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ORDINANCE NO. 2
<br /> Series 1996
<br /> AN ORDINANCE AUTHORIZING THE TOWN OF BRECKENRIDGE TO ENTER INTO AN AGREEMENT
<br /> TO ASSUME AND PAY FROM THE TOWN'S WATER ENTERPRISE FUND A LOAN FROM THE
<br /> COLORADO WATER CONSERVATION BOARD TO THE BLUE RIVER WATER DISTRICT;
<br /> AUTHORIZING THE EXECUTION OF A UNIFORM COMMERCIAL CODE SECURITY AGREEMENT,
<br /> FINANCING STATEMENT AND DEED OF TRUST IN CONNECTION THEREWITH; AND SETTING
<br /> FORTH OTHER DETAILS WITH RESPECT TO THE ASSUMPTION AND PAYMENT OF SUCH
<br /> OBLIGATION
<br /> WHEREAS,by Ordinance No. 24, Series 1995, adopted August 8, 1995, the Town Council of
<br /> the Town of Breckenridge approved an Agreement and Plan For Dissolution of The Blue River Water
<br /> District; and
<br /> WHEREAS, the dissolution of The Blue River Water District was approved by the electors of
<br /> said District on November 7, 1995, and the dissolution of The Blue River Water District was ordered
<br /> by the Summit County District Court on November 30, 1995; and
<br /> WHEREAS, Paragraph 9.2 of the Agreement and Plan For Dissolution requires the Town to
<br /> pay the balance of the obligation of The Blue River Water District to the Colorado Water Conservation
<br /> Board in the approximate amount of Nine Hundred Ninety Thousand One Hundred Two and 80/100
<br /> Dollars ($990,102.80) as set forth In that certain Contract dated July 15, 1981; and
<br /> WHEREAS, the Colorado Water Conservation Board has presented to the Town a proposed
<br /> Contract Amendment and Uniform Commercial Code Security Agreement and Financing Statement,
<br /> whereby the Town of Breckenridge will assume and agree to pay the unpaid balance of the obligation
<br /> of The Blue River Water District to the Colorado Water Conservation Board, and will secure such
<br /> obligation by the granting of a security Interest in those revenues which have been irrevocably
<br /> pledged for such purpose by the Town from its Water Enterprise Fund;and
<br /> WHEREAS, the Town Council of the Town of Breckenridge has reviewed the Contract
<br /> Amendment proposed by the Colorado Water Conservation Board, and the proposed Uniform
<br /> Commercial Code Security Agreement and Financing Statement, and Deed of Trust, and are familiar
<br /> with the contents thereof; and
<br /> WHEREAS, the funds to be used by the Town to pay the obligation of The Blue River Water
<br /> District as required by the proposed Contract Amendment shall come solely from the Town's Water
<br /> Enterprise Fund;and
<br /> WHEREAS, pursuant to Section 1-9-2 of the Breck undo
<br /> En grprise Fund is an enterprise within the meaningof Article Section Code, the Town's Colorado Water
<br /> ), r "poi\Aitution,and, as such, is not subject to the limitations and restrictions imposed thereby.
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<br /> it , THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF BRECKENRIDGE,
<br /> .� COLORADO.t~
<br /> -:s i
<br /> • t�s . us a,'# I I The proposed "Contract Amendment #2" between the State of Colorado for the
<br /> 'fit of the Department of Natural Resources, Colorado Water Conservation Board, The
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<br /> ver Water District, and the Town of Breckenridge, a copy of which is marked Exhibit "A",
<br /> attached hereto and incorporated herein by reference, is hereby approved, and the Mayor and Town
<br /> Clerk are hereby authorized, empowered and directed to execute such document for and on behalf of
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<br /> the Town of Breckenridge.
<br /> Section • At such time as the Town receives title to the following described real property, to
<br /> wit:
<br /> 1. The real property described on the attached Exhibit "B-1";and
<br /> 2. The real property depicted on the attached Exhibit"B-2"
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<br /> the Mayor and Town Clerk are further authorized, empowered and directed to execute, acknowledge
<br /> and deliver to the State of Colorado for the use and benefit of the Department of Natural Resources,
<br /> Colorado Water Conservation Board, as further collateral for the repayment of the obligation described
<br /> 1n Contract Amendment #2 (Exhibit "A" hereto), a Deed of Trust encumbering such property. The
<br /> form of the Deed of Trust shall be substantially as provided in Attachment 3 to Exhibit "A".
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