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<br /> ORDINANCE NO. 886 <br /> - <br /> AN ORDINANCE AMENDING ORDINANCE NO. 859, <br /> ADOPTED MAY 2l, 1985, OF THE CITY OF <br /> LOUISVILLE, COLORADO, WHICH ORDINANCE NO. 859 <br /> AUTHORIZED THE ISSUANCE OF THE CITY'S GENERAL <br /> OBLIGATION WATER REFUNDING AND IMPROVEMENT <br /> BONDS, SERIES 1985, IN THE PRINCIPAL AMOUNT OF <br /> $2,950,000; TO PROVIDE FOR THE REDEMPTION OF <br /> SUCH SERIES 1985 BONDS ON DECEMBER 1, 1991, <br /> AND ON ANY INTEREST PAYMENT DATE THEREAFTER, <br /> UPON PAYMENT OF PAR AND ACCRUED INTEREST, <br /> WITHOUT REDEMPTION PREMIUM; AUTHORIZING THE <br /> REPRINTING OF THE SERIES 1985 BONDS; PROVIDING <br /> OTHER DET AI LS IN CONNECTION THEREWITH; AND <br /> DECLARING AN EMERGENCY. <br /> WHEREAS, the City of Louisville, Colorado (the "City) <br />has heretofor duly authorized, so 1 d , issued, and delivered to the <br />purchasers thereof $2,950,000 of its General Obligation Wa ter <br />Refunding and Improvement Bonds, Series 1985, dated May 1 , 1985 <br />( the "Series 1985 Bonds"): and <br /> WHEREAS, the Bond Ordinance authorizing the issuance of <br />the Ser ie s 1985 Bonds provided that the Bonds ma t ur i ng on and <br />after December 1, 1992, are sub j e c t to redemption prior to <br />ma t ur i t Y , at the option of the Ci ty , as a whole or integral <br />multiples of $5,000, in inverse order of maturity, on December 1, <br />1991, and on any interest payment date thereafter, upon payment of <br />par, accrued interest, and a premium of 1% of the principal amount <br />so redeemed; and <br /> WHEREAS, the Ci ty is considering refunding the Series <br />1985 Bonds, which refunding will be more advantageous to the City <br />if it is allowed to redeem the Series 1985 Bonds at a price of par <br />and accrued interest, without redemption premium; and <br /> WHEREAS, for valid consideration the registered owner of <br />all of the Ser ie s 1985 Bonds has consented to an amendment to <br />Ordinance No. 859 for the purpose of providing for redemption of <br />the Series 1985 Bonds at a pr ice of par and acc rued interest, <br />without redemption premium; and <br /> WHEREAS, insofar as it is necessary to amend Ordinance <br />No. 859 immediately in order to a II ow immediate issuance of the <br /> - 2 - <br />