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RESOLUTION 43-21
Position5RUSBULLETIN1780-27TOWNOFESTESPARKRESOLUTION43-21APPROVED0MB.No.0572-012ILOANRESOLUTION(PublicBodies)ARESOLUTIONOFTHEBoardofTrusteesOFTHETownofEstesPark,Colorado,actingbyandthroughtheTown’sWaterEnterprise,AUTHORIZINGANDPROVIDINGFORTHEINCURRENCEOFINDEBTEDNESSFORTHEPURPOSEOFPROVIDINGAPORTIONOFTHECOSTOFACQUIRING,CONSTRUCTING,ENLARGING,IMPROVING,AND/OREXTENDINGITSGlacierCreekWaterPre-TreatmentPlantProjectFACILITYTOSERVEANAREALAWFULLYWITHINITSJURISDICTIONTOSERVE.TownofEstesPark,Colorado,actingbyandthroughtheTown’sWaterEnterprise,WHEREAS,itisnecessaryforthe_________________________________________________________________________________________(PublicBody)(hereinaftercalledAssociation)toraiseaportionofthecostofsuchundertakingbyissuanceofitsbondsintheprincipalamountof$7,675,000ArticleX,Section20oftheColoradoConstitution,pursuanttotheprovisionsofTitle31,Article35,Part4,CR5.andTitle11,Article57,Part2,CR5.andWHEREAS,theAssociationintendstoobtainassistancefromtheUnitedStatesDepartmentofAgriculture,(hereincalledtheGovernment)actingundertheprovisionsoftheConsolidatedFarmandRuralDevelopmentAct(7U.S.C.1921etseq.)intheplanning.financing,andsupervisionofsuchundertakingandthepurchasingofbondslawfullyissued,intheeventthatnootheracceptablepurchaserforsuchbondsisfoundbytheAssociation:NOWTHEREFORE,inconsiderationofthepremisestheAssociationherebyresolves:I.TohavepreparedonitsbehalfandtoadoptanordinanceorresolutionfortheissuanceofitsbondscontainingsuchitemsandinsuchformsasarerequiredbyStatestatutesandasareagreeableandacceptabletotheGovernment.2.Torefinancetheunpaidbalance,inwholeorinpart,ofitsbondsupontherequestoftheGovernmentifatanytimeitshallappeartotheGovernmentthattheAssociationisabletorefinanceitsbondsbyobtainingaloanforsuchpurposesfromresponsiblecooperativeorprivatesourcesatreasonableratesandtermsforloansforsimilarpurposesandperiodsoftimeasrequiredbysection333(c)ofsaidConsolidatedFarmandRuralDevelopmentAct(7U.S.C.1983(c)).3.Toprovidefor,execute,andcomplywithFormRD400-4,“AssuranceAgreenient,”andFormRD400-I,“EqualOpportunityAgreement,”includingan“EqualOpportunityClause,”whichclauseistobeincorporatedin,orattachedasariderto,eachconstructioncontractandsubcontractinvolvinginexcessof510,000.4.ToindemnifytheGovernmentforanypaymentsmadeorlossessufferedbytheGovernmentonbehalfoftheAssociation.Suchindemnificationshallbepayablefromthesamesourceoffundspledgedtopaythebondsoranyotherlegallypermissiblesource.5.Thatupondefaultinthepaymentsofanyprincipalandaccruedinterestonthebondsorintheperformanceofanycovenantoragreementcontainedhereinorintheinstrumentsincidenttomakingorinsuringtheloan,theGovernmentatitsoptionmay(a)declaretheentireprincipalamountthenoutstandingandaccruedinterestimmediatelydueandpayable,(b)fortheaccountoftheAssociation(payablefromthesourceoffundspledgedtopaythebondsoranyotherlegallypermissiblesource),incurandpayreasonableexpensesforrepair,maintenance,andoperationofthefacilityandsuchotherreasonableexpensesasmaybenecessarytocurethecauseofdefault,and/or(c)takepossessionofthefacility,repair,maintain,andoperateorrentit.DefaultundertheprovisionsofthisresolutionoranyinstrumentincidenttothemakingorinsuringoftheloanmaybeconstruedbytheGovernmenttoconstitutedefaultunderanyotherinstrumentheldbytheGovernmentandexecutedorassumedbytheAssociation,anddefaultunderanysuchinstrumentmaybeconstruedbytheGovernmenttoconstitutedefaulthereunder.6.Nottosell,transfer,lease,orotherwiseencumberthefacilityoranyportionthereof,orinteresttherein,orpermitotherstodoso,withoutthepriorwrittenconsentoftheGovernment.7.Nottodefeasethebonds,ortoborrowmoney,enterintoanycontractoragreement,orotherwiseincuranyliabilitiesforanypurposeinconnectionwiththefacility(exclusiveofnormalmaintenance)withoutthepriorwrittenconsentoftheGovernmentifsuchundertakingwouldinvolvethesourceoffundspledgedtopaythebonds.8.ToplacetheproceedsofthebondsondepositinanaccountandinamannerapprovedbytheGovernment.FundsmaybedepositedininstitutionsinsuredbytheStateorFederalGovernmentorinvestedinreadilymarketablesecuritiesbackedbythefullfaithandcreditoftheUnitedStates.Anyincomefromtheseaccountswillbeconsideredasrevenuesofthesystem.9.TocomplywithallapplicableStateandFederallawsandregulationsandtocontinuallyoperateandmaintainthefacilityingoodcondition.10.Toprovideforthereceiptofadequaterevenuestomeettherequirementsofdebtservice,operationandmaintenance,andtheestablishmentofadequatereserves.Revenueaccumulatedoverandabovethatneededtopayoperatingandmaintenance,debtserviceandreservesmayonlyberetainedorusedtomakeprepaymentsontheloan.RevenuecannotbeusedtopayanyexpenseswhicharenotdirectlyincurredforthefacilityfinancedbyUSDA.Nofreeserviceoruseofthefacilitywillbepermitted.AccordingtothePapenorkReductionActof1995,anagencymaynotconductorsponsor,andapersonisnotrequiredtorespondto,acollectionofinformationunlessitdisplaysavalid0MBcontrolnu,nber.Thevalid0MBcontrolnu,nberjbrthisinIbrmationcollectionis0572-0121.Thetimerequiredtoco,npletethisinformationcollectionisestimatedtoaverage1hourperresponse,includingtheti,neJbrreviewinginstructions,searchingexistingdatasources,gatheringandmaintainingthedataneeded,andcompletingandrel’iemringthecollectionofinformation. -7-II.ToacquireandmaintainsuchinsuranceandfidelitybondcoverageasmayberequiredbytheGovernment.12.ToestablishandmaintainsuchbooksandrecordsrelatingtotheoperationofthefacilityanditsfinancialaffairsandtoprovideforrequiredauditthereofasrequiredbytheGovernment,toprovidetheGovernmentacopyofeachsuchauditwithoutitsrequest,andtoforwardtotheGovernmentsuchadditionalinformationandreportsasitmayfromtimetotimerequire.13.ToprovidetheGovernmentatallreasonabletimesaccesstoallbooksandrecordsrelatingtothefacilityandaccesstothepropertyofthesystemsothattheGovernmentmayascertainthattheAssociationiscomplyingwiththeprovisionshereofandoftheinstrumentsincidenttothemakingorinsuringoftheloan.14.ThatiftheGovernmentrequiresthatareserveaccountbeestablished,disbursementsfromthataccount(s)maybeusedwhennecessaryforpaymentsdueonthebondifsufficientfundsarenototherwiseavailableandpriorapprovaloftheGovernmentisobtained.Also,withthepriorwrittenapprovaloftheGovernment,fundsmaybewithdrawnandusedforsuchthingsasemergencymaintenance,extensionstofacilitiesandreplacementofshortlivedassets.15.ToprovideadequateservicetoallpersonswithintheserviceareawhocanfeasiblyandlegallybeservedandtoobtainUSDA’sconcurrencepriortorefusingneworadequateservicestosuchpersons.Uponfailuretoprovideserviceswhicharefeasibleandlegal,suchpersonshallhaveadirectrightofactionagainsttheAssociationorpublicbody.16.TocomplywiththemeasuresidentifiedintheGovernment’senvironmentalimpactanalysisforthisfacilityforthepurposeofavoidingorreducingtheadverseenvironmentalimpactsofthefacility’sconstructionoroperation.17.Toacceptagrantinanamountnottoexceed$$7,675,000underthetermsofferedbytheGovernment;thattheTownofEstesPark,Colorado,actingbyandthroughtheTown’sWaterEnterprise,andtheTown.BoardofTrusteesoftheTown,andandactingasthegoverningbodyoftheAssociationareherebyauthorizedandempoweredtotakeallactionnecessaryorappropriateintheexecutionofallwritteninstrumentsasmayberequiredinregardtoorasevidenceofsuchgrant;andtooperatethefacilityundertheternisofferedinsaidgrantagreement(s).Theprovisionshereofandtheprovisionsofallinstrumentsincidenttothemakingortheinsuringoftheloan,unlessotherwisespecificallyprovidedbythetermsofsuchinstrument,shallbebindingupontheAssociationaslongasthebondsareheldorinsuredbytheGovernmentorassignee.Theprovisionsofsections6through17hereofmaybeprovidedforinmorespecificdetailinthebondresolutionorordinance;totheextentthattheprovisionscontainedinsuchbondresolutionorordinanceshouldbefoundtobeinconsistentwiththeprovisionshereof,theseprovisionsshallbeconstruedascontrollingbetweentheAssociationandtheGovernmentorassignee.Thevotewas:Yeas__________Nays____________Absent____________INWITNESSWHEREOF,theBoardofTrusteesoftheTownofEstesPark,actingastheTown’sWaterEnterprise,hasdulyadoptedthisresolutionandcauseditofficersbelowinduplicateonthis________________,dayof7.oZ—tByWendyK’engTitleMayorC -3-CERTIFICATIONTOBEEXECUTEDATLOANCLOSINGI,theundersigned,asTownClerkoftheTownofEstesParkherebycertil’thattheBoardofTrusteesactingasthegoverningbodyofsuchAssociationiscomposedofsevenmembers,ofwhom,constitutingaquorum,werepresentatameetingthereofdulycalledandheldonthe________________________dayof________________________andthattheforegoingresolutionwasadoptedatsuchmeetingbythevoteshownabove,Ifurthercertifythatasof___________________________________________________________________________________thedateofclosingoftheloanfromtheUnitedStatesDepartmentofAgriculture,saidresolutionremainsineffectandhasnotbeenrescindedoramendedinanyway.Dated,this________________________dayof________________________TitleTownClerk