ORDINANCE NO. 1071 (2018) AN ORDINAN

81625 | 01/05/2018 | Ad id: 8-0000175882
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ORDINANCE NO. 1071 (2018) AN ORDINANCE OF THE CITY OF CRAIG, COLORADO, ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE, AUTHORIZING A LOAN, EVIDENCED BY A NOTE, ISSUED FOR THE PURPOSE OF REFUNDING AN OUTSTANDING OBLIGATION OF THE CITY AT A LOWER INTEREST RATE; PROVIDING FOR THE PAYMENT AND CANCELLATION OF THE REFUNDED OBLIGATION AND FOR PAYMENT OF THE NOTE FROM NET REVENUES DERIVED FROM THE OPERATION OF THE CITY'S WATER SYSTEM; AND, MAKING COVENANTS AND PROVIDING OTHER DETAIL IN CONNECTION WITH THE LOAN. WHEREAS, the City of Craig, Moffat County, Colorado is a home-rule municipality of the state of Colorado, duly organized and operating under the constitution of the State and the City's home rule charter (unless otherwise indicated, capitalized terms used in this preamble shall have the meanings set forth in Section 1 of this Ordinance); and WHEREAS, the City is the owner and operator of a water utility (later defined as the "System") and the System has been established by the City as a "water activity enterprise" within the meaning of the Water Activity Law. The City is wanting to refinance their water bonds that were used to finance the existing water system as their current bond is callable on March 1, 2018, at the option of the Authority. This ordinance was presented for First Reading at a special City of Craig Council meeting on January 4, 2018. The entire text of this ordinance is available for public inspection and acquisition in the office of the Craig City Clerk, 300 W. 4th St., Craig, CO 81625, 970-826-2010 or Email Me Published in the Craig Daily Press on January 5, 2018. (0000175882)