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4 4 <br /> CRDIIDI NO. 788 <br /> AN ORDINANCE AUTHORIZING THE UNDERTAKING AND COMPLETION OF A <br /> pa7Fx'r RELATING TO THE WATER WORKS AND DISTRIBUTION SYSTEM OF THE <br /> CITY OF FORT MORGAN, COLORADO, AND AUTHORIZING TEE CITY of FORT <br /> MORGAN, COLORADO, WATERWORKS AND DISTRIBUTION ENTERPRISE TO HAVE <br /> AND IN CONNECTION luERERrrn TO EXERCISE CUCTAIN POWERS. <br /> WHEREAS, pursuant to a resolution passed, adopted and approved by <br /> the Council of the City of Fort Morgan, Colorado (the "City"), on <br /> November 2, 1993, the City has established the City of Fort Morgan, <br /> Water Works and Distribution Enterprise (the "Enterprise") as an <br /> enterprise of the City within the meaning of art. X, Sec. 20 of the <br /> Colorado Constitution and authorized the Enterprise to issue its own <br /> revenue bonds; and <br /> WHEREAS, the City has made an application to the Colorado Water <br /> Resources and Per Development Authority (the "Authority") for.a loan <br /> to finance the City's share of the cost of acquiring, constructing and <br /> installing the Southern Pipeline (the "Project") in order to provide <br /> additional raw water transmission capacity for the water works and <br /> distribution system of the City (the "System"); and <br /> • <br /> WEiE1S, the Authority has approved said application; and <br /> WHEREAS, the Council desires to authorize the undertaking <br /> completion of the Project and to authorize the Enterpr' . have .. ; <br /> in connection therewith to exercise certain powers. <br /> BE IT ORDAINED BY THE COUNCIL OF FORT !ORGAN: <br /> :lir Jr <br /> , <br /> 1. The undertaking and completion of the Project are hereby <br /> authorized. t <br /> 2. The Council of the City shall serve as the Board of the <br /> Enterprise, and the officers of the Council and of the City shall serve <br /> as officers of the Board and the Enterprise. <br /> 3. The Enterprise shall have and in connection with the <br /> undertaking and completion of the Project may exercise the following <br /> powers: to hold meetings concurrently with regular or special meetings <br /> of the Council, to adopt ordinances in the manner in which City <br /> ordinances may be adopted, to issue revenue bonds in the manner in <br /> which City revenue bonds may be issued without voter approval in <br /> advance, to pledge any revenues of the Sys ten to the payment of such <br /> revenue bonds and to pay such revenue bonds therefrom, to enter into <br /> contracts relating to the System in the manner in which City contracts <br /> may be entered into, to make representations, warranties and covenants <br /> cn behalf of the City relating to the System, and to bind the City to <br /> perform any obligation relating to the System other than any <br /> multiple-fiscal year direct or indirect debt or other financial <br /> obligation whatsoever without adequate present cash reserves pledged <br /> irrevocably and held for payments in all future years. <br /> 4. Any inconsistency between this Ordinance and the statutes of <br /> the State of Colorado is intended by the Council. This Ordinance is <br /> enacted pursuant to art. XX, Sec. 6 of the Colorado Constitution and, <br /> to the extent of any such inconsistency, this Ordinance shall supersede <br /> such statutes. <br /> 5. All action not inconsistent with the provisions of this <br /> Ordinance heretofore taken by the City or its officers and otherwise <br /> directed toward the authorization of the Enterprise to have and in <br /> connection therewith to axerci o ..: "-Lrcby _rti fled; <br /> approved and confirmed. <br /> 6. All ordinances, resolutions, bylaws, orders, and other <br /> instruments, or parts thereof, inconsistent herewith are hereby <br /> repealed to the extent only of such inconsistency. This repealer shall <br /> APPENDIX A <br />