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<br /> ORDINANCE NO. 993 <br /> AN ORDINANCE <br /> APPROVING A CONTRACT FOR THE PURCHASE OF WATER RIGHTS <br /> TO BE USED IN THE MUNICIPAL WATER SYSTEM AND <br /> AUTHORIZING THE ISSUANCE OF A SPECIAL OBLIGATION <br /> WATER REVENUE NOTE IN PAYMENT THEREFOR <br /> WHEREAS, the City Council of the City of Louisville has <br />heretofore determined that it is in the best interests of the <br />City and its inhabitants to purchase certain water rights which <br />are available to the City for use in the City's municipal water <br />supply system; and <br /> WHEREAS, the City Council has reviewed that certain contract <br />between the City and Louis A. Droesch, et ale , dated as of <br />April 18, 1989; and <br /> WHEREAS, said contract relates to the purchase by the City <br />of all of the outstanding stock in the Cannon Water Users <br />Association, a Colorado non-profit corporation. The sole asset <br />of the corporation is 1.5 shares of the capital stock of the <br />McGinn Ditch Company and 27-2/3 shares of the capital stock of <br />the Agitator Ditch Company (the "Water stock"); and <br /> WHEREAS, the City Council hereby determines that the execu- <br />tion of said contract is in the best interests of the City of <br />Louisville and its inhabitants; and <br /> WHEREAS, the City Council also determines that it is in the <br />best interests of the City to issue its City of Louisville <br />Special Obligation Water Revenue Note in payment for the Water <br />Stock which is the subject of the contract. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE <br />CITY OF LOUISVILLE, COLORADO: <br /> The Mayor and City Clerk are hereby authorized and directed <br />to execute that certain contract between the City of Louisville <br />and Louis A. Droesch, et al., dated as of the 18th day of April, <br />1989 and all other documents contemplated thereunder including, <br />but not limited to, Escrow Agreement and Special Obligation Water <br />Revenue Note in the form and substantially the same content as <br />presented at this meeting of the City Council. <br /> After the Note authorized herein has been issued, this <br />ordinance shall be and remain irrepealable until all the princi- <br />