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<br />" <br /> <br />,~:~\ <br />.' <br /> <br />ORDINANCE NO. 133 <br /> <br />AN ORDINANCE OF THE TOWN OF IG~ACIO REPEALING ORDINANCE NO, 132, <br />AUTHORIZING THE CONSTRUCTION OF AN IRRIGATION WATER SYSTEM WITHIN <br />THE TOWN, PROVIDING FOR THE CREATION OF THE IRRIGATION SYSTEM <br />IMPROVEMENT FUND, AUTHORIZING TnE PAYMENT OF COSTS OF IMPROVEMENTS <br />AND PAYMENTS ON OBLIGATIONS INCORRED BY THE TOWN TO CONSTRUCT SUCH <br />IMPROVEMENTS, PLEDGING SALES ';l'AX REVENUES OF THE TOWN TO THE <br />IRRIGATION SYSTEM IMPROVEMENT FUND AND AUTHORIZING THE TOWN TO <br />INCUR DEBT TO CONSTRUCT THAT PROJECT AND AUTHORIZING THE REPAYMENT <br />OF THAT DEBT. <br /> <br />WHEREAS, the Town of Ignacio has determined that a more <br />efficient use of water can be m~de within the Town by constructing <br />a system for the delivery of irrigation water within the Town; and <br /> <br />WHEREAS, there are insufficient monies in the Town treasury to <br />construct the irrigation system; and <br /> <br />WHEREAS, the provisions of C.R.S. 31-15-302 and Article XI, <br />section 6 of the Constitution of the State of Colorado grant the <br />Board of Trustees of the Town the authority to incur indebtedness <br />for the purposes of supplying water to the Town; and <br /> <br />WHEREAS, there are loan funds available from the Colorado <br />Water Conservation Board for t>>e construction of water projects; <br />and <br /> <br />WHEREAS, the Board of Trustees finds that there are sufficient <br />revenues from the existing Town sales tax to retire the <br />indebtedness required to construct the irrigation project; and <br /> <br />WHEREAS, the Board of Trustees is required to pledge <br />sufficient revenues from the selid sales tax revenues as security <br />for the above described loan funds and desires to create a fund for <br />the deposit of those pledged funds; and <br /> <br />WHEREAS, the Board of Tru&tees previously adopted Ordinance <br />No. 132 which dealt with the same subject matter, which Ordinance <br />requires amendments; and <br /> <br />WHEREAS, the Board of Trustees has determined that it will <br />cause less confusion to repeal Ordinance No. 132 and adopt this <br />Ordinance in its entirety; <br /> <br />NOW THEREFORE, BE IT ORDAINED B1 THE BOARD OF TRUSTEES OF THE TOWN <br />OF IGNACIO: <br /> <br />1, The Board of Trustees here~y repeals Ordinance No. 132 in its <br />entirety and adopts this ordinance in its place. <br />