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<br />RESOLUTION NO. 2005-1 <br /> <br />A RESOLUTION AUTHORIZING THE ENTERPRISE TO <br />INCUR INDEBTEDNESS FOR NORTH FORK RESERVOIR; <br />PRESCRIBING THE FORM OF SAID INDEBTEDNESS AND <br />PROVIDING OTHER DETAILS CONCERNING THE <br />INDEBDEBTEDNESS AND FUNDS APPERTAINING <br />THERETO. <br /> <br />WHEREAS, the Upper Arkansas Water Conservancy District (the "District"), in <br />Chaffee County, Custer County and Fremont County, Colorado, is a water conservancy district <br />duly existing under the Constitution and laws of the State of Colorado, more particularly <br />Article 45 of Title 37, Colorado Revised Statutes ("C.R.S,"); and <br />WHEREAS, the District has heretofore adopted Resolution No. 1994-1, creating <br />the Upper Arkansas Water Activity Enterprise (the "Enterprise") authorized to issue its own <br />revenue bonds, to own real and personal property, and to derive its revenues from user fees <br />established from time to time within the area in which the Enterprise performs water activities, as <br />defined in Section 37-45.1-101, C.R.S,; and <br />WHEREAS, pursuant to Article X, Section 20 of the Colorado Constitution, and <br />Part 1 of Article 45.1 of Title 37, C.R.S., the District has determined in Resolution No. 1994-1 <br />the Enterprise to be an enterprise under Article X, Section 20 of the Colorado Constitution; and <br />WHEREAS, the Board of Directors of the District which acts as the governing <br />body of the Enterprise (the "Board") has determined and does hereby determine that the <br />Enterprise finance the rehabilitation of facilities at North Fork Reservoir and expansion of North <br />Fork Reservoir (the "Project"); and <br />WHEREAS, the Board has determined and does hereby determine that the <br />Enterprise incur indebtedness and enter into contracts related thereto to finance the costs of the <br />Project pursuant to the provisions of Article 45 of Title 37, C.R.S; and <br />WHEREAS, the Enterprise has not pledged revenues except for A Water Activity <br />Revenue Bond Series 2004, dated September 23,2004, in the amount of $600,000, with the <br />result that revenues may be pledged lawfully and irrevocably to secure the repayment of <br />indebtedness; and <br />WHEREAS, it is the intent and purpose of this resolution to authorize the <br />indebtedness and contracts related thereto defray, in part, the cost of the Project; and <br /> <br />Appendix 3 to Loan Contra-ct C150192 <br />Page 1 of 5 <br />