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07-9900ORDINANCENO.7-99ANORDINANCEFORMALLYESTABLISHINGALIGHTANDPOWERENTERPRISEUNDERSTATELAWWITHINTHETOWNOFESTESPARK,COLORADO;ACKNOWLEDGINGTHATSUCHLIGHTANDPOWERENTERPRISEHASTHEAUTHORITYTOISSUEITSOWNREVENUEBONDS;MAKINGCERTAINFINDINGSWITHRESPECTTOSUCHENTERPRISE;PROVIDINGOTHERDETAILSINCONNECTIONTHEREWITH;ANDDECLARINGANEMERGENCY.WHEREAS.theTownofEstesPark(the“Town”)previouslyhasestablishedandoperateditslightandpowerenterpriseforthebenefitofthecitizensoftheTownandothercustomers;andWHEREAS,theTownofEstesPark,LarimerCounty,Colorado(the“Town”)desirestoformalizetheestablishmentofitslightandpowerenterprise(the“Enterprise”)understatelaw;andWHEREAS,themembersofthegoverningbodyoftheTown(the“Board”)arewillingandintendtoactasthegoverningbodyoftheEnterprise;andWHEREAS,inordertobequalifiedasanenterpriseunderArticleX,Section20oftheColoradoConstitution(“TABOR”),theEnterprisemustbeabusinessownedbyadistrict,mustreceiveundertenpercentofitsannualrevenuesingrantsfromallColoradostateandlocalgovernmentscombined,andmustbeauthorizedtoissueitsownrevenuebondspursuanttoapplicablelaw;andWHEREAS,“district”isdefinedinTABORtoincludemunicipalities;andWHEREAS,“grant”inthecontextofTABORmeansacashpaymentofpublicfundsmadedirectlytoanenterprisebythestateoralocalgovernmentalentityoradistrict,whichcashpaymentisnotrequiredtoberepaid;andWHEREAS,theTownisadistrictunderTABORwhichunderTitle31,Article35,Part4,andTitle31,Article15,Part302,ColoradoRevisedStatutes(“C.R.S.”),hasitsownrevenuebondingauthorityandwhichwillbethesoleowneroftheEnterprise;andWHEREAS,theTown’slightandpowerenterprisefundatpresentreceivesundertenpercentofitsannualrevenuesingrantsfromallColoradostateandlocalgovernmentscombinedandtheTownpresentlyintendstoinsurethatthelightandpowerenterprisefundwillcontinuetoreceiveundertenpercentofitsrevenuesfromsuchgrants;andWI-IEREAS,pursuanttoSection31-15-302(d),C.R.S.,theTown,throughitsgoverningbody,mayborrowmoneyforthemunicipalpurposeofsupplyingelectricity;and#5383823 00WHEREAS.theBoardhasdeterminedthatitisinthebestinterestoftheTowntodesignateitslightandpowerenterprisefundanditslightandpowersystem,facilities,andactivitiesasalightandpowerenterprise”pursuanttoTABOR;andWI-IEREAS,allcapitalizedwordsandtermsusedinthisenterpriseordinance(the“EnterpriseOrdinance’)shallhavethemeaningssetforththereforintheserecitals;THEREFORE,BEITORDAINEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,LARIMERCOUNTY,COLORADO:Section1.FormalEstablishmentoftheEnterprise.TheTownherebyformallyestablishestheEnterpriseasanagencyoftheTownanddesignatesitasthe‘TownofEstesPark,LightandPowerEnterprise”.ItshallbethepurposeoftheEnterprisetopursueorcontinuealloftheTown’slightandpoweractivities,includingthepurchaseofelectricalenergy’andthedistributionofelectricalenergytotheTown’scustomers.Inconnectionwiththepurchaseanddistributionofelectricalenergy,theEnterpriseshallberesponsiblefor,amongotherthings,theconstruction,operation,repair,andreplacementofelectricpowerdistributionfacilities,andadministration,usingrevenuesandincomegeneratedbyandearnedoracquiredincoimectionwithitslightandpoweractivitiesandheldandmanagedintheTown’slightandpowerenterprisefund.AsbetweentheTownandtheEnterprise,alllightandpoweractivitieswillbedeemeddoneandfurnishedbytheEnterprise.Section2.EnterpriseExcludedfromtheProvisionsofTABOR.PursuanttoandinaccordancewiththeTABOR,theEnterpriseshallbeexcludedfromtheprovisionsofTABORandshalLbeentitledtoimposerates,fees,tolls,andcharges;collectandspendrevenues;issueitsownrevenuebonds;andconstruct,operate,andmaintainfacilitiesandprovidelightandpowerservices;allwithoutreferenceorregardtothelimitationscontainedinTABOR.Section3.GoverningBody.ThemembersoftheBoardshallserveasthegoverningbodyoftheEnterpriseandshaLlbeknowncollectivelyastheBoardofDirectorsoftheEnterprise(the“EnterpriseBoard”).ActingastheEnterpriseBoard,theBoardmayexercisetheTown’slegalauthorityrelatingtolightandpoweractivities.TheEnterpriseBoardherebyisdirectedtotakeallactionsnecessarytocausetheEnterprisetocomplywithallapplicablelaws.Section4.PowersoftheEnterprise.TheEnterpriseshallhaveallpowersandauthoritygrantedtomunicipalitiesiiiconnectionwithlightandpoweractivitiesbytheprovisionsoftheTitle31,Article15,C.R.S.;thepowertocontractwithanypersonorentity,includingotherdistrictsandotherenterprisesqualifiedunderTABOR;andthepowertoissueandreissuerevenuebondsthroughitsgoverningbody.SectionS.EnterpriseOblicationsandTownObligations.InconsiderationoftheEnterprise’scommitmenttoprovidelightandpowerservicesforwhichtheTownactuallyisobligatedandtocollectandspendrevenuesfromrates,fees,tolls,andchargesimposedbytheTown,theTownherebyagreestocontinuetoprovideadministrativeservicesfortheEnterpriseanditsactivities,tocontinuetoholdtitletoandownalloftheassetscurrentlyownedbytheTownandnecessarytothe1153i3824 0C,operationoftheEnterprise(includingbutnotlimitedtotheelectricalenergydistributionsystem),andtoimposeallrates,fees,tolls,andchargesforlightandpoweractivities.TherelationshipbetweentheTownandtheEnterprisewithrespecttotheadministrationoftheEnterprise.theoperationofthelightandpoweractivities,andthedutiesandresponsibilitiesofeachpartyshallbeashereinsetforthandasmaybedelineatedandclarifiedfromtimetotimeinajointresolutionoftheBoardandtheEnterpriseBoardwhichmaybeadoptedatanytimewhenthisEnterpriseOrdinanceisinfullforceandeffect(JointResolution”).Section6.TransactionsintheNameoftheTown.AnyandalltransactionsoftheEnterprisemaybedoneinthenameoftheTownorinthenameoftheEnterpriseandneitherthisSection6noranytransactionenteredintopursuanttoitshallalterorabrogatetherelationshipoftheTownandtheEnterpriseasestablishedinSection5ofthisEnterpriseOrdinanceandasmaybefurtherclarifiedfromtimetotimeinaJointResolution.Section7.Findin2softheBoard.TheBoardherebymakesthefollowingfindingswithrespecttotheestablishmentoftheEnterprise:(a)TheTown’slightandpowerenterprisefund;electricalenergypurchasedfromwhateversource;lightandpowerfacilities,includingtheTown’selectricalenergydistributionsystem;andallappurtenances,shallcomprisetheEnterprisewhichshallbeandisthelightandpowerbusinessownedbytheTown.(b)TheEnterpriseshallbeandisanagencyoftheTownforthepurposeandwithinthemeaningofthefollowing:(i)Title24,Article10,Part1.ColoradoRevisedStatutes,the“ColoradoGovernmentalImmunityAct;(ii)Title29,Article1,Part6,ColoradoRevisedStatutes,the“ColoradoLocalGovernmentAuditLaw’;(iii)Title29,Article1,Partl,the“LocalGovernmentBudgetLawofColorado”;and(iv)allotherlocal,state,andfederallaws,rules,andregulations.