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<br />. /. ,... -:. ,.~. ,", .. <br /> <br /> <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 ENTERPRlSE FUND OF CERTAIN OBLIGA nONS INCURRED. <br />BY THE TOWN AND RATIFYING CERTAIN ACTIONS TAKEN BY THE 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 />WHEREAS, the Town has provided water djstrlbution services within its service area <br />and. ha$ historically operated its water system as a govenunent-owned business;. and <br /> <br />WHEREAS, the Town of Coal Creek Water Enterprise Fund was established to collect <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 />i. The Board ofTrostees of the Town ofCoa! Creek has applied with the Colorado <br />Water Conservation Board fora loan to purchase Union Ditch water shares. The <br />loan request is in a maximum amount of$68.175.00 at the loan tenns of3.7S% <br />for 30 years. <br /> <br />2. This Resolution. No. 8 ~ Series 2003 is irrepealable for the length of the contract. <br /> <br />3. The Board of Trustees and the Enterprise does hereby approve the entering into <br />the Joan contract? to perform and observe all the tcnnS and conditions of the <br />contract, and to authorize all necessary actions including a pledse of revenues. <br /> <br />4. The Board of Trustees itTevocably pledges to the ewes, for PuxpQ$e$ of . <br />repayment of this lo~ revenoos derived from charges & fees related to the sale <br />of water and any other funds legally availabltt in a.Ii. amount sufficient to pay the <br />annual pa;ym.ent due under this loan contract ("Pledged Revenues''). Further, the <br />Board of Trustees agrees to: <br /> <br />a. Seeregation of Pledged Revenues. The Board of Trustees shall <br />set aside and keep the Pledged Revenues in an account separate from other <br />. revenue!, and warrants 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 incorporated herein, to provide a security interest to the <br />CWCB in the Pledged Revenues. The eweR ghatl bave priority over all <br /> <br />Resolution No.8 - Series 2003 <br /> <br />Appendix 3 to Loan Contract C150139 <br /> <br />.. .. <br />" .~.. <br /> <br />. ,"' .. .:,' - -....- ,. <br />