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<br />ORDINANCE NO.4, 1994 <br /> <br />AN ORDINANCE OF THE CITY OF OURAY, COLORADO, AUTHORIZING THE. <br />ISSUANCE OF POOL REVENUE ANTICIPATION WARRANTS AND SALE THEREOF TO <br />THE NORWEST INVESTMENT SERVICES, INC. IN THE PRINCIPAL AMOUNT NOT <br />TO EXCEED $630,000 FOR THE PURPOSE OF FINANCING THE CONSTRUCTION OF <br />A FILTRATION/DISINFECTION SYSTEM AND OTHER IMPROVEMENTS TO THE <br />MUNICIPAL HOT SPRINGS POOLi MAKING DETERMINATIONS WITH RESPECT TO <br />ENTERPRISE STATUS; FURTHER SETTING OUT OTHER DETAILS AND PROVISIONS <br />CONCERNING SAID WARRANTS AND TRANSACTION; AND DECLARING AN <br />EMERGENCY. <br /> <br />WHEREAS, the Ouray City Council pursuant to the exercise of <br />its powers as a statutory city under the provisions of the Colorado <br />Constitution and Statutes, owns and operates a Municipal Hot <br />Springs Pool and Bathhouse with other appurtenances, which the City <br />Council has determined to be of general benefit to the City of <br />Ouray and its inhabitants, and <br /> <br />WHEREAS, the City Council desires to make certain improvements <br />to the Pool as described herein, <br /> <br />WHEREAS, pursuant to C.R.S. 30-20-301 et seq., the City may <br />make such improvements and issue anticipation warrants payable from <br />the revenues of the Ouray Hot Springs Pool. <br /> <br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY <br />OF OURAY, COLORADO, as follows: <br /> <br />Section 1: Authorization of Warrants. <br /> <br />In accordance with. the Colorado Constitution, C.R.S. 30-20-201 <br />et se~. and other laws of the State of Colorado and th~ prov,isions <br />of this Ordinance, the City is hereby authorized to issue one or <br />more Anticipation Warrants not to exceed the aggregate prlncipal <br />amount of $630,000. The proceeds of such Anticipation Warrants <br />(Warrant) shall be used for the purposes of the acquisition and <br />construction of the project, as provided in Section 3. <br /> <br />Section 2: Payment of Warrant and Pledge of Revenues. <br /> <br />The Warrant will be paid in yearly installments as hereinafter <br />set forth and shall be payable solely out of the proceeds of the <br />net revenues from operation of the MUnicipal Hot Springs Pool, <br />after payment of costs of operation, maintenance, repairs arid <br />administration, such net revenues hereinafter referred to as the <br />"Pledged Revenues". <br /> <br />Section 3: Use of Proceeds. <br /> <br />A. The proceeds from the sale of the Warrant shall be made <br />available to the city for the construction and installation of a <br />filtration/disinfection sY6tem and other improvements and repairs <br /> <br />i:OO~ <br /> <br />V.Ll3G ~o X.LI:J <br /> <br />9LLR ~L8 OL6 XV~ 8I:81 66/LO/ZI <br />