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<br />- <br />{-".. -,,~ <br /> <br />2. The Board of Trustees authorizes the construction of the <br />irrigation project described on the attached drawings and <br />specifications within the Town of Ignacio. <br /> <br />3. The Board of Trustees authorizes the Town to borrow <br />$180,000.00 from the Colorado Water Conservation Board, which <br />amount shall bear interest at the rate of five percent per <br />annum, and which shall be repaid in annual installments of <br />$10,490.40 per year, beginning one year from the date of the <br />instruments creating the indebtedness, and continuing on the <br />same day of each year thereafter for a period of forty years. <br /> <br />4. The Town has previously pledged a portion of the Town's Sales <br />tax revenues in Ordinance No. 103 for the payment of the <br />Town I s Paving Bonds. The Board of Trustees hereby pledges the <br />amount of $10,500.00 from the Town's 2% sales tax for the <br />purposes of paying the de~t authorized herein, which pledge <br />shall be subj ect to the prior Paving Bond pledge. The <br />$10,500.00 pledge created herein shall be made to the <br />Irrigation System Improvement Fund (herein created) for the <br />purpose of paying the payment obligation of principal and <br />interest on the loan froJl\ the Colorado Water Conservation <br />Board, as fully described in paragraph 2 herein. The pledge <br />created herein shall begin in fiscal year 1993, and shall <br />continue in each year thereafter until the Colorado Water <br />Conservation Board loan is paid in full. <br /> <br />5. There is hereby established a special fund of the Town to be <br />known as the "Town of Ignacio Irrigation System Improvement <br />Fund" (the Fund). Immediately upon receipt or collection <br />thereof, the Pledged Revenues described in paragraph 3 hereof <br />shall be credited to the Fund and used solely for the purpose <br />of providing improvements for the above described irrigation <br />system or paying debt service on the loan obligation of the <br />Town which is authorized herein. <br /> <br />6. The Pledge of the funds to the Irrigation System Improvement <br />Fund shall terminate when the loan is fully paid by the Town. <br /> <br />7. All proceeds received by the Town from the Town's sales tax, <br />other than those specifically pledged herein shall be <br />deposited into the Town's general fund for use as directed by <br />the Board of Trustees and ehall not be affected by the pledge <br />contained herein. <br /> <br />8. The Mayor and the Town Clerk are authorized to enter <br />appropriate documents and take other actions required to carry <br />out the provisions of this ordinance, including, but not <br />limited to the Project Contract and Promissory Note with the <br />Colorado Water Conservation Board. <br /> <br />-2- <br />