974 Water Enterprise Revenue BondsORDINANCE NO. 974
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF TOWN
OF FIRESTONE, COLORADO, WATER ENTERPRISE REVENUE
BONDS, SERIES 2020; PROVIDING FOR THE SOURCE OF PAYMENT
OF SUCH BONDS, AND PROVIDING OTHER DETAILS CONCERNING
THE BONDS AND THE TOWN'S WATER SYSTEM; AND DECLARING
AN EMERGENCY
WHEREAS, the Town of Firestone, Colorado (the "Town") is a municipal
corporation duly organized and existing under the Constitution and laws of the State of Colorado
(the "State"); and
WHEREAS, the members of the Board of Trustees of the Town (the "Board") have
been duly elected or appointed and qualified; and
WHEREAS, the Town now owns and operates a municipal water system (the
"System"); and
WHEREAS, by Ordinance No. 297 of the Town adopted on October 14, 1993, the
Board established the Town of Firestone Water Activity Enterprise as a "water activity enterprise"
pursuant to Title 37, Article 45.1, C.R.S. (the "Water Enterprise Act"), for the purpose of operating
and accounting for the operations of the System; and
WHEREAS, the Board has determined, and hereby determines that the System
constitutes an enterprise pursuant to Atiicle X, Section 20 of the Colorado Constitution and the
Water Enterprise Act; and
WHEREAS, the Town is authorized by Title 29, Article 1, Part 2, C.R.S., to enter
into contracts with other municipalities, special districts, or political subdivisions of the State to
establish a water authority to be used to effect the development of water resources, systems and
facilities, in whole or in part for the benefit of the inhabitants and service users of the contracting
parties or others at the discretion of the board of directors of the water authority; and
WHEREAS, the Town has heretofore entered into that ce1iain St. Vrain Water
Authority Establishing Contract (the "Establishing Contract") with the Little Thompson Water
District, a quasi-municipal corporation and political subdivision of the State (the "Little
Thompson"), to fo1m the St. Vrain Water Authority (the "Authority") for the purpose of effecting
the development of systems and facilities for the purposes of furnishing a potable water supply for
the benefit of the inhabitants and service users of the Town and Little Thompson; and
WHEREAS, the Board has determined, and hereby determines, that is necessary
and in the best interest of the Town and its inhabitants that the Town finance the costs of acquiring,
constructing and installing Capital Improvements to the System, including constructing a new
water treatment facility to be owned and operated by the Authority which will provide treated
water to the System (the "Authority Project" or, together with the Capital Improvements of the
System, the "Improvement Project"); and