<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 />
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