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<br /> " <br /> ~VHEREAS, it is necessary to provide for the form of the <br />Bonds, the Bond details, the payment of the Bonds, and other <br />provisions relating to the authorization, issuance and sale of the <br />Bonds; <br /> NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE <br />CITY OF LOUISVILLE, COLORADO: <br /> Section 1. Authorization. In accordance with the <br />Constitution of the State of Colorado; Title 31, Article 15, Part <br />3, C.R.S. ; all other laws of the State of Colorado thereunto <br />enabling; and the provisions of this Ordinance, the City shall <br />issue its general obligation water bonds, each to be designated <br />"General Obligation Wa ter Bond, Series 1987", in the total <br />principal amount of $2,980,000, for the purpose of providing <br />financing for the Ci ty' s acquisition and construction of the <br />Pro jec t. The Bonds shall constitute general obligations of the <br />City, and the full faith and credit of the City shall be pledged <br />for their payment. <br /> Section 2. Bond Details. The Bo nds shall be issued <br />only as fully registered Bonds without coupons in the denomination <br />of $5,000 each or any integral multiple thereof. Unless the City <br />shall otherwise direct, the registered Bonds shall be numbered <br />separately from 1 upward, with the number of each Bond preceded by <br />"R_". <br /> The Bonds shall be dated as of August 1, 1987, and shall <br />bear interest payable semiannually on each February 15 and <br />August 15, commencing on February 15, 1988, and shall mature on <br />August 15 each year, as follows: <br /> - 3 - <br />