PALMER LAKE, COLORADO ORDINANCE NO. 1 OF 2001

An emergency ordinance relating to the issuance of the Town of Palmer Lake, Colorado, general obligation refunding and improvement bonds, Series 2001, in the principal amount of $2,060,000, for the purpose of refunding certain outstanding indebtedness of the Town and drilling additional water wells and making additional improvements to the Town water system; providing for the form of bond and other details and covenants with respect thereto; repealing ordinances in conflict therewith; ratifying all action heretofore taken in connection therewith; and declaring an emergency.

Whereas at a regular election of the qualified electors of the Town, duly called and held on the 7th of November, 2000, in accordance with law and pursuant to due notice, a majority of the qualified electors voting at said election voted for the issuance of general obligation bonds in an aggregate principal amount not exceeding $1,700,000 with a repayment cost not to exceed $2,711,995.91 for the purpose of drilling additional water wells and making additional improvements to the Town water system, and the returns of said elections were duly canvassed and the results thereof declared: and

Whereas the Town is desirous of refunding at a lower interest rate certain outstanding indebtedness of the Town.

Adopted March 8, 2001

A complete copy of Ordinance No. 1-2001 is available upon request. Please contact the

Palmer Lake Town Office
719-481-2953
54 Valley Crescent
PO Box 208
Palmer Lake, CO 80133

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