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<br />ORDINANCE NO, <br /> <br />Series of 1976 <br /> <br />AN ORDINANCE AUTHORIZING THE TOWN OF CARBONDALE, <br />COLORADO AND ITS MAYOR TO EXECUTE AND PERFORM A <br />CONTRACT'~ETWEEN THE TOWN OF CARBONDALE, COLO- <br />RADO AND THE STATE OF COLORADO FOR THE USE AND <br />BENEFIT OF THE DEPARTMENT OF NATURAL RESOURCES <br />(COLORADO WATER CONSERVATION BOARD) RELATING TO <br />THE CONSTRUCTION AND FUNDS FOR THE 'CONSTRUCTION <br />OF IMPROVEMENTS TO THE CARBONDALE WATERWORKS, <br /> <br />WHEREAS: <br /> <br />1) The Town of Carbondale has adopted a comprehensive plan. <br /> <br />for the construction of improvements and extent ions to <br /> <br />its waterworks; <br /> <br />2) Funding for such project is. available from the State <br /> <br /> <br />of Colorado for the use and benefit of the Department <br /> <br />of Natural Resources (Colorado Water Conservation <br /> <br />Board), hereinafter referred to as the Statej <br />3) The State has proposed an agreement to be signed and <br /> <br />executed by the State and the To'vu of Carbondale, <br />which provides, among other things, that the State will <br />make available to the Town of Carbondale the approximate <br />amount of $795,000,00 to be used for the construction <br /> <br />of improvements and extension$ to the Carbondale Water- <br />works, for the "repayment of such funds by the Town of <br />Carbondale to the State in thirty annual consecutive <br />equal installments of $40,816,00 each, the first being <br />due and payable on December 1, 1978,. and for the State <br />to hold title to certain portions of the proposed exten- <br /> <br />tions and improvements to the Ca~bondale Waterworks, <br />including various pipelines, pump stations,. and water <br /> <br />meters, which, pending full payment by Carbondale .to <br /> <br /> <br />the State of all the annual installments referred to <br /> <br />above shall be held. in the name of the State and upon <br />