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Constitution, Specifically, but not by way of limitation, the Enterprise is not authorized, <br />and shall not, receive 10% or more of its annual revenue in grants from all Colorado <br />state and local governments combined, <br />(d) The Enterprise is authorized to issue bonds, notes, or other obligations payable <br />from the revenues derived or to be derived from the System, in accordance with the <br />Water Activity Law. The Board may also authorize the issuance of such bonds, notes, <br />or other obligations in accordance with applicable State laws, and in so doing shall be <br />deemed to be acting as both the Governing Body and the Board. <br />Section 2. Rao cation and Asppmyal of ,Prior Actions. All actions heretofore taken <br />by the officers of the Town and the members of the Board of Trustees, not inconsistent with the <br />provisions of this Ordinance, relating to the operation or creation of the Enterprise, are hereby <br />ratified, approved, and confirmed. <br />Section 3. Repealer. All orders, bylaws, ofdinances, and resolution$ Df-the Town, <br />or parts thereof, inconsistent or in conflici Wlith IMS Ordinance, are hereby repealed to the extent <br />only of such inconsistency or conflict. <br />Section 4. Seyerabllity. if any sectib� Vxa,graph, clause, or provision of this <br />Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or <br />unenforceability of such section, paragraph, clause, or provision shall not affect any of the <br />remaining provisions of this Ordinance, the intent being that the same are severable. <br />Sectiou 5. Recording and Authentication. Upon adoption hereof, this Ordinance <br />shall be recorded in a book kept for that purpose and shall be authenticated by the signatures of <br />the Mayor and the Town Clerk. <br />Section 6. Declaration of Emergency, This Ordinance is necessary for the immediate <br />Preservation of public peace, health and safety for the reason that the Town desires to complete <br />the application to the Colorado Water Resources and Power Development Authority for a loan <br />nsio <br />to finance the acquisition, construction, reconstruction, betterment, and exte n of <br />improvements to the System and must diligently proceed with the construction of the project to <br />