HomeMy WebLinkAboutORDINANCE 14-75:10 0
ORDINANCE NO.14-75
AN ORDINANCE CONCERNING THE DEVELOPMENT
AND ACQUISITION OF ELECTRIC POWER AND
ENERGY;AUTHORIZING THE CREATION OF THE
PLATTE RIVER POWER AUTHORITY AS A SEPA
RATE GOVERNMENTAL ENTITY AND AS A SUC
CESSOR TO THE EXISTING NONPROFIT CORPO
RATION OF THE SAME NAME;AUTHORIZING
THE MAKING OF AN ORGANIC CONTRACT THERE-
FOR;CONFIRMING THE CONTINUATION OF CER
TAIN EXISTING CONTRACTS,AGREEMENTS AND
RESOLUTIONS;AND DECLARING AN EMERGENCY.
WHEREAS,the Town of Estes Park,Colorado,and the
Cities of Loveland,Longmont and Fort Collins,Colorado,
(hereinafter collectively referred to as the “Municipalities”)
heretofore created the Platte River Power Authority,a non
profit Colorado corporation (the “Non-Profit Corporation”)
as their agency and instrumentality,to supply their electric
power and energy requirements,and at the present time the
Non—Profit Corporation supplies the wholesale electric power
and energy requirements of the Municipalities;and
WHEREAS,the Non-Profit Corporation will not be able
to obtain a ruling from the Internal Revenue Service,that
interest payable on bonds of the Non-Profit Corporation will,
for federal income tax purposes,be excluded from the gross
income of the recipient,in time to enable the Non-Profit
Corporation to accomplish the long—term financing necessary
to meet its financial obligations for the Yampa Project;and
WHEREAS,the Municipalities now desire to avoid the
need for such a ruling by the Internal Revenue Service and,
pursuant to the provisions of Section 29—1—203.1,C.R.S.1973,
which was enacted by the 1975 General Assembly,to contract
together to establish a separate governmental entity to be
the successor to the Non—Profit Corporation and,as such suc
cessor,to continue to supply the wholesale electric power
and energy requirements of the Municipalities;
NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF TRUS
TEES OF THE TOWN OF ESTES PARK,COLORADO:
o
Section 1.That the Town of Estes Park contract with
the other Municipalities to establish a separate governmental
entity to be known as the Platte River Power Authority (the
“Authority”)by the execution and delivery of the ORGANIC CON
TRACT ESTABLISHING PLATTE RIVER POWER AUTHORITY AS A SEPARATE
GOVERNMENTAL ENTITY (the “Organic Contract”)in the form of
said Organic Contract presented to this meeting and a copy of
which shall be retained on file by the Town Clerk,and the Mayor
and Town Clerk are hereby authorized and directed to execute
said Organic Contract on behalf of the Town of Estes Park.
Section 2.That Robert I.Dekker
is hereby nominated and appointed as the member of the Board of
Directors of the Authority to be appointed by the Town of Estes
Park.
Section 3.That the Authority is acknowledged and rec
ognized as the successor to the Non—Profit Corporation and the
Town of Estes Park does hereby approve,consent and agree that
all contracts,agreements,indemnifications,obligations,under
takings or other instruments (the “Existing Documents”)which
this Municipality has heretofore entered into with or on behalf
of the Non-Profit Corporation shall,where applicable,be as
signed and transferred to the Authority by the Non-Profit Cor
poration and shall after such transfer and assignment remain in
full force and effect according to their respective terms and
conditions which Existing Documents shall include,without li
mitation:
A.Contract for Electric Power and Energy,dated
September 5,1975,between the Non-Profit Corporation and this
Municipality.
3.Resolutions heretofore adopted by this Muni
cipality in connection with borrowings by the Non-Profit Cor
poration from the First National Bank in Fort Collins,Colo
rado and the Morgan Guaranty Trust Company of New York.
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G
C.Agreements,if any,between this Municipality
and the Non-Profit Corporation relating to the joint use of
facilities or rights of way.
Section 4.If any section,paragraph,clause or pro
vision of this Ordinance shall be held to be invalid or unen
forceable,the invalidity or unenforceability of such section,
paragraph,clause or provision shall not affect any other pro
vision of this Ordinance.
Section 5.All ordinances,resolutions,by—laws and
regulations of the Town in conflict with this Ordinance are
hereby repealed to the extent only of such inconsistency.This
repealer shall not be construed to revive any ordinance,resolu
tion,by—law,or regulation,or part thereof,heretofore repealed.
Section 6.By reason of the fact that the Town and its
inhabitants need to provide for and supply electric power and en
ergy at this time and to further facilitate the financing by the
Authority of projects presently committed,an emergency is de
clared to exist,this Ordinance is declared to be necessary for
the immediate preservation of the public peace,health and safe
ty,inasmuch as the supply of power and energy affects the same,
and this Ordinance shall be in full force and effect five (5)
days after its final passage,adoption and publication.
PASSED BY THE BOARD OF TRUSTEES THIS
_____
DAY OF
____
H ftU1 1975.
/
£.
$7or
TOWN OF ESTEE/PARK,COLORADO
(SEAL)
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Town Cler
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