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. � • <br />-A � EXHIBIT C <br />RESOLUTION NO. 29-89 <br />AN RE50LUTION OF THE CITY OF GRAND JUNCTION, COLORADO, <br />AUTHORIZING THE CITY TO ENTER INTO A CONTRACT FOR <br />BORROWING A PRINCIPAL SUM NOT TO EXCEED $250,000.00 <br />FROM THE COLORADO WATER CONSERVATION BOARD;ASSURING <br />UTILITY RATES TO PRODUCE REVENUES SUFFICIENT TO PAY THE <br />CONTRACT LOAN;SETTING ASIDE OF REVENUES IN THE WATER <br />FUND FOR THE REPAYMENT OF THE DEBT; AND PROVIDING A <br />SECURITY INTEREST IN FAVOR OF THE STATE TO SECURE THE <br />REPAYMENT. <br />WHEREAS, The City of Grand Junction, Colorado wishes to <br />construct the North Fork Diversion Pipeline, a water convey- <br />ance structure from the North Fork of Kannah Creek to the <br />Purdy Mesa and Juniata Reservoirs; and <br />WHEREAS, The project costs are scheduled to be paid from <br />a loan from the Colorado Water Conservation Board, a grant <br />from the Colorado Department of Local Affairs, and City water <br />fund revenues; and <br />WHEREAS, The loan from the Colorado Water Conservation <br />Board will not exceed 50% of th �t costs up to an <br />amount not to exceed $250,00 �, <br />WHEREAS, in order to acquire. e� i oan from the <br />Colorado Water Conservatio r ' of Grand Junction <br />is required to sign a cont� a p omissory note with the <br />Colorado Water Conservatio oard and pass an ordinance <br />implementing the provisions of the contract and promissory <br />note. <br />SE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAND <br />JUNCTION: <br />Section 1. Authorization. The City of Grand Junction through <br />its elected representatives and appointed officers are autho- <br />rized to enter into a Contract and Promissory Note with the <br />Colorado Water Conservation Board to contract for a principal <br />sum of money not to exceed $250,000 for construction of the <br />North Fork Diversion Pipeline and to repay to the State said <br />principal sum with interest at the rate of five percent (5%) <br />per annum, said repayment to be made in constant annual in- <br />stallments for twenty-five (25) years. Said Contract and <br />Promissory Note to be the complete integration of all under- <br />standings between the parties. The City Manager of the City <br />of Grand Junction is authorized to sign the Contract and Note <br />when loan calculations and contract terms are finalized with <br />the State of Colorado <br />EXHIBIT C <br />