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RESOLUTION OF THE BOARD OF DIRECTORS OF THE REPUBLICAN RIVER <br />WATER CONSERVATION DISTRICT, ACTING AS THE GOVERNING BODY OF <br />THE REPUBLICAN RIVER WATER CONSERVATION DISTRICT WATER <br />ACTIVITY ENTERPRISE <br />(Authorizing the Enterprise to Enter into and Comply with the Terms of a Contract with the <br />Colorado Water Conservation Board for a Loan in the Amount of $4.545 million for the North <br />Fork Water Rights Lease and Pledging to Impose and Collect Use Fees to Repay the Loan and <br />for Other Related Purposes) <br />RESOLUTION NO. 08-11 <br />RECITALS <br />WHEREAS, the Republican River Water Conservation District ("District") was created <br />pursuant to § 37-50-103(1), C.R.S.; and <br />WHEREAS, the District was formed for the purpose of cooperating with and assisting the <br />State of Culorado to carry out its duty to comply with the limitations and duties imposed upon <br />the State by the Republican River Compact; and <br />WHEREAS, pursuant to § 37-50-107(1)(k), C.R.S., the District established the <br />Republican River Water Conservation District Water Activity Enterprise ("Enterprise") pursuant <br />to Article 45.1 of Title 37 of the Colorado Revised Statutes "for the purpose of pursuing ... <br />water activities, including water acquisition or water project or facility activities, ..."; and <br />WHEREAS, the Board of Directors of the District ("Board") is the governing body of the <br />Enterprise ("Governing Body"); and <br />WHEREAS, a 20-year lease of surface water rights that are decreed for diversion from <br />the North Fork of the Republican River, or tributaries of the North Fork ("North Fork Water <br />Rights Lease") will assist the State of Colorado to comply with the Republican River Compact <br />and will reduce the amount that will need to be pumped from Compact Compliance Wells for the <br />Republican River Compact Compliance Pipeline during the 20-year term of the lease and will <br />APPENDIX 3 <br />