C150180 Contract

• Contract/PO #: C150180
• Contractor Name: Pinewood Springs Water District
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

PINEWOOD SPRINGS WATER DISTRICT
LARIMER COUNTY, COLORADO
RESOLUTION

AUTHORIZING THE EXECUTION AND DELIVERY OF LOAN
AMENDMENT NO.1, DATED MAY 15, 2008, BETWEEN THE
COLORADO WATER CONSERVATION BOARD AND PINEWOOD
SPRINGS WATER DISTRICT, LARIMER COUNTY, COLORADO.

WHEREAS, Pinewood Springs Water District, Larimer County, Colorado (the
"District") made an application in 2005 to the State of Colorado for the use and benefit of the
Department of Natural Resources, Colorado Water Conservation Board ("CWCB") for a loan to
finance the cost of acquiring, constructing and installing improvements to the water system of
the District, including, but not limited to, construction of a new storage reservoir, pump station,
raw water pipelines and the purchase of water rights (collectively, the "Project"); and

WHEREAS, CWCB approved said application and entered into a Loan Contract
dated as of February 1, 2005 with the District for a loan in the amount of $2,054, 188; and

WHEREAS, unforeseen cost overages due to design modifications increased the
cost of the Project by over $1,000,000; and

WHEREAS, the Board of Directors of the District desires to authorize the
undertaking and completion of the Project; and

WHEREAS, there has been filed with the Secretary of the District the form of
Loan Contract Amendment No.1, dated as of May 15, 2008 (the "Loan Amendment"), between
CWCB and the District; and

WHEREAS, the Loan Amendment provides for an additional loan of funds to the
District in the amount of$757,500.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE DISTRICT THAT:

1. The completion of the Project is hereby authorized.

2. The forms of the Loan Amendment and any changes thereto as may be
necessary in the opinion of the special counsel and the general counsel for the District to
effectuate the intentions of the parties or to comply with the provisions of applicable law are
hereby approved.

3. The Chairman of the Board and President and the Treasurer of the District
are hereby authorized and directed to execute and deliver the Loan Amendment to CWCB.

4. This Resolution is, and shall constitute, a legislative measure of the
District and after the Loan Amendment is executed and delivered, this Resolution shall constitute
an irrevocable contract between the District and CWCB, and this Resolution shall be and shall
remain irrepealable until the Loan Amendment shall be fully paid, satisfied or discharged.

PUBFIN\836653.1

ApPENDIX A TO LOAN CONTRACT C 150 180