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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= <br />~. ,~ <br />~^ . "`3 <br />