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~ ~ DOLORES WATER CONSERVANCY DISTRICT RESOLUTION NO OS-03 A RESOLUTION TO APPLY THE PROVISIONS OF C.R.S. § 11-57-101 et seq. TO THE ANNUITY ESTABLISHED UNDER THE INVESTMENT AGREEMENT WITH MBIA, INC. WHEREAS, by Resolution 02-03-E, the Dolores Water Conservancy District ("District"), acting by and through the District's Water Activity Enterprise ("Enterprise") elected to apply the provisions of C.R.S. § 11-57-101 et se ., to 1) the issuance of a promissory note ("Note") to the Colorado Water Conservation Board ("CWCB") in the amount of $5,461,200, under Loan Contract C150058A, such loan proceeds to be used for the construction of facilities to deliver new irrigation water to land within istrict and purchase Class "B" Stock of the Montezuma Valley Irrig ' Compa (" n"); and 2) the establishment of an interest bearing under an nvestment gre ent dated December 5, 2005, with M , I nc. a ecuri for the payment Note ("Investment Agreement"); an WHEREAS, the Board o f irectors of the D istrict, acting by and through the Enterprise ("EBoard"), under a"Second Loan Contract" with the CWCB, Loan Contract C 150193, approved by Enterprise Resolution OS-02-E, agreed to repay the loan of up to $3,323,180 under the Second Loan Contract through a promissory note ("Second Note") to the CWCB, with security as the interest-bearing annuity established under the Investment Agreement; and WHEREAS, to authorize the issuance of the Second Note and have it come under the Investment Agreement, the District, acting by and through the Entetprise, needed to elect to apply the provisions of C.R.S. § 11-57-101, et seg. to the Second Note and ratify the amendment of the Investment Agreement to cover the Second Note. NOW, THEREFORE, be it resolved that the Board of Directors of the District joins the Board of Directors of the Enterprise in electing to apply the provisions of C.R.S. §11-57-101 et. seq. to the issuance of the Second Note to the CWCB and the First Amendment of the Investment Agreement so that it applies to the Second Loan Contract and the interest bearing annuity under the Investment Agreement acts as security for the repayment of the Second Note. ADOPTED this 20th day of october 2005. ~ ~~ ~~~ ~'~ Donald W. Schwindt, President Dolores Water Conservancy District " This document is incorporated into the contract by refer~-~c~~.