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ORDINANCE NO. 1683 <br />SERIES 2015 <br />AN ORDINANCE AUTHORIZING A LOAN FROM THE COLORADO WATER <br />RESOURCES AND POWER DEVELOPMENT AUTHORITY TO FINANCE <br />IMPROVEMENTS TO THE CITY'S WASTEWATER AND STORMWATER <br />SYSTEMS; AUTHORIZING THE FORM AND EXECUTION OF THE LOAN <br />AGREEMENT AND A GOVERNMENTAL AGENCY BOND TO EVIDENCE SUCH <br />LOAN; RATIFYING PRIOR DETERMINATIONS OF THE CITY COUNCIL; AND <br />PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH. <br />WHEREAS, the City of Louisville, Boulder County, Colorado (the "City "), is a <br />municipal corporation duly organized and existing as a home rule city pursuant to Article XX of <br />the Constitution of the State of Colorado (the "State ") and the home rule Charter of the City; and <br />WHEREAS, the members of the City Council of the City (the "Council ") have been duly <br />elected and qualified; and <br />WHEREAS, pursuant to section 12 -1 of the City's home rule Charter, the City may borrow <br />money and issue securities or enter into other obligations to evidence such borrowing in any form <br />and in any manner determined by the Council to be advantageous to the City, subject to the State <br />Constitution and notwithstanding any limitations in the State statutes; and <br />WHEREAS, the City has heretofore determined and undertaken to combine, operate, and <br />maintain its water, wastewater and stormwater facilities as a utility and income - producing project <br />(the "System ") and accounts for the financial operations of the System in the City's Water and <br />Wastewater Enterprise Fund; and <br />WHEREAS, the City Council has determined that the System is an enterprise within the <br />meaning of Article X, Section 20 of the Colorado Constitution; and <br />WHEREAS, the City has determined that the interests of the City and the public interest <br />and necessity demand and require the completion of certain improvements to the System (the <br />"Project "); and <br />WHEREAS, the City has made application to the Colorado Water Resources and Power <br />Development Authority (the "CWRPDA ") through its Water Pollution Control Revolving Fund, for <br />a long -term loan to finance a portion of the cost of the Project; and <br />WHEREAS, the City has determined that in order to finance a portion of the cost of the <br />Project, it is necessary and advisable and in the best interests of the City for the City to enter into <br />a long -term loan agreement (the "Loan Agreement ") with the CWRPDA, a body corporate and <br />political subdivision of the State, pursuant to which CWRPDA shall loan the City an amount of <br />not to exceed $43,000,000 (the "Loan") for such purposes; and <br />WHEREAS, the repayment obligations under the Loan Agreement shall be evidenced by <br />a governmental agency bond (the "Bond ") to be issued by the City to CWRPDA; and <br />Ordinance No. 1683, Series 2015 <br />Page 1 of 10 <br />