The Board of Trustees of the town hereby makes the following findings with respect to the establishment of the Enterprise.
(A) The town’s Water Enterprise Fund, water rights, water facilities and appurtenances all shall comprise the Enterprise which shall be and is the water activity business owned by the town.
(B) The Enterprise shall be and is an agency of the town for the purposes and within the meaning of the following:
(1) C.R.S. Title 24, Article 10, Part 1, the Colorado Governmental Immunity Act;
(2) C.R.S. Title 29, Article 1, Part 6, the Colorado Local Government Audit Law;
(3) C.R.S. Title 29, Article 1, Part 1, the Local Government-Budget Law of Colorado; and
(4) All other local, state and federal laws, rules and regulations.
(C) The establishment of the Enterprise is necessary to provide a secure water supply for domestic use by the inhabitants of the town and other domestic customers of the Enterprise; to continue to provide water for agricultural uses currently being practiced within the incorporated limits of the town, to supply water for food processing, recreational and all other beneficial uses, to treat, reclaim, conserve, recharge, augment, exchange or reuse water supplies; and to provide wholesale and retail water supply and wastewater services.
(D) The town has the authority to conduct water activities as defined in the Act and is the sole owner of the Enterprise as required by the Act. The town has bonding authority for water activities pursuant to C.R.S. Title 31, Article 35, Part 4, all as required by the Act.
(E) The Enterprise receives under 10% of its annual revenues in grants (as defined in the Act) from all state and local governments combined and the town has not received nor does it expect to receive for the remainder of fiscal year 1983 any of its revenue from such sources.
(F) Pursuant to the Act, the Enterprise is authorized to issue its own revenue bonds.
(G) The Enterprise does not, and shall not, levy any tax whatsoever, nor shall any rates, tolls, fees or charges imposed or collected by the Enterprise ever be deemed to be taxes for any purpose under any law, rule or regulation, whether local, state or federal.
(Ord. 1993-2, passed 12-9-1993)