PROJC00557

• Contract/PO #: C153740
• Contractor Name: Idaho Springs, City of
• Contract Type: Loan
• Water District: 7
• County: Clear Creek
• Bill Number: EIA
• Loan Projects - Doc Type: Contract Documents

05/05/97 13:02 FAX 303 !.~955

IDAHO SPRINGS CO.

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CITY OF IDAHO SPRINGS
COUNTY OF CLEAR CREEK
STATE OF COLORADO

ORDINANCE NO, 4, SERIES 1997

AN ORDINANCE OF THE CITY OF IDAHO SPRINGS, COLORADO,
AUTHORIZING THE BORROWING OF MONEY, EXECUTION AND
DELIVERY OF A LOAN AGREEMENT AND SECURITY AGREI;MENT
BETWEEN THE STATE OF COLORADO, FOR THE USE AND BENEFIT OF
THE DEPARTMENT OFNATIJRALJ~ESO~CES, COLORADO WATER
CONSERVATION BOARD AND tHE CITY OF IDAHOSP,RINGS AND THE
CITY OF IDAHO SPRINGS, c6Lt:n~ADo, WATER ENTER,PRISE . J
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WHEREAS, by Resolution No. 12, .:S~ries 19~5" thc;citYcof-ililihtfSpnngs. Colorado (the
"City"), has established the City ofIdaho,Sp:nngs, Colorado, Water Enterprise (the "Enterprise")
as an Enterprise of the City within the meaning,of Article X, Section 20 of the Colorado
Constitution and C,RS, 937-45.l-10I et~. (1995 Supp,); and

WHEREAS, pursuant to Resolution No, 12, Series 1995, the Enterprise is authorized to
have and exercise all powers set forth under C,R.S, 937-45,1-101, and those powers set forth in
the City Code which are consistent with the authority of an entellinse under the provisions of
TABOR and necessary to operate the Enterprise, including but not limited to the following: To
hold meetings concurrently with regular or special meetings of the City Council; to adopt
ordinances in the manner in which the City CJrdinances may be adopted; to issue or reissue revenue
bonds, notes or other obligations payable from revenues derived or to be derived from the
provision of services in the same manner in which the City revenue bonds may be issued, without
voter approval in advance; to pledge any revenues of the water system and services to the
payment of such revenue bonds and to pay such revenue bonds therefrom; to set rates, fees and
charges for services provided by the Entellirise; to enter into contracts relating to the water
system service in the manner in which the City contracts may be entered into: and'to !)lake
representations, warranties and covenants On behalf of the City and to bind the City to perfonn
any obligation relating to the water service, other than any multiple fiscal-year direct or indirect
debt or other financial obligation of the City, without adequate present cash reserves pledged
irrevocably and held for payments in all future years; and

WHEREAS. the City and the Enterprise has made an application to the State of Colorado
for the use and benefit of the Department of Natural Resources, Colorado Water Conservation
Board ("CWCB") for a loan to be used torthe rehabilitation of the City's existing raw water
intake structure (the "Project"); and .