C153351 Contract

• Contract/PO #: C153351
• Contractor Name: Breckenridge, Town of
• Contract Type: Loan
• Water District: 0
• County: Summit
• Bill Number: SB 81-439
• Loan Projects - Doc Type: Contract Documents

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ORDINANCE NO. Z

Series 1996

AN OROlNANCE AUTHORIZING THE TOWN OF BRECKENRIDGE TO ENTER INTO AN AGREEMENT
TO ASSUME AND PAY FROM THE TOWN'S WATER ENTERPRISE FUNO A LOAN FROM THE
COLORADO WATER CONSERVATION 80ARD TO THE BLUE RIVER WATER DISTRICT;
AUTHORIZING THE EXECUTION OF A UNIFORM COMMERCIAL CODE SECURITY AGREEMENT,
FINANCING STATEMENT AND DEED OF TRUST IN CONNECTION THEREWITH; AND SETTING
FORTH OTHER DETAILS WITH RESPECT TO THE ASSUMPTION AND PAYMENT OF SUCH
OBLIClA nON

WHEREAS, by Ordinance No, 24, Serie. 1995, adopted AU9ust 8, 1995. the Town Council of
the Town of Breckenridge approved tln Agreement and Plan For DiSSOlutiOn of The Blue River Wat.r
District; and

WHEREAS. the dissolution of The Slue River Water DiStrict wZIS apprOved by thl) electors of
said District on November 7, 1995. and the dissolution of The Blue River Water District was ordered
by the Summit County OIstrlct COU" on November 30, 1995; and

WHEREAS. P4ragraph 9.2 of the Agreement and Plan For Dissolution requires tho Town to
P15Y the balance of the obligation of The Blue River Water District to the Colorado Water Conservation
Board in the approximate emount of Nine Hundred Ninety Thousand One Hundred Two and 80/1 00
0011..0 {S990.102.801 as set forth In that certein Contract dated July 15, 1981; and

WHEREAS, the Colorado Weter C~mservat;on Soard has presented to the Town a proposed
Contr!lct Amendment ana Uniform Commercial Code Security Agreement and Financing Statement.
Whereby the Town of Breckenridge will assume and agree (0 pay the unpaid balance of the obligation
of The BJue River Water District to the Colorado Water Conservation Board. and will secure such
obligation by the gnmting of 8 security Interest In those revenues which have been irrevocably
pledged for such purpo$e by the Town from its Water Enterprise Fund; and

WHEREAS, the Town Council of the Town of Breckenridge has reviewed the Contract
Amendment proposed by the Colorado Water Conservation Board. and the proposed Uniform
Commercial Code Security Agreement end Financing Statement. and De'ed of Trust. and are familiar
with the contents thereot; and

WHEREAS, the funds to be used by the Town to PlIY the obligation of The Blue River Water
District as required by the proposed Contract Amendment shall come solely from the Town', Water
E('Itfl:rprise Fund; and

WHEREAS. pursuant to Section 1..9.2 of the Brl'!rckflonridQe Ia:an. ~ the Town's Water
Enterprise Fund 1$ ,In enterprise withIn the meaning of Article X. Section 20 of the ColorZldo
Constitution, and, Z1$ such. Is not subject to the limitations and restrictions imposed thereby.

NOW. THEREFORE. BE IT ORDAINED 8Y THE TOWN COUNCIL OF THE TOWN OF 8RECKENRIDGE,
COLORADO:

Section 1. The proposed "Contract Amendment #2- between the Stete of Colorado for the
use and benefit of the Department of Natural Resources. Colorado Water Conservation Board, The
SllJe River Water District; end the Town of Breckenridge, a copy of which is marked Exhibit "A".
attached hereto and incol'porated herein by reference, is hereby approved, and the Mayor and Town
Clerk are hereby authorized.. empowered and directed to execute such document for and on behalf of
the Town of Breckenridge.

Section 2. At such time ,s the Town ,ecelves title to the following described ,eal property. to

wit:

1. The reel proPOrty describild on the anached Exhibit -8.100; and

2. The ..,I propertY depicted on the attached Exhibit 1oS-2-

the Ml'yor and Tow" Clerk: are further authorized. empowered and directed to execute, acknowledge
end deliver to the State of Colorado for the use Zlnd benefit of the DepZlrtment of N8tU(ZlI ,Resources,
Colorado Water Conservation Board. as funher COllateral for the repayment of the obligZltion described
in Contract Amendment #2 fExhibit "AIo hereto), II Deed of Trust encumbering &uch property. The
form of the Deed of TnJst shall be subsumtJally as provided In Attachment 3 (0 Exhlbir "A".

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