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<br />FIRST READING May 2, 2000 <br /> <br />SECOND READING May 16, 2000 <br /> <br />ORDINANCE 4543 <br /> <br />AN ORDINANCE AUTHORIZING THE EXECUTION AND DELNERY OF A <br />LOAN CONTRACT BETWEEN THE STATE OF COLORADO FOR THE USE <br />AND BENEFIT OF THE DEPARTMENT OF NATURAL RESOURCES, <br />COLORADO WATER CONSERVATION BOARD, AND THE CITY OF <br />LOVELAND, COLORADO, AND THE CITY OF LOVELAND, COLORADO, <br />WATER ENTERPRlSE SETTING FORTH THE TERMS AND PROVISIONS OF <br />A LOAN IN THE PRlNCIPAL AMOUNT OF $5,000,000. <br /> <br />WHEREAS, pursuant to Resolution #R-73-93, adopted by the City Council of the City of <br />Loveland, Colorado (the "City"), on November 2, 1993, the City determined that the City's water <br />activity is an "enterprise" of the City within the meaning of art. X, ~ 20 of the Colorado <br />Constitution; and <br /> <br />WHEREAS, pursuant to Ordinance 4454, <br />August 4, 1999, the City has ratified the estab . <br />Entezprise (the "Entezprise") and authorized ill <br />furtherance of its purposes; and <br /> <br /> <br />WHEREAS, the City, on behalf of ezprise, has made application to the State of <br />Colorado Water Conservation Board (the "s "e") for a loan in the amount of $5,000,000, the <br />proceeds of which are to be used to fmance the expansion of the Green Ridge Glade Reservoir (the <br />"Project"); and <br /> <br />WHEREAS, the State has approved a loan not to exceed $5,000,000 to enable the Entezprise <br />to finance the Project. <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOVELAND, <br />COLORADO: <br /> <br />Section 1. Approval of Loan Contract. The form of the loan contract required by the <br />State as security for repayment of bOlT owed funds (the "Loan Contract")and any changes thereto <br />as may be necessary in the opinion of the Attorney and the bond counsel for the Enterprise to <br />effectuate the intentions of the parties or to comply with the provisions of applicable law is hereby <br />approved. <br /> <br />Section 2. Authority to Execute. The Mayor and the City Clerk are hereby authorized <br />and directed to execute and deliver the Loan Contract to the State. <br /> <br />Appendix 1 to Loan Contract No, ClSOOOS <br />CO_DOCS_A 54114 v 1 <br />