C153351 Paid in Full Documents

• Contract/PO #: C153351
• Contractor Name: Town of Breckenridge
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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RECEIVED
.,:, to .:•1fUY.4'{';1.hr•.a J1Uf6 . '
_ . 0' 'vr-3:ar•: t• NO.V;2 0..1995
•fr .,:. • ORDINANCE NO. 24 .
Colorado Water
Series 1995 Conservation Board
AN ORDINANCE APPROVING AN AGREEMENT AND PLAN FOR DISSOLUTION OF THE BLUE RIVER
WATER DISTRICT; AUTHORIZING THE PAYMENT OF CERTAIN FINANCIAL OBLIGATIONS OF THE
DISTRICT IN CONNECTION THEREWITH;AND AUTHORIZING THE PERFORMANCE OF SUCH
AGREEMENT BY THE TOWN OF BRECKENRIDGE IN THE EVENT OF THE DISSOLUTION OF THE
BLUE RIVER WATER DISTRICT
WHEREAS, the Blue River Water District ("District") was organized pursuant to the provisions
of Article 1, Title 32, C.R.S., to provide water service within the jurisdictional boundaries of the
District; and
WHEREAS, the Town of Breckenridge is a municipal corporation organized and existing
pursuant to Article XX of the Colorado Constitution and is empowered by law to acquire water
treatment facilities so as to provide municipal water service to its inhabitants; and
WHEREAS, the District's corporate boundaries include property located both within and
outside of the corporate boundaries of the Town;and
WHEREAS, the Town is now operating a municipal water system and believes that
consolidation of the water functions of the Town with those currently being provided by the District
would assist in the avoidance of duplicative legal, accounting, auditing, insurance, telephone and
other costs; and
WHEREAS, the District is willing to convey all of its interests in and to all of its real and
personal property and cash reserves used in the provision of water service to the Town to be used to
continue the District's operations; and
WHEREAS, the Town is willing to acquire and receive all of said real and personal property
and cash reserves currently owned by the Town and to assume and continue the provision of water
service to the inhabitants of the District;and
WHEREAS, the Town is willing to assume all contractual obligations and rights of the District
relating to the provision of water service;and
ii
WHEREAS, the Town is willing to assume the provision of water service to the inhabitants of
the District, which Town-provided service is expected to be equal to or better than the service
currently provided by the District; and
WHEREAS, the District currently has outstanding bonded indebtedness in the approximate
amount of Three Million Five Hundred Seventy Nine Thousand Eight Hundred Fifteen Dollars
($3,579,815) in the form of District's 1990 General Obligation Bonds (including both "A" and "B"
.' . Interest Certificates), together with a loan from the Colorado Water Conservation Board, which
indebtedness the Town is willing to assume and pay as provided in connection with the dissolution of
the District and the assumption of District services by the Town; and
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;1,
.
WHEREAS, a proposed Agreement and Plan For Dissolution of the District has been prepared
;y, and has been reviewed by the Town Council; and
c
• WHEREAS, the Town Council finds and determines that it would be in the best interests of
, 4rts\o,
( the Town and its citizens for the Town to enter into such Agreement; and
WHEREAS, the proposed Agreement And Plan For Dissolution must be approved by the Board
of Directors of the District, the Summit County District Court and the voters of the District before it
can become effective.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF BRECKENRIDGE,
COLORADO:
Section 1. The proposed Agreement And Plan For Dissolution between the Town and the
Blue River Water District, a copy of which is marked Exhibit "A", attached hereto and incorporated
herein by reference, is approved, and the Mayor and Town Clerk are hereby authorized, empowered
and directed to execute such Agreement for and on behalf of the Town of Breckenridge.
ATTACHMENT 2