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Section 2. Calling of Election. Pursuant to the applicable laws of the State <br />of Colorado, the Board hereby determines that an election shall be held on November 4, 2008, at <br />which there shall be submitted to the eligible electors of the District the questions set forth in <br />section 3 hereof. <br />Section 3. Ballot Questions. The questions in substantially the following <br />forms shall be submitted to the eligible electors of the District at the election: <br />QUESTION 1 -BOND QUESTION: <br />SHALL YUMA COUNTY WATER AUTHORITY PUBLIC IMPROVEMENT <br />DISTRICT DEBT BE INCREASED $15,375,000, WITH A REPAYMENT <br />COST OF $ AND SHALL YUMA COUNTY WATER <br />AUTHORITY PUBLIC IMPROVEMENT DISTRICT TAXES BE INCREASED <br />$ ANNUALLY, OR BY SUCH LESSER ANNUAL AMOUNT <br />AS MAY BE NECESSARY TO PAY THE DISTRICT'S DEBT: SUCH DEBT <br />TO CONSIST OF GENERAL OBLIGATION BONDS OR OTHER <br />OBLIGATIONS, INCLUDING CONTRACTS, ISSUED OR INCURRED FOR <br />THE PURPOSE OF PAYING, REIMBURSING, OR FINANCING ALL OR <br />ANY PART OF THE COSTS OF ACQUIRING CERTAIN WATER RIGHTS <br />AND RIGHTS TO WATER, SUCH DEBT TO BEAR INTEREST AT A NET <br />EFFECTIVE INTEREST RATE NOT IN EXCESS OF % PER ANNUM, <br />SUCH INTEREST TO BE PAYABLE AT SUCH TIME OR TIMES AND <br />WHICH MAY COMPOUND PERIODICALLY AS MAY BE DETERMINED <br />BY THE DISTRICT, SUCH DEBT TO BE SOLD IN ONE SERIES OR MORE <br />AT A PRICE ABOVE, BELOW, OR EQUAL TO THE PRINCIPAL AMOUNT <br />OF SUCH DEBT AND ON SUCH TERMS AND CONDITIONS AS THE <br />DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR <br />REDEMPTION OF THE DEBT PRIOR TO MATURITY WITH OR WITHOUT <br />PAYMENT OF PREMIUM IN AN AMOUNT NOT IN EXCESS OF 3% OF <br />THE PRINCIPAL AMOUNT BEING REDEEMED, SUCH DEBT TO BE PAID <br />FROM ANY LEGALLY AVAILABLE MONEYS OF THE DISTRICT, <br />INCLUDING THE PROCEEDS OF AD VALOREM PROPERTY TAXES; <br />SUCH TAXES TO CONSIST OF AN AD VALOREM MILL LEVY IMPOSED <br />ON ALL TAXABLE PROPERTY OF THE DISTRICT, WITHOUT <br />LIMITATION OF RATE OR WITH SUCH LIMITATIONS AS MAY BE <br />DETERMINED BY THE DISTRICT BOARD, AND IN AMOUNTS <br />SUFFICIENT TO PRODUCE THE ANNUAL INCREASE SET FORTH <br />ABOVE OR SUCH LESSER AMOUNT AS MAY BE NECESSARY, TO BE <br />USED SOLELY FOR THE PURPOSE OF PAYING THE PRINCIPAL OF, <br />PREMIUM IF ANY, AND INTEREST ON THE DISTRICT'S DEBT; AND <br />SHALL THE PROCEEDS OF ANY SUCH DEBT AND THE PROCEEDS OF <br />SUCH TAXES, ANY OTHER REVENUE USED TO PAY SUCH DEBT, AND <br />INVESTMENT INCOME THEREON, BE COLLECTED AND SPENT BY THE <br />DISTRICT AS AVOTER-APPROVED REVENUE CHANGE, WITHOUT <br />REGARD TO ANY SPENDING, REVENUE-RAISING, OR OTHER <br />LIMITATION CONTAINED WITHIN ARTICLE X, SECTION 20 OF THE <br />-19- <br />12368\1\1204400.5 Attachment 2 - 9 <br />