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THE DOLORES WATER CONSERVANCY DISTRICT <br />RESOLUTION NO. 02-03 <br />A RESOLUTION TO <br />APPLY THE PROVISIONS OF C.R.S. §11-57-101 et seq. <br />TO THE ANNUITY ESTABLISHED UNDER THE <br />INVESTMENT AGREEMENT WITH MBIA, INC. <br />WHEREAS, the Colorado Water Conservation Board ("CWCB") agreed to lend the Dolores <br />Water Conservancy ("District"), acting by and through the District Water Activity Enterprise <br />("Enterprise") up to $7.26 million for the construction of facilities to deliver new imgation water <br />to land within the District and to purchase Montezuma Valley Irrigation Company "B" shaze <br />water under the District's WETPACK ("Loan"). <br />WHEREAS, under the contract between the ' acting by and through the Enterprise, and <br />the CWCB, the District, acting by an terprise, agreed to repay the Loan under a <br />promissory note to the CWCB through erest-be ' uity established under an <br />Investment Agreement with MBIA, Inc. ~~ <br />~ <br />~ <br />WHEREAS, to authorize the issu ~e,~~uc note and to establish such interest bearing annuity, <br />~ <br />the District, acting by and through the Enterprise, needs to elect to apply the provisions of C.R.S. <br />§11-57-101, et. seq. to these actions. <br />THEREFORE, BE IT RESOLVED THAT the Boazd of Directors of the Dolores Water <br />Conservancy District hereby elects to apply the provisions of C.R.S. § 11-57-101 et. seq. to the <br />issuance of the promissory note to the CWCB and the establishment of an interest bearing <br />annuity under an Investment Agreement with MBIA, Inc to repay the note. <br />~i <br />I~~-~~, ' -~o <br />Donald W. Schwindt, President <br />Dolores Water Conservancy District <br />This resolution was adopted at the regular meeting of the Board of Directors of the District on <br />October 10, 2002 by a vote of seve 7) to zero (0). <br />~ <br />Billy art, Secretary <br />Dolores Water Conservancy District <br />