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<br />ORDINANCE NO. 815 <br /> <br />AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN CONTRACT BETWEEN <br />TIlE STATE OF COLORADO FOR THE USE AND BENEFIT OF TIlE DEPARTHENT OF NATURAL <br />RESOURCES, COLORADO WATER CONSERVATION BOARD AND TIlE CITY OF FORT MORGAN , <br />COLORADO AND THE CITY OF FORT MORGAN, COLORADO WATER WORKS AND DISTRIBUTION <br />ENTERPRISE SETTING FORTH THE TERMS AND PROVISIONS OF A LOAN IN PRINCIPAL AMOUNT <br />OF $5,500;000. <br /> <br />WHEREAS, pursuant to a resolution passed, approved and adopted by the <br />Council of the City of Fort Morgan, Colorado (hereinafter referred to as "the <br />City" or "Fort Morgan") on November 2, 1993, the City has established the City <br />of Fort Morgan, Colorado, Water Works and Distribution Enterprise (hereinafter <br />referred to as lithe Enterprise") as an enterprise of the City within the. <br />meaning of Art. X, S20 of the Colorado Constitution; and, <br /> <br />WHEREAS, the City of Fort Morgan has made application to the State of <br />Colorado Water Conservation Board, (hereinafter referred to as "the State") for <br />a loan in the amount of $5,500,000, the entire proceeds of which are to be used <br />to permit the Enterprise to participate in the Southern Water Supply Project, <br />(hereinafter referred to as "the Project") of the Northern Colorado Water <br />Conservancy District; and, <br /> <br />WHEREAS, the State has approved a loan <br />pay for the cost of constructing the Project. <br /> <br />not to exceed $5,500,000 to help <br />Therefore: <br /> <br />BE IT ORDAINED BY THE COUNCIL OF FORT MORGAN: <br /> <br />1. The form of the Loan COntract required by the State as security for <br />repayment of borrowed funds and any changes thereto as may be necessary in the <br />opinion of the attorney and the bond counsel for the Enterprise to effectuate <br />the intentions of the partie,S or to comply with the provisions of applicable <br />law, are hereby approved. <br /> <br />2. The Mayor and the City Clerk are authorized and directed to execute <br />and deliver the Loan Contract to the State. <br /> <br />3. <br />after the <br />constitute <br />state, and <br />covered by <br /> <br />This Ordinance is, and shall constitute, a legislative measure, and <br />Loan Contract is executed and delivered, this Ordinance shall <br />an irrevocable contract between the City, the Enterprise and the <br />this Ordinance shall be and shall remain irrepealable until the loan <br />said Loati Contract shall be fully,paid, satisfied or discharged. <br /> <br />4. All action not inconsistent with the provisions of this Ordinance <br />heretofore taken by the City and the Enterprise or the officers thereof, and <br />directed toward the execution and delivery of the Loan Contract is hereby <br />ratified, approved and confirmed. <br /> <br />5. All ordinances, resolutions, orders and other instruments, or parts <br />thereof, inconsistent herewith are hereby repealed to the extent cnly of such <br />inconsistency. This repealer shall not be construed to revive any ordinance, <br />resolution, order or other instrument, or part thereof, heretofore repealed. <br /> <br />1 <br /> <br />APPENDIX D <br />