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<br />,,' <br /> <br />\ I <br /> <br />, ) <br />\-.! <br /> <br />THE CITY OF GREELEY, COLORADO <br /> <br />ORDINANCE NO. 87 <br /> <br />, 1992 <br /> <br />AN ORDINANCE AUTHORIZING THE APPROVAL OF A CONTRACT AND ADDENDUM CONTRACT <br />BETWEEN THE COLORADO WATER CONSERVATION BOARD AND THE CITY OF GREELEY FOR THE <br />REHABILITATION OF HOURGLASS DAM AND RELATED WATER UTILITY IMPROVEMENTS AND <br />NECESSARY INCIDENTALS; PRESCRIBING THE FORM OF THE MORTGAGE SECURING SAID <br />OBLIGATION; PROVIDING FOR THE PAYMENT OF THE SAME AND THE INTEREST THEREON. <br /> <br />WHEREAS, for the purpose of r~habilitation of Hourglass Dam, as well as <br />other water utility improvements anQ necessary incidentals (the Project), the <br />City of Greeley (the City) by prope~ action has considered a contract and <br />amendments thereto between itself a~d the Colorado Water Conservation Board; <br />and <br /> <br />WHEREAS, the City Council has received the funds to build and complete <br />the project and determined that the cost of such project shall benefit the <br />health, safety and welfare of the i~habitants of the City and shall not exceed <br />a cost of Two Hundred Fiftv ThousanQ Dollars ($250,000) principal with <br />interest to be paid at five percent (5%) over a term of fifteen (15) years in <br />equal principal payments not including costs for collection, administration <br />and other incidentals; and <br /> <br />WHEREAS, by reason of the fact that the Colorado Water Conservation <br />Board requires that the City of Gre~ley pledge the full faith and credit of <br />said City to sUbjectpbligation; and <br /> <br />, , , <br />, -, '. ,,". <br />WHEREAS,bY reason that it is necessary to obta'inni'oney to pay the costs <br />of the construction of the project, 'which costs haVEl"and will hereafter become <br />,due and payable, ,this ordinance 1's 'l1ereby declared to become necessary to the <br />preservation of the pUblic peace, h~alth, and property and shall take effect <br />upon publication following passage pursuant to Article III, Section 3-17 of <br />the Greeley City Charter; and <br /> <br />WHEREAS, the requirements of Article XI; Section 3 of the Colorado <br />Constitution are not applicable to this project and that the pledge of credit <br />by the City of Greeley applies only to the obligation of the City under the <br />contract amendment and is not in aid of any other person or in payment of any <br />'debt, contract, or liability of any other person; and <br /> <br />WHEREAS, Article 11, Section 1, and the Charter of the City of Greeley <br />provide that debts contracted by a home rule city for the purposes of <br />'supplying water shall be excepted from the operation of Section 6 insofar as <br />no political subdivision of the State shall contract any general obligation <br />debt by loan in any form, whether individually or by contract, without an <br />election; and <br /> <br />WHEREAS, it is now necessary to provide for <br />contract and this ordinance in this form, subject <br />schedule incorporated therein: <br /> <br />the approval of the payback <br />to the commensurate payment <br /> <br />EXHIBIT E <br /> <br />,if <br />