Laserfiche WebLink
<br /> <br />71958'32703 . <br /> <br />CITYOFVICTOR <br /> <br />. <br /> <br />PAGE~5 <br /> <br /> <br />ORDINANCE NO. ~ ~ & <br /> <br />AN ORDINANCE OF THE CITY OF VICTOR, COLORADO, WATER AND SEWER <br />ENTERPRISE, JOINED BY THE CITY OF VICTOR, AUTHORIZING THE BORROWING <br />OF MONEY, EXECUTION AND DELIVERY OF A LOAN AGREEMENT AND SECURITY <br />AGREEMENT BETWEEN THE. STATE OF COLORADO FOR THE USE AND BENEFIT' <br />OF THE DEPARTMENT OF NATURAL RESOURCES, COLORADO WATER <br />CONSERVATION SOARD, AND THE CITY OF VICTOR WATER AND WASTEWATER <br />ENTERPRISE, AND APPROPRIATING THE FUNDS BORROWED (WITH OTHER <br />FUNDS) FOR REHABILITATION OF THE DAM FOR VICTOR RESERVOIR NO.2. <br /> <br />WHEREAS, by Ordinance No. 38'S. the City of Victor, Colorado ("City"), has <br />established the City of Victor Water and Wastewater Enterprise [sometimes also referred <br />to as the "Water and Sewer Enterprise" although both names refer to the same Enterprise] <br />(the "Enterprise") as an Enterprise of the City within the meanin.g of Articles X, Section 20 <br />of the Colorado Constitution ("TABOR') and C.R$, ~37-45.1-101 et ~ (1995 Supp.); <br />end <br /> <br /> <br />WHEREAS, pursuant to Ordinance No. 3gS , the Enterprise is authorized to' <br />have and exercise al1 powers set forth under C.R.S. ~37-45.1-1 01, and those powers set <br />forth in the City Code which are consistent with the authority of an enterprise under the <br />provisions of TABOR and necessary to operate, the Enterprise, including but not limited <br />to the following: To hold meetings concurrently with regular or special meetings of the City <br />Council; to adopt ordinances in the manner in which City ordinances may be adopted; to <br />issue or reissue revenue bonds, notes, or other obligations payable fram revenues derived <br />or to be derived from the provision of services in the same manner in which City revenue <br />bonds may be issued, without voter approval in advance; to pledge any revenues of the <br />water and sewer systems and service to the payment of such revenue bonds and to pay <br />such revenue bonds therefrom; to set rates, fees, and charges for services provided by the <br />, Enterprise; to enter into' contracts rslating to the water and sewer system service in the <br />manner in which City contracts may be entered Into; and to make representations, <br />warranties, and covenants on behalf of the City and to bind the City to perform ~ny <br />obligation relating to the water and sewer system and service, other than any multiple- <br />fiscal-year direct or indirect debt or other financial obligation of the City, without adequate <br />cash reserves pledged irrevocably and held for payments in all future years; and <br /> <br />WHEREAS, the City and the Enterprise made an appliCation to the State of <br />Colorado for the use and benefit of the Department of Natural Resources, Colorado Water <br />Conservation Board ('eWeB") for a loan to be used for the rehabilitation of the dam, <br />spiHway and outlet works for Victor Reservoir No.2. <br /> <br />WHEREAS, the State has approved a loan not to exceed $600,000 to enable the <br />Enterprise to rehabilitate the dam for Victor Reservoir No.2. <br /> <br />, APPENDIX 3 TO LOAN CONTRAC,ct5 (){)e1 <br /> <br />