Loading...
TC Res. No. 1996-33RESOLUTION NO. 96-33 A'RESOLUTION ESTABLISHING A WATER ENTERPRISE FUND BE IT RESOLVED by the Town Council of the Avon of Avon as follows: 1. Establishment of Water Enterprise Fund. There is hereby established, pursuant to,Article 45.1, Title 31, Colorado Revised Statutes, a Water Enterprise Fund as a subsection (2)(d) enterprise within the definition of Section 20, Article X, Colo. Const. 2. Characteristics of Fund. The Water Enterprise Fund shall have the following.characteristics: a. The Water Enterprise Fund shall meet the requirements of an "enterprise" as defined in Section 20, Article X, Colo. Const. b. The governing body of the Water Enterprise Fund shall be the Town Council of the Town of Avon. Such governing body may exercise the Town's legal authority relating to water activities, but the Water Enterprise Fund may not levy'a tax which is subject to section 20(4) of Art. X, Colo. Const. c. The Water Enterprise Fund shall- be owned by the Town of Avon. 2. Issuance of Revenue Bonds. The Water Enterprise Fund shall have the following authority to issue its own revenue bonds: a. in accordance with and as empowered by the provisions of S 14.3(d) of the Charter of the Town of Avon, the Water Enterprise Fund is authorized to issue its own bonds or other financial obligations in the name of the Town of Avon payable solely from revenues derived or to be derived from the functions, services, benefits or facilities of the Water Enterprise Fund. Such bonds or other obligations shall be authorized by resolution after approval and authorization by the Water- Enterprise Fund. Such bonds or other obligations may be issued without voter approval. b. Bonds, notes or other financial obligations may be issued pursuant to this section without regard to the provisions of any other law. The terms, conditions and details of such bonds or other financial obligations, the procedures related thereto, and the refunding thereof shall be set forth in the resolution authorizing such bonds or other financial obligations. The powers provided in this subsection to issue bonds or other financial obligations are in addition and supplemental to, and not in substitution for, the powers conferred by any other law or resolution, and the powers provided in this section shall not, modify, limit or affect the powers conferred by any other law either directly or indirectly. 3. Maintenance of Fund Records. The Finance Director of the Town shall establish, maintain and record a fund and the account of such fund which shall: a. Be called the "Water Enterprise-Fund." b. Be restricted in expenditures consistent with sources of receipts. c. Be restricted in authorization for expenditures to the expending authority prescribed by law. 4. Source of Funds. Funds comprising the water Enterprise Fund shall be proceeds from fees charged for services furnished by the water distribution system of the Town of Avon, including tap fees and user fees; grants from the state and federal governments; transfers from other funds; gifts and donations; interest; and proceeds from the sale of revenue bonds. 5. Assets. All assets.to be operated and maintained by.the Water Enterprise Fund shall remain in the ownership of the. Town. The Town hereby assigns the use and management of all such assets, whether real or personal, to the Enterprise. 6. Limitations of obligations of the Enterprise. The Town has previously incurred certain general obligation indebtedness pursuant to its statutory powers. Such indebtedness shall continue to be paid from Enterprise revenues, however, in no event shall the Enterprise be required, or shall it otherwise be authorized, to levy any tax for repayment of such debt and such obligation to tax shall be that solely of the Town. Nothing herein shall limit the Town's authority to levy taxes for repayment of its general obligation indebtedness presently outstanding or any such additional general obligation indebtedness as may be incurred by'the Town from time to time. annpTrn at a reaular meeting of the Town Council of the