Laserfiche WebLink
<br />(~l. C( <br />'idE CITY OF GREELEY, COLORADt) <br /> <br />ORDINANCE NO. <br /> <br />6 <br /> <br />, 1995 <br /> <br />AN ORDINANCE AUTHORIZING THE APPROVAL OF A CONTRACT AMENDMENT <br />BETWEEN THE COLORADO WATER CONSERVATION BOARD AND THE CITY OF <br />GREEL~Y FOR TEE REHABILITATION OF PETERSON DAM AND RELATED WATER <br />UTILITY IMPROVEMENTS AND NECESSARY INCIDENTALS; PRESCRIBING TEE <br />FORM OF THE MORTGAGE SECURING SAID OBLIGATION; PROVIDING FOR TEE <br />PAYMENT OF THE SAME AND THE INTEREST TEEREON. <br /> <br />WHEREAS, for the purpose of rehabilitation of Peterson Dam, as <br />well as other water utility improvements and necessary incidentals <br />(the Project), the City of Greeley (the City) by proper action has <br />considered a contract and amendments thereto between itself and the <br />Colorado Water Conservation Board; and <br /> <br />WHEREAS, the City Council has receiv~d the funds to build and <br />complete the project and determined that the cost of such project <br />shall benefit the health, safety and welfare of the inhabitants of <br />. the City and shall not exceed a cost of six Hundred Twentv Thousand <br />Five Hundred Ninetv Six Dollars ($620,596) principal with interest <br />to be paid at five percent (5%) over a term of twentv-five n.2.l <br />years in equal principal payments not including costs for <br />collection, administration and other incidentals; and <br /> <br />WHEREAS, by reason of the fact <br />Conservation Board requires that the <br />full faith and credit of said City to <br /> <br />that the Colorado Water <br />City of Greeley'pledge the <br />subject obligation; .and <br /> <br />WHEREAS, by reason that it is necessary to obtain money to pay <br />the costs of the construction of the project, which',costs have and <br />will hereafter become due and payable ,this ordip.ance is hereby <br />. declared to become necessary to the. preserva.ti6ri: of. the public <br />peace, health, and property and shall take effect upon publication <br />following passage pursuant to Article III, Section 3-17 of the <br />Greeley City Charter; and <br /> <br />WHEREAS, the requirements of Article XI, Section 3 of the <br />Colorado Constitution are not applicable to this project and that <br />the pledge of credit by the City of Greeley applies only to the <br />obligation of the City under the contract amendment and is not in <br />aid of any other person or in payment of any debt, contract, or <br />liability of any other person; and <br /> <br />WHEREAS,Article 11, Section 1, and the Charter of the City of <br />Greeley provide that debts contracted by a home rule city for the <br />purposes of supplying water shall be excepted from the operation of <br />Section 6 insofar as no political subdivision of the State shall <br />contract any general obligation debt by loan in any form, whether <br />individually or by contract, without an election; and <br /> <br />WHEREAS, it is now necessary to provide for the approval of the <br /> <br />EXHIBIT 0 <br /> <br />/q <br />