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<br />..\-- ....'re.. <br />. . . <br />, <br /> <br />EXHIBIT E <br /> <br />ORDINANCE NO, ~ <br /> <br />AN ORDINANCE OF THE TOWN OF IGNACIO, COLORADO, AMENDING ORDINANCE <br />NO, 133 OF THE TOWN TO MODIFY THE SALES TAX REVENUE PLEDGE MADE TO <br />THE STATE OF COLORADO FOR THE USE AND BENEFIT OF THE DEPARTMENT OF <br />NATURAL RESOURCES (COLORADO WATER CONSERVATION BOARD) TO PAY THE <br />PROJECT CONTRACT AND PROMISSORY NOTE, DATED OCTOBER 23, 1992, <br />BETWEEN THE STATE AND THE TOWN; AUTHORIZING THE EXECUTION OF AN <br />AMENDMENT TO THE PROJECT CONTRACT AND PROMISSORY NOTE TO REFLECT <br />THE CHANGE IN THE SALES TAX PLEDGE; AND DECLARING AN EMERGENCY, <br /> <br />WHEREAS, on October 13, 1992, the Town of Ignacio adopted <br />Ordinance No, 133 which, among other things, authorized the <br />pledging of sales tax revenues of the Town to pay the Project <br />Contract and Promissory Note, dated October 23, 1992 (the "Project <br />Contract"), between the Town and the State of Colorado for the use <br />and benefit of the Department of Natural Resources (Colorado Water <br />Conservation Board) (the "State"); and <br /> <br />WHEREAS, the Town is now in the process of refunding its <br />Sales Tax Revenue Refunding Bonds, Series 1986 (the "Bonds"), in <br />order to reduce the interest rates on such Bonds and lower the debt <br />service requirements of the Town; and <br /> <br />WHEREAS, it is necessary to clarify the language <br />describing the sales tax pledge made in Ordinance No. 133 in order <br />that the proposed refunding bonds may be sold to the best advantage <br />of the Town; and <br /> <br />WHEREAS, it is necessary to authorize the execution of an <br />amendment to the Project Contract to reflect the amended sales tax <br />pledge; <br /> <br />BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF <br />IGNACIO, COLORADO: <br /> <br />Section l. <br />hereby amends Sections <br />follows: <br /> <br />Amendment of Ordinance No, 133. The Board <br />4. and 7. of Ordinance No, 133 to read as <br /> <br />4, The Town has previously pledged a portion of the <br />Town's Sales tax revenues in Ordinance No. 87 and <br />Ordinance No. 103 for the payment of the Town's Sales Tax <br />Revenue Refunding Bonds, Series 1986 (the "Bonds"). The <br />Board of Trustees hereby pledges the amount of $10,500.00 <br />annually from the Town's 2% sales tax for the purposes of <br />paying the debt authorized herein, which pledge shall be <br />junior and subordinate to the pledge made to pay the <br />Bonds, and which pledge shall also be junior and <br />subordinate to any pledge made to pay any bonds of the <br /> <br />, <br />