Ordinance 1989-0992 - Laserfiche WebLink

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ORDINANCE NO. 99J-, AN ORDINANCE AUTHORIZING THE ISSUANCE OF SALES TAX REVENUE BONDS, SERIES 1989, OF THE CITY OF LOUISVILLE, COLORADO, IN THE AGGREGATE PRINCI- PAL AMOUNT OF Ss :Hi5 nnn FOR THE PURPOSE OF CONSTRUCTING, INSTALLING, AND ACQUIRING CERTAIN CAPITAL IMPROVEMENTS TO INCLUDE LIBRARY FACILITIES, A CITY RECREATION CENTER, AND STREET, SIDEWALK, DRAINAGE, AND PARKING FACILITIES; PRESCRIBING THE FORM OF THE BONDS AND PROVIDING FOR THE PAYMENT THEREOF FROM THE SALES TAX PROCEEDS PLEDGED TO THE CITY'S SALES TAX CAPITAL IMPROVEMENT FUND; ADOPTING OTHER DETAILS IN CONNECTION THEREWITH; AND DECLARING AN EMERGENCY. WHEREAS, by Ordinance No. 981, Series 1989 (the "Sales Tax Ordinance"), of the City of Louisville, Colorado (the "City"), passed and adopted on February 7, 1989, and approved by the voters at a special municipal election on March 21, 1989, the City imposed a three percent (3% ) municipal sales tax on the sale of tangible personal property at retail and the furnishing of services; and WHEREAS, the Sales Tax Ordinance provides for the creation of a special fund of the City, designated as the "City of Louisville Sales Tax Capital Improvement Fund" (the "Capital Improvement Fund"), and for the deposit therein of one third (1/3) of the net revenues derived from the three percent (3%) sales tax imposed by said ordinance; and WHEREAS, the Sales Tax Ordinance provides that such pledged sales tax revenues may be used solely for the purpose of providing capital improvements or paying debt service on bonds issued for such purposes pursuant to Section 29-2-111, C . R. S.; and WHEREAS, pursuant to Section 29-2-112, C.R.S., any municipality which has pledged sales tax revenues solely for capital improvement purposes and has created a sales tax capital improvement fund may, in anticipation of collection of sales tax revenues, issue revenue bonds payable solely from the fund for the purpose of financing capital improvements; and - 39 -