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TOWN OF MONUMENT <br /> ORDINANCE NO. ( 7- -2001 <br /> AN ORDINANCE AUTHORIZING THE EXECUTION AND <br /> DELIVERY OF A LOAN CONTRACT BETWEEN THE STATE OF COLORADO <br /> FOR THE USE AND BENEFIT OF THE DEPARTMENT OF NATURAL <br /> RESOURCES, COLORADO WATER CONSERVATION BOARD, AND THE TOWN <br /> OF MONUMENT, COLORADO, AND THE TOWN OF MONUMENT, COLORADO, <br /> WATER ENTERPRISE SETTING FORTH THE TERMS AND PROVISIONS OF A <br /> LOAN IN THE PRINCIPAL AMOUNT OF $2,081,000 <br /> WHEREAS, The Board of Trustees has determined that the Town's water activity <br /> is an"enterprise" of the Town within the meaning of Article X, Section 20 of the <br /> Colorado Constitution; and <br /> WHEREAS, the Town of Monument has authorized the Enterprise to have and <br /> exercise the powers of an Enterprise including issuance of revenue bonds in the manner <br /> in which Town revenue bonds may be issued without voter approval in advance, to <br /> pledge any revenues of the Enterprise to the payment of such revenue bonds`and to pay <br /> such revenue bonds therefrom, to enter into contracts relating to the water system of the <br /> Town in the manner in which Town contracts may be entered and to bind the Town to <br /> perform any obligation relating to the water system of the Towu other than orly multiple- <br /> fiscal year direct or indirect debt or other obligation whateMer withc6ut adegte''present <br /> cash reserves pledged irrevocably and held for payments In all future.years,=tit sue and be <br /> sued in its own name and to exercise any legal authority of the Town relating to water <br /> facilities and services; and <br /> WHEREAS, the Colorado State Engineer's office has ordered major repairs to be <br /> made to the Monument Dam; and <br /> WHEREAS, The Town of Monument Board of Trustees desires to make such <br /> repairs; and <br /> WHEREAS, the Town of Monument and El Paso County are cooperating in the <br /> financing of such repairs; and <br /> WHEREAS, The Town of Monument does not have sufficient funds currently <br /> available to makes such repairs without borrowing such funds; and <br /> WHEREAS, The Town's Enterprise concurs in the need, desire and funding <br /> mechanism for the making of such repairs; and <br /> c <br />