Ordinance 1989-0989 - Laserfiche WebLink

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ORDINANCE NO. 989 AN ORDINANCE APPROVING A CONTRACT FOR THE PURCHASE OF WATER RIGHTS TO BE USED IN THE MUNICIPAL WATER SYSTEM AND AUTHORIZING THE ISSUANCE OF A SPECIAL OBLIGATION WATER REVENUE NOTE IN PAYMENT THEREFOR WHEREAS, the City Council of the City of Louisville has heretofore determined that it is in the best interests of the City and its inhabitants to purchase certain water rights which are available to the City for use in the City's municipal water supply system; and WHEREAS, the City Council has reviewed that certain contract between the City and Joseph F. Kent, Sr. and Mary Beth Kent dated as of March 7, 1989; and WHEREAS, the City Council hereby determines that the execu- tion of said contract is in the best interests of the City of Louisville and its inhabitants; and WHEREAS, the City Council also determines that it is in the best interests of the City to issue its City of Louisville Special Obligation Water Revenue Note in payment for the Water Stock which is the subject of the contract. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: The Mayor and City Clerk are hereby authorized and directed to execute that certain contract between the city of Louisville and Joseph F. Kent, Sr. and Mary Beth Kent, dated as of the 7th day of March, 1989 and all other documents contemplated thereunder including, but not 1 imi ted to, Escrow Agreement and Special Obligation Water Revenue Note in the form and substan- tially the same content as presented at this meeting of the City Council. After the Note authorized herein has been issued, this ordinance shall be and remain irrepealable until all the princi- pal and interest thereon shall have been fully paid and said Note has been cancelled and discharged.