Ordinance 2009-1558 - Laserfiche WebLink

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ORDINANCE NO. 1558 SERIES 2009 AN ORDINANCE AUTHORIZING A LOAN FROM THE WATER AND WATEWATER UTILITY FUND TO THE GOLF COURSE FUND FOR FISCAL YEAR 2008. WHEREAS, pursuant to the City of Louisville Charter, any loan of money derived from a City-owned utility to any other City fund shall be approved by ordinance; and WHEREAS, in accordance with the 2008 adopted budget, the Water and Wastewater Utility Fund loaned $700,000 to the Golf Course Fund in 2008; and WHEREAS, City Council desires to approve such loan by ordinance III accordance with the Charter; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. The Water and Wastewater Utility Fund is approved to loan the Golf Course Fund a principal amount not to exceed $700,000 for 2008. Said loan shall be for a term of 16 years, and all principal and interest loaned shall be repaid in full by no later than December 31, 2024, unless such term and maturity are extended by subsequent ordinance. Annual payments of principal and interest will commence on December 31, 2015 and continue through December 31, 2024. The interest rate applied to the loan proceeds shall be 3.370%, subject to the Charter requirement that such rate shall be adjusted annually to a rate equal to the average rate of return on the City's cash and investments for the preceding v-velve months. Based on the foregoing requirement, the interest rate applied to the outstanding balance for 2009, based on the average rate of return for all cash and investments during 2008, will be 3.370%. Section 2. Such loan is subject to any necessary budgetary amendments, transfers or supplementary budgets and appropriations in accordance with State law. Section 3. All actions heretofore taken by the City, its officers and employees in connection with said loan and not inconsistent with Section 1 herewith are hereby ratified, approved and confirmed. Section 4. If any portion of this ordinance is held to be invalid for any reason, such decision shall not affect the validity of the remaining portions of this ordinance. The City Council hereby declares that it would have passed this ordinance and each part hereof irrespective of the fact that anyone part be declared invalid.