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Feb 12 07 05:59p De Beque Town Hall 9702835205 P• <br />v RESOLUTION NO. 2007 — 07 <br />(Series 2007) <br />A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN �F DE BEQUE ESTABLISHING <br />AN ENTERPRISE FUND TO BE KN01NN AS THE fRRIGATION SYSTEM FUND <br />WHEREAS, the Town of DeBeque has an irrigation system to serve community members within the <br />Town's municipal limits with irrigation water for outdoor use on greenery; and <br />WHEREAS, the Town of DeBeque wants to establish an enterprise fund known as the Irrigation <br />System Fund which is to be included in the annual budget resolution and which is used to account for <br />ali revenues and expenses related to the Town`s Irrigation System services; and <br />WHEREAS, the Town desires to add this enterprise accounting system to the Town's enterprise <br />funds; and <br />WHEREAS, the Town wishes to establish this enterprise fund into which the revenues of the Irrigation <br />System Fund will be deposited and from which certain Irrigation System expenses will be paid; <br />NOW, THEREFORE, BE IT RESULVED BY THE BOARD OF TRUSTEES OF THE TOWN OF DE <br />BEQUE THAT: <br />Section i. Establishment of the Irrigation Svstem Fund. The Board of Trustees hereby establishes an <br />enterprise fund to be known as the frrigation System Fund (the "Fund"). <br />Section 2. Revenues to be Deposited into the Fund. The Town shall deposit into the Fund all gross <br />charges received for, and all other gross income and revenues derived by the Town from, the <br />ownership or operation of the Irrigation System, including but not limited to, the following: <br />(a) All fees, charges, other revenues, interest, grants, royalties, penalties and payments of any kind <br />received by the Town for use of the Fund; <br />(b) All receipts derived from the investment of monies held in the Fund; <br />(c) Any interest and repayment of principal relating to a loan of monies in the Fund tv other Town <br />funds. <br />Section 3. Uses of Monies Deposited into the Fund. The Town may use monies deposited into the <br />Fund for expenses related to the Irrigation System, including but not limited to the following: <br />(a) Reasonable and necessary costs spent or incurred by the Town for maintaining and operating the <br />Irrigation System, including all reasonable and necessary administrative costs of the Town attributable <br />to the Irrigation System; <br />(b) The establishment of such reserves as are determined to be reasonable and necessary by the <br />Board of Trustees; <br />(c) The costs of making capital repairs and/or additions to the Irrigation System; <br />(d) The payrnent of any obligations of the Irrigation System, including debt service on any outstanding <br />debt; <br />Section 4. Effective Date This Resolution shall take effect from and after the date of its passage and <br />adoption. <br />INTRODUCED, READ AND PASSED this 22" day of January, 2007. <br />TOW F DE B �QUE <br />/. � � � <br />Donald K. � ramer, Mayor � <br />ATTEST: <br />� � <br />Ka en Eisenach, Town Clerk <br />