(c)TheestablishmentoftheEnterpriseisnecessarytocontinuetoprovideareliablelightandpowersupplyfordomesticusebytheinhabitantsoftheTownandotherdomesticcustomersoftheEnterpriseandtocontinuetoprovidelightandpowerforusebycertainfederalgovernmentagencieslocatedwithinorinproximitytotheTown.(d)TheTownhastheauthoritytoconductlightandpoweractivitiesandisthesoleowneroftheEnterprise.TheTownhasrevenuebondingauthorityforlightandpoweractivitiespursuanttoTitle31,Article15,Part3,C.R.S.#5383825 00(e)TheEnterprisereceivesundertenpercentofitsannualrevenuesingrantsfromallColoradostateandlocalgovernmentscombined,havingreceived(astheTown’slightandpowerenterprisefund)noneofitsrevenuesforthe1998fiscalyearfromstateandlocalgrantsandexpectingtoreceiveonly$150,000(1.99%)ofitstotalexpectedrevenues($7,532,828)forthe1999fiscalyearfromsuchsources.(0PursuanttothisEnterpriseOrdinance,theEnterpriseisauthorizedtoissueitsownrevenuebonds.(g)TheEnterprisedoesnotandshallnotlevyanytaxwhatsoever,norshallanyrates,tolls,fees,orchargescollectedandspentbytheEnterpriseeverbedeemedtobetaxesforanypurposeunderanylaw,rule,orregulation,whetherlocal,state,orfederal.Section8.Termination.TheEnterpriseshallremaininexistenceatthewilloftheBoardandinaccordancewithlaw.IntheeventthattheEnterpriseisterminatedbyoperationoflaworbyactoftheBoard,anyandallassetsoftheEnterprise,immediatelyandwithouttheneedforfiwtheraction,shalLbedeemedtobeandshallbeassetsoftheTown.Section9.Repealer.Allorders,rules,regulations,resolutions,andordinancesoftheTown,orpartsthereof,inconsistentorinconflictwiththisEnterpriseOrdinance,herebyarerepealedtotheextentonlyofsuchinconsistencyorconflict.Section10.Severabilib’.Ifanysection,paragraph,clause,orprovisionoftheEnterpriseOrdinanceshallforanyreasonbeheldtobeinvalidorunenforceable,theinvalidityorunenforceabi1kvofsuchsection,paragraph,clause,orprovisionshallnotaffectanyoftheremainingprovisionsofthisEnterpriseOrdinance,theintentbeingthatthesameareseverable.Section11.EffectiveDate:RecordingandAuthentication.ThisEnterpriseOrdinanceshallbeeffectiveimmediatelyuponitsadoption.ThisEnterpriseOrdinanceshallberecordedinabookkeptforthatpurpose,shallbeauthenticatedbythesignatureoftheMayorandattestedbytheTownClerk,andshallbepublishedinaccordancewithlaw.#5383826 0CSection12.EmerencvProvisions.Byreasonofthefactsthat:(1)theTownanditsinhabitantsmustbeproperlyandadequatelysuppliedwithlightandpoweranditisnecessarytoissuebondsimmediatelytofinancethecostsandexpensesofextendingandimprovingthelightandpowerfacilitiesand(2)itisnecessarytodocumenttheenterprisestatusoftheEnterprisebeforesuchbondsmaybeissued;itisherebydeclaredthatanemergencyexists,thatthisEnterpriseOrdinanceisnecessarytotheimmediatepreservationofthepublicpeace,health,andsafety,andthatitshallbeinfullforceandeffectuponadoptionandpublicationaccordingtolaw.INTRODUCED,APPROVED,ANDFINALLYPASSEDASANEMERGENCYORDNANCEBYTHEAFFIRMATIVEVOTESOFTHREE-QUARTERSOFTHEMEMBERSOFTHEBOARDthis28”dayofSeptember,1999.(SEAL)AHEST:TownClerkt53S3S27