Sec. 13-202. Storm water utility considered a Town-owned enterprise.
There is hereby established a storm water utility in the Engineering Department of the Town. Such utility shall construct, maintain and operate the storm water system of the Town. The storm water utility shall be considered an "enterprise" as defined in Article X, Section 10 of the Colorado Constitution. All funds collected by the Town from the various sources authorized herein shall be properly identified and transferred for deposit in the Storm Water Utility Enterprise Fund to be used for the operation of the utility
(1) The storm water utility shall constitute an enterprise of the Town which may, by ordinance of the Board of Trustees, acting ex officio as the board of such enterprise, issue its own revenue bonds or other obligations (including special assessments) derived from the operation of the enterprise. Such revenue bonds or other obligations may be additionally secured by mortgages on or security interests in any real or personal property of the Town used in the operation of the enterprise. The ordinance issuing any such revenue bonds or other obligations shall be adopted in the same manner and shall be subject to a referendum to the same extent as ordinances of the Board of Trustees.
(2) Any pledge of net revenues derived from the operation of the enterprise shall be subject to limitations on future pledges thereof contained in any ordinance of the Board of Trustees authorizing the issuance of outstanding bonds or other obligations of the Town payable from the same source or sources. All bonds or other obligations issued by ordinance of the Board of Trustees payable from the net revenues derived from the operation of the enterprise and all revenue bonds or other obligations issued by ordinance of the Board of Trustees payable solely from the net revenues derived from the operation of the enterprise shall be treated as having the same obligor and as being payable in whole or in part from the same source or sources.
(3) The enterprise shall also be authorized to have and exercise the following powers in furtherance of its purposes:
(a) To hold meetings concurrently with regular and special meetings of the Board of Trustees;
(b) To have and use a seal;
(c) To issue its revenue bonds for storm water purposes in the manner in which Town revenue bonds may be issued;
(d) To pledge any revenues of the Town’s storm water system to the payment of such revenue bonds and to pay such revenue bonds therefrom;
(e) To enter into contracts relating to the storm water system in the manner in which Town contracts may be entered into;
(f) To make representations, warranties and covenants relating to the storm water system on behalf of the Town;
(g) To exercise rights and privileges of the Town relating to the storm water system; and
(h) To bind the Town to perform any obligation relating to the storm water system other than any multiple-fiscal-year direct or indirect debt or other financial obligation of the Town without adequate present cash reserves pledged irrevocably and held for payments in all future years.
(4) All revenues and expenditures of the Town or of the enterprise relating to the storm water utility system shall be considered revenues and expenditures of the enterprise. (Ord. 957 §1, 2008)