PROJ01923 (2) - Laserfiche WebLink

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"Reserve Accounf' means a special account of the Town designated as the "2004 CWCB Note Reserve Account," created by this Ordinance for the purpose of paying, if necessary, the principal of and interest on the Promissory Note. '!State" means the State of Colorado. "Subordinate Lien Obligations" means one or more series of additional bonds, notes, interim securities or other obligations issued by the Town having a lien on the Net Rl~venue which is subordinate or junior to the lien ofthe Promissory Note. "Supplemental PublicSecurities Ad' means Part 2 of Article 57 of Title 11, C.R.S. "System" means all of the Town's water facilities and properties, now owne<:lor h€:;reafter acquired, whether situated within or without the Town boundaries, including all present or future. improvements, extensions, enlargements, betterments, replacements, or additions thereof or thereto. "Town" means the Town of Kremmling, Grand County, Colorado. "Water Activity Enterprise" means the Town of Kremmling Water Activity Enterprise which has "been reaffirmed pursuant to an ordinance of the Town adopted and approved on or about the date of adoption of this Ordinance~ ' "Water Activity Fund' means the fund or funds of the Town used to account for the financial operations' of the Water . Activity Enterprise, and ahy' additional funds estahlished hereafter for such' purpose. "Water ActivityLaw" means Title 37, Article 45.1,T.R.S. Section 2. Authorization. In accordance with the Constitution of the State; the Acts; . . and all other laws of the State thereunto enabling, there is hereby authorized and. approved the Loan Contract. There shall be issued by the Town, acting and through' its Water Activity Enterprise, the Promissory Note in the aggregate principal amount not to exceed $1,689,750, for the purpose of paying the Project Costs and other costs in connection with the Promissory Note. All covenants, statements, representations and agreements contained in the Loan Contract and the Promissory Note are hereby approved and adopted as the covenants, stat1ements, representations and agreements of the Town. The accomplishmerit of the' Project is h~eby authorized, approved and ordered .and it is hereby determined that the Promissory Note matures at such time nbt exceeding the estimated life of the Project. Section 3. Form of Promissory Note, The Promissory Note shall be in substantially the form set forth in Appendix 2 to the Loan Contract with such changes thereto, not inconsistent herewith, as may be necessary or desirable and approved by the officials of the Town executing the same (whose manual or facsimile signatures thereon shall constitute conclusive evidence of such approval). The maximum net effective interest rate authorized for the Promissory Note is 5% per annum, exclusive of any late charges of 5% of the annual payment due which may be imposed pursuant to the terms of the Loan Contract for any late payments. t:l2-178969.2 4