Ordinance 1986-886 - Laserfiche WebLink

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refunding bonds, thus allowing the City to take advantage of presently existing interest rates, and avoid the effective date of certain proposed federal legislation, which federal legislation may have a detrimental effect upon the City's ability to issue the re fund i ng 'bonds and invest the proceeds thereof, this Ordinance is necessary to the immediate preservation of the public health and safety: and ~VHEREAS , it is necessary to provide for an amendment to Ordinance No. 859, and for reprinting of the Series 1985 Bonds: BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1- Amendment to Section 5. The first paragraph of Section 5 of Ordinance No. 859, shall be repealed and reenacted with amendments, to read as follows: "Bonds maturing on and after December 1 , 1992, are subject to redemption prior to maturity, at the option of the City, as a whole or in integral multiples of $5,000, in inverse order of maturity, on December 1 , 1991, and on any interest payment date thereafter, upon payment of par and accrued interest, without redemption premium." Section 2. Amendment to Bond Form. The third paragraph of the form of bond as set forth in Section 6 of Ordinance No. 859, shall be repealed and reenacted with amendments, to read as follows: "Bonds of this issue maturing on and after December 1, 1992, are subject to redemption prior to maturity, at the option of the City, as a whole or in integral multiples of $5,000, in inverse order of maturity, and if less than an entire maturity is to be redeemed, then by lot within such maturity, on December 1 , 1991, and on any interest payment date thereafter, upon payment of par and accrued interest, without redemption premium." Section 3. Reprinting of Series 1985 Bonds. The officers of the City are hereby authorized to provide for - 3 -