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Ordinance 1989-0990
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Ordinance 1989-0990
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Last modified
3/12/2021 10:24:22 AM
Creation date
4/6/2006 3:34:00 PM
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Template:
City Council Records
Doc Type
Ordinance
Signed Date
4/4/1989
Ord/Res - Year
1989
Ord/Res - Number
990
Original Hardcopy Storage
7E2
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ORD 1989-0990
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<br /> ORDINANCE NO. 990 <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 RB Development, Inc. dated as of April 4, <br /> 1989; 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 RB Development, Inc. dated as of the 4th day of April, 1989 <br /> and all other documents contemplated thereunder including, but <br /> 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 /> pal and interest thereon shall have been fully paid and said Note <br /> has been cancelled and discharged. <br />
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