C150243 PIF Documents

• Contract/PO #: C150243
• Contractor Name: Aurora, City of
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

EFFECTIVE DATE: o4 -;2/-0-3
ORDINANCE NO. 2003- 18
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE BY THE
CITY OF AURORA, COLORADO, ACTING BY AND THROUGH ITS
UTILITY ENTERPRISE, OF REVENUE BONDS •:.i,'► OTHER
OBLIGATIONS FOR THE PURPOSE OF FINANCING OR Ct F24 i ' ,.
IN WHOLE OR IN PART, THE COST OF AD: ' 'i1.
IMPROVEMENTS TO THE WATER SYSTEM ' . TED B
UTILITY ENTERPRISE OF THE CITY.
WHEREAS, the City of Aurora, Colorado (the "City") is a home rule m i . ".lit
organized and existing pursuant to Article XX of the Constitution (the "Constitution") o e
State of Colorado (the"State"); and
WHEREAS, the City Council (the "Council") of the City has previously acted by
ordinance to recognize and confirm the existence of the Utility Enterprise of the City (the
"Enterprise"), such ordinance being codified in Article II of Chapter 138 of the City Code (the
"Code") of the City; and
WHEREAS, the Enterprise currently operates the municipal water system of the City(the
"System"); and
WHEREAS, the Council finds and determines that the substantial future capital financing
requirements of the System can best be met through an orderly and comprehensive program of
borrowing; and
WHEREAS, the Code authorizes the issuance of revenue bonds and other obligations for
the purpose of financing or refinancing additions and improvements to the utility systems
operated by the Enterprise; and
WHEREAS, the City, acting by and through the Enterprise,,is authorized pursuant to
Part 1 of Article 56, Title 11, Colorado Revised Statutes ("C.R.S."), to issue refunding bonds for
the purpose, among others, of reducing the net effective interest rate of outstanding obligations,
reducing the total interest payable over the life of such obligations or effecting other economies;
and
WHEREAS, obligations of the Enterprise are permitted, under the Charter of the City
(the "Charter"), the Code and Article X, Section 20 of the Constitution, to be issued without an
election; and
•
• WHEREAS, Council intends, by the passage of this Ordinance, to provide a consistent
procedure for the issuance of revenue bonds and other obligations to finance and refinance
additions and improvements to the System;
Appendix 3 to Loan Contract C150243
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