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<br />-'" <br />/) <br /> <br />RESOLUTION NO. 98-26 <br />(Series of 1998) <br /> <br />A RESOLUTION OF THE BOARD OF SELECTMEN OF THE TOWN OF <br />GEORGETOWN, COLORADO AUTHORIZING AND ENDORSING A LOAN BETWEEN <br />THE TOWN OF GEORGETOWN W ATERAND SEWER ACTMTY ENTERPRISE AND <br />THE COLORADO WATER CONSERVATION BOARD FOR THE PURCHASE OF <br />WATER RIGHTS; AND DIRECTING THE SEGREGATION OF SUFFICIENT WATER <br />SYSTEM REVENUES EACH YEAR TO REPAY THE LOAN AMOUNT AND ESTABLISH <br />A RESERVE DEBT SERVICE FUND. <br /> <br />WHEREAS, the Town has established the Town of Georgetown Water and Sewer Activity <br />Enterprise (the "Enterprise") as authorized and referenced in Section 37-45.1-101, et seq., of the <br />Colorado Revised Statutes (1997), and Article X, Section 20 of the Colorado Constitution; 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, eR.s. (1997) to incur indebtedness in the performance of its operations; and <br /> <br />WHEREAS, the loan as extended to the Enterprise will not constitute a debt of the Town <br />within the 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, water system service fees, rates and charges are established by ordinance; and <br /> <br />WHEREAS, the Town, through the operation of the Enterprise, is to maintain separate and <br />distinct records and funds respective to Enterprise expenditures and revenues; and <br /> <br />WHEREAS, the Board of Selectmen desires to endorse 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, as follows. <br /> <br />Section One <br /> <br />The Loan Contract (Loan Contract No. C 153 738) between the Colorado Water Conservation <br />Board (the "CWCB"), the Town of Georgetown (the "Town") and the Town of Georgetown Water <br />and Sewer Activity Enterprise (the "Enterprise"), a copy of which is attached and incorporated <br /> <br />Appendix 1(b) - Loan Contract C153738 <br />