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<br />2. The District, acting by and through the Enterprise, shall complete the Project <br />within three (3) years of the date of the complete execution of the Loan Contract unless the <br />CWCB agrees in writing to an extension of such time. <br /> <br />3. The Board warrants that the Boards of Directors of both the District and the <br />Enterprise have complied with the order establishing the Enterprise under C.R.S. g37-45.1-101 et <br />seq. and all other statutory and legal requirements. - <br /> <br />4. The Board hereby authorizes and instructs the District, acting by and through the <br />Enterprise, to: <br /> <br />a. enter into and comply with the terms of the Loan Contract. The <br />Promissory Note for the Initial Loan Amount is attached as Appendix 2 to the Loan Contract; <br /> <br />b. repay the Loan to the CWCB by making annual payments to the CWCB in <br />accordance with the Promissory Note; <br /> <br />c. pledge as security for the Loan, as required under the Loan Contract, <br />revenues from the District's Water Activity Enterprise, which shall include the Dove Creek <br />Secondary Water Supply System tap fees and operations revenues, as well as any other Water <br />Activity Enterprise revenues necessary to assure payment of the annual debt service and debt <br />service reserve deposit; and <br /> <br />d. execute all documents necessary to implement the Loan Contract. <br /> <br />5. The Board of Directors specifically agrees that this resolution shall be irrepealable <br />for the term of the Loan Contract. <br /> <br />~{{kij~, ~ <br /> <br />Donald W. Schwindt, President <br />Dolores Water Conservancy District <br />Water Activity Enterprise <br /> <br />CERTIFICATION <br /> <br />I, Billy F. Smart, Secretary of the Board of Directors of the Dolores Water Conservancy <br />District Water Activity Enterprise, do hereby certify that the abo resolution w s dopted by the <br />Board of Directors at a regular meeting held on March 4, 2004 ani us te. <br /> <br /> <br />ill Smart, Secretary <br />Dolores Water Conservancy District <br />Water Activity Enterprise <br /> <br />H:IspslDWCDlResolulionslCWCB Dove Creek Joan-Ent.doc31l2/04 <br /> <br />2 <br />