YNEREAS~.on the IsL day ,of Decambar, .1x82. tM City entered into
<br />;'~~~coatraeC- C~ Coa~ a~ ~ ,i7C1$33'98')" Lith the Dwpartnent of tlatural
<br />i~Rilourcew,;Cp or o. Yatwr CgewartiatSon.Board.'for:t8i~purpowelof
<br />~5~~•~nwtruet~~-~ w ^~On ! `r!~ A{1 p 1
<br />~Wd~ ~ ~ • 7^ .~ ~~~~711,~,7+•i`~1~7~y TIy ~;~{_li wLCl a
<br />~I'; tan ~;~..a ~...~ -.-^l il• :.~.,.~ ~Y 4S?
<br />Yyga°aa.,.th~ Colorado dater Coawervatlon.Board advanedd'all funds
<br />;'pusses ra C1 nd Coq~~C1S339!lf~~ta~~hr ~CLLy
<br />. ~.,,~ <-
<br />?fir ~ ~ 't _
<br />t)NEREA3, the C10y'~ls eyrrwntlr waking its paymwnL -obligations
<br />purwant to Contract C153382`and Contract, C153398 by applying
<br />:Spiyswnts wade to tha7/,Cltx.fro~ Ode- C1RteY' Coniwrvaney" Dlwtr.iet
<br />'C•~ltw') to}iard r~ 1~~hb1t80L1o w.~~~ arroll'i~'~f+j `, :•.;, 3Ol;ift ;`. •.~:J
<br />Ytlt:REAS. to`9sacur~"rapaywant.of tM -funds advanewd to-the City by
<br />Colorado.Yatwr Consarvatlon Board." th• City prowised to convoy
<br />t,title, ta:~ portion^ , of .its-;systas ' to ; the ,;folnrado dater
<br />- Conwrvatioa Board; and _ - - ,
<br />YtlEREA3,-_oa:tA• 27th day of Deuwber, 1883. th• City entered Into
<br />,.'aa agrw«wat to, serge- its agates u/tR that, of Utwi, and', '.
<br />u1lEREAS.: Ote ulwhw^ to Aav the City'• wystew ,transferred 6o Ute
<br />'frwa and elaar of any elaiw to saws by LA• Colorado dater
<br />Conwwrvatlon Board; and .~ S ,
<br />UHEREA9, pursuant to 3actlon 37-68-120 (!) C.R.S. (1987). the
<br />Colorado dater Conwwrvatlon Board 1• required to hw• ounarshi ~ ~•
<br />takes • wfflclant pcuri6y lntarast or iwpow other obligaLio ,,,~ ~~~ k
<br />a• ulll assure repayment of Contract C153382 and Contra ~ ~~ ~ ~~ra
<br />G133398.
<br />UNEREA3, Colorado Yatwr Conurvatlon Board t• uilling to a -~ ~ ~,.
<br />!t• elal^ to th• sywtaw should the Clty prom! a Lo pl `g~ ~~t~~~ w
<br />•grw• to use •w saeur 1 Ly 6he C t ty' ^ ^a 1 •s tax rewnw^ ,~n~a ~', 1 ,
<br />Clty'• portion of dasa County ales tax collections in the event "~~~///
<br />th• Clty defaults !n lt• payments to Colorado Yater Conwwrvatlon
<br />Board pursuant to Contract C153302 •nd Contract C153398 !n an
<br />amount sufflciwnt to satisfy the raqulremant^ thereof; and
<br />UMEREAS, by 1wLter dated thw 7th day of Deeamber, 1988, the lau
<br />firs of Young and Nockenswith P.C. daterminad that th• Clty has'
<br />the ability to pledge and uses !t• sales tax ravanuas as •acurlty
<br />and need not conduct an wlection !n order to accomplish soma; and '
<br />UNEREAS, pursuant to 8.21 of the Fruits the Clty Charter, the
<br />City way, by ordinance, lwsu• securtila^ mods payable from
<br />revenues other than property texas. These •ecurltle• Include.
<br />but ors not llsltwd to, those payable from rwvenu• derived Prow
<br />sales taxes; and
<br />UNEREAS, the City ulahaw to promis• to pledge and •grw• to uw•
<br />!tw sales tax rwvenuas aw ^acurlty for repayment should the Clty
<br />default !n its paywant obligatton^ to Colorado Uater Conservation
<br />Board pursuant to Contract C153302 end Contract C153388.
<br />i ~ TN[R[lrOR[, Bt IT ORDAIM[D BT tN[ !<RUITA TNL CITY COUNCIL
<br />~!ra1~141L1s To aswur• rwpayment of Contract C153382 and Contract
<br />C133398, the Clty hereby prowlsew to pledge and agrees to uw• aw
<br />security its salsa tax revwnuew end its portion of Mes• County
<br />wales tax collections for the benefit of the Colorado Uater
<br />Conswrvatlon Board. sub~eet to axlsting prior general ob1-gation
<br />bond cowwitawntw, in the event the Clty defaults !n any payment
<br />otrllgatlon^ 1t ha^ ouing to Lh• Colorado Wter Conprvation Board
<br />pursuant to Contract C133382 or Contract C133398.
<br />~lS414D_~s TAe City covanant• to not uw• !t• males tax ravanuaw
<br />or it^ portion of 11wsa County salsa tax revenuww to seeura+
<br />paywant of any obilgatlon, except axlwting abllgatlons seeurad by
<br />sales Lax revanuas, uhleh mould supareaed the Clty'• prowise to
<br />plwdg• and agraament to use (t• sales tax revanua• !n an amount
<br />wufflclant to •eeur• annual payment obllgationw to Colorado Uatar
<br />R=
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