Ordinance 1989-0992 - Laserfiche WebLink

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WHEREAS, such revenue bonds may be issued by ordinance of the municipality without further election; and WHEREAS, the City Council (the "Council") has determined that it is necessary to construct, install, and acquire certain capital improvements to include library facilities, a city recreation center, and street, sidewalk, drainage, and parking facilities (the "Project"), and that sales tax revenue bonds in the aggregate principal amount of $5.265.000 (the "Bonds" ) should be issued in order to pay the cost thereof; and WHEREAS, the Bonds shall have an irrevocable and first lien, but not necessarily an exclusive first lien, on the Capital Improvement Fund; and WHEREAS, the City has received a proposal in the form of a Bond Purchase Agreement (the "Bond Purchase Agreement" ) from Kirchner Moore & Company, Denver, Colorado, concerning the purchase of the Bonds; and WHEREAS, the Council has determined that the Bonds shall be sold to Kirchner Moore & Company in accordance with the Bond Purchase Agreement, and that such sale is to the best advantage of the City; and WHEREAS, insofar as it is necessary to issue the Bonds immediately in order to take advantage of presently existing interest rates and pay the costs of the proj ect which have and which will hereafter become due and payable, this Ordinance is necessary to the immediate preservation of the public health and safety; and WHEREAS, it is necessary to authorize the issuance of the Bonds and provide for the form thereof, the Bond details, the payment of the Bonds, and other provisions relating to the authorization, issuance, and sale of the Bonds: BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: - 40 -