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<br />,T' ,:.... /' <br />( - ~ -. <br />".,/'. <br /> <br />. <br /> <br />. <br /> <br />Town issued to refund or refinance the Bonds. The <br />$10,500.00 pledge created herein shall be made to the <br />Irrigation System Improvement Fund (herein created) for <br />the purpose of paying the payment obligation of principal <br />and interest on the loan from the Colorado Water <br />Conservation Board, as fully described in paragraph 2 <br />herein. The pledge created herein shall begin in fiscal <br />year 1993, and shall continue in each year thereafter <br />until the Colorado Water Conservation Board loan is paid <br />in full. <br /> <br />7. All proceeds received by the Town from the Town's <br />sales tax, other than those specifically pledged herein, <br />in Ordinance No. 87, in Ordinance No, 103, or in any <br />Ordinance authorizing the issuance of bonds by the Town <br />to refund or refinance the Bonds, shall be deposited into <br />the Town's general fund for use as directed by the Board <br />of Trustees and shall not be affected by the pledge <br />contained herein. <br /> <br />Section 2. Authorization to Execute Amendment to <br />Pro1ect Contract. The Mayor of the Town is hereby authorized and <br />directed to take any and all actions necessary or appropriate to <br />effectuate the provisions of this Ordinance, including, buy not <br />limited to, the execution of an amendment to the Project Contract <br />and Promissory Note, dated October 23, 1992, between the Town and <br />the State. <br /> <br />Section 3. Emeraency. The Board of Trustees hereby <br />declares that because the municipal bond market is subject to <br />sudden and unpredictable changes, and the savings and other <br />advantages afforded to the Town by refunding the Bonds could be <br />significantly reduced or eliminated if delayed, it is hereby <br />declared that an emergency exists and the passage of this Ordinance <br />is immediately necessary for the preservation of the public peace, <br />health, and safety, and that this Ordinance be in full force and <br />effect immediately upon adoption, <br /> <br />AOOPTED AIm APPROVED AS AN EXERGENCY ORDINANCE This 8 t h <br />day of AllIJllSt , 1994. <br /> <br />"'"" .. ~ <br /> <br /> <br />.~., <br /> <br />'. \~ -' <br />" <br />~'- <br />;:~ .......... <br /> <br />J <br /> <br />'/ " <br />( S E A-cL <br />..... ~-: . - :7"= <br />-~ ~....;- -: <br /> <br />~:;::~ ATTESTE~J <br /> <br />V2';JI/~ t.~~ <br />