Ordinance 1994-1170 - Laserfiche WebLink

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(c) The City previously has created a Capital Improvement Fund for the deposit of the proceeds of its general sales tax, and the City hereby determines to create an additional capital improvement fund, to be designated the "City of Louisville Open Space Sales Tax Capital Improvement Fund," and to deposit therein the net revenues derived from the three-eighths percent (.375%) Sales Tax imposed by the Open Space Sales Tax Ordinance. (d) The Open Space Sales Tax Ordinance provides that such Sales Tax revenues may be used solely for the capital improvement purposes of acquiring land in and around the City for open space buffer zones, trails, wildlife habitats, wetland preservation and future parks. (e) At a special municipal election held on November 8, 1994, the City's voters approved the issuance of sales and use tax revenue bonds to be secured by the Sales Tax. (f) The Council has determined, and hereby determines, that it is to the best advantage of the City to issue the Bonds for the purpose of defraying the costs of the Project. (g) The Bonds authorized by this Ordinance shall be payable from the Capital Improvement Fund and the available proceeds of the Pledged Revenues and shall have a first and prior lien (but not necessarily an exclusive first lien) on the Capital Improvement Fund and on such Pledged Revenues. (h) The City has received a proposal from the Purchaser concerning the purchase of the Bonds. (i) The Council has determined, and hereby determines, that the Bonds shall be sold to the Purchaser in accordance with its proposal, and that such sale is to the best advantage of the City. (j) There have been filed with the City Clerk: (i) the form of a Preliminary Official Statement for the Bonds; (ii) the form of the Letter of Representations; (iii) the form of the Paying Agent Agreement; and (iv) the form ofthe Bond Purchase Agreement. (k) It is necessary to provide for the form and details ofthe Bonds, the payment of the Bonds and other provisions relating to the authorization and issuance of the Bonds. -13-