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APPENDIX NO. 3 <br /> ORDINANCE NO. 648-15 <br /> AN EMERGENCY ORDINANCE APPROVING A LOAN CONTRACT BY AND <br /> BETWEEN THE STATE OF COLORADO FOR THE USE AND BENEFIT OF THE <br /> DEPARTMENT OF NATURAL RESOURCES, COLORADO WATER CONSERVATION <br /> BOARD AND THE TOWN OF BENNETT WATER ACTIVITY ENTERPRISE TO <br /> FINANCE NECESSARY WATER WELL REPLACEMENT AND AUTHORIZING <br /> EXECUTION OF THE LOAN CONTRACT <br /> WHEREAS, the Town of Bennett, by and through the Town of Bennett Water Activity <br /> Enterprise ("Enterprise"), owns, operates and maintains a system of waterworks to supply water <br /> to the Town; and <br /> WHEREAS, the Enterprise has been designated an enterprise for purposes of Section 20 <br /> of Article X of the Colorado Constitution; and <br /> WHEREAS, the Board of Trustees as the governing body of the Enterprise pursuant to <br /> Colorado Revised Statutes § 37-45.1-103(3), deems it necessary to replace Water Wells #3 and <br /> #6 as part of the improvements to the waterworks system in order to supply the Town with <br /> proper and adequate supply of water; and <br /> WHEREAS, there are not sufficient funds in the Town of Bennett Water Activity <br /> Enterprise Fund to pay for the cost of such necessary improvements; and <br /> WHEREAS, the Board of Trustees has reviewed various alternatives and deems it <br /> advisable and necessary to borrow the funds to construct improvements; and <br /> WHEREAS, pursuant to Colorado Revised Statutes § 37-45.1-104 the Enterprise is <br /> authorized to borrow money payable from the revenues derived from the function, service, <br /> benefits or facilities of the Enterprise, or otherwise available to the Enterprise; and <br /> WHEREAS, pursuant to Colorado Revised Statutes § 31-15-302, the Town is authorized <br /> to borrow money for the purpose of supplying water, upon such terms and conditions as are <br /> approved by the Board of Trustees, without an election; and <br /> WHEREAS, the Board of Trustees has reviewed the proposed Loan Contract with the <br /> State of Colorado for the use and benefit of the Depai lucent of Natural Resources, Colorado <br /> Water Conservation Board and finds it fair and reasonable and in the best interests of the Town <br /> to enter such agreement acting as the Enterprise. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE <br /> TOWN OF BENNETT, COLORADO ACTING BY AND THROUGH THE TOWN OF <br /> BENNETT, COLORADO WATER ACTIVITY ENTERPRISE: <br /> Section 1. The proposed Loan Contract by and between the State of Colorado for the <br /> use and benefit of the Department of Natural Resources, Colorado Water Conservation Board <br /> 1 <br />