HomeMy WebLinkAboutORDINANCE 10-860 0
ORDINANCE NO.10-8 6
AN ORDINANCE PERMITTING THE TOWN
OF ESTES PARK TO INCUR INDEBTEDNESS
ON BEHALF OF THE MUNICIPALITY AND
APPROVING THE FORM AND AUTHORIZING
THE EXECUTION OF CERTAIN DOCUMENTS
RELATING THERETO
WHEREAS,the Town of Estes Park,Larimer County,Colorado is
by Title 31,Article 15,Part 3,Colorado Revised Statutes,as
amended,is empowered to contract indebtedness on behalf of the
Municipality by borrowing money for any public purpose including
that in connection with supplying water;and
WHEREAS,it is necessary for the Town of Estes Park to incur
indebtedness to meet its obligations under the Series C Bonds of
Municipal Subdistrict,Northern Colorado Water Conservancy
District;and
WHEREAS,it is necessary to authorize the contracting of
indebtedness by ordinance and to approve the execution of
documents in connection thereof.
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES
PARK,COLORADO:
Section 1.Approvals and Authorizations.The proper
officers of the Town of Estes Park are hereby authorized and
directed to borrow an amount up to $225,000.00 for the purpose
of meeting the Town’s obligations under Series C Bonds of the
Municipal Subdistrict,Northern Colorado Water Conservancy
District,and are hereby authorized and directed to execute the
loan agreement,the indenture and such other documents,
instruments or certificates as are deemed necessary or
desirable by the Town to contract such indebtedness.Such
documents are authorized to be executed,provided that such
documents may be completed,corrected or revised as the Mayor of
the Town shall approve in order to carry out the purposes for
which the indebtedness is incurred,the Mayor’s execution thereof
being deemed conclusive of his approval of such completion,
correction or revision.Copies of all the documents shall be
delivered,filed and recorded as provided herein.
The approval and authorization hereby given to the various
documents referred to above includes an approval and
authorization of such additional details therein as may be
necessary and appropriate for their completion,including
interest rates and any numbers derived therefrom,and such
modifications thereto,deletions therefrom and additions thereto
as may be approved prior to the execution of the documents by the
proper officers of the Town.The execution of any instrument
herein authorized by the appropriate officers of the Town shall
be conclusive evidence of the approval by the Town of such
instrument in accordance with the terms hereof.
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Section 2.Interest Rate.The maximum net eftective
interest rate at which the authorized indebtedness may be
incurred is 10%
Section 3.Nature of Obligation.The indebtedness entered
into on behalf of the Town shall be payable solely from,and
secured by a pledge of,the certificates of deposit issued by the
Colorado Savings &Loan in the principal amount ot
$300,000.00 .The Town will not pledge any other of its
property or secure the payment ot the loan with any other
property.
Section 4.Loan Ordinance Irrepealable.After the loan
agreement is entered into,this ordinance shall constitute an
irrevocable contract between the Town and the loaning institution
and shall be and remain irrepealable until the loan,both
principal and interest,shall be fully paid,cancelled and
discharged.
Section 5.The Board of Trustees of the Town of Estes Park,
Colorado,herewith finds,determines and designates that this
ordinance is necessary for their immediate preservation of the
public peace,health and safety,in order to permit the payment
of the Town’s obligations in supplying water,and whereas,in the
opinion of the Board of Trustees,an emergency exists,this
Ordinance shall take effect and be in force immediately after its
passage,adoption and signature of the Mayor.
f4ayor
I hereby certify that the above ordinance was introduced
and read at a regular meeting of the Board of Trustees on the
_____day
of
__________________,
1986,and published in a
newspaper of general circulation in the Town of Estes Park,
Colorado.
&c
Town Clerk
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