Ordinance 1994-1170 - Laserfiche WebLink

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Section 3. Authorization. In accordance with the Constitution and laws of the State of Colorado, including without limitation Section 29-2-112, C.R.S., and the provisions of this Ordinance, the City hereby authorizes the issuance of its sales and use tax revenue bonds, each to be designated "City of Louisville, Colorado, Open Space Sales and Use Tax Revenue Bond, Series 1994," in the aggregate principal amount of $2,035,000, for the purpose of financing the Project. Section 4. Special Obligations: Pledge: Negotiability. (a) All of the Bonds, together with the interest thereon, shall be payable only out of the Capital Improvement Fund and the Pledged Revenues which are to be deposited in the Bond Account or the Reserve Account. The Owner or Owners of the Bonds may not look to any ad valorem property taxes levied or collected by the City for the payment of the principal of and interest on the Bonds, and the Bonds shall not constitute a debt or an indebtedness of the City within the meaning of any constitutional, or statutory provision or limitation; nor shall they be considered or held to be general obligations of the City. None of the covenants, agreements, representations and warranties contained herein or in the Bonds shall ever impose or be construed as imposing any liability, obligation or charge against the City (except to the extent ofthe Pledged Revenues which are to be deposited in the Capital Improvement Fund, the Bond Account or the Reserve Account) or its general credit, payable out of its general funds or out of any funds derived from ad valorem property taxation. The payment of the Bonds is not secured by an encumbrance, mortgage or other pledge of any property, except the Pledged Revenues which are to be deposited in the Capital Improvement Fund, the Bond Account or the Reserve Account as provided herein. (b) The City hereby irrevocably pledges the Capital Improvement Fund and the Pledged Revenues which are to be deposited therein, on the terms provided herein, for the timely payment of the principal of and interest on the Bonds. Such pledge shall create an irrevocable and first lien (but not an exclusive first lien) on the Capital Improvement Fund and the Pledged Revenues for the timely payment of the principal of and interest on the Bonds. (c) The covenants and agreements herein set forth to be performed on behalf of the City shall be for the equal benefit, protection and security of the Registered Owners of any and all of the Outstanding Bonds. The Bonds, regardless of the time or times of their issuance or maturity, -14-