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<br /> ORDINANCE NO. 887
<br /> AN ORDINANCE AUTHORIZING THE IS SUANCE BY THE
<br /> CITY OF LOUISVILLE, COLORADO, OF GENERAL
<br /> OBLIGATION WATER REFUNDING BONDS, SERIES 1986,
<br /> IN THE PRINCIPAL AMOUNT OF $3,310,000, FOR THE
<br /> . PURPOSE OF REFUNDING VALID AND OUTSTANDING
<br /> GENERAL OBLIGATION WATER BO NDS OF THE CITY;
<br /> PRESCRIBING THE FORM OF SAID BON DS: PROVIDING
<br /> FOR THE LEVY OF AD VALOREM TAXES AND THE
<br /> APPLICATION OF REVENUES DERIVED FROM THE WATER
<br /> SYSTEM OF THE CITY TO PAY THE SAME: PROVIDING
<br /> FOR A PART OF THE PROCEEDS OF SAID BONDS TO BE
<br /> DEPOSITED IN A SEPARATE ESCROW ACCOUNT FOR THE
<br /> PAYMENT OF THE BONDS BEING REFUNDED; PROVIDING
<br /> OTHER DETAI LS IN CONNECTION THEREWI TH; AND
<br /> DECLARING AN EMERGENCY.
<br /> WHEREAS, the Ci ty of Louisville, Colorado (the "City")
<br />has heretofore duly authorized, so I d , issued, and delivered to the
<br />pur chasers thereof $2,950,000 of its General Obligation Water
<br />Ref undi ng and Improvement Bonds, da ted r1ay 1, 1985, of which issue
<br />there remains ou tstandi ng the total amount of $2,950,000 (the
<br />"Outstanding Bo n d s " ) , in the denomination of $5,000 each, bearing
<br />interest payable semiannually on June 1 and December 1 each ye a r ,
<br />and maturing on December 1 each year as follows:
<br /> Refundi ng Improvement Interest
<br />Mat ur i ty Bonds Bonds Total Rate
<br />1987 $ 60,000 - 0 - $ 60,000 7.00%
<br />1988 60,000 - 0 - 60,000 7.50
<br />1989 65,000 - 0 - 65,000 8.00
<br />1990 70,000 - 0 - 70,000 8.50
<br />1991 180,000 - 0 - 180,000 8.80
<br />1992 195,000 - 0 - 195,000 9.00
<br />1993 210,000 - 0 - 210,000 9.20
<br />1994 230,000 - 0 - 230,000 9.40
<br />1995 250,000 - 0 - 250,000 9.60
<br />1996 245,000 $ 25,000 270,000 9.80
<br />1997 - 0 - 295,000 295,000 9.90
<br />1998 - 0 - 325,000 325,000 10.00
<br />1999 - 0 - 355,000 355,000 10.10
<br />2000 - 0 - 385,000 385,000 10.20
<br /> WHEREAS, the Outstanding Bonds ma t ur i ng on and afte r
<br />December 1, 1992, are subject to redemption pr i 0 r to maturity, at
<br />the option of the City, as a whole or in integral multiples of
<br />$5,000, in inverse order of maturity, on December 1, 1991, and on
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