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<br />Constitution, Specifically, but not by way of limitation, the Enterprise is not authorized, <br />and shall nOl, receive 10% or more of its annual revenue in granls from all Colorado <br />slale and local governments combined. <br /> <br />(d) The Enterprise is authorized lo issue bonds, notes, or other obligations payable <br />from the revenues derived or to be derived from lhe System, in accordance with the <br />Water Activity Law. The Board may also authorize the issuance of such bonds, notes, <br />or other obligations in accordance with applicable Stale laws, and in so doing shall be <br />deemed to be acting as bolh the Governing Body and the Board. <br /> <br />Section Z. RaJificatWn and Approval of Prior Actions. All actions heretofore laken <br />by the officers of lhe Town and the members of the Board of Trustees, not inconsistent with the <br />provisions of this Ordinance, relating to lhe operation or creation of the Enterprise, are hereby <br />ratified, approved, and con fumed. <br /> <br />Section 3. Repealu. AU orders, bylaws, ordinances, and resolutions DfJhe Town, <br />or parts thereof, inconsistent or in conflict with this Ordinance, are hereby repeaJerlto the extent <br />only of such inconsistency or conflict. <br /> <br />Section 4. SeveralJUily. If any section, paragraph, clause, or provision of this <br />Ordinance shall for any reason be hcld to be invalid or unenforceable, the invalidity or <br />un enforceability of such section, paragraph, clause, or provision snail not affect any of the <br />remaining proYisions of this Ordinance, the intent being that the same are severable, <br /> <br />Section 5. Recording and AuthenticatWn. Upon adoption hereof, this Ordinance <br />shall be recorded in a book kept for that purpose and shall be authenticated by the signatures of <br />the Mayor and the Town Clerk. <br /> <br />Section 6. Declaration of Emergency. This Ordinance is necessary for the immediate <br />preservation of public peace, health and safety for the reason that the Town desires to complete <br />the application to the Colorado Water Resources and Power Development Authority fOf a loan <br />to finance the acquisition, construction. reconstruction, betterment, and extension of <br />improyements to the System and must diligently proceed with the construction of the project to <br />