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<br /> . .. <br /> ORDINANCE NO. ~ <br /> AN ORDINANCE TO CONTRACT AN INDEBTEDNESS ON <br /> BEHALF OF THE CITY OF LOUISVILLE, COLORADO, <br /> AND UPON THE CREDIT THEREOF BY ISSUING GENERAL <br /> OBLIGATION BONDS OF THE CITY IN THE PRINCIPAL <br /> AMOUNT OF $75,000, FOR THE PURPOSE OF SUP- <br /> PLYING THE CITY WITH WATER BY EXTENDING AND <br /> IMPROVING THE EXISTING WATERWORKS SYSTEM OF THE <br /> CITY; PRESCRIBING THE FORM OF SAID BONDS; <br /> PROVIDING FOR THE LEVY OF TAXES TO PAY THE SAME; <br /> AND DECLARING AN EMERGENCY. <br /> WHEREAS, a majority of the voters of the City of Louis- <br />ville, Colorado, who WE're taxpayers under the law, voting on the <br />question at a municipal election heretofore held in said City, by <br />their vote approved and authorized the City Council of the City to <br />erect a system of waterworks for fire and domestic purposes, the <br />same to be owned and operated by the City; and <br /> WHEREAS, the City did erect and ever since said time <br />has owned, operated and maintained a system of waterworks for said <br />purpose; and <br /> WHEREAS, it is necessary to extend and improve the <br />waterworks system in order to supply the City and the inhabitants <br />thereof with a proper and adequate supply of water; and <br /> WHEREAS, the estimated total project cost of the im- <br />provements and extensions to the water system is $1,312,000, and <br />the City has previously authorized and issued its General Obliga- <br />tion Water Bonds, dated April 1, 1978, in the principal amount of <br />$300,000, and its General Ob1 ig at ion Water Bond s, dated May 29, <br />1979, in the principal amount of $344,000, for the payment of part <br />of such cost; and <br /> WHEREAS, it has become necessary to issue additional <br />General Obligation Water Bond s, in the principal amount of <br />$75,000, at an interest rate of 5% per annum, in order to complete <br />the project; and <br /> WHEREAS, the City has entered into a loan ag reement <br />with the United States DepartITient of Agriculture, Farmers Home <br />Administration, whereby the Farmers Home Administration will <br />purchase general obligation water bonds in the principal amount of <br />$75,000, at an interest rate of 5% per annum, for the payment of <br />such additional cost; and <br /> - 2 - <br />