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<br />ADMINISTERING BONDS, INCLUDING REIMBURSEMENT OF COSTS INCURRED BY THE TREASURER IN ASSISTING THE
<br />BOARD IN ACCORDANCE WITH THIS PART 2, AND TO PAY ANY OTHER EXPENSE OR CHARGE INCURRED IN
<br />CONNECTION WITH THE ONGOING OPERATION OR MAINTENANCE OF APPROVED WATER INFRASTRUCTURE
<br />PROJECTS OR OTHER ACTIONS OF THE BOARD AUTHORIZED BY THIS PART 2.
<br />(3) PROCEEDS FROM THE ISSUANCE OF BONDS, EARNINGS ON SUCH PROCEEDS, AND REVENUES AND
<br />RECEIPTS DERIVED FROM THE SALE OF WATER OR POWER OR THE SALE OR LEASE OF RECREATIONAL FACILITIES
<br />OR OPPORTUNITIES BY THE BOARD FROM WATER INFRASTRUCTURE PROJECTS FINANCED BY THE BONDS AND
<br />EARNINGS ON SUCH REVENUES AND RECEIPTS SHALL NOT BE INCLUDED IN STATE FISCAL YEAR SPENDING, AS
<br />DEFINED BY SECTION 24-77-102 (17) (a), C.R.S., FOR ANY GIVEN FISCAL YEAR FOR PURPOSES OF SECTION 20 OF
<br />ARTICLE X OF THE STATE CONSTITUTION AND ARTICLE 77 OF TITLE 24, C.R.S.
<br />37-60-207. Powers of political subdivisions. (I) A POLITICAL SUBDIVISION, FOR THE PURPOSE OF
<br />AIDING AND COOPERATING IN THE FINANCING, CONSTRUCTION, OPERATION, OR MAINTENANCE OF ANY
<br />APPROVED WATER INFRASTRUCTURE PROJECT, HAS THE POWER:
<br />(a) To SELL, LEASE, LOAN, DONATE, GRANT, CONVEY, ASSIGN, OR OTHERWISE TRANSFER TO TIlE BOARD
<br />ANY REAL OR PERSONAL PROPERTY OR INTERESTS THEREIN;
<br />(b) To ENTER INTO AGREEMENTS WITH TIlE BOARD OR ANY OTHER POLITICAL SUBDIVISION OR ENTITY
<br />FOR THE JOINT FINANCING, CONSTRUCTION, OPERATION, OR MAINTENANCE OF ANY APPROVED WATER
<br />INFRASTRUCTURE PROJECT. UPON COMPLIANCE WITH APPLICABLE CONSTITUTIONAL OR CHARTER LIMITATIONS,
<br />THE POLITICAL SUBDIVISION MAY AGREE TO MAKE PAYMENTS, WITHOUT LIMITATION AS TO THE AMOUNT EXCEPT
<br />AS SET FORTH IN THE AGREEMENT, FROM REVENUES RECEIVED IN ONE OR MORE FISCAL YEARS TO THE BOARD,
<br />ANY OTHER POLITICAL SUBDIVISION OR ENTITY, OR ANY OTHER PERSON TO DEFRAY TIlE COSTS OF THE
<br />FINANCING, CONSTRUCTION, OPERATION, OR MAINTENANCE OF ANY APPROVED WATER INFRASTRUCTURE
<br />PROJECT.
<br />(c) To TRANSFER OR ASSIGN TO THE BOARD ANY CONTRACTS THAT MAY HAVE BEEN AWARDED BY THE
<br />POLITICAL SUBDIVISION FOR CONSTRUCTION, OPERATION, OR MAINTENANCE OF ANY APPROVED WATER
<br />INFRASTRUCTURE PROJECT.
<br />(2) To ASSIST IN THE FINANCING, CONSTRUCTION, OPERATION, OR MAINTENANCE OF AN APPROVED
<br />WATER INFRASTRUCTURE PROJECT, ANY POLITICAL SUBDIVISION MAY, BY CONTRACT, PLEDGE TO THE BOARD
<br />REVENUES FROM ANY LEGALLY AVAILABLE SOURCE.
