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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 />k~ ~ ~~~^ ~ <br />9, ~i~ <br />a. enter into and comply ~~` 't~t~i~ferms of Loan Contract. The Promissory <br />Note for the Initial Loan Amount is attached ix t the Loan Contract; <br />~~ a ~ <br />b. repay the Loan to ~e~~C ~ y making annual 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 Boazd 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 />Water Activity Enterprise <br />CERTIFICATION <br />I, Billy F. Smart, Secretary of the Board of Directors of the Dolores Water Conservancy <br />District Water Activity Enterprise, do hereby certify that the above resolution was adopted by the <br />Boazd of D'uectors at a regular meeting held on October 10, 2002, by a vote of sev n(7) to zero <br />(0). <br />illy . S , Secretary <br />Dolores Water Conservancy District <br />Water Activity Enterprise <br />