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reduce pumping costs and prolong the life of the regional aquifer where the Compact <br />Compliance Wells will pump; and <br />WHEREAS, the Enterprise applied for a$4.545 million loan from the Colorado Water <br />Conservation Board ("CWCB") to help finance the lease payment for the North Fork Water <br />Rights Lease; and <br />WHEREAS, the following actions are necessary to obtain a secured loan from the CWCB <br />in the amount of $4,545,000, or such actual amount, more or less, as may be needed by the <br />District and available from the CWCB, including the CWCB loan origination fee of 1% of the <br />loan amount, for the purpose of entering into the North Fork Water Rights Lease. <br />RESOLUTION <br />NOW, THEREFORE, be it resolved by the Board of Directors of the District, acting as <br />the Governing Body of the Enterprise, that: <br />1. The Enterprise is hereby authorized to enter into and comply with the terms of a <br />contract with the CWCB for a loan in the amount of $4,545,000, or such actual amount, more or <br />less, as needed to finance the lease payment for the North Fork Water Rights Lease, including <br />the CWCB loan origination fee of 1%("Loan Contract"), and, in accordance with By-Laws of <br />the Enterprise, the President of the Board of Directors is hereby authorized to sign said Loan <br />Contract on behalf of the Enterprise; <br />2. The Board shall impose and collect use fees on the diversion of water within the <br />District in an amount sufficient to pay the annual amounts due under the Loan Contract and to <br />pledge use fee revenues and the Enterprise's right to receive said revenues for repayment of the <br />loan; <br />2 <br />