<br />(3) PURSUANT TO ANY CONTRACT OR AGREEMENT ENTERED INTO AS AUTIlORIZED BY THIS SECTION, A
<br />POLITICAL SUBDIVISION MAY OBLIGATE ITSELF TO MAKE PAYMENTS IN AN AMOUNT THAT WILL BE SUFFICIENT TO
<br />ENABLE THE BOARD OR ANY OTHER POLITICAL SUBDIVISION OR ENTITY THAT IS AIDING AND COOPERATING IN
<br />THE FINANCING OF ANY APPROVED WATER INFRASTRUCTURE PROJECT THROUGH TIlE ISSUANCE OF BONDS OR
<br />OTHER FINANCIAL INSTRUMENTS TO MEET ITS EXPENSES INCURRED IN SUCH FINANCING; THE PRINCIPAL AND
<br />INTEREST PAYMENTS FOR BONDS OR OTHER FINANCIAL INSTRUMENTS ISSUED; ITS REASONABLE RESERVES FOR
<br />DEBT SERVICE, OPERATION AND MAINTENANCE, AND RENEWALS AND REPLACEMENTS; AND TIlE REQUIREMENTS
<br />OF ANY RATE COVENANT WITH RESPECT TO NOTE SERVICE COVERAGE OR DEBT SERVICE COVERAGE CONTAINED
<br />IN ANY RESOLUTION, ORDINANCE, OR OTHER SECURITY INSTRUMENT. A CONTRACT OR AGREEMENT MAY
<br />CONTAIN SUCH OTHER TERMS AND CONDITIONS AS A POLITICAL SUBDIVISION MAY DETERMINE, INCLUDING BUT
<br />NOT LIMITED TO PROVISIONS WHEREBY THE POLITICAL SUBDIVISION IS OBLIGATED TO PAY FOR THE OUTPUT,
<br />CAPACITY, OR USE OF AN APPROVED WATER INFRASTRUCTURE PROJECT IRRESPECTIVE OF WHETHER SUCH
<br />OUTPUT, CAPACITY, OR USE IS PRODUCED OR DELIVERED TO THE POLITICAL SUBDIVISION OR WHETHER ANY
<br />PROJECT CONTEMPLATED BY ANY SUCH AGREEMENT IS COMPLETED, OPERABLE, OR OPERATING, AND
<br />NOTWITHSTANDING SUSPENSION, INTERRUPTION, INTERFERENCE, REDUCTION, OR CURTAILMENT OF THE OUTPUT,
<br />USE, OR SERVICE OF THE PROJECT. SUBJECT TO LOCAL CHARTER AND STATE CONSTITUTIONAL LIMITATIONS, A
<br />CONTRACT OR AGREEMENT MAY ALSO PROVIDE THAT IF ONE OR MORE OF THE POLITICAL SUBDIVISIONS
<br />DEFAULTS IN THE PAYMENT OF ITS OBLIGATIONS UNDER THE CONTRACT OR AGREEMENT, TIlE REMAINING
<br />POLITICAL SUBDIVISIONS THAT ALSO HAVE SIMILAR CONTRACTS OR AGREEMENTS WITH RESPECT TO THE SAME
<br />PROJECT SHALL BE REQUIRED TO ACCEPT AND PAY FOR, AND SHALL BE ENTITLED PROPORTIONATELY TO USE OR
<br />OTHERWISE DISPOSE OF, THE OUTPUT, CAPACITY, OR USE OF THE PROJECT THAT IS THE SUBJECT OF THE
<br />CONTRACT OR AGREEMENT ENTERED INTO BY THE DEFAULTING POLITICAL SUBDIVISION. THE OBLIGATIONS OF A
<br />POLITICAL SUBDIVISION UNDER A CONTRACT OR AGREEMENT SHALL EITHER CONSTITUTE SPECIAL OBLIGATIONS
<br />OF THE POLITICAL SUBDIVISION, PAYABLE SOLELY FROM TIlE REVENUES AND OTHER MONEYS DERIVED BY TIlE
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