City Council Agenda and Packet 1986 04 22

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ORDINANCE NO. 1115 _,_ AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE CITY OF LOUISVILLE, COLORADO, OF SPECIAL ASSESSMENT BONDS IN THE PRINCIPAL AMOUNT Or 1,600,000, FOR SPECIAL IMPROVEMENT DISTRICT NO. 1986-1; PRESCRIBING THE PORN Or THE BONDS' PROVIDING FOR THE PAYMENT Of THE BOMB AND TIE INTEREST THEREON; AND DECLARING AM EMERGENCY. WHEREAS, the City Council (the "Council") of the City of Louisville, Colorado (the "City"), has created Special improvement District No. 19x6-1 (the "District") , for the purpose, of paying for local improvements to be constructed in the Districts and WHEREAS, the total cost of the improvements in the District has been definitely ascertained; and WHEREAS, the Council has determined that the cost of the construction of improvements for the District, together with all necessary incidental costs, shall not exceed the amount of $1,600,000, and that bonds of the City for the District should be issued in such amount; and WHEREAS, the Council has heretofore received a proposal from Kirchner Moore a Company, of Denver, Colorado (the •Underwriter") , for the purchase of $1,600,000 of said bonds: and WHEREAS, the Council has determined that said proposal is to the best advantage of the City, and has determined to accept said proposal; and WHEREAS, it is necessary to provide for the issuance of said bonds and the form and payment thereof; BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY Or LOUISVILLE, COLORADO: Section 1. Bond Details,. By virtue of and pursuant to the Constitution of the State of Colorado: Title 31, Article 25, Part 5, Colorado Revised Statutes; and all other laws thereunto enabling, there shall be issued Special Assessment Bonds, Series 1986 (the 'Bonds") of the City of Louisville, Colorado, for Special improvement District No. 1956-1, for the purpose of paying for the improvements to be constructed in the District. The Bonds shall be in the principal amount of $1,600,000, shall be dated - 23 -