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2. The District, acting by and through the Enterprise, shall complete the Project within <br />five (5) years of the date of the complete execution of the Loan Contract unless the CWCB <br />agrees in writing to an extension of such time. <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. §37-45.1-101 et <br />se~c ., and all statutory and other legal requirements. <br />4. The Board hereby authorizes and instructs the District, acting by and through the <br />Enterprise, to: <br />a. enter into and comply ' t the Loan Contract. T'he Promissory <br />Note for the Initial Loan Amount is attac ix 2 to the Loan Contract; <br />b. repay the Loan to the ~B payments to the CWCB in <br />accordance with the Promissory Note~ <br />c. establish an annuity contract account with MBIA, Inc. as security for the Loan, <br />as required under the Loan Contract and the Promissory Note; and <br />d. execute all documents necessary to implement the Loan Contract. <br />5. The Enterprise Board specifically agrees that this resolution shall be irrepealable for <br />the term of the Loan Contract. <br />ADOPTED this 10~' day of October, 2002. <br />~~-,~~. ~~~ <br />Donald W. Schwindt, President <br />Dolores Water Conservancy District <br />CERTIFICATION <br />I, Billy F. Smart, Secretary of the Boazd of Directors of the Dolores Water Conservancy <br />District, do hereby certify that the above resolution was ado ted by the Board of Directors at a <br />regulaz meeting held on October 10, 2002, by a vote of sev~n 7) to zero (0).~j <br />Billy F~mart, Secretary ' <br />Dolores Water Conservancy District <br />2 <br />