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THE DOLORES WATER CONSERVANCY DISTRICT WATER ACTIVITY ENTERPRISE RESOLUTION NO. 02-O1-E A RESOLUTION TO APPLY THE PROVISIONS OF C.R.S. § 11-57-101 et seq. TO THE ANIWITY ESTABLISHED UNDER THE INVESTMENT AGREEMENT WITH MBIA, INC. WHEREAS, the Colorado Water Conservation Board ("CWCB") agreed to lend the Dolores Water Conservancy ("District"), acting by and through the District Water Activity Enterprise ("Enterprise"), up to $7.26 million for the construction of facilities to deliver new irrigation water to land within the District and to purchase Montezuma Valley Irrigation Company "B" share water under the District's WETPACK ("Loan"). .~ ~ . WHEREAS, under the contract between ~ t g by and through the Enterprise, and the CWCB, the District, acting by and throt nterprise greed to repay the Loan under a promissory note to the CWCB through an intere - i esta.blished under an Investment Agreement with MBIA, In ~,, ~~ ~~~ ~ WHEREAS, to authorize the issuance of such note and to establish such interest bearing annuity, the District, acting by and through the Enterprise, needs to elect to apply the provisions of C.R.S. §11-57-101, et, seq. to these actions. THEREFORE, BE IT RESOLVED THAT the Board of Directors of the Dolores Water Conservancy District Water Activity Enterprise hereby elects to apply the provisions of C.R.S. §11-57-1Q1 et. seq. to the issuance of the promissory note to the CWCB and the establishment of an interest beazing annuity under an Investment Agreement with MBIA, Inc to repay the note. ~J~W~, ' Donald W. Schwindt, President Dolores Water Conservancy District Water Activity Enterprise This resolution was adopted at the regular meeting of the Board of Directors of the Enterprise on October 10, 2002 by a vote of seven (7) to zero (0). Bi ly F. S , Secretary Dolores Water Conservancy District Water Activity Enterprise