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<br />,~ <br /> <br />WHEREAS, the Town has not issued any of the debt authorized at the Election; and <br />WHEREAS, the Board has heretofore determined that the interest of the Town and <br />the public interest and necessity demand and require the acquisition, construction, and completion <br />of certain water facilities, at a cost of approximately $1,242,000, including design, engineering, <br />legal, financing and administrative costs relating thereto, and any other costs incidental thereto (the <br />"Project"); and <br />WHEREAS, the Board has determined that in order to finance a portion of the <br />Project, it is necessary and advisable and in the best interests of the Town to enter into a loan <br />contract (the "Loan Contract") with the Colorado Water Conservation Board (the "Water Board"), <br />a body corporate and political subdivision of the State of Colorado, pursuant to which the Water <br />Board shallloan the Town an amount of not to exceed $922,000 (the "Loan") for such purposes; and <br />WHEREAS, the Town's repayment obligations under the Loan Contract shall be <br />evidenced by a promissory note (the "Note") to be issued by the Town to the Water Board; and <br />WHEREAS, the Board hereby determines to use the proceeds of the Loan to effect <br />the Project; and <br />WHEREAS, pursuant to Section 31-35-402, C.RS., the Town is authorized to issue <br />revenue bonds payable solely from the revenues of its water system (the "System"); and <br />WHEREAS, the Note, the Loan Contract, and the security agreement executed in <br />connection with the Loan Contract (the "Security Agreement") (collectively, the Note, the Loan <br />Contract, and the Security Agreement shall be referred to herein as the "Financing Documents") shall <br />be 'revenue obligations of the Town, payable from the net revenues of the System; and <br />WHEREAS, there have been presented to the Board the forms of the Financing <br />Documents; and <br />WHEREAS, the Board desires to approve the forms of the Financing Documents and <br />authorize the execution thereof; and <br />WHEREAS, pursuant to Section 31-16-106, C.RS., the Board may pass an <br />emergency ordinance. <br />NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF <br />THE TOWN OF PALISADE, COLORADO: <br /> <br />-2- <br />