PROJ01923 ‎(2)‎

• Contract/PO #: C150126
• Contractor Name: Kremmling, Town of
• Contract Type: Loan
• Water District: 50
• County: Grand
• Loan Projects - Doc Type: Contract Documents

injunctive relief or requiring the Board to act as if it were the trustee of an express tmst,or any
combination of such remedies.

Section 15. Amendments to Resolution. The Town may not, Without th~l pnor .
written consent of CWCB, adopt amendments or supplements to this Ordinance. '

Section 16. Authorization to Execute Documents. The Mayor and City Clerk shall,
and they are hereby authorized and directed to take all actions necessary or appropriate to
effectuate the provisions of this Ordinance, including, but not limited to, the execution of the
Loan Contract, the Promissory Note and such certificates and affidavits as may be reasonably
required. The execution by the Mayor 6fthe Town of any document authorized herein. shall be
conclusive proof of the approval by the Town of the terms thereof.

Section 17. Costs and Expenses. All costs and expenses incurred in connection with
the execution of the Loan Contract and the issuance of the Promissory Note shall be paid either
from the proceeds of the borrowing or from legally available moneys of the Town, or from a
combination thereof, and such moneys are hereby appropriated for that purpose.

Section 18. Limitation of Actions; In accordance with Section 11-57-212, Colorado
Revised Statutes, no legal or equita:ble action can be brought with respect to any legislative acts
or proceedings in connection with the authorization and execution of the Loan Contract or
issuance and delivery of the Promissory Note more than 30 days. after the issuance or
authorization of such securities, whichever occurs later.

Section 19. Ratification and Approval of Prior Actions; A11actions heretofore
taken by the officers of the Town and the members of the Board, not inconsistent with the
provisions of this Ordinance, relating to the authorization, sale, issuance and delivery of the
Promissory Note, are hereby ratified, approved and confirmed. '

Section 20. Resolution Irrepealable. After the Promissory Note has been issued, this
Ordinance shall constitute a contract betweenCWCB and the Town, and shall be and remain
irrepealable until the Promissory Note. and the interest accruing thereon shall have been fully
paid, satisfied and discharged, as herein provided,

Section 21. Repealer. All orders, bylaws and resolutions of the TOWIl, or parts
thereof, inconsistent or in conflict with this Ordinance, are hereby repealed to the extent only of '
such inconsistency or conflict.

.Seetion 22. Severability, If any section, paragraph, clause or provls~on of this
Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or
unenforceability of such section, paragraph, clause or provision shall not affect any of the
. remaining provisions of this Ordinance, the intent being that the same are severable.

Section 23. Emergency Declaration; Effective Date. The Board desires to
comrn:ence the construction of necessary improvements to supplement the existing System as
soon as possible,. which activities cannot occur without passage of this Ordinance. The use of an
emergency provision in this Ordinance will enable the Town to complete thefinancings which
must occur prior to such construction activities; therefore, it is hereby declared that an

02-178969.2

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