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I; 1 I 1 I I I I I I I I I I I I I I I Little Thompson Water Activity Enterprise Resolution Grimshaw & Harring DRAFT 11/30/93 , formally establish the "Little Thompson Water District Water Activity Enterprise" under the Water Activity Law; , THOMPSON COLORADO: I BE 1'1; RESOLVED WATER i DISTRICT, I BY THE BOARD OF DIRECTORS OF LITTLE LARIMER, WELD, AND BOULDER COUNTIES, , Section 1. Establishment of Enterprise. There is hereby established, pursuant to the terms and provisions of the Water Activity:Law, Ti~le 37, Article 45.1, Colorado Revised Statutes, the "Little Thompson Water District Water Activity Enterprise" (the "Enterprise"). The Enterprise shall consist of the business re~resented by all of the District's water facilities and properties, . now owned or hereafter acquired, whether situated within or without the District boundaries, including all present or future improvements, extensions, enlargements, betterments, replacements, o~ additions thereof or thereto (the "System"). The Enterprise sha],l have all of the authority, powers, rights, obligations, and duties as may be provided or permitted by the Water Activity Law and the Colorado Constitution, and as may be further prescriRed by resolution of the District. I Secti<;>n 2. Governino Body. The governing body of the Enterprise (the; "Governing Body") shall be the Board of Directors of the District~, and shall be subject to all of the applicable laws, rules, and regulations pertaining to the Board of Directors. Whenever the Bo~rd of Directors is in session, the Governing Body shall also be deemed to be in session. It. shall not be necessary for the Governi~g Body to meet separately from the regular and special meetings of the Board o;f Directors, nor shall it be necessary -for the Governing Body to specifically announce or acknowledge tha~ actions taken thereby are taken by the Governing Body of the Ente:rprise. The Governing Body may conduct its affairs in the same manner and subject to the same laws which apply to the Board of Directqrs for the same or similar matters. I Sectibn 3. Maintenance of Enterprise Status. The Enterprise shal~ at all times and in all ways conduct its affairs so as to contiI),ue to qualify as a "water activity enterprise" within the mean~ng of 537-45.1-102, C.R.S., and as an "enterprise" wi thin the meaning of Article X, Section 20, Colorado Constitution. Specifically, but not by way of limitation, the Enterprise is not authorized, andl shall not, receive 10% or more of its annual revenue in grants from all Colorado state and local governments combined. I Section 4. Issuance of Bonds. The Enterprise is authorized to issue bonds, notes, or other obligat~ons payable from - 2 -