Ordinance 1993-1130 - Laserfiche WebLink

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(r) It is necessary to provide for the form and details of the Bonds, the payment of the Bonds, the payment and discharge of the Refunded Bonds, and other provisions relating to the authorization and issuance of the Bonds. 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 11-56- 105, C.R.S., and the provisions of this Ordinance, the City hereby authorizes the issuance of its sales tax refunding revenue bonds, each to be designated "City of Louisville, Colorado, Sales Tax Refunding Revenue Bond, Series 1993", in the aggregate principal amount of $6,175,000, for the purpose of fInancing the Refunding Project. Section 4. Special Obli2ations: Pled2e: Ne20tiability. (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 of the 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. - 12 -