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• <br /> TOWN OF MONUMENT <br /> ORDINANCE NO.21-2002 <br /> AN EMERGENCY ORDINANCE AUTHORIZING THE EXECUTION <br /> AND DELIVERY OF A LOAN CONTRACT BETWEEN THE STATE OF <br /> COLORADO FOR THE USE AND BENEFIT OF THE DEPARTMENT OF <br /> NATURAL RESOURCES, COLORADO WATER CONSERVATION BOARD, AND <br /> THE TOWN OF MONUMENT, COLORADO, AND THE TOWN OF MONUMENT, <br /> COLORADO, WATER ENTERPRISE SETTING FORTH THE TERMS AND <br /> PROVISIONS OF A LOAN IN THE PRINCIPAL AMOUNT OF $2,443,000 <br /> INCLUDING THE SUPPLEMENTAL AMOUNT OF $362,000 <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 e bonds and to pay <br /> such revenue bonds therefrom, to enter into contracts relating to the water system f the <br /> Town in the manner in which Town contracts may be entered and tc4ind the.T. i to <br /> perform any obligation relating to the water system of the 'own,other than any multiple- <br /> fiscal year direct or indirect debt or other obligation whatever without adequ el= e n, <br /> cash reserves pledged irrevocably and held for payments in all future years, t s';- . r' b <br /> sued in its own name and to exercise any legal authority of the Town relating t• •,•`'' <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 of Monument has previously approved the execution of a <br /> loan agreement in the principal amount of$2,081,000; and. <br /> Attachment B to Contract C150062 Amendment No. 1 <br />