Ordinance 1987-933 - Laserfiche WebLink

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'" ORDINANCE NO. 933 AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE CITY OF LOUISVILLE, COLORADO, OF GENERAL OBLI- GATION WATER BONDS, SERIES 1987, IN THE PRINCIPAL AMOUNT OF $2,980,000, FOR THE PUR- POSE OF PROVIDING FINANCING FOR THE CITY'S ACQUISITION AND CONSTRUCTION OF CERTAIN IMPROVEMENTS TO THE CITY'S MUNICIPAL WATER SYSTEM; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE LEVY OF AD VALOREM TAXES AND THE APPLICATION OF REVENUES DERIVED FROM THE WATER SYSTEM OF THE CITY TO PAY THE SAME1 PROVIDING OTHER DETAILS IN CONNECTION THEREWITH; AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Title 31, Article 35, Part 4, C.R.S. , and all other laws thereunto appertaining, the City of Louisville (the "Ci ty" ) presently owns, operates, and maintains a municipal water system for the City and its inhabitants 1 and WHEREAS, the City Council of the City (the "City Council") has determined that it is necessary to acquire and construct certain improvements to the City's municipal water system (the "Project" ) 1 and WHEREAS, the City Council has determined that it is in the best interests of the City to authorize the issuance of general obligation water bonds of the City in the amount of $2,980,000 (the "Bonds") to pay for the costs and expenses related to the Project1 and WHEREAS, the City of Louisville has received a proposal from Kirchner Moore & Company, of Denver, Colorado (the "Underwriter"), concerning the purchase of the bonds; and WHEREAS, the Ci ty Council has determined that the bonds shall be sold to the Underwriter in accordance with a bond purchase agreement to be executed between the City and the Underwr iter (the "Bond Purchase Agreement"), and that such sale is to the best advantage of the City; and WHEREAS, Financial Guaranty Insurance Company has committed to issue, effective as of the date of issuance of the Bonds, a po I i cy of insurance guaranteeing the payment, when due, of the principal of and interest on the Bonds; and - 2 -