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<br />, ,
<br />
<br />ell'll AUG 13 2003
<br />
<br />RESOLUTION
<br />
<br />A RESOLUTION TO ENTER INTO A LOAN CONTRACT WITH THE STATE OF
<br />COLORADO, COLORADO WATER CONSERVATION BOARD IN THE PRINCIPAL
<br />AMOUNT OF $15,000,000 FOR 1) THE PURCHASE OF WATER RIGHTS, 2) THE
<br />CONSTRUCTION AND IMPROVEMENT OF WATER STORAGE RESERVOIRS FOR
<br />STORAGE, DROUGHT MITIGATION, WATER CONSERVATION, OPEN SPACE AND
<br />RECREATIONAL PURPOSES, AND. 3) THE DEVELOPMENT OF WATER
<br />RECHARGE FACILITIES FOR AUGMENTATION PURPOSES; PLEDGING CERTAIN
<br />REVENUES TO SERVICE SUCH DEBT; PROVIDING FOR MATTERS AND
<br />RATIFYING ACTION PREVIOUSLY TAKEN RELATING THERETO; AND PROVIDING
<br />THE EFFECTIVE DATE OF SUCH RESOLUTION
<br />
<br />WHEREAS, the Ground Water Management Subdistrict of the Central Colorado
<br />Water Conservancy District in Weld, Adams and Morgan Counties, Colorado (the
<br />"Subdistrict"), isa quasi-municipal corporation and political subdivision of the State of
<br />Colorado (the "State"), acting pursuant to the provisions of Article 45 of Title 37, C.R.S.
<br />(the "Water Conservancy Act"), and established for the purpose of providing the
<br />beneficial use of water, conservation of water and construction of works within the
<br />Subdistrict; and
<br />
<br />WHEREAS, on November 5, 2002, the voters of the Subdistrict approved a Bond
<br />Ballot Question calling for an increase in Subdistrict Taxes in an amount not to exceed
<br />$1,620,000 annually, and an increase in Subdistrict debt up to $20,000,000, with a
<br />maximum repayment cost not to exceed $39,,563,800 for the purpose of 1) purchasing
<br />. or leasing water rights, 2) the construction and improvement of water storage reservoirs
<br />for storage, drought mitigation, water conservation, open space and recreational
<br />purposes, and 3) for the construction and improvement of water recharge facilities for
<br />augmentation purposes; and
<br />
<br />WHEREAS, on April 17, 2003 the Subdistrict issued Limited Tax Water
<br />Conservancy Bonds in the aggregate principal amount of $10,000,000; and
<br />
<br />WHEREAS, the Subdistrict intends to borrow $15,000,000 from the State of
<br />Colorado, Colorado Water Conservation Board and, to apply this sum to the beneficial
<br />uses approved by the voters on November 5, 2002; and
<br />
<br />WHEREAS, the Subdistrict intends to secure the loan contemplated herein
<br />through the pledge of Subdistrict mil levy revenues and specific ownership taxes, such
<br />pledge to be in parity with the pledge made to secure the Limited Tax Water
<br />Conservancy Bonds issued April 17, 2003;
<br />
<br />WHEREAS, the Board of Directors (the "Board") of the Subdistrict has
<br />determined that the interests of the Subdistrict and the public interest or necessity
<br />
<br />C:IE-DriveICWCB\CWCB I~n res 030715.doc
<br />
<br />Appendix 3 to Loan Contract C150117
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