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<br />FROM Town Ot Coal Creek
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<br />PHONE NO. 719 784 6150
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<br />Jun. 19 2003 04:16PM P3
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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 of law.
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<br />Section 4. Enterprise Powers. The Enterprise shall e~ercise such powers as are set
<br />forth in the Enterprise Act as it shall be amended from time to time. including without
<br />limitatio:n, the power to i$sue or Tei!il~Ue bond$, :note~, or other obligatioll$, payable from
<br />the revenues derived or to be derived from its provision of services. The Entetpris~ shall
<br />also be entitled to exercise such powers as set for in the Act and any other applicable
<br />Colorado law, including the power to set mtes, fees 9l1d charges for services provided by
<br />the Entelpnse; provided, however, in no event shall the enterprise bave the authority to
<br />levy or collect taxes. nor shall the Enterprise have the power to direct the Town to
<br />exercise its taxing power on behalf of the Enterprise.
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<br />Section 5. Assets. All assets to be operated and maintained by the Enterprise shall
<br />remain in the ownership of the Town. The Town hereby assigns the use and managemeni
<br />of all such assets. whether real or personal. to the enterprise.
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<br />Section 6. Enterprl$e ~und. An Enterprise Fund shall be established to
<br />separately account for all reven"Ues and prepare av. mmutU budget wh~ch may be included
<br />in the budget prepared for the T own- All budgets. reports. audits, and finAncial
<br />operations of the Enterprise shall conform to and be prepared in accordance with
<br />genemlly accepted accounting principles applicable to governmentsl unit and other
<br />requirements oflaw.
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<br />Section 7.
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<br />Limitation of Obligation of the Enterorise.
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<br />Any and all indebtedness incurred from the functions of the water works system may be
<br />paid from Entetprise revenues; however, in nO event ~haU the Enterprise be required nor
<br />shall it otherwise be authorized to levy any tax for repayment of such debt Md such
<br />indebtedness. All operations of the Town. excluding the enterprise, shall remain subject
<br />to the terms of the Amendment to the extent required by law.
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<br />Section 8. Severability. Should anyone or more sections or provisions of this
<br />. Resoluti9fi be judicially determined invalid or unenforceable, such determination shall
<br />:.(.__~not iff~~<impair, or invalidate th~ remaining provisions hereof, the intention being that
<br />,:>,"/~.i ,;'.~~~~f~~\prov;mons hereof are severable.
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<br />/}.iJl.'f.::~~;.$.~::j81h day of June, 2003 A.O. by the Boaro of Trustees of the Town of
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<br />. i,. r"l<<: i '~j' lVJ.aYOLCharles H stings
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<br />
<br />Clerk
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