A. Enterprise Status: The stormwater enterprise is an enterprise operation of the City of Colorado Springs. The SE Manager shall operate the enterprise to ensure:
1. The enterprise functions as a self-sustaining government owned business which may issue its own revenue bonds;
2. The enterprise receives over seventy five percent (75%) of its annual nondebt revenue from nongovernment sources; and
3. The enterprise receives less than ten percent (10%) of its annual revenues in grants from all Colorado State and local governments combined.
B. Revenue Bonding: The stormwater enterprise may, by ordinance of City Council, issue its own revenue bonds on behalf of the City, which revenue bonds shall be payable solely from the net revenues (including fees, charges and any other special assessments) derived from the operation of the enterprise, as may be designated in the Council's bonding ordinance.
C. Accountability:
1. All claims against the enterprise operations shall be in accord with chapter 1, article 5, part 5 of this Code.
2. In accord with the provisions of chapter 1 of this Code, the City Auditor shall have those duties and responsibilities imposed by City Council to ensure the public accountability of the enterprise operation.
D. Contracts:
1. The SE Manager is authorized to execute all necessary contracts and agreements in the name of the City of Colorado Springs, except that contracts and agreements between the enterprise and other Colorado or Federal governmental entities (intergovernmental agreements) shall be subject to the approval of City Council. Business contracts executed in the name of the enterprise shall be deemed to have been executed by the City of Colorado Springs on behalf of its enterprise and shall be legally enforceable by the City against third parties and by third parties against the City to the same extent that would occur if the business contract had been executed by the City of Colorado Springs on behalf of its enterprise. In addition, all contracts executed in the name of the enterprise shall be interpreted or construed by any reviewing court as having been executed by the City of Colorado Springs on behalf of its enterprise. All contracts and agreements containing any direct or indirect fiscal obligation whatsoever shall be subject to the appropriation of funds for those obligations.
2. Except as otherwise provided, the SE Manager is authorized to execute all enterprise contracts and agreements except those which by City Charter, this Code or other controlling law are required to be executed by a Municipal Officer of the City. The SE Manager may delegate signatory authority by written administrative regulation to staff reporting to the SE Manager and may provide by written administrative regulation for the further delegation of signatory authority.
3. Real or personal property donated to or acquired by the enterprise shall be held in the name of the City of Colorado Springs. (Ord. 05-192; Ord. 08-44)