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~'' <br />°.'~ ~, <br />~ ~; ; ati <br />ORDINANCE 1990-05 <br />AN ORDINANCE AMENDING ORDINANCE 1990-03 PROVIDING FOR <br />_ THE CONTINGENT PLEDGING OF SALES TAX REVENUES TO HE USED TO PAY <br />OBLIGATIONS OF THE CITY IH FAVOR OF THE COLORADO WATER <br />CONSERVATION HOARD <br />WHEREAS, the Fruita City Council passed and adopted Ordinance <br />1990-03 on March 26, 1990, concerning the pledging of future <br />sales tax revenues to the Colorado Water Conservation Board in <br />case of default by the City of Fruita on its payments to the <br />Colorado Water Conservation Board pursuant to Contract #C153382 <br />and Contract #C153396. <br />WHEREAS, Ordinance 1990-03 is an Attachment to an Amendment to <br />the above noted Contracts between the City of Fruita and the <br />State of Colorado. <br />WHEREAS, the Colorado Attorney Generals Office has reviewed the <br />Ordinance and has raised objection to language in the Ordinance <br />wherein the City `promises' to edge its sales tax revenues in <br />case of default by the C' n i payment obligations. <br />NOW, THEREFORE, BE IT DAIHED BY HE FRUITA CITY COUNCIL that <br />Section 1 and Section o :n n 990-03 be amended to read <br />as follows: CDeleti ar ough. Additions are in <br />capital letters.) <br />Section 1: To assure repayme <br />#CI53396, the City hereby per. <br />to use as security its sales <br />County sales tax collections <br />Water Conservation Board, <br />obligation bond commitments, <br />any payment obligations it <br />Conservation Board pursuant <br />#C153396. <br />nt of Contract #C153382 and Contract <br />PLEDGES and agrees <br />tax revenues and its portion of Mesa <br />for the benefit of the Colorado <br />subject to existing prior general <br />in the event the City defaults in <br />has owing to the Colorado Water <br />to Contract #C153382 or Contract <br />Section 2: The City covenants to not use its sales tax revenues <br />or its portion of Mesa County sales tax revenues to secure <br />payment of any obligation, except existing obligations secured by <br />sales tax revenues, which would superceed the City's <br />pledge and agreement to use its sales tax revenues in an amount <br />sufficient to secure annual payment obligations to Colorado Water <br />Conservation Board in case of default. This ordinance shall <br />constitute a binding security agreement between the City and the <br />Colorado Water Conservation Board. <br />PASSE~~NA <br />ATTEST: <br />1~~~ ~~'~~ ~~ <br />ADOPTE~ Y TH,~ FRUITA CITY COUNCIL THIS <br />DAY OF -7 ~G. ~ ___________-, 1990 <br />C ' t of Fru t ~ <br />-- - f ---- ----- <br />ayor <br />v' <br />~~s ~~g <br />