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RECEIVED <br /> APPENDIX 3 <br /> SEP 1 7 2013 <br /> ORDINANCE NO. 13-07 Colorado Water <br /> Conservation Board <br /> AN ORDINANCE OF THE TOWN OF RIDGWAY, COLORADO, <br /> ACTING BY AND THROUGH ITS WATER ENTERPRISE, <br /> AUTHORIZING A LOAN FROM THE COLORADO WATER <br /> CONSERVATION BOARD FOR THE PURPOSE OF FINANCING, IN <br /> PART, THE LAKE OTONOWANDA REHABILITATION PROJECT; <br /> AUTHORIZING THE EXECUTION OF A PROMISSORY NOTE TO <br /> EVIDENCE THE LOAN AND PROVIDING FOR THE PAYMENT OF <br /> THE NOTE FROM THE OPERATION OF THE WATER ACTIVITY <br /> ENTERPRISE; MAKING CERTAIN COVENANTS IN CONNECTION <br /> WITH THE LOAN AND PROVIDING DETAILS IN CONNECTION <br /> THEREWITH; AND DECLARING AN EMERGENCY <br /> WHEREAS, the Town of Ridgway, Colorado, is a municipal corporation duly organized <br /> and operating as a home rule Town under Article XX of the Constitution of the State of Colorado <br /> and the Home Rule Charter of the Town (unless otherwise indicated, capitalized terms used in <br /> this preamble shall have the meanings set forth in Section 1 of this Ordinance); and <br /> WHEREAS,pursuant to Section 8-3 of the Town Charter, Town utilities may be operated <br /> as an enterprise or enterprise fund by the Town; and <br /> WHEREAS, the Town is the owner and operator of a public water system, which system <br /> has in recent years been operated on a self-supporting basis by the Town with all revenues of the <br /> system accounted for in a separate proprietary fund known as the "Water Enterprise Fund" and <br /> such system is considered to be a government-owned business and an "enterprise" of the Town; <br /> and <br /> WHEREAS, pursuant to Section 10-3 of the Town Charter, any Town owned business, <br /> enterprise or enterprise fund is authorized to issue its own revenue bonds or such bonds may be <br /> issued on behalf of such business, enterprise or enterprise fund in the name of the Town; and <br /> WHEREAS, pursuant to Section 10-3 of the Town Charter, the Town Council remains <br /> the governing body and is to act in accordance with the requirements of the Town Charter and <br /> applicable ordinances with respect to the administration of any Town owned business, enterprise <br /> or enterprise fund and the issuance of any revenue bonds therefore, except as may otherwise be <br /> prescribed by ordinance; and <br /> WHEREAS, the Town is acting hereunder by and through its Water Enterprise, which is <br /> an enterprise within the meaning of Article X, Section 20 ofthe Constitution.; and <br /> WHEREAS, the Town Council has determined that it is necessary to provide for the <br /> construction of the Lake Otonowanda Rehabilitation Project to increase the Town's raw water <br /> storage capacity, currently estimated to cost approximately $2,136,482, for the benefit of the <br /> Town and its inhabitants, the costs of which are to be funded from grants, legally available Town <br /> moneys and a loan to the Town; and <br /> 4810-9135-2836.2 <br />