Laserfiche WebLink
WHEREAS, the Board of Directors of the District (the "Board") finds and <br />determines that it is in the best interest of the District to finance a portion of the water rights and <br />rights to water for which the debt was approved by the 2008 Election (the "Project"); and <br />WI3EREAS, the District has made application to the Colorado Water Conservation <br />Board (the "CWCB") for a loan to finance a portion of the cost of the Project; and <br />WI3EREAS, the District has determined that in order to finance aIi or a portion <br />of the cost of the Project, it is necessary and advisable and in the best interests of the District for <br />the District to enter into a loan contract (the "Loan Contract") with the CWCB, pursuant to <br />which CWCB shall loan the District a maximum amount of $9,595,000 (the "Loan") for such <br />purposes; and <br />WHEREAS, the repayment obligations under the Loan Contract shall be <br />evidenced by a general obligation promissory note (the "Note") to be issued by the District to <br />CWCB, and by a security agreement (the "Security Ageement") in the forms set forth in the <br />Loan Contract; and <br />WHEREAS, the District's repayment obligations under the Loan Contract, the <br />Security Agreement, and the Note (collectively referred to herein as the "Financing Documents") <br />shall constitute general obligations of the District for the payment of which the District pledges its <br />full faith and credit; and <br />WHEREAS, the forms of the Financing Documents are on file with the <br />Secretary; and <br />WI3EREAS, the Board desires to approve the form of the Financing Documents <br />and other documents referenced therein; and <br />WHEREAS, none of the members of the Board have any financial interest or other <br />potential conflicting interests in connection with the authorization or execution of the Financing <br />Documents, or the use of the proceeds thereof. <br />NOW, TI3EREFORE, BE IT RESOLVED BY THE BOARD OF <br />DIRECTORS OF THE YUMA COUNTY WATER AUTHORITY PUBLIC <br />IMPROVEMENT DISTRICT: <br />Section 1. Auprovals, Authorizations, and Amendments. <br />(a) The forms of the Financing Documents as are on file with the Secretary <br />are hereby approved, and the presiding officer of the District (the "President") and the Secretary are <br />hereby authorized and directed to execute the Financing Documents in substantially the forms as are <br />on file with the Secretary, with such changes as are not inconsistent herewith, and to authenticate <br />and affix the seal of the District thereto. <br />(b) The President and the Secretary are further hereby authorized and directed to <br />execute and authenticate such other documents, instruments, or certificates as are deemed necessary <br />-5- <br />