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<br /> WHEREAS, the proceeds derived from the sale of the <br /> Refunding Bonds, toge ther with the Escrow Supplement, after <br /> payment of the cos ts and expenses of the refunding procedure, <br /> shall be pI ac ed in a spec ial fund and trus t account, to be <br /> established as herein author ized, for the purpose only of payi ng <br /> the pr inc ipal of, pr emi um if any, and interest on the Outstanding <br /> Bonds as they become due and payable, all as is more par ticul arl y <br /> hereinafter set for th ~ <br /> WHEREAS, the Counc il has de termined tha t it is also <br /> necessary to improve the ex i s t i ng wa ter trea tmen t, storage, and <br /> transmission system of the Ci ty ( the " Pr 0 j e c t" ) ; and <br /> WHEREAS, there are insufficient moneys in the City <br /> treasury to pay the cost of the Pr 0 j e c t ; and <br /> WHEREAS, the Co unc il has de termined that it is in the <br /> best interests of the Ci ty , and the inhabitants thereo f , tha t <br /> general obligation water improvement bonds in the pr i nc i pal arno un t <br /> of $1,385,OOO ( the II Improvement Bonds" ) be iss ued for the purpose <br /> of paying the costs of the Project; and <br /> vVHEREAS, the Counc il has de termined tha t the issuance of <br /> the Refunding Bo nds and the Improvemen t 80 nds s imuI taneously as <br /> permitted by Section II-56-I1l, C.R.S., will resul t ln a savings <br /> in issuance costs: and <br /> WHEREAS, the Ci ty has received a proposal from Kirchner <br /> r100re & Company, De nver , Colorado, concerning the purchase of the <br /> Refunding Bonds and the Improvement Bonds; and <br /> WHEREAS, the Counc il has de termined that the Refunding <br /> Bonds and the Improvement Bonds shall be sold to Kirchner t100re & <br /> Co. , ln accordance with the ir proposal, and that such sale is to <br /> the best advantage of the Ci ty; and <br /> WHEREAS, insofar as it is necessary to issue the Bo nds <br /> immediately in order to: ( i ) take advantage of presently existing <br /> interest ra tes: ( i i ) provide the Ci ty and its inhabi tan ts with a <br /> continuous and reliable sup pI y of wa ter as soon as po s sib Ie; and <br /> ( iii) pay the cos ts of the Project which have heretofore become <br /> - 6 - <br />