Ordinance 1985-879 - Laserfiche WebLink

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1982, of which issue there ~emains outstanding the total amount of ...- $575,000 (the "1982 Bonds"); and WHEREAS, the 1975 Bonds and the 1982 Bonds are revenue obligations of the City, payable solely from the net revenue to be derived from the operation of the System; and WHEREAS, the 1975 Bonds and the 1982 Bonds are the only obligations of the City hav ing a first 1 ien upon the net revenue of the System; and WHEREAS, the City is in compliance with all of the provisions of the ordinances authorizing the issuance of the 1975 Bonds and the 1982 Bonds; and WHEREAS, the ordinances authori zi ng the issuance of the 1975 Bonds and the 1982 Bonds permit the issuance of additional obligations h av i ng a 1 ien on the net revenue of the System on a parity with the lien of the 1975 Bonds and the 1982 Bonds, but only upon cornpl iance with certain conditions set forth in such ordinances; and WHEREAS, the Council has determi ned that the conditions for issuance of additional parity obligations can be met, and that the Bonds may be i s s ue d with an irrevocable and first lien upon the net reve nue of the System, but not necessarily an exclusive first lien, which lien shall be on a parity with the lien of the 1975 Bonds and the 1982 Bonds; and WHEREAS, the City has received a proposal from Ki rchner Moore & Company, Denver, Colorado, concerning the purchase of the Bonds; and WHEREAS, the Council has determined that the Bonds shall be sold to Kirchner Moore & Compa ny , in accordance with their proposal, and that such sale is to the best advantage of the City; and WHEREAS, insofar as it is necessary to i ss ue the Bonds immediately in order to: ( i) take advantage of presently existing interest rates; and ( i i ) pay the costs of the Project which have heretofore become due and payable, the provisions of this Ordinance are necessary to the preservation of the pub 1 ic health and safety, and shall take effect upon adoption; and - 3 -