There is hereby reaffirmed, pursuant to the terms and provisions of the Water Activity Law (Title 37, Article 45.1, C.R.S.), the "City of Creede Water and Sewer Activity Enterprise" (the "Enterprise"). The Enterprise shall be wholly owned by the City and shall consist of the business represented by all of the City's water and sewer facilities and properties now owned or hereafter acquired, whether situated within or without the City boundaries, including all present or future improvements, extensions, enlargements, betterments, replacements or additions thereof or thereto (the "System"). The Enterprise shall have all of the authority, powers, rights, obligations and duties as may be provided or permitted by the Water Activity Law and the Colorado Constitution and as may be further prescribed by resolution of the City.
(Ord. 348 §1, 2009)
The Enterprise shall at all times and in all ways conduct its affairs so as to continue to qualify as a "water activity enterprise" within the meaning of Section 37-45.1-102, C.R.S., and as an "enterprise" within the meaning of Article X, Section 20 of the Colorado Constitution. Specifically, but not by way of limitation, for calendar year 2009 and for such calendar years thereafter as shall be determined in the discretion of the Board of Trustees, the Enterprise is not authorized and shall not receive ten percent (10%) or more of its annual revenue in grants from all Colorado state and local governments combined.
(Ord. 348 §3, 2009)
Loading...