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<br />ORDINANCE NO. 1174
<br />SERIES 1994
<br />
<br />AN ORDINANCE AMENDING ORDINANCE NO. 1163, SERIES 1994,
<br />RELATING TO THE PAYMENT OF CITY MONEYS PURSUANT TO A
<br />PURCHASE CONTRACT TO BUY AND SELL VACANT REAL ESTATE AND
<br />CONSERVATION EASEMENT BETWEEN THE CITY OF LOUISVILLE AND
<br />KLUBERT AND HELEN ROSE WAREMBOURG.
<br />
<br />WHEREAS, at the November 8, 1994 City election, the voters of
<br />the City of Louisville approved the issuance of bonds by the City
<br />to purchase land for open space and park purposes; and
<br />
<br />WHEREAS, the City's bond advisors indicate it will be
<br />beneficial to the bond issuance if Ordinance No. 1163, Series 1994,
<br />is revised to provide a different schedule for repayment of moneys
<br />to the various City funds used to purchase the so-called Warembourg
<br />property and conservation easement as described in the Purchase
<br />Contract to Buy and Sell Vacant Real Estate and Conservation
<br />Easement dated July 21, 1994 ("Contract").
<br />
<br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
<br />OF LOUISVILLE, COLORADO:
<br />
<br />Section 1. Section 2 of Ordinance No. 1163, Series 1994,
<br />is repealed and reenacted, with amendments, to read:
<br />
<br />Section 2. The funds described in Section 1 of
<br />Ordinance No. 1163, Series 1994, were used to pay the two
<br />million dollars under the Contract. It is the intention
<br />of the City Council that the funds described in Section
<br />1 (other than the Conservation Trust Fund) of Ordinance
<br />No. 1163, Series 1994, be reimbursed from the
<br />Conservation Trust Fund over a period of time no longer
<br />than five years, from 1995 through 1999, subject to any
<br />necessary budgetary and appropriation actions in
<br />accordance with State law, as follows:
<br />
<br /> 1995 1996 1997 1998 1999 Total
<br />General Fund $100,000 $200,000 $300,000 $300,000 $200,000 $1,100,000
<br />Golf Course Fund $23,000 $33,000 $100,000 $100,000 -0- $256,000
<br />Internal Servi~e Fund $56,000 $56,000 -0- -0- -0- $112,000
<br />Capital Projects Fund $66,000 $66,000 -0- -0- -0- $132,000
<br />TOTAL $245,000 $355,000 $400,000 $400,000 $200,000 $1,600,000
<br />
<br />Nothing herein is intended to prevent a more rapid
<br />repayment of such funds should the Council so determine
<br />through its budget and appropriate process in accordance
<br />with State law.
<br />
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