Ordinance 2003-1420 - Laserfiche WebLink

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ORDINANCE NO. 1420 SERIES 20O3 AN ORDINANCE AUTHORIZING A LOAN FROM THE COLORADO WATER RESOURCES AND POWER DEVELOPMENT AUTHORITY TO FINANCE THE ACQUISITION OF WATER RIGHTS FOR AND IMPROVEMENTS TO THE CITY WATER SYSTEM AND TO REFINANCE CERTAIN OUTSTANDING OBLIGATIONS FOR WATER SYSTEM IMPROVEMENTS; AUTHORIZING THE FORM AND EXECUTION OF THE LOAN AGREEMENT AND A GOVERNMENTAL AGENCY BOND TO EVIDENCE SUCH LOAN; RATIFYING PRIOR DETERMINATIONS OF THE CITY COUNCIL; AND PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH. WHEREAS, the City of Louisville, Boulder County, Colorado (the "City"), is a municipal corporation duly organized and existing as a home rule city pursuant to Article XX of the Constitution of the State of Colorado (the "State") and the home rule Charter of the City; and WHEREAS, the members of the City Council of the City (the "Council") have been duly elected and qualified; and WHEREAS, pursuant to section 12-1 of the City's home rule Charter, the City may borrow money and issue securities or enter into other obligations to evidence such borrowing in any form and in any manner determined by the Council to be advantageous to the City, subject to the State Constitution and notwithstanding any limitations in the State statutes; and WHEREAS, the City has heretofore determined and undertaken to combine, operate, and maintain its water and wastewater facilities as a public utility and income-producing project (the "System") and accounts for the financial operations of the System in the City's Water and Wastewater Enterprise Fund; and WHEREAS, the City has determined that the System is an enterprise within the meaning of Article X, Section 20 of the Colorado Constitution; and WHEREAS, the City has determined that the interests of the City and the public interest and necessity demand and require the acquisition of additional water rights for the System and the completion of certain improvements to the System; and WHEREAS, the City has made application to the Colorado Water Resources and Power Development Authority (the "CWRPDA") through its Water Revenue Bond Program, for a long-term loan to finance a portion of the cost of the acquisition of water rights, construction of raw water conveyance pipelines and water distribution lines, and selected water treatment plant improvements for the City System to comply with SDWA requirements (the "Project"); and WHEREAS, pursuant to Ordinance No. 1417, Series 2003, the City previously executed an interim loan agreement with and governmental agency bond to the CWRPDA, both dated April 30,