore & Company, Denver, COlorado, concerning the purchase of the Refunding Bonds and the Improvement Bonds (collectively, the "Bonds"); and WHEREAS, the Council has determined that the Bonds shall be sold to Kirchner Moore & Company in accordance with their - 4 -