C150036 Paid in Full Contract

• Contract/PO #: C150036
• Contractor Name: Weld County Tri-Area Sanitation District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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RESOLUTION NO. 01-3
A RESOLUTION AUTHORIZING THE EXECUTION OF A LOAN CONTRACT AND THE
ISSUANCE AND DELIVERY OF A PROMISSORY NOTE BY WELD COUNTY TRI-AREA
SANITATION DISTRICT, ACTING BY AND THROUGH ITS WATER ACTIVITY
ENTERPRISE.
WHEREAS, Weld County Tri-Area Sanitation District, Weld County, Colorado, is a
quasi-municipal corporation duly organized and existing as a sanitation district under the
constitution and laws of the State of Colorado, including particu - Ti le 32 of the Colorado
Revised Statutes (unless otherwise indicated, capitalized terms us e shall have
the meanings set forth in Section 1 of this Resolution); and
WHEREAS, the District is acting hereunder by and t • i 'vity enterprise,
which has been established under the provisions of Title 37, Arti e •: .• which has
no authority or power to levy a tax; and : .
WHEREAS, the water activity enterprise has been and continues to be operated as a
"water activity enterprise" within the meaning of the Title 37, Article 45.1, C.R.S., and in
addition, said Water Activity Enterprise constitutes a government-owned business which is
authorized to issue its own revenue bonds and which receives under 10% of annual revenue in
grants from all Colorado state and Iocal governments combined, and it is hereby determined that
the Enterprise of the District is an enterprise within the meaning of Article X, Section 20 of the
Colorado Constitution; and
WHEREAS, in order to more clearly differentiate water activity enterprise activities which
are accounted for in the Enterprise Fund from the governmental activities of the District which are
financed from the levy of property taxes, the District will separately account for its governmental
activities in a general fund commencing in the current calendar year; and
WHEREAS, the Board has heretofore determined and does hereby determine that it is
necessary to construct the Project, currently estimated to cost approximately $2,000,000, for the
benefit of the District and its inhabitants;and
WHEREAS, the District has received a Loan Contract from the Colorado Water
Conservation Board, an agency of the State, for a Ioan in an amount up to $1,500,000, not to
exceed 75% of the costs of the Project, at an interest rate of 5%per annum for a repayment term
of 30 years; and
WHEREAS, the District has no outstanding bonds, notes or other financial obligations
which have a lien on the Net Revenue of the Wastewater System or the revenues pledged under
the Loan Contract; and
02-96978.02 Appendix 3 to Loan Contract C150036