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<br /> <br />. <br /> <br />. <br /> <br />CITY OF IDAHO SPRINGS, <br />ACTING BY AND THROUGH THE <br />CITY OF IDAHO SPRINGS WATER ACTIVITY ENTERPRISE <br />County of Clear Creek <br />State of Colorado <br /> <br />Ordinance No. 12, Series 2000 <br /> <br />AN ORDINANCE APPROVING A LOAN FROM THE COLORADO WATER <br />CONSERVATION BOARD TO THE CITY OF IDAHO SPRINGS WATER ACTIVITY <br />ENTERPRISE IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $955,000; <br />AUTHORIZING THE FORM AND EXECUTION OF THE LOAN CONTRACT, A <br />PROMISSORY NOTE TO EVIDENCE SUCH LOAN, AND A SECURITY AGREEMENT IN <br />CONNECTION THEREWITH; AUTHORIZING THE CONSTRUCTION OF A PROJECT <br />AND THE REFINANCING OF AN EXISTING LOAN; PRESCRIBING OTHER DETAILS <br />IN CONNECTION THEREWITH; AND DECLARING AN EMERGENCY. <br /> <br />WHEREAS, the City of Idaho Springs, in the County of Clear Creek and State of <br />. Colorado (the "City"), is a statutory City duly existing under tbe Constitution and laws of the State of <br />Colorado, more particularly Title 31, Colorado Revised Statutes ("C.R.S. "); and <br />WHEREAS, the members of the City Council of the City (the "Council") have been <br />duly elected or appointed and qualified; and <br />WHEREAS, the Council has by resolution created the City ofldaho Springs Water <br />Activity Enterprise (the "Enterprise") and does hereby further determine that the said Enterprise, <br />consisting of the City's joint water and sewer system is an enterprise within the meaning of Article X, <br />Section 20 of the Colorado Constitution and Section 37-45. ]-]03, CR.S.; and <br />WHEREAS, the Council has heretofore determined that the interest of the City and <br />the public interest and necessity demand and require the acquisition, construction, and completion of <br />certain water facilities, at a cost of approximately $1, 100,000, including design, engineering, legal, <br />financing and administrative costs relating thereto, and any other costs incidental thereto (the <br />"Project"); and <br />" WHEREAS, pursuant to a Loan Contract dated May 13, 1997, the City received a <br />short-term emergency loan in the amount of $ 1 30,000 (the "Emergency Loan") from the Colorado <br />Water Conservation Board (the "CWCB") to finance a portion of the Project; <br />WHEREAS, the Council has determined that in order to finance a portion of the <br />Project and to refinance the Emergency Loan, it is necessary and advisable and in the best interests of <br /> <br />CAK\54722.02\364452.02 <br /> <br />Appendix 1 to Loan Contract C150016 <br />