CT2018-892 Contract

• Contract/PO #: CT2018-892
• Contractor Name: Town of Wiggins
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

ORDINANCE NO. 07-17
AN ORDINANCE OF THE BOARD OF TRUSTEES OF THE
TOWN OF WIGGINS, COLORADO, ACTING BY AND
THROUGH THE TOWN OF WIGGINS WATER ENTERPRISE,
APPROVING A LOAN FROM THE COLORADO WATER
CONSERVATION BOARD; AUTHORIZING THE FORM AND
EXECUTION OF THE LOAN CONTRACT,PROMISSORY NOTE
TO EVIDENCE SUCH LOAN,AND SECURITY AGREEMENT IN
CONNECTION THEREWITH;AUTHORIZING THE EXECUTION
AND DELIVERY OF DOCUMENTS RELATED THERETO;
PRESCRIBING OTHER DETAILS IN CONNECTION
THEREWITH;AND DECLARING AN EMERGENCY ON FIRST
AND FINAL READING.
WHEREAS,the Town of Wiggins,Colorado(the"Town")is a municipal corporation
duly organized and existing under the Constitution and laws of the State of Colorado; and
WHEREAS,the members of the Board of Trustees of the Town(the"Board")have
been duly elected and qualified,and act as the governing body of the Town's Water Enterprise;and
WHEREAS, the Town has heretofore determined and undertaken to operate, and
maintain its water facilities as a public utility and income-producing project (the "System") and
accounts for the financial operations of the System in the Town's Water Fund; and
WHEREAS, the Town has determined that the System is an enterprise within the
meaning of Article X, Section 20 of the Colorado Constitution; and
WHEREAS, the Board in its enterprise capacity has the authority to issue notes or
other obligations payable from the revenues derived or to be derived from the function, service,
benefits, or facility or the combined functions, services, benefits, or facilities of the enterprise or
from any other available funds of the enterprise pursuant to C.R.S. §37-45.1-105(2); and
WHEREAS,the Town has heretofore issued its Town of Wiggins, Colorado Water
Enterprise Revenue Bonds,Series 2011,its Water Enterprise Revenue Bonds,Series 2013(together,
the "Senior Bonds"), and its Water Activity Enterprise and Wastewater Activity Enterprise Loan
Agreement Relating to a Water and Wastewater Enterprise Revenue Note, Series 2017 (the
"Subordinate Note"), which Senior Bonds and Subordinate Note are payable from and have an
irrevocable lien on the System revenues; and
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