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<br />.' <br /> <br />" <br /> <br />TOWN OF MONUMENT <br /> <br />ORDINANCE NO.2l-2002 <br /> <br />AN EMERGENCY ORDINANCE AUTHORIZING THE EXECUTION <br />AND DELIVERY OF A LOAN CONTRACT BETWEEN THE STATE OF <br />COLORADO FOR THE USE AND BENEFIT OF THE DEPAl3-TMENT OF <br />NATURAL RESOURCES, COLORADO WATER CONSERVATION BOARD, AND <br />THE TOWN OF MONUMENT, COLORADO, AND THE TOWN OF MONUMENT, <br />COLORADO, WATER ENTERPRlSE SETTING FORTH THE TERMS AND <br />PROVISIONS OF A LOAN IN THE PRINCIPAL AMOUNT OF $2,443,000 <br />INCLUDING THE SUPPLEMENTAL AMOUNT OF $362,000 <br /> <br />WHEREAS, The Board of Trustees has determined that the Town's water activity <br />is an "enterprise" of the Town within the meaning of Article X, Section 20 of the <br />Colorado Constitution; and . <br /> <br />WHEREAS, the Town of Monurnent has authorized the Enterprise to have and <br />exercise the powers of an Enterprise including issuance of revenue bonds in the rnanner <br />in which Town revenue bonds may be issued without voter approval in advance, to <br />pledge any revenues of the Enterprise to the payment of such revenue bonds and to pay <br />such revenue bonds therefrom, to enter into contracts relating to the water system of the <br />Town in the manner in which Town contracts may be entered and to bind the Town to <br />perform any obligation relating to the water system of the Town other than any multiple- <br />fiscal year direct or indirect debt or other obligation whatever without adequate present <br />cash reserves pledged irrevocably and held for payments in all future years, to sue and be <br />sued in its own name and to exercise any legal authority of the Town relating to water <br />facilities and services; and . <br /> <br />WHEREAS, the Colorado State Engineer's office has ordered major repairs to be <br />made to the Monument Dam; and <br /> <br />WHEREAS, The Town of Monurnent BoardofTrustees desires to make such <br />repairs; and <br /> <br />WHEREAS, the Town of Monument and El Paso County are cooperating in the <br />fmancing of such repairs; and <br /> <br />WHEREAS, The Town of Monument does not hav~ sufficient fullds currently <br />available to makes such repairs without borrowing such funds; and <br /> <br />WHEREAS, the Town of Monurnent has previously approved the execution of a <br />loan agreement in the principal amount of$2,081,000; and. <br /> <br />Attachment B to Contract C150062 Amendment No.1 <br />'- <br />