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<br />-"\ <br />" <br /> <br />ORDINANCE NO. 882 <br /> <br />AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN <br />CONTRACT BETWEEN THE STATE OF COLORADO FOR TIIE USE AND BENEFIT OF <br />THE DEPARTMENT OF NATURAL RESOURCES, COLORADO WATER <br />CONSERVATION BOARD, AND TIIE CITY OF FORT MORGAN, COLORADO, AND <br />THE CITY OF FORT MORGAN, COLORADO, WATER WORKS AND DISTRIBUTION <br />ENTERPRISE SEITING FORTH TIIE TERMS AND PROVISIONS OF A LOAN IN TIIE <br />PRINCIPAL AMOUNT OF $8,000,000. <br /> <br />WHEREAS, pursuant to a resolution passed, approved and adopted by the Council of <br />the City of Fort Morgan, Colorado (the "City"), on November 2, 1993, the City has established <br />the City of Fort Morgan, Colorado, Water Works and Distribution Enterprise (the <br />"Enterprise") as an enterprise of the City within the meaning of art. X, ~ 20 of the Colorado <br />Constitution; and <br /> <br />WHEREAS, the City has made application to the State of Colorado Water Conservation <br />Board (the "State") for a loan in the amount of $8,000,000, the proceeds of which are to be <br />used for the redemption of a portion of the Enterprise's Water Revenue Bonds, Series 1997, <br />dated December 16, 1997, in the aggregate principal amount of $31,000,000 (the "Prior <br />Bonds"), which. were issued to finance the Enterprise's participation in the Southern Water <br />Supply Project of the Northern Colorado Water Conservancy District; and <br /> <br />WHEREAS, the State has approved a loan not to exceed $8,000,000 to enable the <br />Enterprise to redeem a portion of the Prior Bonds, <br /> <br />BE IT ORDAINED BY TIIE COUNCil.. OF FORT MORGAN: <br /> <br />1. The form of the Loan Contract required by the State as security for repayment of <br />borrowed funds and any changes thereto as may be necessary in the opinion ofthe attorney and <br />the bond counsel for the Enterprise to effectuate the intentions of the parties or to comply with <br />the provisions of applicable law is hereby approved, <br /> <br />2. The Mayor and the City Clerk are hereby authorized and directed to execute and <br />deliver the Loan Contract to the State. <br /> <br />3. This Ordinance is, and shall constitute, a legislative measure, and after the Loan <br />Contract is executed and delivered, this Ordinance shall constitute an irrevocable contract <br />between the City, the Enterprise and the State, and this Ordinance shall be and shall remain <br />irrepealable until the loan shall be fully paid, satisfied or discharged. <br /> <br />4. All action not inconsistent with the provisions of this Ordinance heretofore taken <br />by the City and the Enterprise or the officers thereof and directed toward the execution and <br />delivery of the Loan Contract is hereby ratified, approved and confirmed. <br /> <br />Appendix A(1) to Loan Contract C150004 <br />