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4 <br /> and the Town of Bennett, Colorado, acting by and through the Town of Bennett Water Activity <br /> Enterprise ("Enterprise"), in the amount of$1,454,400.00, with interest at the rate of 3.25% per <br /> annum for a repayment teem of 30 years, is hereby approved in essentially the same form as the <br /> copy of such Loan Contract accompanying this Ordinance. <br /> Section 2. The Mayor and Town Clerk are hereby authorized to execute the Loan <br /> Contract on behalf of the Enterprise and all documents necessary to carry out the Loan Contract, <br /> including but not limited to, the Promissory Note and Security Agreement. The Mayor, Town <br /> Administrator and Town Staff are further authorized to do all things necessary on behalf of the <br /> Enterprise to perform the obligations of the Enterprise under the Loan Contract and to execute and <br /> deliver any and all documents necessary to effect the tenus and conditions of such Loan Contract. <br /> Section 3. If any section, paragraph, sentence, clause, or phrase of this ordinance is <br /> held to be unconstitutional or invalid for any reason, such decision shall not affect the validity or <br /> constitutionality of the remaining portions of this ordinance. The Board of Trustees hereby <br /> declares that it would have passed this ordinance and each part or parts hereof irrespective of the <br /> fact that any one part or parts be declared unconstitutional or invalid. <br /> Section 4. All other ordinances or portions thereof inconsistent or conflicting with <br /> this ordinance or any portion hereof are hereby repealed to the extent of such inconsistency or <br /> conflict. <br /> Section 5. The Board of Trustees herewith finds, determines and declares that this <br /> ordinance is necessary for the immediate preservation of the public health and safety in order to <br /> timely effectuate the provisions hereof so as to timely implement necessary improvements to the <br /> waterworks system of the Town, and this ordinance shall take effect upon adoption; provided the <br /> same has been adopted and signed by the Mayor and approved by three-fourths of the entire Board <br /> of Trustees. <br /> INTRODUCED, READ, ADOPTED, APPROVED, AND ORDERED PUBLISHED BY <br /> TITLE ONLY this I O-}-h day of Fcbrua rid , 2015. <br /> TOWN OF BENNETT, COLORADO <br /> ACTING BY AND THROUGH THE <br /> TOWN OF BENNETT WATER <br /> ACTIVITY ENTERPRISE <br /> ......... ... <br /> 1 Sue Horn,Mayor <br /> ATTEST: <br /> e e White, Town Clerk <br /> 2 <br />