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<br /> in the aggregate principal amount of $3,310,000, and presently <br /> outstanding in the amount of $3,110,000. <br /> Series 1987 Bonds: the City's General Obligation Water <br /> Bonds, Series 1987, dated August 1, 1987, originally issued in the <br /> aggregate principal amount of $2,980,000, and presently <br /> outstanding in the amount of $2,960,000. <br /> Underwriter: Kirchner Moore & Company, of Denver, <br /> Colorado. <br /> Section 2. Authorization. In accordance with Title 11, <br /> Article 56, C.R.S. ; Title 31, Article 15, Part 3, C.R.S. ; the <br /> Constitution of the State of Colorado; and all other laws of the <br /> State of Colorado thereunto enabling, the City shall issue its <br /> general obligation water refunding and improvement bonds, each to <br /> be designated "General Obligation Water Refunding and Improvement <br /> Bond, Series 1989", in the total principal amount of $5,700,000, <br /> for the purpose of refunding the Outstanding Bonds and paying the <br /> costs of the Project. The Bonds shall constitute general <br /> obligations of the City, and the full faith and credit of the City <br /> shall be pledged for their payment. <br /> Section 3. Bond Details. The Bonds shall be issued <br /> only as fully registered Bonds without coupons in the denomination <br /> of $5,000 each or any integral multiple thereof. Unless the City <br /> shall otherwise direct, the registered Bonds shall be numbered <br /> separately from 1 upward, with the number of each Bond preceded by <br /> "R-". <br /> The Bonds shall be dated as of September 1, 1989, and <br /> shall bear interest payable semiannually on each June 1 and <br /> December 1, commencing on December 1, 1989, and shall mature on <br /> December 1 each year, as follows: <br /> - 8 - <br />