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<br />ORDINANCE NO. 1566 <br />SERIES 2010 <br /> <br />AN ORDINANCE AUTHORIZING A LOAN FROM THE WATER AND <br />WASTEWATER UTILITY }rUND TO THE GOLF COURSE FUND FOR FISCAL <br />YEAR 2010. <br /> <br />WHEREAS, pursuant to the City of Louisville Charter, any loan of money <br />derived from a City-owned utility to any other City fund shall be approved by ordinance; <br />and <br /> <br />WHEREAS, the City Council wishes to execute a license agreement with <br />Western Golf Properties for the operation and maintenance of Coal Creek Golf Course; <br />and <br /> <br />WHEREAS, to properly execute the license agreement the City council wishes to <br />defease the 2002 Golf Course General Obligation Refunding Bonds. <br /> <br />WHEREAS, to defease the 2002 Golf Course General Obligation Refunding <br />Bonds, the financial condition of the Golf Course Fund requires a loan from the Water <br />and Wastewater Utility Fund in an amount not to exceed $800,000; and <br /> <br />WHEREAS, City Council desires to approve such loan by ordinance III <br />accordance with the Charter; <br /> <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF <br />THE CITY OF LOUISVILLE, COLORADO: <br /> <br />Section 1. The Water and Wastewater Utility Fund is approved to loan the Golf <br />Course Fund a principal amount not to exceed $800,000 for 2010. Said loan shall be for <br />a term of 17 years, and all principal and interest loaned shall be repaid in full by no later <br />than December 31, 2026, unless such term and maturity are extended by subsequent <br />ordinance. Annual payments of principal and interest will commence on December 31, <br />2015 and continue through December 31, 2026. The interest rate applied to the loan <br />proceeds shall be 2.746%, subject to the Charter requirement that such rate shall be <br />adjusted annually to a rate equal to the average rate of return on the City's cash and <br />investments for the preceding twelve months. Based on the foregoing requirement, the <br />interest rate applied to the outstanding balance for 2010, based on the average rate of <br />return for all cash and investments during 2009, will be 2.746%. <br /> <br />Section 2. Such loan is subject to any necessary budgetary amendments, transfers or <br />supplementary budgets and appropriations in accordance with State law. <br /> <br />Section 3. All actions heretofore taken by the City, its officers and employees <br />in connection with said loan and not inconsistent with Section 1 herewith are hereby <br />ratified, approved and confirmed. <br /> <br />261 <br /> <br />$ <br />