C150153 Contract

• Contract/PO #: C150153
• Contractor Name: Dolores Water Conservancy District
• Contract Type: Loan
• Water District: 71
• County: Dolores
• Loan Projects - Doc Type: Contract Documents

2. The District, acting by and through the Enterprise, shall complete the Project
within three (3) years of the date of the complete execution of the Loan Contract unless the
CWCB agrees in writing to an extension of such time.

3. The Board warrants that the Boards of Directors of both the District and the
Enterprise have complied with the order establishing the Enterprise under c.R.S. g37-45.1-101 et
seq. and all other statutory and legal requirements. -

4. The Board hereby authorizes and instructs the District, acting by and through the
Enterprise, to:

a. enter into and comply with the terms of the Loan Contract. The
Promissory Note for the Initial Loan Amount is attached as Appendix 2 to the Loan Contract;

b. repay the Loan to the CWCB by making annual payments to the CWCB in
accordance with the Promissory Note;

c. pledge as security for the Loan, as required under the Loan Contract,
revenues from the District's Water Activity Enterprise, which shall include the Dove Creek
Secondary Water Supply System tap fees and operations revenues, as well as any other Water
Activity Enterprise revenues necessary to assure payment of the annual debt service and debt
service reserve deposit; and

d. execute all documents necessary to implement the Loan Contract.

5. The Board of Directors specifically agrees that this resolution shall be irrepealable
for the term of the Loan Contract.

fu~kJ,juL ~

Donald W~ Schwindt, President
Dolores Water Conservancy District

CERTIFICATION

I, Billy F. Smart, Secretary of the Board of Directors of the Dolores Water Conservancy
District, do hereby certify that the above resolution was adopted e Board of Di tors at a
regular meeting held on March 4, 2004, by a unanimous vote.

H:lspslDWCDlResoJutionslCWCB Dove Creek loan-Dist.doc3/12/04

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