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<br />additional oath of office, qualification or procedure shall apply with respect to service as
<br />a member of the Governing Board. All business and actions of the Governing Board
<br />shall be governed by and made subject to all requirements, privileges, immunities,
<br />protections, limitations, and other provisions oflaw.
<br />
<br />Section 4. Enterorise Powers. The Enterprise shall exercise such powers as are set
<br />forth in the Enterprise Act as it shall be amended from time to time, including without
<br />limitation, the power to issue or reissue bonds, notes, or other obligations, payable from
<br />the revenues derived or to be derived from its provision of services. The Enterprise shall
<br />also be entitled to exercise such powers as set for in the Act and any other applicable
<br />Colorado law, including the power to set rates, fees and charges for services provided by
<br />the Enterprise; provided, however, in no event shall the enterprise have the authority to
<br />levy or collect taxes, nor shall the Enterprise have the power to direct the Town to
<br />exercise its taxing power on behalf of the Enterprise.
<br />
<br />Section 5. Assets. All assets to be operated and maintained by the Enterprise shall
<br />remain in the ownership of the Town. The Town hereby assigns the use and management
<br />of all such assets, whether real or personal, to the enterprise.
<br />
<br />Section 6. Enterorise Fund. An Enterprise Fund shall be established to
<br />separately account for all revenues and prepare an annual budget which may be included
<br />in the budget prepared for the Town. All budgets, reports, audits, and financial
<br />operations of the Enterprise shall conform to and be prepared in accordance with
<br />generally accepted accounting principles applicable to governmental unit and other
<br />requirements oflaw.
<br />
<br />Section 7.
<br />
<br />Limitation of Obligation of the Enterprise.
<br />
<br />Any and all indebtedness incurred from the functions of the water works system may be
<br />paid from Enterprise revenues; however, in no event shall the Enterprise be required nor
<br />shall it otherwise be au~orized to levy any tax for repayment of such debt and such
<br />indebtedness. All operations of the Town, excluding the enterprise, shall remain subject
<br />to the tenns of the Amendment to the extent required by law.
<br />
<br />Section 8. Severability. Should anyone or more sections or provisions of this
<br />Resolutf-gfi be judicially determined invalid or unenforceable, such determination shall
<br />, (/r:~o! aff~9~(impair, or invalidate the remaining provisions hereof, the intention being that
<br />/{fj/~~' :... t,tl!~~~\provjsions hereof are severable.
<br />It. WL...lt;.i~~~~18" day of June, 2003 A.D. by the Board ofTruotees of the Town of
<br />!, ~,,~'(q\l' ~Q&J/~r~e~,;~Ibrado.. .
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<br />. . .~JYtr-:.. \.';,;. fpU : ',~).,;, 4Jj..':~1- /\/'? . // ..~
<br />. fl '0 PF:A'17fR~i::<.~tif ~ _
<br />,t{'Jr.~;:A. 'l:{.:"'!"'/'" ~*Mayor-Charles H stings
<br />;':>/l,i\:T,.'i~' "....(Jljh. ~
<br />
<br />} i.'
<br />
<br />
<br />Clerk
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