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aughorded to ati.ize, _rrprov--, extend, erg arge, re h-Lee, acquhre, 31sDose 01, "MiclUffruzer, corcr$Ct <br />with respect to, and otherwise supervise all water activity facilities and property of the District. <br />33 Ownership. The Enterprise shall be wholly owned by the District. <br />4. Governing Board. The governing body of the Enterprise ( "Board ") shall be the <br />governing body of the District, being the Board of Directors of the District. <br />5. Powers. The Enterprise and the governing body of the Enterprise shall have all of the <br />powers authorized or permitted by the Water Activity Enterprise Statute, including the power to <br />issue its own revenue bonds or to contract with the Colorado Water Conservation Board or any <br />other governmental source of funding for loans and grants related to water activity enterprise <br />functions. However, although the Enterprise shall be exempt from the provisions of Section 20 <br />of Article X of the Colorado Constitution, sometimes refereed to as the TABOR Amendment, the <br />Enterprise shall have no authority to impose a mill levy or receive general property taxes from <br />within the District; nor shall the Enterprise receive ten percent (10 %) or more of its annual <br />revenue in grants from all Colorado state and local governments combined. <br />6. Revenues. All revenue for services and facilities provided by the Enterprise, <br />including rates, fees, toils, charges, system connection fees, and all other income of the <br />Enterprise shall be collected, used, and expended for activities and purposes for which the <br />Enterprise was established as determined by the Board of Directors of the District in accordance <br />with and as set forth in the fiscal budget for the Enterprise adopted by the District according to <br />law. Rates for services and facilities provided by the Enterprise shall be established and <br />approved by the Board and collected and enforced by the District. No revenue or spending of the <br />Enterprise shall be subject to the provisions of Section 20, Article X of the Colorado <br />Constitution. <br />7. Contracts. All contracts related to activities or functions conducted by the Enterprise <br />shall be approved by the Board and executed by District officers with the District as the <br />contracting party. Any pre - existing contract relating to activity or functions conducted by the <br />Enterprise shall be considered as having been approved by the Board. All contracts relating to <br />the activity or function of the Enterprise shall be implemented and performed by the Enterprise, <br />unless otherwise provided by the Board of Directors of the District. <br />APPROVED AND ADOPTED this day of 2009. <br />ATTEST;— <br />B y; <br />Josep W` arrell, lTl, Secretary <br />1.; <br />4566157_1 .DOC <br />SNOWMASS WATER & SANITATION DISTRICT <br />By: �� 4 <br />David SpAce, President <br />2 <br />