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<br />. , <br /> <br />TOWN OF NEW CASTLE, COLORADO <br />WATER AND SEWER ENTERPRISE <br />ORDINANCE NO. 2004-E-l <br /> <br />An Ordinance of the Town of New Castle, Colorado; Water and Sewer <br />Enterprise Authorizing the Execution and Delivery of a Loan Contract, <br />Dated as of December 15, 2003, between the State of Colorado Department <br />of Natural Resources, Colorado Water Conservation Board and the Town of <br />New Castle, Colorado, Acting by and through the Town of New Castle, _ <br />COlorado, Water and Sewer Enterprise. <br /> <br />WHEREAS, the Town of New Castle, Colorado (the ''Town''), has established <br />the Town of New Castle, Colorado, Water and Sewer Enterprise (the "Enterprise") <br />as an enterprise of the Town within the meanln.g of art. X, 9 20 of the Colorado <br />Constitution; and . <br /> <br />WHEREAS, pursuant to Ordinance No. 463, the Town has authorized the <br />Enterprise to have and exercise the following powers: to hold meetings <br />concurrently with regular or special 'meetings of the Town Council, to adopt <br />resolutions in the manner in which Town resolutions may be adopted, to pledge any <br />revenues of the water supply, treatment, storage and distribution system of the <br />Town (the "System") to the payment of any debt incurred to Improve the system <br />and to pay such debt, to enter into contracts relating to the System in the manner <br />in which Town contracts may be entered into, to make representations, warranties <br />and covenants on behalf of the Town and to bind the Town to perform any <br />, obligation relating to the System other than any multiple-fiscal year direct or <br />indirect debt or other financial obligation of the Town without adequate present <br />cash reserves pledged irrevocably and held for payments In all future years; and <br /> <br />WHEREAS, the Town and Enterprise made an application to the State of <br />Colorado Department of Natural Resources, Colorado Water Conservation Board <br />(the "CWCB") for a loan in the amount of $707,000.00 to finance the cost of <br />acquiring, constructing and installing improvements to the System; and <br /> <br />WHEREAS, the CWCB has approved said application; and <br /> <br />WHEREAS, there has been filed with the Secretary of the Enterprise the form <br />of a loan Contract, dated as of June 1, 2004 (the "loan ContractU), between the <br />CWCB and the Town, acting by and through the Enterprise; and <br /> <br />WHEREAS, the Loan Contract requires the Enterprise to execute a Promissory <br />Note in the arnountof $707,000 and a Security Agreement pledging revenues of <br />the Enterprise to secure the Promissory Note for the benefit of the CWCS (the "Loan <br />Documents"). <br /> <br />NOW THEREFORE, BE IT ORDAINED BY THE TOWN OF NEW CASTLE, <br />COLORADO, WATER AND SEWER ENTERPRISE: <br /> <br />1. The foregoing recitals are incorporated herein as findings and <br />determinations of the Enterprise. <br /> <br />T: \Ordlnances\ watersewer\2004eOl <br /> <br />Page 1 of 2 <br /> <br />Appendix 3 to Loan Contract C150152 <br />