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B. Pursuant to Article 12 of the Charter, subject to the State Constitution and <br />notwithstanding any limitations in the State statutes, the City may borrow money and issue <br />securities or enter into other obligations to evidence such borrowing in any form and in any <br />manner determined by the City Council to be advantageous to the City. <br /> <br /> C. Pursuant to Article X, Section 20 (4) of the State Constitution, refunding <br />bonds may be issued without an election if issued at a lower interest rate than the refunded <br />bonds. <br /> <br /> D. The Refunded Bonds are subject to redemption on the Redemption Date at <br />a price equal to the principal amount redeemed, plus a premium of 2% of the principal amount <br />redeemed, plus accrued interest to the Redemption Date. <br /> <br /> E. The City Council has determined and hereby declares that it is in the <br /> <br />City's best interest to effect the Refunding Project. <br /> <br /> F. After a public sale is held, the City anticipates receiving a proposal from <br /> <br />the Purchaser, for the purchase of the Bonds, for the purpose of defraying in whole or in part the <br />costs of the Refunding Project. <br /> <br /> G. There have been presented to the City Council the proposed forms of the <br />following documents: the Escrow Agreement; the Letter of Representations; th& Continuing <br />Disclosure Certificate; and the Preliminary Official Statement. <br /> <br /> H. The City Council desires to cause the Bonds to be issued, to authorize and <br />direct the application of the proceeds thereof as set forth herein, and to provide security for the <br />payment thereof, all in the manner set forth below. <br /> <br /> Section 3. Ratification. All actions heretofore taken (not inconsistent with the <br />provisions of this Ordinance) by the City Council and other officers of the City relating to the <br />Refunding Project and the sale and issuance of the Bonds for the purposes provided herein are <br />ratified, approved and confirmed. <br /> <br /> Section 4. Authorization of the Bonds There hereby is authorized to be <br />issued an issue of fully registered general obligation securities of the City, to be designated "City <br />of Louisville, Colorado, General Obligation Refunding Bonds, Series 2002" in the aggregate <br />principal amount approved by the City Manager or Finance Director in the Sale Certificate <br /> <br /> <br />