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<br />, <br />I <br /> <br />.r <br />i <br /> <br />TOWN OF SILT <br />ORDINANCE 7, SERIES 1995 <br /> <br />AN ORDINANCE AUTHORIZING THE TOWN OF SILT TO CONTRACT WITH THE <br />STATE OF COLORADO WATER CONSERVATION BOARD FORA LOAN, WITH <br />THE FUND TO BE USED FOR INSTALLING AN UNDERGROUND, LOW-PRESSURE <br />IRRIGATION SYSTEM. <br /> <br />WHEREAS, the provisions of Article X, Section 20, of the Colorado Constitution require voter <br />approval for the creation of multiple-fiscal year debt; and <br /> <br />WHEREAS, at a municipal election held on November 8, 1994, the electors authorized the Town <br />of Silt (hereinafter referred to as the "Borrower") to obtain a loan (hereinafter "Loan Debt" or <br />"Loan Contract") in the amount of $400,000 for the purpose of installing an underground, low- <br />pressure irrigation system; and <br /> <br />WHEREA:S, the Borrower is improving the Town's water system by installing the underground, <br />low-pressure irrigation system as a parallel water system, and <br /> <br />WHEREAS, the Borrower has identified the State of Colorado Water Conservation Board (the <br />. "State") as a potential source of such funds; and <br /> <br />WHEREAS, Section 31-15-302 (1) (d) (I), C.R.S., which enumerates the financial powers of the <br />governing bodies in municipalities, gives the Board of Trustees the power to contract <br />indebtedness on behalf of the Town and upon the credit thereof by borrowing money for any <br />public purpose of the Town, including supplying water; and <br /> <br />WHEREAS, Section 31-15-302 (I) (d) (II), C. R. S., requires that "(n)o loan for any purpose <br />shall be made except by ordinance, which shall be irrepealable until the indebtedness provided for <br />is fully paid or discharged. " <br /> <br />NOW, THEREFORE, BE IT ORDAINED BY THE TOWN OF SILT BOARD OF TRUSTEES <br />AS FOLLOWS: <br /> <br />Section]. That the Board of Trustees hereby authorizes the Borrower to contract with the State <br />for a Loan Debt in the amount of $400,000, with the funds to be used for the installation ofan <br />underground, low-pressure irrigation system and further authorizes the Administrator/Treasurer <br />of the Town of Silt to pay the indebtedness on behalf of the Borrower; and <br /> <br />Section 2. That the Board of Trustees hereby authorizes the Borrower to enter into a Deed of <br />Trust as security for the Loan Debt as required by the State, as specified in the Security Interest <br />provisions of the Loan Contract; and <br /> <br />Section 3. That the Board of Trustee hereby authorizes the Borrower to make and levy an <br />assessment or assessments in an amount sufficient to pay the annual interest and extinguish the <br /> <br />APPENDIX C <br />