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C153701 PIF Contract
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C153701 PIF Contract
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Last modified
7/7/2015 10:46:51 AM
Creation date
7/7/2015 10:43:34 AM
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Loan Projects
Contract/PO #
C153701
Contractor Name
Fort Morgan, City of
Contract Type
Loan
Loan Projects - Doc Type
Contract Documents
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• <br /> ORDINANCE NO. 816-W <br /> AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN CONTRACT BETWEEN <br /> THE STATE OF COLORADO FOR THE USE AND BENEFIT OF THE P•,•TMENT OF NATURAL <br /> RESOURCES, COLORADO WATER CONSERVATION BOARD AND T t; •RT MORGAN, <br /> COLORADO AND THE CITY OF FORT MORGAN, COLORADO WATE '1 • 4411h 1 D,'+ ►fit: TRIBUTION <br /> G FORTH THE TERMS AND PROVIS', OF A • )'.i / PRINCIPAL <br /> ENTERPRISE SETTING <br /> AMOUNT OF $5,500,000. <br /> WHEREAS, pursuant to a resolution passed, appro d a •p • by the <br /> ' <br /> Council of the City of Fort Morgan, Colorado (hereinafter r' - • �,�s "the <br /> City" or "Fort Morgan") on November 2, 1993, the City has establishe•``t'he City <br /> of Fort Morgan, Colorado, Water Works and Distribution Enterprise (hereinafter <br /> referred to as "the Enterprise") as an enterprise of the City within the <br /> meaning of Art. X, S20 of the Colorado Constitution; and, <br /> WHEREAS, the City of Fort Morgan, on behalf of the Enterprise has made <br /> application to the State of Colorado Water Conservation Board, (hereinafter <br /> referred to as "the State") for a loan in the amount of $5,500,000, the entire <br /> proceeds of which are to be used to permit the City's Enterprise to <br /> participate in the Southern Water Supply Project, (hereinafter referred to as <br /> "the Project") of the Northern Colorado Water Conservancy District; and, <br /> WHEREAS, the State has approved a loan not to exceed $5,500,000 to help <br /> pay for the cost of constructing the Project; and, <br /> WHEREAS, pursuant to Ordinance No. 788, Fort Morgan has authorized the <br /> Enterprise to have and exercise the following powers in connection with the <br /> undertaking and completion of the Project: to hold meetings concurrently with <br /> regular or special meetings of the City Council, to adopt ordinances in the <br /> manner in which City ordinances may be adopted, to issue revenue bonds in the <br /> manner in which City revenue bonds may be issued without voter approval in <br /> advance, to pledge any revenues of the Enterprise to the payment of such <br /> revenue bonds and to pay such revenue bonds therefrom, to enter into contracts <br /> relating to the Enterprise in the manner in which the City contracts may be <br /> entered into, to make representations, warranties and covenants on behalf of <br /> the City relating to the Enterprise, and to bind the City to perform any <br /> obligation relating to the Enterprise other than any multiple-fiscal year <br /> direct or indirect debt or other financial obligation whatever without <br /> adequate present cash reserves pledged irrevocably and held for payments in <br /> all future years. Therefore: <br /> BE IT ORDAINED BY THE BOARD OF THE CITY OF FORT MORGAN, COLORADO, WATER <br /> WORKS AND DISTRIBUTION ENTERPRISE: <br /> 1. The forms of the Loan Contract required by the State as security <br /> for repayment of borrowed funds and any changes thereto as may be necessary in <br /> the opinion of the attorney and the bond counsel for the Enterprise to <br /> effectuate the intentions of the parties or to comply with the provisions of <br /> applicable law, are hereby approved. <br /> 1 <br /> APPENDIX C <br />
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