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Resolution of the Board of Directors of the Center of Colorado Water Conservancy Districfi The Board of Directors of the Center of Colorado Water Conservancy District (CCWCD), afi a public meeting conducted on January 7, 2009, adopts the following resolution: WHEREAS, CCWCD submitted to the eligible electors at the November 4, 2008 general election Refer�r�dum 5A whict� requ�sted tt�at CCWCD be authorized, withaut raising taxes, to borrow up to $500,000.00 for the purposes of paying for the construction costs of the James Tingle Reservoir project. Referendum 5A was approved by the eligible voters at the November 4, 2008 election. WHEREAS, the Colorado Water Conservation Board (CWCB) approved CCWCD's request for a loan for the construction of the James Tingle Reservoir at the CW�B's meeting of November 19, 2008 (the "Loan°). The terms of the Loan approved by the CWCB were as follows: $450,000.00 principal, plus the 1% loan service fee of $4,500.00 for a total loan amount of $454,500.00, with interest at the rate of 3.5% per annum, payable in 10 annuat installments of principal and interest of $54,649.70. WHEREAS, the Loan with the CWCB will be memorialized in certain loan documents, including a"Loan Contract", a Promissory Note and a Security Agreement (the "Loan Documents"). WHEREAS, CCWCD receives ad valorem tax revenues from its 1.0 mil tax assessment on all taxable real property in Park County (hereafter "CCWCD's General Fund Revenue") and the collateral for the Loan will be a pledge of that portion of CCWCD's General Fund Revenue necessary to pay the annual Loan payment to the CWCB as set forth in the Loan Contract. Be it resolved by unanimous approval of the Board of Directors of CCWCD that: 1. Approval of Loan terms. The terms of the Loan to CCWCD from the CWCB, as stated in the Loan Contract, Promissory Note and Security Agreement, �are approved. 2. Pledqe of Revenues to CWCB as collateral. The sum of $54,649.70 of CCWCD's annual General Fund Revenues are pledged to the CWCB as collateral for the repayment of the Loan in accordance with the terms established in the Loan Contract and the Loan Documents (the °Pledged RevenuesH). The Pledged Revenues are pledged to the CWCB as collateral for the term of the Loan. CCWCD shall segregate each year into a separate Loan repayment account the Pledged Revenues and the Pledged Revenues shall be used only for repayment of the Loan and no other purposes. In addition, CCWCD shall deposit to the Loan repayment Appendix 3 to Loan Contract C150276 Page 1