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ORDINANCE N0.579 <br />AN EMERGENCY ORDINANCE APPROVING A LOAN CONTRACT BY AND <br />BETWEEN THE STATE OF COLORADO FOR THE USE AND BENEFIT OF THE <br />DEPARTMENT OF NATURAL RESOURCES, COLORADO WATER CONSERVATION <br />BOARD AND THE TOWN OF BENNETT WATER ACTIVITY ENTERPRISE TO <br />FINANCE NECESSARY WATER WELL REPLACEMENT AND AUTHORIZING <br />EXECUTION OF THE LOAN CONTRACT. <br />WHEREAS, the Town of Bennett, by and through the Town of Bennett, Water Activity <br />Enterprise ("Enterprise"), owns, operates and maintains a system of waterworks to supply water to <br />the Town; and <br />WHEREAS, the Enterprise has been designated an enterprise for purposes of Section 20 of <br />Article X of the Colorado Constitution; and <br />WHEREAS, the Board of Trustees as the governing body of the Enterprise pursuant to <br />Colorado Revised Statutes § 37-45.1-103 (3), deems it necessary to replace Water Well # 5 as part of <br />the improvements to the waterworks system in order to supply the Town with proper and adequate <br />supply of water; and <br />WHEREAS, there are not sufficient funds in the Town of Bennett, Water Activity Enterprise <br />Fund to pay for the cost of such necessary improvements; and <br />WHEREAS, the Board of Trustees has reviewed various alternatives and deems it advisable <br />and necessary to borrow the funds to construct improvements; and <br />WHEREAS, pursuant to Colorado Revised Statutes § 37-45.1-104 the Enterprise is <br />authorized to borrow money payable from the revenues derived from the function, service, benefits <br />or facilities of the Enterprise, or otherwise available to the Enterprise; and <br />WHEREAS, pursuant to Colorado Revised Statutes § 31-15-302, the Town is authorized to <br />borrow money for the purpose of supplying water, upon such terms and conditions as are approved <br />by the Board of Trustees, without an election; and <br />WHEREAS, the Board of Trustees has reviewed the proposed Loan Contract with the State <br />of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Board and finds it fair and reasonable and in the best interests of the Town to enter <br />such agreement acting as the Enterprise. <br />NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE <br />TOWN OF BENNETT, COLORADO ACTING BY AND THROUGH THE TOWN OF <br />BENNETT, COLORADO WATER ACTIVITY ENTERPRISE: <br />Section 1. The proposed Loan Contract by and between the State of Colorado for the use <br />APPENDIX 3 TO LOAN CONTRACT 0150262 <br />