(a) Enterprise Declaration and Creation. The Board of Trustees hereby finds and determines that it will provide golf course facilities by means of the Town’s Golf Course Enterprise in conformity with all applicable Colorado laws. The Board further (1) recognizes and confirms that the Enterprise is an "enterprise" within the meaning as defined in Article X, § 20 of the Colorado Constitution (the Amendment), and (2) declares its intent that the Enterprise be operated and maintained so as to exclude its activities from the application of the Amendment. Therefore, the Board hereby creates the "Bella Rosa Golf Course Enterprise." The Town shall take all actions on behalf of the Enterprise as hereinafter further provided.

(b) Governing Board. The Board of Trustees shall constitute the Governing Board of the Enterprise (the “Governing Board”). The Governing Board shall conduct the business of the Enterprise in the same manner and follow the same procedures as the Board of Trustees. All official business of the Enterprise shall be conducted at regularly scheduled or special meetings of the Board of Trustees. The record of the proceedings of the Governing Board may be incorporated in the minutes of the Town and shall not be required to be recorded separately. No additional oath of office, qualification or procedure shall apply with respect to service as a member of the Governing Board. All business and actions of the Governing Board shall be governed by and made subject to all requirements, privileges, immunities, protections, limitations and other provisions of the law.

(c) Enterprise Powers. The Enterprise shall exercise the powers of an enterprise under the Amendment, including, without limitation, the power to issue or reissue bonds, notes, or other obligations, payable from the revenues derived or to be derived from its provision of services. The Enterprise shall also be entitled to exercise such powers as are set forth in any applicable Colorado law, including the power to set rates, fees and charges for services provided by the Enterprise which can be done by resolution; provided, however, in no event shall the Enterprise have the authority to levy or collect taxes, whether sales taxes, use taxes or ad valorem taxes, nor shall the Enterprise have the power to direct the Town to exercise its taxing power on behalf of the Enterprise, notwithstanding any charges for sales tax for tangible goods or rental items that require collection of sales tax provided at the golf course.

(d) Assets. Assets to be operated and maintained by the Enterprise shall either remain in the ownership of the Town or be owned by the Enterprise, as the Board determines. The Town hereby assigns the use and management of all assets owned by the Town, whether real or personal, to the Enterprise. The Enterprise shall hold title to assets it owns in the name of the "Town of Frederick acting by and through its golf course Enterprise."

(e) Enterprise Fund. The Golf Course Fund previously established shall now be known as the Golf Course Enterprise Fund to separately account for all revenues and expenditures incurred by the Enterprise.

(f) Enterprise Fund Budget. The Enterprise shall prepare an annual budget which may be included in the budget prepared for the Town. All budgets, reports, audits, and financial operations of the Enterprise shall conform to and be prepared in accordance with generally accepted accounting principles applicable to governmental units and other requirements of law. (Ord. 1284 §1, 2018)