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<br />. . <br /> <br />FlRSTREADING May 2, 2000 <br /> <br />SECOND READING Mav 16. 2000 <br /> <br />ORDINANCE 4542 <br /> <br />AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY 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 />W ATERENTERPRISE SETTING FORTH THE TERMS AND PROVISIONS OF <br />A LOAN IN THE PRINCIPAL AMOUNT OF $5,000,000. <br /> <br />WHEREAS, pursuant to Resolution #R-73-93, ~ted by the City Council of the City of <br />Loveland, Colorado (the "City"), on November 2, J ., ity determined that the City's water <br />activity is an "enterprise" of the City within thet '1 . . x, ~o of the Colorado Constitution; <br />and TP. ~V <br /> <br />WHEREAS, pursuant to Ordinance"~ aby the City Council of the City on <br />August 4, 1999, the City has ratified the esi'~ent.ofthe City of Loveland, Colorado, Water <br />Enterprise (the "Enterprise") and authorized th~nterprise to have and exercise the following powers <br />in furtherance of its purposes: to hold meetings concurrently with regular or special meetings of the <br />City Council, to adopt ordinances in the manner in which City ordinances may be. adopted, to issue <br />revenue bonds in the manner in which City revenue bonds may be issued without voter approval in <br />advance, to pledge any revenues of the Enterprise to the payment of such revenue bonds and to pay <br />such revenue bonds therefrom, to enter into contracts relating to the water system of the City in the <br />manner in which City contracts may be entered into, to make representations, warranties and <br />covenants on behalf of the City and to bind the City to perform any obligation relating to the water <br />system of the City other than any multiple-fiscal year direct or indirect debt or other financial <br />obligation whatever without adequate present cash reserves pledged irrevocably and held for <br />payments in all future years, to have and use a seal, to sue and be sued in its own name and to <br />exercise any legal authority of the City relating to water facilities and services; and <br /> <br /> <br />WHEREAS, the City, on behalf of the Enterprise, has made application to the State of <br />Colorado Water Conservation Board (the "State") for a loan in the amount of $5,000,000, the <br />proceeds of which are to be used to finance the expansion of the Green Ridge Glade Reservoir <br />(the "Project"); and <br /> <br />WHEREAS, the State has approved a loan not to exceed $5,000,000 to enable the Enterprise <br />to finance the Project <br /> <br />BE IT ORDAINED BY THE BOARD OF THE CITY OF LOVELAND, COLORADO, <br />WATER ENTERPRISE: <br /> <br />CO_DOCS_A 54116 v 1 <br />