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<br />Revenues, and the Pledged Revenues are hereby pledged to the payment of the Loan <br />and any Parity Obligations. The Loan shall constitute an irrevocable lien upon the <br />Pledged Revenues, in parity with the pledge securing the Limited Tax Water <br />Conservancy Bonds issued April 17, 2003, but not necessarily an exclusive such lien. <br />Nothing herein shall be construed to require the Subdistrict to levy an ad valorem <br />property tax for payment of the Loan in excess of the Limited Mill Levy. The Loan shall <br />not constitute a debt or indebtedness of the Counties, the State or any political <br />subdivision of the State other than the Subdistrict <br /> <br />5. The amounts necessary to pay all costs and expenses incidental to the <br />Loan and to pay the principal of, premium, if any, and interest on the Loan and any <br />Parity Obligations when due are hereby appropriated for said purposes, and such <br />amounts as appropriate for each year shall also be included in the annual budget and. <br />the appropriation bills to be adopted and passed by the Board in each year, <br />respectively, until the Loan and any Parity Obligations have been fully paid, satisfied <br />and discharged. <br /> <br />6. It shall be the duty of the Board, annually, at the time and in the manner <br />provided by law for levying other Subdistrict taxes, to ratify and carry out the provisions <br />hereof with reference to the levying and collection of taxes; and the Board shall levy, <br />certify and collect said taxes in the manner provided by law for the purpose of paying <br />the principal of, premium, if any, and interest on the Loan and any Parity Obligations. <br /> <br />7. Nothing herein shall be interpreted to prohibit or limit the ability of the <br />Subdistrict to use legally available moneys other than the proceeds of ad valorem <br />property taxes to pay all or any portion of the principal of or interest on the Loan. If and <br />to the extent such other legally available moneys are used to pay the principal of or <br />interest on the Loan, the Subdistrict may, but shall not be required to, (i) reduce the <br />amount of taxes levied for such purpose or (ii) use proceeds of taxes levied to <br />reimburse the fund or account from which such other legally available moneys are <br />withdrawn for the amount withdrawn from such fund or account to pay the principal of or <br />interest on the Bonds. If the District selects alternative (ii) in the immediately preceding <br />sentence, the taxes levied shall include amounts sufficient to fund the reimbursement <br /> <br />8. Pledged Revenues in an amount sufficient to service the Loan shall be <br />kept in an account separate from other Subdistrict Revenues, and shall.not used for any <br />purpose other than Loan debt service. Such account shall also serve as the <br />Subdistrict's Debt Service Reserve Account, and the Subdistrict shall deposit, for the <br />first ten years of the loan term. an amount equal to 1/10 of the annual loan payment, to <br />remain in reserve, subject to the provisions of any Loan Contract entered into with the <br />State of Colorado, Colorado Water Conservation Board. <br /> <br />9. The officers and employees of the Subdistrict are hereby authorized and <br />directed to take all action necessary or appropriate to effectuate the provisions of this <br />Resolution. <br /> <br />C:\E-DriveICWCBICWCB loan res 030715.dOC <br />