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RESOLUTION NO. 16 <br />SERIES 2000 <br /> <br />A RESOLUTION APPROVING A PURCHASE AGREEMENT TO BUY <br />AND SELL WATER RIGHTS <br /> <br /> WHEREAS, the City of Louisville is the owner of certain water rights consisting of thirty <br />(30) shares of the South Boulder Canon Ditch, 2.5 shares of the Leyner-Cottonwood Ditch, and ten <br />(10) shares of the Erie and Coal Creek Ditch, which water rights are more particularly described in <br />Exhibit A attached hereto and incorporated herein by reference (the "Water Rights"); and <br /> <br /> WHEREAS, an agreement has been proposed between the City of Louisville and the Grace <br />Mar Water, Inc. under which Grace Mar Water, Inc. would purchase the Water Rights from the City <br />for a purchase price of $160,000 to be paid in cash; and <br /> <br /> WHEREAS, the City Council has determined it is in the best interest of the City and its <br />citizens to sell and convey the Water Rights to Grace Mar Water, Inc. for cash. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF LOUISVILLE, COLORADO: <br /> <br /> 1. The proposed Purchase Agreement to Buy and Sell Water Rights between the City <br />of Louisville and Grace Mar Water, Inc., a copy of which is attached hereto and incorporated herein <br />by this reference, is hereby approved. <br /> <br /> 2. The Mayor is hereby authorized to execute the attached Purchase Agreement on <br />behalf of the City Council of the City of Louisville, except that the Mayor is hereby granted the <br />authority to negotiate and approve such revisions to said Purchase Agreement as the Mayor <br />determines are necessary or desirable for the protection of the City, so long as the essential terms <br />and conditions of the Purchase Agreement are not altered. <br /> <br /> 3. The Mayor, City Administrator and City Staff are further authorized to do all things <br />necessary on behalf of the City to perform the obligations of the City under the Purchase <br />Agreement, and to execute and deliver any and all documents necessary to effect the sale of the <br />Water Rights under the terms and conditions of the Purchase Agreement. <br /> <br />PASSED AND ADOPTED this 15th day of February, 2000. <br /> <br />Tom Davidson, Mayor <br /> <br /> <br />