Ordinance 1986-887 - Laserfiche WebLink

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authorized, for the purpose only of paying the principal of, premium if any, and interest on the Outstandinq Bonds as they become due and payable, all as is more particularly hereinafter set forth: and WHEREAS, the City has received a proposal from Kirchner Moore & Company, Denver, Colorado, concerning the purchase of the Bonds: and 'VvHEREAS, the Council has determined that the Bonds shall be sold to Kirchner Moore & C;:ompany, in accordance with their proposal, and that such sale is to the best advantage of the City; and HHEREAS, insofar as it is necessary to issue the Bonds immediately in order to take advantage of presently existing interest rates and avoid the effective date of certain proposed federal legislation, which legislation may have a detrimental effect upon the City's ability to issue the Bonds and invest the proceeds thereof, this Ordinance is necessary to the immediate- preservation of the public health and safety; and WHEREAS, it is necessary to provide for the form of the Bonds, the Bond details, the payment of the Bonds, and other pro- visions relating to the authorization, issuance, and sale of the Bonds: BE IT ORDAINED. BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1- Definitions. As used herein, the following terms shall have the respective meanings set forth below, unless the context indicates otherwise: Bank: Central Bank of Denver, a banking corporation, in - Denver, Colorado, or its successor, a commercial bank duly organized and existing under the laws of the State of Colorado, being a member of the Federal Deposit Insurance Corporation, and having full and complete trust powers, with which the Escrow Account is established and maintained. Bond Account: the "City of Louisville General Obliga- tion Bond Account", established by this Ordinance. - 9 -