South Fork passes three resolutions

SOUTH FORK- The South Fork Town Board passed three resolutions beginning with Resolution 20-14. In the packet provided to the board it explained the purpose of the resolution stating, “The Town of South Fork Water Enterprise has entered into loan agreements with Colorado Water Conservation Board and Colorado Water Resources and Power Development Authority for funding construction and expansion of the municipal water system. Each loan required a bond counsel opinion letter for approval for the loan. A bond counsel attorney specializes in providing legal counsel associated with government borrowings and municipal bonds. Entities entering into loan agreements with municipal government agencies, like the Town of South Fork, require that a positive bond counsel opinion be provided with the loan documents.”

The second resolution which was also approved is as fallows, “The Town of South Fork Water Enterprise has received funding from Colorado Water Resources Power Development Authority (CWRPDA) and Department of Local Affairs (DOLA) for the construction and purchase of assets for the Westerly Phase project of the new municipal water system. A requirement to receive payment from CWRPDA and DOLA is for the Water Enterprise to pay invoices associated with the project and then submit to the agency proof of payment for reimbursement. The process requires the Water Enterprise to create a Construction Fund, establish a dedicated checking account, and transfer monies into the account. It is estimated that the account balance should be at least $300,000 to meet the cash flow requirements. Resolution 20 – 15 approves establishing the Construction Fund, bank account, transferring $300,000 into the account.”

The final resolution passed was to establish a savings fund to track monies set aside for the purchase of new tables and chairs for the South Fork Community Center. The Greater South Fork Community Foundation donated $5,100 to help with the cost of the tables and chairs which is estimated to be around $20,000. The Resolution 20-16 establishes the savings fund to track funding going to the purchase of the new items until the full amount can be saved.


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