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<br /> <br />.(. <br /> <br />~ <br /> <br />TOWN OF KREMMLING <br />EMERGENCY ORDINANCE <br />ORDINANCE 483 <br /> <br />AN ORDINANCE OF THE TOWN OF KREMMLIJ\fG, <br />COLORADO, ACTING BY AND THROUGH ITS WATER <br />ACTIVITY ENTERPRISE, AUTHORIZING THE <br />REFINANCING OF WATER REVENUE BONDS, SERIES 1979 <br />OF THE TOWN THROUGH THE ISSUANCE OF WATER <br />REVENUE REFUNDING BONDS, SERIES 2004; <br />PRESCRIBING THE FORM OF THE BONDS; PROVIDING <br />FOR THE PAYMENT OF THE BONDS FROM THE <br />OPERATION OF THE WATER ACTIVITY ENTERPRISE l\ND <br />MAKING CERTAIN COVENANTS IN CONNECTION <br />THEREWITH; PROVIDING DETAILS AND DOCUMENTS IN <br />CONNECTION WITH THE BONDS; AND DECLARING AN <br />EMERGENCY IN CONNECTION THEREWITH. <br /> <br />WHEREAS, the Town of Kremmling, Grand County, Colorado, is a statutory <br />municipality of the State of Colorado, duly organized and operating under the constitution and <br />laws of the State (unless otherwise indicated, capitalized terms used in this preamble shall have <br />the meanings set forth in Section 1 of this Ordinance); and <br /> <br />WHEREAS, the Town is the owner and operator of a water utility (later defilned as the <br />"System") and the System has been established by the Town as a "water activity enterprise" <br />within the meaning of the Water Activity Law; and <br /> <br />WHEREAS, in calendar year 2003 the System was, and in calendar year 2004 the System <br />continues to be operated as, a government-owned business authorized to issue its own revenue <br />bonds and receiving under 10% of annual revenue in grants from all State and local governments <br />combined, and the Board of Trustees hereby determines and reaffirms that the System is an <br />enterprise within the meaning of Article X, Section 20 of the Colorado Constitution; and <br /> <br />WHEREAS, the Board is acting hereunder as the governing body of the "Town of <br />Kremmling Water Activity Enterprise" organized under the provisions of Title 37, .Article 45,1, <br />Colorado Revised Statutes; and <br /> <br />WHEREAS, in order to finance improvements to the System with grants and loans from <br />the State, it is necessary to refund the Town's outstanding Water Revenue Bonds, Series 1979 <br />(which 1979 Bonds contain covenants and conditions would not permit the financing to be <br />achieved on the terms required by the State) with proceeds from the Bonds; and <br /> <br />WHEREAS, the principal of and interest on the 1979 Bonds are payable, at the option of <br />the Town, on January 1,2005, upon payment of the principal thereof and the accrued interest to <br />the date of redemption; and <br /> <br />02-178054,3 <br />