PROJC00337

• Contract/PO #: C153685
• Contractor Name: Monument, Town of
• Contract Type: Loan
• Water District: 10
• County: El Paso
• Bill Number: SB 94-029
• Loan Projects - Doc Type: Contract Documents

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ORDINANCE NO. 19-94

AN ORDINANCE AUTHORIZING THE TOWN OF MONUMENT
TO ENTER INTO A CONTRACT WITH THE STATE OF COLORADO WATER
CONSERVATION BOARD FOR A LOAN, WITH THE
FUNDS TO BE USED FOR REPLACING MUNICIPAL WELL NO. 2

l'ffiEREAS, the provisions of Article X,
Colorado Constitution require voter approval
multiple-fiscal year debt; and

Section 20, of the
for the creation of

WHEREAS, at a municipal election held on April 5, 1994, the
electors authorized the Town of Monument (hereinafter referred to
as the "Borrower") to obtain a loan (hereinafter "Loan Debt" or
"Loan Contract") in the amount of $94,000 for the purpose of
improving the Town's water system; and

WHEREAS, the Borrower has improved the Town's water system by
replacing Municipal Well,No. 2; and

WHEREAS, the Borrower has identified the State of Colorado
Water Conservation Board (the "State") as a potential source of
such funds; and

WHEREAS, Section 31-15-302(1) (d) (I), C,R.S" which enumerates
the financial powers of the governing bodies in municipalities,
gives the Board of Trustees the power to contract indebtedness on
behalf of the Town and upon the credit thereof by borrowing money
for any public purpose of the Town, including supplying water; and

WHEREAS, Section 31-15-302 (1) (d) (II), C,R,S., requires that
" (n) 0 loan for any purpose shall be made except by ordinance, which
shall be irrepealable until the indebtedness provided for is fully
paid or discharged,"

NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE
TO~m OF MO}ruMENT AS FOLLOWS:

Section 1. That the Board of Trustees hereby authorizes the
Borrower to contract with the State for a Loan Debt in the amount
of $94,000, with the funjs to be used for replacing Municipal Well
No.2, and further authorizes the Town Clerk of the Town of
Monument to pay the indebtedness on behalf of the Borrower; and

Section 2, That the Board of Trustees hereby authorizes the
Borrower to enter into a Deed of Trust as security for the Loan
Debt as required by the State, as specified in the Security
Interest provisions of the Loan Contract; and

Section 3. That the Board of Trustees hereby authorizes the
Borrowe~ to make and levy an assessment or assessments in an amount

APPENDIX A