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ORDINANCE NO. 1167 SERIES 1994 AN ORDINANCE DESIGNATING AND ESTABLISHING THE CITY OF LOUISVILLE WATER ACTIVITY ENTERPRISE. WHEREAS, Section 20 of Article X of the Colorado Constitution provides that "enterprises" as defined therein are exempt from all provisions thereof; and WHEREAS, pursuant to the provisions of Title 37, Article 45.1, Colorado Revised Statutes (the "Water Activity Law"), state and local governmental entities which have their own bonding capacity under applicable laws are authorized: (i) to establish or continue to maintain water, wastewater and stormwater activity enterprises for the purpose of pursuing or continuing water activities, which includes the diversion, storage, carriage, delivery, distribution, collection, treatment, use, reuse, augmentation, exchange, or discharge of water; and (ii) to issue or reissue bonds, notes, or other obligations payable from the revenues derived or to be derived from the function, service, benefits, or facility or from any other available funds of the enterprise, the terms and conditions of such bonds or other obligations to be as set forth in the resolution authorizing the same and, as nearly as practicable, as provided in Part 4 of Article 35 of Title 31, C.R.S., relating to water and sewer revenue bonds; and WHEREAS, the City Council desires to take advantage of its legislative authority and finds that it would be in the public interest to expressly recognize its water activity as an enterprise of the City of Louisville within the meaning of said Section 20 of Article X, effective January 1, 1995; and WHEREAS, the City Council finds and declares that the authority of Senate Bill 93-130, adding Article 45.1 to Title 37, C.R.S., is in addition to all other authority provided by law and that the City Council has the authority to utilize other policies and procedures for operating or continuing water activity enterprises for any other lawful purposes; and WHEREAS, as a statutory municipality of the State of Colorado, the City of Louisville has its own bonding authority under various provisions of the Colorado Constitution and the Colorado Revised Statutes; and WHEREAS, the City's water activity enterprise receives under ten percent of its annual revenue in grants from all Colorado state and local governments combined; and WHEREAS, the City Council considers it to be in the best interests of the City that the City's water activity enterprise be designated as an enterprise. 1