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<br />--- <br /> <br />RESOLUTION <br /> <br />COLORADO RIVER WATER CONSERVATION DISTRICT <br />COLORADO RIVER WATER PROJECTS ENTERPRISE <br /> <br />A RESOLUTION OF THE COLORADO RlVER WATER CONSERVATION <br />DISTRICT. COLORADO RIVER WATER PROJECTS ENTERPRISE. <br />AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN <br />CONTRACT. DATED AS OF OCTOBER L 2004. BETWEEN THE STATE OF <br />COLORADO DEPARTMENT OF NATURAL RESOURCES, COLORADO <br />WATER CONSERVATION BOARD ANDTRE COLORADO RIVER WATER <br />CONSERVATION DISTRICT ACTING THROUGH ITS COLORADO RIVER ~ <br />WATER PROJECTS ENTERPRISE. ' <br /> <br />WHE~AS, the Colorado River Water Conservation District (the "District"), owns and <br />conducts a business engaged in water activities pursuant to the Water Activity Enterprise Act, <br />C.R.S. S 37-45.1-101, et seq., in order to provide for the beneficial use of water within the <br />Districtknown as the Colorado River Water Projects Enterprise (the "Enterprise"), which is an <br />enterprise of the District within the meaning of art. X, S 20 of the Colorado Constitution; and <br /> <br />WHEREAS, The District's Board of Directors confirmed its authQrity to operate such a <br />business by Resolutions adopted on July 16, 1985, October 19, 1993, October 19, 1999, and <br />October 17, 2000. <br /> <br />WHEREAS, the Enterprise made an application to the State of Colorado Department of <br />Natural Resources, Colorado Water Conservation Board (the "CWCB") for a loan in the amount <br />of $11,100,000.00 to finance the cost of raising the height of the existing dam on Elkhead <br />Reservoir by twenty-four feet (24'); and <br /> <br />WHEREAS, the CWCB has approved said application; and <br /> <br />WHEREAS, there has been filed with the Enterprise the form of a Loan Contract, dated <br />as of October 1, 2004 (the "Loan Contract"), between the CWCB and the District, acting by and <br />through the Enterprise; and <br /> <br />WHEREAS, the Loan Contract requires the Enterprise to execute a Promissory Note in <br />the amount of $11,100,000 and a Security Agreement pledging revenues of the Enterprise to <br />secure the Promissory Note for the beneBt of the CWCB (the "Loan Documents"). <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE COLORADO RIVER <br />WATER CONSERVATION DISTRICT COLORADO RlVER WATER PROJECTS <br />ENTERPRISE, AS FOLLOWS: <br /> <br />1. The foregoing recitals are incorporated herein as fmdings and determinations of <br />the Enterprise. <br /> <br />- :...~' .", "".:-.. _0 "";. <br /> <br />Appendix 3 to Loan Contract 150164 <br />