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<br /> <br />:t;' <br /> <br />WHEREAS, George K. Baum & Company has presented a proposal to the Town to <br />advance: refund the 1979 Bonds through the issuance of the Bonds by the Town and the deposit <br />of the net proceeds derived from the sale of the Bonds in the special fund and trust account <br />herein authorized, for the purpose only of paying the principal of and interest on the 1979 Bonds <br />on January 1,2005, all as is more particularly hereinafter set forth; and <br /> <br />WHEREAS, the Bonds will not be payable from any tax and, pursuant to applicable laws <br />of the State, voter approval is not required for the issuance of revenue bonds by the Town, acting <br />by and through the Town ofKremmling Water Activity Enterprise; and <br /> <br />WHEREAS, none of the members of the Board have any potential conflicting interests in <br />connection with the authorization, issuance, or sale of the Bonds, or the use of the proceeds <br />thereof; and <br /> <br />WHEREAS, there has been presented to the Town and available to the Board, among <br />other things, (a) the Preliminary Official Statement, (b) the Escrow Agreement and (c:) the DTC <br />Blanket Letter of Representations; and <br /> <br />WHEREAS, the Town Board desires to authorize the issuance and sale of the Bonds and <br />the exe:cution of the necessary and appropriate documents, <br /> <br />BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF <br />KREMMLING, COLORADO: <br /> <br />Section 1. Definitions, The following terms shall have the following meanings <br />as used in this Ordinance: <br /> <br />"Acts" means the Public Securities Refunding Act, the Supplemental Public: Securities <br />Act and the Water Activity Law. <br /> <br />"Ban'" means American National Bank, in Denver, Colorado, or its successor, a national <br />banking association duly organized and existing under the laws of the United States of America, <br />being a member of the Federal Deposit Insurance Corporation, and having full and complete <br />trust powers, <br /> <br />"Beneficial Owner" means any person for which a Participant acquires an interest in the <br />Bonds.. <br /> <br />"Board' means the Board of Trustees of the Town acting as the governing body of the <br />Water Activity Enterprise, <br /> <br />"Bond' means the Water Revenue Refunding Bonds, Series 2004, dated as if ofthe Dated <br /> <br />Date, <br /> <br />"Bond Account' means the "Water Activity Bond Account, 2004" created in the section <br />hereof entitled "Reaffirmation of Funds; Creation of Accounts." <br /> <br />02-178054.3 <br /> <br />2 <br />