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<br /> <br />L-0327-06 <br />CITY OF IDAHO SPRINGS <br />Clear Creek County, Colorado <br />Ordinance No, 02, Series 2002 <br /> <br />" PROOF OF PUBLICATION <br />CLEAR CREEK COURANT <br />PO Box 2020 <br />Idaho Springs, CO 80452 <br /> <br />State of Colorado ) <br />) 55. <br />Connty of Clear Creek ) <br /> <br />I, Craig S. McMullin, do solemnly swear that I <br />am publisher of the Clear Creek Courant; that the <br />same is a weekly newspaper printed, in whole or in <br />part, and published in the Connty of Clear Creek, <br />State of Colorado, and has a general circulation <br />therein; that said newspaper has been published <br />contmuously and uninterruptedly in said Connty <br />of Clear Creek for a period of more than fifty-two <br />consecutive weeks next prior to the first publica- <br />, tion of the annexed legal notice or advertisement; <br />that said newspaper has been admitted to the <br />United States mails as second-class matter nnder <br />the provisions of the Act of March 3, 1879, or any <br />amendment thereof, and that said newspaper is a <br />weekly newspaper duly qualified for publishing <br />legal notices and advertisements within the mean- <br />ing of the laws of the State of Colorado. <br />I also swear that the annexed legal notice of <br />advertisement was published in the regular and <br />entire issues of said newspaper for the number of <br />consecutive weeks listed in the notice, that the fITst <br />publicatiou was in the issue listed in the notice <br />attached and that the fmal issue publication was in <br />the iss/1is~ed in the notice attached. <br /> <br />I A :j 11./'1~J,.-~- <br /> <br />Craig S~iiJ.lm I , <br />Publisher <br />Clear Creek Courant <br />1634 Miner Street, PO Box 2020 <br />Idaho Springs, CO 80452-2020 <br /> <br />AN ORDINANCE APPROVING AN <br />AMENDMENT TO A PRIOR LOAN <br />FROM THE COLORADO WATER <br />CONSERVATION BOARO TO <br />INCREASE THE PRINCIPAL <br />AMOUNT OF SAID LOAN FROM <br />$955,000 TO $1,165,000; AUTHORIZ- <br />ING THE FORM AND EXECUTION <br />OF THE LOAN CONTRACT AMEND- <br />MENT, A PROMISSORY NOTE TO <br />EVIDENCE SUCH LOAN AMEND- <br />MENT, AND AN AMENDED SECURI- <br />TY AGREEMENT IN CONNECTION <br />THEREWITH; PRESCRIBING OTHER <br />DETAILS IN CONNECTION THERE- <br />WITH; AND DECLARING AN EMER- <br />GENCY. <br />WHEREAS, the City of Idaho <br />Springs, in the County of Clear Creek <br />and State of Colorado (the "City"), is a <br />statutory City duly existing under the <br />Constitution and Jaws of the State of <br />Colorado, more particularly Title 31 ' <br />ColoradO Revised Statutes ("C.RS."); <br />and <br />WHEREAS, the members of the <br />City Council of the City (the "Council") <br />have been duly elected and qualified; <br />and <br />WHEREAS, the Council has deter- <br />mined and does hereby determine that <br />the City's joint water and sewer system <br />!s an enterp~ise (the '~Enterprise") with- <br />In the meaning of Article X, Section 20 <br />of the Colorado Constitution and <br />Section 37-45.1-103, C.RS.; and <br />WHEREAS, the Council has <br />heretofore determined that the Interest <br />of the City and the public interest and <br />necessity, demand and require the <br />acquisition, construction, and comple- <br />tion of certain water facilities, at a cost <br />originally, estimated at approximately <br />$1,100,000, Including design, engl- <br />neenng, legal, financing and adminis. <br />trative costs relating thereto and any <br />other costs Incidental thereto (the <br />"Project"); and <br />WHEREAS, pursuant to the Loan <br />Contract Number C150016 by and <br />between the Colorado Water <br />Conservation Board ("CWCB") and the <br />City, acting by and through the <br />Enterprise, the Enterprise received a <br />loan in the amount of $955,000 (the <br />"2000 Loan") from the CWCB to <br />finance a portion of the Project; and <br />WHEREAS, the Council has deter- <br />mined that in order to finance the <br />remainder of ~he Project, it is neces- <br />sary and adVisable and in the best <br />interests of the City, acting by and <br />through the Enterprise, to enter into an <br />amendment to the 2000 Loan to <br />increase the aggregate principal <br />amount of the 20bo Loan from <br />$955,000 to $1,165,000 (the "Loan <br />Amendment") in order to pay <br />increased and additional costs <br />incurred to date and expected to be <br />Incurred to complete the Project; and <br />WHEREAS, the City's repayment <br />obligations under the Loan <br />Amendment shall be evidenced by a <br />promissory note (the "Note") to be <br />issued by the City to the CWCB; and <br />WHEREAS, pursuant to Section <br />31-35-402, C.R.S., the City is author- <br />ized to issue revenue bonds pa"(able <br />solely from the revenues 0 the <br />Enterprise; and <br />WHEREAS, the Note, the Loan <br />Amendment, and the amended securi~ <br /> <br />Subscribed and sworn to before me, a notary <br />public in and for the County of Clear Creek, State <br />of Colorado, the <br /> <br />{}/;It day Of~, A.D. 2002. <br /> <br /> <br />Not ry Public <br />My commission expires <br /> <br />ty agreement executed in conneclio <br />with the Loan Amendment (th <br />"Amended Security Agreement") (col <br />lectively, the Note, the Loa <br />Amendment, and the Amended <br />Security Agreement shall be referred <br />to herein as the "Financing <br />Documents") shall be revenue obl1ga~ <br />tions of the City, acting by and through <br />the Enterprise, payabie soiely from the <br />ne~ revenues of the Enterprise, which <br />obligation shall be on a parity with the <br />City's: (1) Loan Agreement dated June <br />1, 1996 with the COlorado Water <br />Resources and Power Development <br />Authority ("CWRPDA"); (2) Loan <br />Agreement dated OctOber 15' 1 997 <br />with CWRPDA; and (3)' Loan <br />Agreement dated January 30 2002 <br />with CWRPDA; and ' <br />WHEREAS, the Council hereby <br />determines to use the proceeds of the <br />Loan Amendment to effect the comple- <br />tion of the Project; and <br />WHEREAS, there have been pre- <br />sented to the Council the forms of the <br />Financing Documents; and <br />WHEREAS, the Council desires to <br />approve the forms of the Financing <br />Documents and authorize the execu- <br />tion thereof; and <br />WHEREAS, pursuant to Section <br />31-11-105, C.R.S., the Council may <br />pass an emergency ordinance. <br />NOW, THEREFORE, BE IT <br />ORDAINED BY THE CITY COUNCIL <br />OF THE CITY OF IDAHO SPRINGS <br />COLORADO: ' <br />Section 1. Aoorovals. <br />Authorizations. and Amendments. The <br />forms of the Financing Documents pre~ <br />sented at this meeting are incorporat~ <br />ed herein by reference and are hereby <br />approved. The City, acting by and <br />through the Enterprise, shall enter into <br />and perform its obligations' under Ihe <br />Finan9Jng Documents in the' forms of <br />such documents, with such changes <br />as are not inconsistent herewith. The <br />Mayor and City Clerk are' hereby <br />authorized and directed to execute the <br />Financing Documents and to affix the <br />seal of the City thereto, and further to <br />execute- and authenticate such other <br />documents or certificates as are <br />deemed necessary or desirable in con- <br />nection therewith. The Financing <br />Documents shall be executed in sub~. <br />stantlally the forms approved at this <br />meeting, with such changes as are <br />hereafter approved by the City <br />Administrator or the Mayor. The exe- <br />cution of any instrument or certificate <br />or other document in ConnectJon with <br />the matters referred to herein by the <br />Mayor and City Clerk or by other <br />approprIate officers of the City, shalf be <br />conclUSIve evidence of the approval by <br />the City of such Instrument. <br />Section 2. Loan Details. The Loan <br />Amendment shall be in the principal <br />amount of not to exceed $210,000 <br />(bringing the total principal amount of <br />the 2000 Loan and the Loan <br />Amendment to an amount not to <br />exceed $1,165,000), shail bear interest <br />at a net effective interest rate not to <br />exceed 5.50% per annum and shall <br />have a maximum maturitY of not to <br />exceed thirty (30) years from the date <br />the CWCS determines that the Project <br />is substantially complete, as provided <br />in the Loan Amendment, and shall bE! <br />payable in the time and manner, and <br />shall be subject to prepayment, as set <br />forth in the Finandng Documents. The <br />City shall execute and deliver to the <br />CWCB the Note pursuant to the Loan <br />Amendment as evidence of the Loan <br />