Laserfiche WebLink
:��ui/�uti i;9:S4 71968892703 CIT'Y'CFL+ICTOR PAGE 06 <br /> WHEREAS, repayment of the loan obligation evidenced by the Loan Contract and <br /> interest thereon is secured solely from revenues of the the Enterprise, and such obligation <br /> does not constitute a debt of the City or the Enterprise within the meaning of an <br /> constitutional or statutory limits. Y <br /> BE IT ORDAINED BY THE CITY OF VICTOR, COLORADO, WATER AND <br /> WASTEWATER ENTERPRISE <br /> 1. The forms of the Loan Contract, the Promissory Note and the Security <br /> Agreement required by the State as security for repayment of the borrowed funds and any <br /> changes thereto as may be necessary in the opinion of the attorney and bond counsel for <br /> the Enterprise to effectuate the intentions of the parties or to comply with the provisions <br /> of applicable law is hereby approved. A copy of the Loan Contract shall be available far <br /> inspection at City Hall during normal business hours and shall not be published with this <br /> Ordinance. <br /> 2. The President and Secretary of the Enterprise are hereby authorized and <br /> directed to execute and deliver the Loan Contract to the CWCB. Said officers of the <br /> Enterprise are further authorized to sign the Security Agreement and/or to create a <br /> security interest as set forth in the Loan Contract. <br /> • <br /> 3. The proceeds of the loan shall be used for rehabilitation of the dam, spillway- <br /> and outlet works for Victor Reservoir No. 2, and those funds, together with available <br /> grants, if any, other loans, if any, and the revenues from the City of Victor Water and <br /> Wastewater system, are hereby appropriated to pay for such rehabilitation. <br /> 4. This Ordinance is, and shall constitute, a legislative measure, and after the <br /> Loan Contract, the Promissory Note and the Security Agreement are executed and <br /> delivered, this Ordinance shall constitute an irrevocable contract between the Enterprise <br /> and the.State, and this Ordinance shall be and shall remain irrepealable until the loan shall <br /> be fully paid; satisfied or discharged. <br /> 5. All action not inconsistent with the provisions of this Ordinance heretofore <br /> taken by the City and the Enterprise or the officers thereof and directed toward the <br /> execution and delivery of the Loan Contract is hereby ratified, approved and confirmed. <br /> 6. All ordinances, resolutions, orders and other instruments, or parts thereof, <br /> inconsistent herewith are hereby repealed to the extent only of such inconsistency. This <br /> repealer shall not be construed to revive any ordinance, resolution, order or other <br /> instrument, or part thereto heretofore repealed. <br /> 7. If any section, subsection, paragraph, clauseor other provision of this <br /> Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or <br /> unenforceability thereof shall not affect any of the remaining sections, subsections, <br /> paragraphs, clauses or provisions of this Ordinance, <br /> APPENDIX 3 (1) TO LOAN CONTRACT <br />