Ordinance 1989-0991 - Laserfiche WebLink

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ORDINANCE NO. C(CfI AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE CITY OF LOUISVILLE, COLORADO, OF SEWER REVENUE REFUNDING BONDS, SERIES 1989, IN THE PRINCIPAL AMOUNT OF $2.910.000. FOR THE PURPOSE OF REFUNDING VALID AND OUTSTANDING SEWER REVENUE BONDS OF THE CITY; PRESCRIBING THE FORM OF THE BONDS; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF, PREMIUM IF ANY, AND INTEREST ON THE BONDS FROM THE NET REVENUE DERIVED FROM THE CITY'S SANITARY SEWER SYSTEM; PROVIDING FOR CERTAIN PROCEEDS OF THE BONDS AND OTHER LEGALLY AVAILABLE MONEYS TO BE DEPOSITED IN A SEPARATE ESCROW ACCOUNT FOR THE PAYMENT OF THE BONDS BEING REFUNDED;VPROVIDING OTHER DETAILS IN CONNECTION THEREWITH: AND DECLARING AN EMF.RGENC'(. WHEREAS, the City of Louisville, Colorado (the "City"), has heretofore determined and undertaken to develop sanitary sewer facilities (the "System") for the City and its residents; and WHEREAS, in anticipation of the collection of the revenues of the System, the City is authorized to issue revenue bonds to finance in whole or in part t:he cost of acquisition, construction, reconstruction, hlprovement, betterment, or exten- sion of the System, and to pledge to the payment thereof all or any part of the revenues of the System, including the revenues of improvements, betterments, or extensions thereto; and WHEREAS, the City has heretofore duly authorized, sold, issued, and delivered to the purchasers thereof the following issues of its sewer revenue bonds: Presently Original Outstanding Principal Principal Hereinafter Designation and Date Amount Amount Referred To As Sewer Revenue Bonds, $ 280,000 $ 70,000 "Series 1975 Bonds" dated December 1, 1975 Sewer Revenue Bonds, $ 575,000 $ 575,000 "Series 1982 Bonds" dated July 1, 1982 Sewer Revenue Bonds, Series 1985, $2,755,000 $2,605,000 "Series 1985 Bonds" dated December 15, 1985 - 51 -