Laserfiche WebLink
<br /> <br />. <br /> <br />. <br /> <br />the City, acting by and through the Enterprise, to enter into a loan contract (the "Loan Contract") <br /> <br />with the CWCB, a body corporate and political subdivision of the State of Colorado, pursuant to <br /> <br />which the CWCB shall loan the City an amount of not to exceed $955,000 (the "Loan") for such <br /> <br /> <br />purposes; and <br /> <br />WHEREAS, the City's repayment obligations under the Loan Contract shall be <br />evidenced by a promissory note (the "Note") to be issued by the City to the CWCB; and <br />WHEREAS, pursuant to Section 3 ]-35-402, CRS., the City is authorized to issue <br />revenue bonds payable solely from the revenues of the Enterprise; and <br />WHEREAS, the Note, the Loan Cpntract, and the security agreement executed in <br />connection with the Loan Contract (the "Security Agreement") (collectively, the ~ote, the Loan <br />Contract, and the Security Agreement shall be referred to herein as the "Financing Documents") shall <br />be revenue obligations of the City, acting by and through the Enterprise, payable solely from the net <br />revenues of the Enterprise, which obligation shall be on a parity with the City's: (I) Loan Agreement <br />dated June I, 1996 with the Colorado Water Resources and Power Development Authority; and (2) <br />Loan Agreement dated October 15, 1997; and <br />WHEREAS, the City, acting by and through the Enterprise, also has outstanding a <br />Loan/Grant Contract dated June 27, 1996 with the State ofColoradoIDepal1ment of Local Affairs <br />which is payable from the net revenues of the System; and <br />WHEREAS, the Council hereby determines to use the proceeds of the Loan to effect <br />the Project; and <br />'WHEREAS, there have been presented to the Council the forms of the Financing <br />Documents; and <br />WHEREAS, the Council desires to approve the forms of the Financing Documents <br />and authorize the execution thereof; and <br />WHEREAS, pursuant to Section 31-]6-]06, CR.S., the Council may pass an <br />emergency ordinance. <br />NOW THEREFORE, BE IT ORDAINED by the City Council of the City ofIdaho <br />Springs, Colorado, acting also as the governing body of the City ofldaho Springs Water Activity <br />Enterprise. as follows: <br />Section 1. Incorporation of Recitals. The above and foregoing recitals are <br />incorporated herein by reference and are adopted as findings and determinations of the Council. <br /> <br />CAK\54722.02\J 64452.02 <br />