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<br />TOWN OF KREMMLING
<br />EMERGENCY ORDINANCE
<br />ORDINANCE 482
<br />
<br />
<br />AN ORDINANCE OF THE TOWN OF KREMMLING, COLORADO,
<br />REAFFIRMING THE "TOWN OF KREMMLING WATER ACTMTY
<br />ENTERPRISE"; AND DECLARING AN EMERGENCY IN CONNECTION
<br />THEREWITH,
<br />
<br />WHEREAS, the Town of. Kremmling, Grand County; Colorado (the "Town"), is a
<br />municipal corporation duly organized and operating as a statutory Town under Article XX of the
<br />Constitution of the State of Colorado; and
<br />
<br />WHEREAS, pursuant to the provisions of Title 35, Article 31, Part 4, Colorado Revised
<br />Statutes the Town has its own bonding capacity for the acquisition, construction, reconstruction,
<br />lease, improvement, betterment, or extension of any water facilities or sewer facilities and
<br />properties, including without limitation storm, flood, or surface drainage waters, respectively;
<br />and
<br />
<br />WHEREAS, pursuant to the provisions of Title 37, Article 45.1, Colorado Revised
<br />Statutes (the "Water Activity Law"), State and local governmental entities which have their own
<br />bonding capacity under applicable law are authorized: (i) to establish or continue to maintain
<br />water activity enterprises for the purpose of pursuing or continuing water activities, including the
<br />construction, operation, repair, and replacement of water or wastewater facilities; and (ii) to issue
<br />or reissue bonds, notes, or other obligations payable from the revenues derived or to be derived
<br />from the function, service, benefits, or facility or from any other available funds of the
<br />enterprise, the terms and conditions of such bonds or other obligations to be as set forth in the
<br />ordinance authorizing the same and, as nearly as practicable, as provided in Part 4 of Article 35
<br />of Title 31, C,R,S" relating to the issuance of water and sewer bonds; and
<br />
<br />WHEREAS, in order to qualify as a water activity enterprise under the Water Activity
<br />Law, the enterprise must consist of a government water activity business owned by a
<br />governmental entity such as the Town, which enterprise receives under 10% of its annual
<br />revenues in grants from all Colorado state and local governments combined, and which is
<br />authorized to issue its own revenue bonds; and
<br />
<br />WHEREAS, the Town has heretofore confirmed the operation of the Town's water
<br />activities as an enterprise under the Water Activity Law pursuant to Resolution 2003-6-1 of the
<br />Town, and it is the intent of the Town to continue the operation of the System (as defined in
<br />Section 1 of this Ordinance) as a water activity enterprise and to formalIy reaffIrm the "Town of
<br />Kremmling Water Activity Enterprise" under the Water Activity Law;
<br />
<br />THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN
<br />OF KREMMLING, COLORADO:
<br />
<br />Section 1. Establishment of Enterprise, There is hereby reaffirmed, pursuant to the
<br />terms and provisions of the Water Activity Law (Title 37, Article 45,1, Colorado Revised
<br />Statutes), the "Town of Kremmling Water A(;tivity Enterprise" (the "Enterprise"), The
<br />Enterprise sha]l consist of the business represented by all of the Town's water facilities and
<br />properties now owned or hereafter acquired, whether situated within or without the Town
<br />boundaries, including aII present or future improvements, extensions, enlargements, betterments,
<br />replacements, or additions thereof or thereto (the "System"), The Enterprise shall have aII of the
<br />authority, powers, rights, obligations, and duties as may be provided or permitted by the Water
<br />Activity Law and the Colorado Constitution, and as may be further prescribed by ordinance or
<br />resolution of the Town,
<br />
<br />Section 2. Governing Body. The governing body of the Enterprise shall be the Board of
<br />Trustees of the Town, and shall be subject to aII of the applicable laws, rules, and regulations
<br />pertaining to the Board of Trustees,
<br />
<br />Section 3. Maintenance of Enterprise Status. The Enterprise shall at all times and in all
<br />ways conduct its affairs so. as to continue to qualify as a "water activity enterprise" within the
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