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