C150152 Contract

• Contract/PO #: C150152
• Contractor Name: New Castle, Town of
• Contract Type: Loan
• Water District: 39
• County: Garfield
• Loan Projects - Doc Type: Contract Documents

Section 3. Establishment ofEnterpriscL That there is hereby established within the Town of
New Castle, Colorado, a Water and Sewer Emclprise to be operated and maintained as a
government-owned business, so as to exclude its activities from the application of TABOR, in
accordance with the terms set forth herein.

Section 4. Enterorise Activities and Facilities. The Town of New Castle Water and Sewer
Enterprise (hereinafter "Enterprise") shall manage. operate, use, maintain. and conduct all water,
wastewater, and storm water activities, services,. and facilities of the Town. The Enterprise is
autbori:zed to use, Operate. improve, extend., enlarge. repair, replace, acquire. dispose ot: encumber.
contract with respect to, and otherwise control and supervise all water activity facilities and property
of the Town. The Enterprise itself shall be wholly owned by the Town. All facilities, properties, and
. assetS which are utilized by the Enterprise or form part of the Enterprise shall be the property of the
Town, and upon the termination of the Enrerprist; shall be returned to the Town.

Section 5. M11ltiple Enter:prisclI. AU waI.el: aaivities shall be conducted as a. single EDtOrprise.
The Enterprise may conduct one or mOTe water activities. including contracting with other
governmentzU entities, enterprises, or non-go"ernmenta1 entities or persons. The Board of Trustees
may. from time to timt; establish other water activity Enterprises. and fesIrUeture any WtUCI i&cLiviLy
enterprise as a separate enterprise.

Section 6. Governing Board. The Town Board of Trustees shall serve as the governing body
of the Enterprise, and the officers of the Town Board of Trustees and of the Town shall serve as
officers of me governing body and the Enterprise. The governing body shall conduct the business
of the Enterprise in the same manner and follow the same procedures as the Board of Trustees. All
public business ofthe Enterprise shal1 be conducted only during regular ot special meetings of the
Governing body at whioh 11 quorum is present. The record of proceedings of the governing body shall
be considered as actions and business of the Enterprise. All business of the Enterprise and actions
of the governing body shall be governed by and made subject to all requirements, privileges,
immunities, protections.limitutiurul, l111d other provisiON of law.

Section 7. _ Powers. The governing body of the Enterprise may. without limitation, exercise
the Townts legal authority relating to warer activities or otherwise available to any enterprise, except
as elqltessly provided herein. Such authority shall include all powers set forth in the Act. and those
powers set forth in the Town Code which are consistent wirh the authorities of an enteI]uise under
the provisions of TABOR and necessaxy to operate the Enterprise, including but not limited to the
following:

a. To hold meetings concurrently with regular or special meetings of the Town Board
of Trustees;

b. To adopt ordinances in the manner in which Town ordinances may be adopted;

c. To issue or reissue revenue bonds, notes. or other obligations payable from revenues
derived or to be derived from the provision of services in the same manner in which
Town revenue bonds may be issued, without voter approval in advance;

d. To pledge any revenues of the water and sewer systems and service to the payment
of such revenue bDnds and to pay such revenue bonds t:herefrom;