HomeMy WebLinkAbout 15-38 Prescribing Payment Rate for Payments of Cash-in-Lieu1
RESOLUTION NO.�
A RESOLUTION PRESCRIBING THE PAYMENT RATE FOR PAYMENTS OF CASH -IN -
LIEU OF WATER RIGHTS DEDICATIONS TO THE TOWN OF FIRESTONE, COLORADO,
WHEREAS, the Town operates a municipal water system and requires the dedication of
water rights in connection with the annexation, subdivision and development of, and water
service to, properties within the Town; and
WHEREAS, pursuant to Sections 1.08.050 and 13.08.010 of the Firestone Municipal
Code, the Town requires that seventy-five percent (75%) of the water dedication requirement be
net by dedication of water and that twenty-five percent (25%) of the dedication requirement be
rnet by payment of cash4n4ieu of dedication; and
WHEREAS, Sections 1.08.050 and 13.08.010 provide that the rate for payments of cash -
in -lieu of water rights shall be as determined by the Board of Trustees from time to time by
resolution, which rate shall be equivalent to one hundred and ten percent (I 101/o) of the then -current
purchase price of acre-foot units of Colorado Big Thompson ("CBT") water; and
WHEREAS, the Board of Trustees previously approved a resolution setting the payment
rate at $26,000.00 per acre-foot units of CBT water; and
WHEREAS, based on current information regarding the average purchase price for shares
of CBT water, the Board of Trustees desires to set a new cash4n4ieu payment rate;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO:
ection 1. Effective upon the adoption of this resolution, the payment rate for
payments of cash -in -lieu of water rights dedications shall be $27,750.00 per acre-foot unit of
Colorado Big Thompson ("CBT") water. Said rate shall remain in effect until revised by
subsequent resolution of the Board of Trustees.
i n 2 The charges set by this resolution shall supersede and replace any charges
previously set or adopted by the Board of Trustees for the same purpose.
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All, other resolutions or portions thereof inconsistent or conflicting
with this resolution or any portion hereof are hereby repealed to the extent of such
inconsistency or conflict.
PASSED AND ADOPTED THIS A)I! 6AY OF , 2015.
TOWN OF FIRESTONE, COLORADO
Paul Sorensen, Mayor
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