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• • <br />� WHEREAS, pursuant to Title 31, Article 35, Part 4, C.R.S. and Title 37, Article 45.1, the " <br />Loan Contract with CWCB may be approved by the Board of Trustees without an <br />election; and <br />i <br />WHEREAS, the form of the Loan Contract is on file with the Town Clerk; and ' <br />WHEREAS, the Board of Trustees desires to approve the form of the Loan Contract, ' <br />and authorize the execution of the Loan Contract. <br />NOW THEREFORE, IT IS ORDAINED BY THE BOARD OF TRUSTEES OF DE <br />BEQUE ON BEHALF OF THE TOWN OF DE BEQUE'S IRRIGATION SYSTEN9 <br />ENTERPRISE AS FOLLOWS: <br />Section 1. Aoproval of Loan Contract Promissorv Note and Securitv Aqreement ' <br />The forms of the Loan Contract, the promissory note and the security agreement <br />required by the State of Colorado as security for repayment of borrowed funds (the : <br />"Loan Contract," the "Promissory Note" and the "Security AgreemenY' respectively) and a <br />any changes thereto as may be necessary in the opinion of counsel for the Enterprise to � <br />effectuate the intentions of the parties or to comply with the provisions of applicable law <br />are hereby approved. <br />Section 2. Aut rit ' o Exec e. e May and To n erk are hereby <br />authorized and directed ,ecute a deliv the Lo ontract, the Promissory Note ; <br />and the Security Agreem to the State olorado. <br />Section 3. Use of Proceeds. The proceeds of the loan shall be used for the <br />payment of costs of the Project and, if necessary and desirable, the payment of costs ` <br />incident to the execution and delivery of the Loan Contract, the Promissory Note and <br />the Security Agreement. �n the event that all of the proceeds of the loan are not <br />required to pay such costs and expenses, any remaining amount shall be used for the ' <br />purpose of paying the principal amount of the loan and the interest thereon. <br />Section 4. Acceptance of Loan The Town of De Beque's Enterprise has agreed ` <br />to accept the approved loan in the amount of $252,000 and the revenues from the <br />Town's Irrigation System Enterprise Fund are hereby pledged to repay the loan over a <br />thirty (30) year period. <br />Section 5. Direction to Take Authorizin Action. The Mayor, the Town Clerk, the ; <br />Town Treasurer and other appropriate officers of the Town are hereby authorized and <br />directed to take all other actions necessary or appropriate to effectuate the provisions of <br />this Ordinance. The execution of any documents or instruments by said officials shall ' <br />be conclusive evidence of the approval by the Town of such documents or instruments <br />in accordance with the terms thereof and this Ordinance. <br />Section 6. Irrevocable Contract. This Drdinance is, and shall constitute, a' <br />legislative measure, and after the Loan Contract, the Promissory Note and the Security ; <br />Agreement are executed and delivered, this Ordinance shall constitute an irrevocable <br />contract between the Town, the Enterprise and the State, and this Ordinance shall be ;; <br />and shall remain irrepealable until the loan shall be fully paid, satisfied or discharged. <br />Section 7. Ratification and Aporoval of Prior Actions All actions heretofore '. <br />taken by the Mayor, any member of the Board of Trustees, officers and employees of ;; <br />the Town, not inconsistent with the provisions of this Ordinance relating to the Loan !' <br />Contract, or actions to be taken in respect thereof, are hereby ratified, approved and " <br />confirmed. <br />_Section 8. Repealer All ordinances, resolutions, orders and other instruments, <br />or parts thereof, inconsistent herewith are repealed to the extent only of such � <br />inconsistency. This repealer shall not be construed to revive any ordinance, resolution, <br />order or other instrument, or part thereof, heretofore repealed. <br />2 <br />Appendix 3 to Loan Contract C150241 <br />