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<br />. 05/05/97 <br /> <br />IJ:02 FAX JOJ ~liIJ955 <br /> <br />IDAHO SPRINGS CO t~ <br /> <br />~08 <br /> <br />Contract and Promissory Note dated as of March 21 . I997, (the "Loan <br />Contract") between the ewCB and the City and the Enterprise; and <br /> <br />WHEREAS, the Loan Contract provides for the execution ofa Promissory Note by the <br />City and the Enterprise in a prjncipal amount not to exceed $130,000.00, evidencing the <br />obligation of the City and the jterprise to the CWCB; and . <br /> <br />WHEREAS, repayment of the loan obligation evidence by the Loan Contract and interest <br />thereon is secured soIely from revenues of the Enterprise, and such obligation does not constitute <br />a debt of the City or the Enterprise within the meaning of any constitutional or statutory limits, <br /> <br />NOW, THEREFORE BE IT ORDAINED BY TIIE CITY COUNCIL OF THE .CITY OF <br />IDAHO SPRINGS, COLORADO, AS TH:E GOVERNING BODY OF THE CITY OF IDAHO <br />SPRINGS, COLORADO, WATER-BoiTERPRISE, THAT:,". <br />-~.2':'i ::":~! :.... ~~!~" <br />1. The City Council, actii:ig as th~ governing body of the E!l\erpri~~.incorporates the <br />foregoing recitals as findings, detei1ninationaand conclusioOs.'".,..J;i~P <br />" ;!o "I ':,_1~ ~..,~-".,~ <br /> <br />2, The Enterprise is au{~ to ;~ in;::d comply with the terms of the Loan <br />Contract with the CWCB, <br /> <br />3. The form of the Loan Contract, attached hereto and incorporated herein by reference, <br />and any changes thereto as may be necessary in the opinion of the attorney for the Enterprise to <br />effectuate the intentions of the parties, or to comply with the provisions of applicable law, are <br />hereby approved, A copy of the Loan Contract shall be available for inspection at City Hail <br />during normal business hours and shall not be published with this Ordinance, <br /> <br />4, The President and Secretary oftne Enterprise are hereby authorized and directed to <br />execute and deliver the Loan Contract to the eWCB, Said officers of the Enterprise are further <br />authorized to sign a security agreement as Part of the Loan Contract, <br /> <br />5, The Enterprise is authorized to repay the loan under the Loan Contract to the CWCB, <br />The obligation for repayment of the loan evidenced by the Loan Contract shall be secured soIely <br />with water system revenues of the Enterprise to be derived from the provision of services, which <br />obligation shall have parity with the existing pledge of said revenue pursuant to the City's Water <br />and Sewer Revenue Refunding Bonds, SeriM I990, and for payments required by the City's 1996 <br />Government Agency Bond and Loan Agreement with the Colorado Water Resources and Power <br />Development Authority, <br /> <br />6, This Ordinance is, and shall constitute, a legislative measure of the Enterprise and shall <br />constitute an irrevocable contract between the Enterprise and the CWeB, This Ordinance <br />shalI be and shall remain irrepealable until the obligation evidenced by the Loan Contract is fully <br />paid, satisfied or discharged, <br /> <br />-2- <br />