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RESOLUTION OF THE BOARD OF DIRECTORS OF THE <br />WELL AUGMENTATION SUBDISTRICT OF THE <br />CENTRAL COLORADO WATER CONSERVANCY DISTRICT <br />WHEREAS, the Well Augmentation Subdistrict of the Centrai Colorado Water <br />Conservancy District in Weld, Adams and Morgan Counties, Colorado (the °Subdistrict°), <br />is a quasi-municipal corporation and political subdivision of the State of Colorado (the <br />"State"), acting pursuant to the provisions of Article 45 of Title 37, C.R.S. (the "Water <br />Conservancy Act"), and established for the purpose of providing the beneficial use of <br />water, conservation of water and construction of works within the Subdistrict; and <br />WHEREAS, Subdistrict was authorized, pursuant to a regular election of the qualified <br />electors of the Subdistrict, duly called and held November 2, 2004, to incur indebtedness <br />in the aggregate of $39,000,000 and to authorize a mil! levy not to exceed 9 mills, for the <br />purchase of water rights and the construction of water storage facilities; and <br />WHEREAS, the Board of Directors of the Subdistrict (the "Board") resolved to seek a <br />loan from the Colorado Water Conservation Board (the "CWCB Loan") in a principal <br />amount not to exceed $20,200,000. <br />THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE WELL <br />AUGMENTATION SUBDISTRICT OF THE CENTRAL COLORADO WATER <br />CONSERVANCY DISTRICT IN THE COUNTIES OF WELD, ADAMS AND MORGAN, <br />AND THE STATE OF COLORADO: <br />2 <br />3. <br />The Board hereby authorizes and directs the Board's President, James Reasoner, <br />and Board's Secretary, Thomas V. Cech, to execute and deliver on behalf of the <br />Subdistrict a Loan Contract, Promissory Note, and Security Agreement and such <br />other documents referenced in the loan commitment to obtain the CWCB Loan. <br />This resolution was authorized by all of the members of the Board at its regular <br />meeting held on June 21, 2005, and will remain in effect until closing of the CWCB <br />loan. <br />This Resolution shall take effect immediately upon its passage. ADOPTED AND <br />APPROVED this 21st day of June, 2005. <br />�„�,�, <br />. ,. <br />4 � ' . <br />�. <br />.;'� '� � �^� , ) . <br />1 <br />�S��L� �. <br />{-; <br />'<, �<_p- -,� <br />�; AtTTE�T: <br />�� <br />,; ,.,, <br />;"; ' <br />By �,� v�� c� <br />Thomas V. Cech, Secretary <br />WELL AUGMENTATION SUBDISTRICT <br />OF THE CENTRAL COLORADO WATER <br />CONSERVANCY DISTRICT IN WELD, <br />ADAMS AND MORGAN COUNTIES <br />By <br />mes Reasoner, President <br />Appendix 3 to Loan Coniract C150194 <br />