PROJ02043

• Contract/PO #: C150241
• Contractor Name: DeBeque, Town of ‎(Acting by and through its Irrigation System Enterprise)‎
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

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WHEREAS, pursuant to Title 31, Article 35, Part 4, e.R.s. and Title 37, Article 45.1, the
Loan Contract with CWCS may be approved by the Board of Trustees without ani
election; and

WHEREAS, the form of the Loan Contract is on file with the Town elerk; and

WHEREAS, the Board of Trustees desires to approve the form of the Loan eontract,i
and authorize the execution of the Loan eontract.

NOW THEREFORE, IT IS ORDAINED BY THE BOARD OF TRUSTEES OF DE
BEQUE ON BEHALF OF THE TOWN OF DE BEQUE'S IRRIGATION SYSTEM
ENTERPRISE AS FOLLOWS:

Section 1. Approval of Loan Contract. Promissory Note and Security Aqreement. !
The forms of the Loan Contract, the promissory note and the security agreement .~
required by the State of eolorado as security for repayment of borrowed funds (the,
"Loan eontract," the "Promissory Note" and the "Security Agreement" respectively) and l
any changes thereto as may be necessary in the opinion of counsel for the Enterprise to "
effectuate the intentions of the parties or to comply with the provisions of applicable law
are hereby approved.

Section 2. Authority to Execute. The Mayor and Town elerk are hereby
authorized and directed to execute and deliver the Loan Contract, the Promissory Note {
and the Security Agreement to the State of eolorado.

Section 3. Use of Proceeds. The proceeds of the loan shall be used for the _
payment of costs of the Project and, if necessary and desirable, the payment of costs ;
incident to the execution and delivery of the Loan eontract, the Promissory Note and '
the Security Agreement. In the event that all of the proceeds of the loan are not:
required to pay such costs and expenses, any remaining amount shall be used for the j
purpose of paying the principal amount of the loan and the interest thereon.

Section 4. Acceptance of Loan. The Town of De Beque's Enterprise has agreed:
to accept the approved loan in the amount of $252,000 and the revenues from the;
Town's Irrigation System Enterprise Fund are hereby pledged to repay the loan over a:
thirty (30) year period. I

Section 5. Direction to Take Authorizinq Action. The Mayor, the Town elerk, the i
Town Treasurer and other appropriate officers of the Town are hereby authorized and:
directed to take all other actions necessary or appropriate to effectuate the provisions of;
this Ordinance. The execution of any documents or instruments by said officials shall:
be conclusive evidence of the approval by the Town of such documents or instruments;
in accordance with the terms thereof and this Ordinance.

Section 6. Irrevocable eontract. This Ordinance is, and shall constitute, a ;
legislative measure, and after the Loan eontract, the Promissory Note and the Security'
Agreement are executed and delivered, this Ordinance shall constitute an irrevocable
contract between the Town, the Enterprise and the State, and this Ordinance shall be
and shall remain irrepealable until the loan shall be fully paid, satisfied or discharged.

Section 7. Ratification and Approval of Prior Actions. All actions heretofore
taken by the Mayor, any member of the Board of Trustees, officers and employees of
the Town, not inconsistent with the provisions of this Ordinance relating to the Loan
eontract, or actions to be taken in respect thereof, are hereby ratified, approved and
confirmed.

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Section 8. Repealer. All ordinances, resolutions, orders and other instruments, 1
or parts thereof, inconsistent herewith are repealed to the extent only of such !
inconsistency. This repealer shall not be construed to revive any ordinance, resolution,
order or other instrument, or part thereof, heretofore repealed.

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Appendix 3 to Loan Contract C150241