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411 s <br /> ORDINANCE NO. 815 <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 DEPARTMENT OF NATURAL <br /> RESOURCES, COLORADO WATER CONSERVATION BOARD AND THE CITY OF FORT MORGAN, <br /> COLORADO AND THE CITY OF FORT MORGAN, COLORADO WATER WORKS AND DISTRIBUTION <br /> ENTERPRISE SETTING FORTH THE TERMS AND PROVISIONS OF A LOAN IN PRINCIPAL AMOUNT <br /> OF $5,500;000. <br /> WHEREAS, pursuant to a resolution passed, approved and adopted by the <br /> Council of the City of Fort Morgan, Colorado (hereinafter referred to as "the <br /> City" or "Fort Morgan") on November 2, 1993, the City has established the 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 has made application to the State of <br /> Colorado Water Conservation Board, (hereinafter referred to as "the State") for <br /> a loan in the amount of $5,500,000, the entire proceeds of which are to be used <br /> to permit the Enterprise to participate in the Southern Water Supply Project, <br /> (hereinafter referred to as "the Project") of the Northern Colorado Water <br /> 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. Therefore: <br /> BE IT ORDAINED BY THE COUNCIL OF FORT MORGAN: <br /> 1. The form of the Loan Contract requi„ed by �j security for <br /> repayment of borrowed funds and any changes th '- s may- . A ''ceesary in the <br /> opinion of the attorney and the bond counsel ,� uprise to effectuate <br /> the intentions of the parties or to comply wit's' e i s of applicable <br /> law, are hereby approved. <br /> 2. The Mayor and the City Clerk are authorized and directed to execute <br /> and deliver the Loan Contract to the State. <br /> 3. This Ordinance is, and shall constitute, a legislative measure, and <br /> after the Loan Contract is executed and delivered, this Ordinance shall <br /> constitute an irrevocable contract between the City, the Enterprise and the <br /> State, and this Ordinance shall be and shall remain irrepealable until the loan <br /> covered by said Loan Contract shall be fully paid, satisfied or discharged. <br /> 4. All action not inconsistent with the provisions of this Ordinance <br /> heretofore taken by the City and the Enterprise or the officers thereof, and <br /> directed toward the execution and delivery of the Loan Contract is hereby <br /> ratified, approved and confirmed. <br /> 5. All ordinances, resolutions, orders and other instruments, or parts <br /> thereof, inconsistent herewith are hereby repealed to the extent only of such <br /> inconsistency. This repealer shall not be construed to revive any ordinance, <br /> resolution, order or other instrument, or part thereof, heretofore repealed. <br /> 1 <br /> APPENDIX D <br />