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RESOLUTION NO. PID 11-26-08 A A RESOLUTION OF THE YUMA COUNTY WATER AUTHORITY PUBLIC IMPROVEMENT DISTRICT AUTHORIZING A LOAN FROM THE COLORADO WATER CONSERVATION BOARD IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $9,595,000 FOR THE PURPOSE OF PAYING PART OF THE COSTS OF ACQUIRING CERTAIN WATER RIGHTS AND RIGHTS TO WATER; AUTHORIZING THE FORM AND EXECUTION OF THE LOAN CONTRACT, A SECURITY AGREEMENT, AND A GENERAL OBLIGATION PROMISSORY NOTE TO EVIDENCE SUCH LOAN; DELEGATING TO CERTAIN AUTHORIZED OFFICERS THE AUTHORITY TO DETERMINE CERTAIN FINANCIAL MATTERS PERTAINING TO THE LOAN; AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS RELATED THERETO; AND PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH WHEREAS, the Yuma County Water Authority Public Improvement District (the "District"), is a public or quasi-municipal subdivision of the State of Colorado and a body corporate, duly organized and operating under the constitution and laws of the State, including particularly Title 30, Article 20, Part 5, C.R.S.; and WHEREAS, the District is authorized by Title 30, Article 20, Part 5, C.R.S., to borrow money and incur general obligation indebtedness and evidence ihe same by bonds, certificates, warrants, notes, and debentures; and WHEREAS, at an election of the qualified electors of the District, duly called and held on Tuesday, November 4, 2008 (the "2008 Election"), in accordance with law and pursuant to due notice, a majority of those qualified to vote and voting at the 2008 Election voted in favor of, inter alia, the issuance of general obligation indebtedness and the imposition of taxes for the payment thereof, for the purpose of providing certain improvements and facilities, the question relating thereto being as follows: QUESTION 1- YUMA COUNTY PID WATER BOND: SHALL YUMA COUNTY WATER AUTHORITY PUBLIC IMPROVEMENT DISTRICT DEBT BE INCREASED $15,375,000, WITH A REPAYMENT COST OF $27,980,450; AND SHALL YUMA COL7NTY WATER AUTHORITY PUBLIC IMPROVEMENT DISTRICT TAXES BE INCREASED $1,398,650 ANNUALLY, OR BY SUCH LESSER ANNUAL AMOUNT AS MAY BE NECESSARY TO PAY THE DISTRICT'S DEBT: • SUCH DEBT TO CONSIST OF GENERAL OBLIGATION BONDS OR OTHER OBLIGATIONS, INCLUDING CONTRACTS, ISSUED OR 1NCUR.RED FOR THE PURPOSE OF PAYING, REIMBURSING, OR -3-