C150122 Contract - Laserfiche WebLink

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RESOLUTION A RESOLUTION APPROVING A LOAN FROM THE COLORADO WATER CONSERVATION BOARD; AUTHORIZING THE FORM AND EXECUTION OF THE LOAN CONTRACT, A PROMISSORY NOTE TO EVIDENCE SUCH LOAN, AND A SECURITY AGREEMENT IN CONNECTION THEREWITH; AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS RELATED THERETO AND PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH. WHEREAS, the Central Weld County Water District, acting by and through ilts water activity enterprise (the "District"), in the County of Weld and State of Colorado, is duly organized and existing under the Constitution and the laws of the State of Colorado; and WHEREAS, the members of the Board of Directors of the District (the "Board") have been duly elected, chosen and qualified; and WHEREAS, the Board has heretofore deterrilined that the interest of the District and the public interest and necessity demand and require the acquisition, construction, and completion of certain water facilities known as the Dry Creek Reservoir, at a cost of not to exceed $3,937,500, including design, engineering, legal, financing and administrative costs relating thereto, and any other costs incidental thereto (the "Project"); and WHEREAS, the Board has determined that in order to finance a portion of the Project, it is necessary and advisable and in the best interests of the District to enter into a loan contract (the "Loan Contract") with the Department of Natural Resources, Colorado Water Conservation Board ("CWCB"), pursuant to which CWCB shall loan the District an amount not to exceed $3,937,500 for such purposes; and WHEREAS, the District's repayment obligations under the Loan Contract shall be evidenced by a promissory note (the "Promissory Note") to be issued by the District to the CWCB; and WHEREAS, the Promissory Note, the Loan Contract and the security agreement executed in connection with the Loan Contract (the "Security Agreement" and collectively with the -1- AppendiX 3 to Loan Contract C150122 Page 1 of 9