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The Board of Trustees may adopt, by ordinance, any code by reference. The procedure for adoption of a code by reference shall be as provided in the Colorado statutes applicable to the adoption of codes by reference, or such other procedure as the Board of Trustees may provide by ordinance. Every ordinance adopting a code by reference shall contain a notice that copies of the Code are available at the office of the Town Clerk. Any penalty clause in such a code may be adopted only if set forth in full in the adopting ordinance.