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<br />"'\ <br /> <br />RESOLUTION <br /> <br />WHEREAS, the Upper Yampa Water Conservancy District, Routt and Moffat Counties, <br />Colorado (the "District"), is a public corporation duly authoriudand-ex;$ting--as-a-wster- <br />conservancy district under the constitution and laws of the State of Colorado; and <br /> <br />WHEREAS, the District's loan from the United States Bureau of Reclamation for $3,835,000 <br />(the .USBR loan"), which was used to finance the construction of the Stagecoach Reservoir has an <br />outstanding balance of approximately $2,015,000 and <br /> <br />WHEREAS, the District has determined that entering into a loan contract with the Colorado <br />Water Conservation Board ("cweS") for 8 108n in the amount of $2,000,000 will enable the District <br />to repay in full the USBR Loan, using both CWCS loan funds and the District's own funds; and <br /> <br />WHEREAS, the District has determined that repaying the USBR Loan in full will reduce its <br />annual debt service significantly; and <br /> <br />WHEREAS, the District applied for and the CWCB approved a loan of $2,000,000 at an <br />interest rate of 4% % for a term of twenty years (the "cwes loan"', provided that the District uses <br />its own funds to pay in full the balance on the USBR Loan after applying the CWCB Loan funds to <br />repayment of the USSR Loan; and <br /> <br />~.-........: <br />~ <br /> <br />WHEREAS. there has been presented to the District's Board of Directors ("Board") a form of <br />Loan Contract, a Promissory Note in the amount of $2.000,~. an Assignment of Certificate of <br />Deposit, and a Security Agreement, (collectively referr, t4t~ as the "Loan Documents"). <br />between the CWCB and the District; and I ~ <br /> <br />WHEREAS, the Board desires to authorize enteri~...~ ~oan and the execution of <br />the foregoing documents. ~ "". <br /> <br /> <br />NOW THEREFORE, THE BOARD OF DIRE OF THE UPPER YAMPA WATER <br />CONSERVANCY DISTRICT HEREBY RESOLVE THAT: <br /> <br />1. The Board incorporates the foregoing recitals as findings. determinations and conclusions. <br /> <br />2. This resolution is, and shall constitute, a legislative measure of the District and shall <br />constitute an irrevocable contract between the District and the cwes. This resOlution shall be and <br />shall remain irrepealable until the obligation evidenced by the loan Documents is fully paid, satisfied. <br />or diSCharged. <br /> <br />3. The District is authorized to enter imo and comply with the terms of the Loan Contract, <br />Promissory Note, Assignment of Certificate of Deposit and Security Agreement with the CWCS. <br />Said loan shall be in the principal amount of $2,000.000 at an interest rate of 4}'z% for a term of <br />twenty Y8aI'$. <br /> <br />4. The form of the Loan Documents, which are incorporated herein by reference. and any <br />changes thereto as may be necessary in the opinion of the attomey for the District to effectuate the <br />intentions of the panies or to comply with applicable law. are hereby approved. <br /> <br />5. The President and Secretary of the District are hereby authorized and directed to execute <br />and deliver the loan Documents to the CWCB. <br /> <br />Appendix A to Loan Contract #C153778 <br />