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recommends that Council pass Ordinance #886 on <br />Second Reading as the City would experience a <br />minimum of $202,00() in gross savings and $76,527 <br />in net present value savings by refunding these <br />bonds. <br />Mayor Fauson called for anyone wishing to speak in <br />favor of or in opposition to Ordinance #886. <br />None. <br />Mayor Fauson closed the Public Hearing and moved <br />that Ordinance #886 be approved. Scarpella <br />seconded. By Roll Call vote Ordinance #886 was <br />passed unanimously. <br />ORDINANCE #887 - PUBLIC HEARING - <br />AUTHORIZE WATER BOND REFUNDING <br />Rautenstraus read by title only Ordinance #887, <br />"An Ordinance authorizing the issuance by the City <br />of Louisville, Colorado, or General Obligation <br />Water Refunding Bonds, Series 1986, in the <br />principal amount of` $3,310,000 for the purpose of <br />refunding valid and. outstanding General Obligation <br />Water Bonds of the City; prescribing the form of <br />said bonds; providing for the levy of ad valorem <br />taxes and the application of revenues derived from <br />the water system of: the City to pay the same; <br />providing for a part of the proceeds of said bonds <br />to be deposited in a separate escrow account for <br />the payment of the bonds being refunded; providing <br />other details in connection therewith; and <br />declaring an emergency." Proof of publication and <br />Notice of Public Hearing were established. <br />Rautenstraus stated that there was an amendment to <br />the Ordinance which. would change the table <br />slightly and should the Ordinance be adopted, it <br />should be adopted as amended to reflect the <br />change. <br />Mayor Fauson opened. the Public Hearing. <br />Hundley reiterated that passage of Ordinance #887 <br />would result in a gross savings of $202,000 to the <br />City of Louisville and it is staff's and the <br />Finance Committee's recommendation that Council <br />pass Ordinance #887. <br />Mayor Fauson asked for Public Comments in favor <br />of or in opposition to Ordinance #887. None. <br />Mayor Fauson closed the Public Hearing and Mohr <br />moved that Council adopted Ordinance #887 as <br />amended. Mayor Fauson seconded. By Roll Call <br />Vote, Ordinance #887 was adopted unanimously. <br />9 <br />