C150160 Contract

• Contract/PO #: C150160
• Contractor Name: Central Colorado Water Conservancy District
• Contract Type: Loan
• Water District: 0
• County: Adams
• County: Morgan
• County: Weld
• Loan Projects - Doc Type: Contract Documents

RESOLUTION

AREBOLU'llON AUTHORIZING THE GROtlNDWATER MANAG:E.l\mNT
SUBDISTRICT OF 'I'HI CENrRAL COLORADO WA'IER CONSERV.\NCY
DISTRICT TO EXEcUm A LOAN CO.'NTRACT WITH TlIE STATE OF
COLORADO ;FOR A I!OUOW-UP LOAN IN .AN AMOUN'ltJP TO $5,080,000;
AUTHoRlZlNG THE R:DIJm)lNG ~ DEDABANCE OF THE ;DISTRXCTJS
LIMlTJro TAX; WATER CONSERVANCY Gl:N:lRAL OBLlGATION BONDs,.
SERlEs 2003, AVTlIORIZlNG THE LEVY OF PROPERTY TAXES "WlTB1N
TIlE DISTRICT TO PAY 'IDE LOAN; AND APl'ROVlNG DOCI1ME.NTS AND
PROVIDING DETAlI.8;IN CONNECnON T8:ElmWlTB.

WHEREAs, the Groundwater Management Subdistrict of the Central Colomdo Water
Conservancy Distric~ Wel~ A4am!il and Morgan Counties, Colorado (the "'Districtj. is a duly
OIganl.zed and validly existing water conservancy dis~ quasi-municipal COJ:'P.01'8.tion and
politteal subdivision of the State (unless otherwise indicated, capitalized terms me<! jn this
pmamble shall have the meanings set forlh in Section 1 of this Resolution); and

WHBRBAS, Artiole X, Section 20 of the Colorado Con8titu.tion provides that 'Voter
approval in advanco is requb:ed tbr the creation of any dfstrict direct or .indIrect debt or other
multiplo-fisca1 year 1lnancial obligation whatsoevcrr except for refinancing district bonded debt at
.a lower interestra.te; and

. WHEREAs, in April of 2003 the Board authorized and issued. its Limited Tax Water
Conservancy General Obligation Bonds. Serles 2003 :in an aggregate priDcfpal amount not to
.exceed $10,000,000 (the "2003 BOnds") to finance . portion of 1he costs of the pmposes
approved' at its election held on November 5, 2002; and

WHBRBAB, pumuant to a Loan Contraot No. C~S0117, ef1botive October 31,2003 (the
"2003 Loan Conh'Jctn), between the Di8ttict and the State of Colorado :fOr the use and ben.e1it of
tho Departtnent of Natural ~ Colorado Water Conservation ~ tho Distrlct was
authorized to boJrow up to $15,000,000 to finlmce a pottlOl1 of the Projed: costl a.p);uuM at its
election held on November S. 2002, and for the pmposc of refinancing the 2003 Bonds. and

WBBRBAS, dlCl District has been approved h a .fuDow-up loan in the amount of I1p Co
$S,OOO,ooO by the State (the loans aggregating $20.()OO,OOO being collectively referred to as the
"cwes Loans,? pursuant to a form of contract; which is to be substantially similar in. form and
content to the 2003 Loan Con1mCt (the ~004 Loan CoAtraat' and collectively with the 2003
Loan Contract referred to as the "CWCB Loan Con1racts"), and the Board desires to authorized
and approve said follow-up loan and d1e execution of the 2004 Loan Contract; and

WHERBAS, ptll'8Uant to the voter approval received by the District 00. November 5,
2002, only $20.000,000 ofprincipal can be issued or borrowed by the Distriot fbr new money or
Ptojcct purposes and therofore,. following the isswmce of the 2003 Bonds the District can borrow
no more tbat SI0,000,000 under tho CWCB Loans to flnanoc a portion of the Proj~ costs
apptOVOd at its eltlotion heJd on November 5,2002 and the balance of moneys bOlTOWed under

02-17"'$.1