§ 13-6-50. Powers of Enterprise.

The Enterprise shall have and may exercise the following powers in furtherance of its purposes: To hold meetings concurrently with regular or special meetings of the Board; to adopt ordinances and resolutions in the manner in which Town ordinances and resolutions may be adopted; to issue stormwater revenue bonds in the manner prescribed by the Act without voter approval in advance; to pledge any revenues derived or to be derived from the stormwater functions, services, benefits or facilities of the Town or the Enterprise or any other available funds of the Enterprise to the payment of such revenue bonds and to pay such revenue bonds therefrom; to enter into contracts relating to the stormwater system of the Town (the "System") in the manner in which Town contracts may be entered into; to contract with the Colorado Water Conservation Board or any other governmental source of funding for loans and grants relating to Stormwater Activity enterprise functions; to contract with the Colorado Water Resources and Power Development Authority for loans or other available financial assistance related to Stormwater Activity enterprise functions; to make representations, warranties and covenants on behalf of the Town and to bind the Town to perform any obligation relating to the System other than any multiple-fiscal year direct or indirect debt or other financial obligation of the Town without adequate present cash reserves pledged irrevocably and held for payments in all future years; and to exercise the Town's legal authority relating to Stormwater Activities. Notwithstanding the foregoing, the Enterprise may not levy a tax that is subject to Art. X, § 20(4) of the Colorado Constitution or exercise any other governmental powers of the Town.

(Ord. No. 6-2008 , § 5, 7-8-08)