Laserfiche WebLink
CITY OF CORTEZ, COLORADO <br /> WATER ENTERPRISE <br /> RESOLUTION NO: WE-2015-2, SERIES 2015 <br /> A RESOLUTION OF THE CITY OF CORTEZ WATER ENTERPRISE APPROVING <br /> THE TERMS OF A SECURED LOAN FROM THE STATE OF COLORADO WATER <br /> CONSERVATION BOARD TO THE CITY OF CORTEZ ENTERPRISE FOR THE <br /> REPLACEMENT OF MANUALLY READ WATER METERS WITH ELECTRONIC <br /> AUTOMATED METERS, AND AUTHORIZING THE MAYOR TO EXECUTE <br /> DOCUMENTS NECESSARY TO ACCOMPLISH SAME <br /> WHEREAS, the City of Cortez ("City") is a Colorado home-rule municipality, with <br /> all powers attributable thereto; and <br /> WHEREAS, the City has established and maintained in good standing its City of <br /> Cortez Water Enterprise (the "Enterprise") pursuant to Article X, Section 20 of the <br /> Colorado Constitution and Title 37, Article 45.1, Colorado Revised Statutes; and <br /> WHEREAS, in order to facilitate the replacement of manually=read water meters <br /> with electronic automated meters (the "Project") the City, acting by and through the <br /> Enterprise, has applied for and been approved for a loan in the maximum amount of <br /> $858,500.00 from the Colorado Water Conservation Board ("CWCB"); and <br /> WHEREAS, the Cortez City Council, as the governing body of the Enterprise, has <br /> reviewed the loan documentation at a regular meeting on April 14, 2015, in the City <br /> Council Chambers at City Hall, 210 East Main Street, Cortez, and with the advice of <br /> counsel, is prepared to approve the loan and authorize the Enterprise to enter into the <br /> loan transaction. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORTEZ, <br /> ACTING AS THE GOVERNING BODY OF THE CITY OF CORTEZ WATER ENTERPRISE, AS <br /> FOLLOWS: <br /> 1. The Mayor of the Cortez City Council ("Mayor"), on behalf of the <br /> Enterprise, is authorized to enter into and comply with the terms of a contract with the <br /> CWCB for a loan in the amount of $858,500.00 or such actual amount, more or less, as <br /> needed to finance the Project costs, including a CWCB loan origination fee of 1% ("Loan <br /> Contract"). <br /> 2. The Enterprise is authorized and directed to levy and collect water activity <br /> enterprise revenues in an amount sufficient to pay the annual amounts due under the <br /> Loan Contract, and to pledge said revenues and the Enterprise's right to receive said <br /> revenues for repayment of the loan approved herein. <br /> Appendix 3 <br /> Page 1 of 2 <br />