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Louisville City Council Meeting <br />July 26, 2003 <br />Page 2 of 5 <br /> <br />Davidson called for City Attorney introduction <br /> <br />City Attorney Sam Light read Ordinance No. 1423, Series 2003. <br /> <br />Davidson opened the public hearing and called for Staff presentation. <br /> <br />Deputy City Manager Julie Boyd reviewed Ordinance 1423 sets the ballot questions for <br />voter approval to issue bonds to construct a new library, and to increase the City's mill <br />levy to finance those bonds. The question will be part of the mail ballot election <br />scheduled for November 4, 2003. The total amount of the bond issue is $7,405,000, for <br />$7.2 .million in capital costs for the library and $205,000 in issuance costs. The bond <br />issue would be for twenty years, with the bonds to be sold competitively. At an interest <br />rate of 4.85%, the maximum annual payment on the bonds would be $586,400. A mil <br />levy of 1.581 would be certified, generating an annual property tax increase of $37.75 on <br />a $300,000 residence. The current mil levy for the City of Louisville is 5.292. <br /> <br />Davidson asked if anyone in the audience wished to speak for or against Ordinance No. <br />1423, Series 2003. <br /> <br />Randy Shearer, 1723 Madison Court, Louisville, CO voiced his belief there was no need <br />for a new library and asked why the City is proceeding with the ballot issues. <br /> <br />Bridget Bacon, 195 S. Washington Avenue, Louisville, CO, spoke in favor of the ballot <br />issues for a new library. She stated the feasibility study indicated a need for a new library <br />and expanded library services. <br /> <br />Mary O'Donnell, 247 Hoover Court, Louisville, CO, voiced her support of the ballot <br />issue to provide for a new library. She emphasized the current library has limited space <br />for study and library programs. <br /> <br />COUNCIL COMMENTS <br /> <br />Sisk asked City Attorney Light to explain the ramifications of using the interest rate of <br />4.85%. Light stated the interest rate is not included in the ballot question, however, the <br />limitation of the mil levy cannot exceed 1.581%, and the maximum debt increase is <br />$7,405,000, for $7.2 million in capital costs for the library and $205,000 in issuance <br />costs. He stated the 4.85% rate sets the maximum for the interest rate. <br /> <br />Sisk stated if the bonds were sold today; the interest rate would be much less, however, <br />under Tabor law, the maximum mil levy required for the debt must be included. He <br />voiced his support of Ordinance No. 1423. <br /> <br />Keany stated Council is committed to keep the Library in downtown Louisville. <br /> <br />2 <br /> <br /> <br />