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<br />, . <br /> <br />. . <br /> <br />the cwes Loa.os must be 11Sed for the pmpose of refinancing the .2003 Bonds It B loWOl'in1erest <br />rate; and <br />~ the 2003 Loan Contract has an interest rafe of 2.75% and the 2004 Loan <br />Con.tract is to have. au. interest rate of 2.SOlYOs which rates of interest.are lower t1um the avemge <br />COUpon. rate on the 2003 Bonds of approximately 4.2%; end <br />waERBAS, :In order to effect the refimding tU1d deteu.noe of th~ 2003 Bonds. proceeds <br />!tom the CWCB Loans will be deposited in a special fund and 1rUst acoount with American <br />NationatBank, 88 trustee and as paying Jpnt for the 2003 Bonds, and in-vested in Oover.mnent <br />Securities, tho maturiug principal of and intettBt on \Vhfch will be sufficient to pay the principal <br />ofan4 interest,on the 2003 Bonds as 1he same become due utdi1 Decetnber 1,2008, and to pay in <br />1hU the.pri:o.oipal of aU outstanding 2003 Bonds wbich have been' called for redertJptiou on <br />December I, 2008; <br />T.BER.F.FORB, BB IT REBOL VED BY THB BOARD OF OlRBCTORS OF THB <br />GR.OUND WATBR. MANAGEMENT SUBDlSTRICT OF THB CBN1RAL COLORADO <br />WATER COliSBRVANCY DISTRICT 1N WBW. ADAMS AND MORGAN COUNT.I:BS. <br />COLOlADO: <br /> <br />SecUoD. L Del:baitioJU. rn additi011 to t.he fle1'm$ defined fa the ptea1Ublcs of this <br />Resolution. the following terms shaJl have tho fallowing meAn1. as used m this ResolutfoJ.1: <br />. . <br /> <br />, uA.CfJJ" D1e8f1S the Public Securities Refimd,"! ~ the Water Consa-vancy Act and the <br />Supplemen1al ADt, 01" any &uccessor statutes tb,8(eto. <br /> <br />"'BriIlot Q1Ieati01l" meaus the ballot qu.cstio.n approved by Distriot voters at a District <br />election held on Nove:tnbcr 5, 2002. <br /> <br />"Bom-rr means the Boan1. ofDitectors of1he Distriet. and 8.1ly successor body. <br /> <br />"C~lta1 E/nprtJve~ means the acquisition ofwatcr.rights. land. ~ .&ciHttes <br />and equipment (other than ordUwy repairs and replacements), and. the ccmst1:tJcdon or <br />reconmuction of improvements, bettetmen1l and e:xtcnBions, fDruseby or in CODDectioo wiih the <br />District which, under Generally Acoeptcd Accoui1ting Principles for govemmcntat unlts f1S <br />prescn'bed by the Governmental Account Standards Bo~ are properly chargeablo as capJta1 <br />~. . <br /> <br />"Counties" m~ Wel~ A,4ems and Motgan Counties, Colorado. <br /> <br />"'.Escrow A.cr::m.mf' means the account established and designated as auch in the section <br />hereof entitled UCreatiOl1 of and Initial Credit to Escrow Accounf' to be mai:o.taJned by the <br />Escrow Agent in aceordance witb.1he Bscro\l'l Agreement and the prcMs;ons hereof. . <br /> <br />"~w Agent' 1nean8 American National Bank (II successor to The BanJc; of Cherry <br />Cxeclr, a blanch of Weste.to. National Bank), Denver, Colorado, and ~ successors in interest or <br />asqas approved by the Distd.ct. <br /> <br />02-J7tl415.1 <br /> <br />2 <br />