Laserfiche WebLink
<br /> <br />. <br /> <br />.~. <br /> <br />RESOI.UTION NO.8 - SERIES 2003 <br /> <br />A RESOLUTION PROVIDING FOR THE ASSUMPTION BY THE TOWN OF COAL <br />CREEK WATER ENTERPRJSE F'UND OF CERTAIN OBLIGATIONS INCURRED <br />BY THE TOWN AND RATIFYING CERTAThT ACTIONS TAKEN BY TIfE BOARD <br />OF TRUSTEES. <br /> <br />WHEREAS, the Town of Coal Creek (the "Town"), in the County of Fremont and State <br />of Colorado, i$ a municipal corporation duly organized and existing under the <br />Constitution and the laws of the State of Colorado; and <br /> <br />WHEREASl the Town has provided water distribution services within its service area <br />and has historically operated its water system as a govenunent-owned business; and <br /> <br />WHEREAS, the Town of Coal Creek Water Enterprise FuIid was establislted to coHect <br />and disperse all of the monies related to the operations of the water works system. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE <br />TOWN OF COAL CREEK, COLORADO; that <br /> <br />1. The Board ofTl11Stees of the Town of Coal Creek has applied with the Colorado <br />Water Conservation Board for a loan to purchase Union Ditch water shares. The <br />loan request is in a maximum amount of$68,175.00 at the loan tenns of3.7S% <br />for 30 years. <br /> <br />2. This Resolution. No.8 - Series 2003 is irrepealable for the length of the contract. <br /> <br />3. The Board of Trustees and the Enterprise does hereby apprOve the entering into <br />the Joan contract? to perform and observe all the termS Md conditions of the <br />contract, and to authorize all necessary actions including a pledge of revenues. <br /> <br />4. The Board of Trustees irrevocably pledges to the eWe!. for pwpQ$e$ of . <br />repayment of this loan, revenues derived from charges & fees related to the sale <br />of water and any other funds legally available. in an Mio'Unt sufficient to pay the <br />annual payment due under this loan contract ("Pledged Revenues"). Further, the <br />Board of Trustees agrees to: <br /> <br />a. Segregation of PledR:ed Revenues. The Board of Trustees shall <br />set aside and keep the Pledged Revenues in an account separate from other <br />revenues, tm.d wlllra.fits that these revenues will not be used for any other <br />purpose. <br /> <br />b. Establish Security Interest. The Board of Trustees has duly <br />executed a Security Agreement, attached as Appendix 4 to the loan <br />contract and inco:rporated hereln1 to provide a security interest to the <br />CWCB in the Pledged Revenues. The CWCB shall have priority over all <br /> <br />Resolution No.8 - Series 2003 <br /> <br />Appendix 3 to Loan Contract C150139 <br />