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<br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> LOUISVILLE, COLORADO: <br /> 1. Pursuant to ~31-25-501 et seq. , C.R.S, the City <br /> Council of the City of Louisville hereby declares its intention to <br /> create a special improvement district within the City, to be <br /> designated "Special Improvement District No. 1989-1" (the <br /> "District"), for the construction and installation of the <br /> improvements more particularly described in this Resolution. <br /> 2. The reports of the Director of Public Works, <br /> together with the preliminary details, specifications, an estimate <br /> of cost, maps, and schedules prepared and filed with the City <br /> Clerk are hereby approved and adopted by the City Council. <br /> 3. The materials to be used in constructing the <br /> proposed improvements are stated in the notice hereinafter set <br /> forth. <br /> 4. The assessments to be levied for the improvements <br /> shall be due and payable within thirty days after the final <br /> publication of the assessing ordinance and an allowance of five <br /> percent (5%) shall be made on all payments made during such <br /> period, but not thereafter. However, all such assessments may be <br /> paid, at the election of the owner, in twelve (12) annual <br /> installments of principal with interest on unpaid installments at <br /> a rate which shall later be determined by the City Council and set <br /> forth in the assessing ordinance. The first of said installments <br /> shall be due and payable at such time as will be indicated in the <br /> assessing ordinance, and the remainder of the annual installments <br /> and interest shall be due and payable successively on the same day <br /> in each year thereafter until all are paid in full. <br /> 5. The property to be assessed for said improvements <br /> shall be the property specially benefited thereby and more <br /> particularly described in the notice hereinafter set forth. <br /> 6. A public hearing shall be held on the construction <br /> of the improvements as described in the notice hereinafter set <br /> forth. The city Clerk shall give notice of such hearing by <br /> publication in one issue of a newspaper of general circulation in <br /> the City, the publication to be at least twenty (20) days prior to <br /> - 3 - <br />