C150241 contract docs

• Contract/PO #: C150241
• Contractor Name: DeBeque, Town of ‎(Acting by and through its Irrigation System Enterprise)‎
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

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TOWN OF DE BEQUE
ORDINANCE NO. 343
(Series 2007)
AN ORDINANCE OF THE TOWN OF DE BEQUE, COLORADO AUTHORIZING THE
EXECUTION AND DELIVERY OF A LOAN CONTRACT BETWEEN THE STATE OF
COLORADO FOR THE USE AND BENEFIT OF THE DEPARTMENT OF NATURAL
RESOURCES, COLORADO WATER CONSERVATION BOARD, AND THE TOWN OF
DE BEQUE, COLORADO, AND THE TOWN OF DE BEQUE, COLORADO,
IRRIGATION ENTERPRISE SETTING FORTH THE TERMS AND PROVISIONS OF A
LOAN IN THE PRINCIPAL AMOUNT OF $252,000
WHEREAS, the Town of De Beque, Mesa County, Colorado (the "Town") is a municipal
corporation duly organized and existing as a statutory town pursuant to the Constitution
and laws of the State of Colorado, more particularly Title 31 of the Colorado Revised
Statutes; and ,
WHEREAS, the members of the Board of Trustees of the Town (the "Board of
Trustees") have been duly elected and qualified; and
WHEREAS, The Board of Trustees has determined that the Town's irrigation system
and service activity is an "enterprise" of the Town within the meaning of Article X,
Section 20 of the Colorado Constitution (referred to herein e"Enterprise") in
accordance with Town of DeBeque Resolution N 7-07, (S 'es 2007); and
WHEREAS, The Tow f Beq s au � rized t Enterpri ave and exercise
the powers of an Ent ri , inciud the ssuanc revenue bonds without voter
approval in advance, to ge any re es of the Enterprise to the payment of such
revenue bonds and to p y such revenue bonds therefrom, to enter into contracts
relating to the irrigation system of the Town in the same manner in which Town
contracts may be entered, and to bind the Town to perform any obligation relating to the
irrigation system of the Town, other than any multiple-fiscal year direct or indirect debt
or other obligation whatever without adequate present cash reserves pledged
irrevocably and held for payments in all future years, to sue and be sued in its own
name, and to exercise any lega� authority of the Town relating to irrigation facilities and
services; and
WHEREAS, The Town of De Beque has completed $218,349.00 worth of irrigation
system improvements during the last six (6) months; and
WHEREAS, The Town of De Beque has adopted a plan to utilize the additional 3.5 cfs
water right from the Bluestone Water Conservancy District; and ,'
WHEREAS, The Town of De Beque has adopted a plan to reduce the Town's �
vulnerability to the Cotorado River water quality issues; and
WHEREAS, The Town of De Beque does not have sufficient funds currently available to �
make such repairs and improvements without borrowing such funds; and
WHEREAS, The Town's Enterprise concurs in the need, desire and funding mechanism !
for the making of such repairs and improvements; and
WHEREAS, The Coforado Water Conservation Board ("CWCB") has funds available for
such needs which funds may be loaned to municipal corporations for such projects; and '1
WHEREAS, The Board of Trustees of the Town of De Beque, on behalf of the !
Enterprise, previously filed an application with the CWCB for a loan in the amount of ti
$250,000 for irrigation system improvements; and
JVHEREAS, the Enterprise's obligations under an agreement with CWCB (the °Loan
�ontracY') shall constitute a revenue obligation of the Enterprise; and
Appendix 3 to Loan Contract C150241