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<br />- ,) <br /> <br />,~. <br /> <br />RESOLUTION NO. 98-25 <br />(Series of 1998) <br /> <br />A RESOLUTION OF THE BOARD OF SELECTMEN OF THE TOWN OF <br />GEORGETOWN, COLORADO, ACTING AS THE GOVERNING BOARD FOR THE <br />GEORGETOWNW ATERAND SEWER ACTIVITY ENTERPRISE, AUTHORIZING AND <br />APPROVING A LOAN BETWEEN THE ENTERPRISE AND THE COLORADO WATER <br />CONSERVATION BOARD FOR THE PURCHASE OF WATER RIGHTS; AND <br />PLEDGING AND DIRECTING THE SEGREGATION OF SUFFICIENT W ATERSYSTEM <br />REVENUES EACH YEAR TO REPAY THE LOAN AMOUNT AND ESTABLISH A <br />RESERVE DEBT SERVICE FUND. <br /> <br />WHEREAS, the Town of Georgetown has established the Georgetown Water and Sewer <br />Activity Enterprise (the "Enterprise") as authorized and referenced in Section 37-45.1-101, et seq., <br />ofthe Colorado Revised Statutes (1997), and Article X, Section 20 of the Colorado Constitution; <br />and <br /> <br />WHEREAS, the Colorado Water Conservation Board (hereinafter the "CWCB") has agreed <br />to extend a loan of $190,000.00 to the Enterprise to help finance the purchase of water rights to <br />augment the municipal water supply system; and <br /> <br />WHEREAS; the Enterprise is authorized and empowered by local ordinance and Section 37- <br />45.1-104, C.R.S. (1997) to incur indebtedness in the performance of its operations; and <br /> <br />WHEREAS, the loan to the Enterprise will not constitute a debt of the Town within the <br />meaning of any constitutional or statutory provision or limitation; and <br /> <br />WHEREAS, the loan is to be repaid exclusively from revenues generated and collected from <br />water system service fees, rates and charges; and <br /> <br />WHEREAS, the Town, through the operation ofthe Enterprise, is to maintain separate and <br />distinct records and funds respective to Enterprise expenditures and revenues; and <br /> <br />WHEREAS, the Enterprise desires to approve the CWCB loan and undertake those <br />commitments and actions necessary to effectuate and implement same. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SELECTMEN FOR <br />GEORGETOWN, COLORADO, ACTING AS THE GOVERNING BOARD FOR THE <br />GEORGETOWN WATER .<L'I'D SEWER ACTIVITY ENTERPRISE, as follows: <br /> <br />Section One <br /> <br />The Loan Contract (Loan Contract No. C153738) between the Colorado Water Conservation <br />Board (the "CWCB"), the Town of Georgetown (the "Town") and the Town of Georgetown Water <br /> <br />Appendix 1(a) - Loan Contract C153738 <br />