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3. Subject to final approval and adoption of the necessary supplemental budget and appropriation, the <br />President and Secretary of the Board of SNMD are authorized to take the necessary actions to complete the <br />transaction with BMDC including, without limitation, tendering the necessary cash and promissory note in <br />exchange for clear title to the water rights and related assets. <br />4. The President and Secretary of the Board of SNMD are authorized to take all actions necessary to <br />investigate the SNMD's eligibility for loan funds from the state Water Project Loan Program or any other <br />program and submit an application for those funds to pay any portion of the Settlement Amount. <br />5. If the additional revenues, or a portion thereof, are received from the Villas at Swan's Nest Homeowners <br />Association or individual customers of the SNMD, the SNMD will issue unsecured promissory notes for these <br />loans which will be for 5 years at 8 per cent per annum with annual payments of principal and interest to <br />be made from monthly service fee revenue collected by SNM�. <br />6. If the additional revenues, or any portion thereof, are received from the Tiger Run RV Park Homeowners <br />Association, the SNMD will apply that payment toward an equitable plant investment fee (for water rights and <br />general infrastructure) attributable to the Tiger Run RV Park. If the Tiger Run RV Park Homeowners Association <br />does not provide any additional revenues or if the revenues it provides are not sufficient to fully cover such <br />equitable plant investment fee, then that plant investment fee (or any remaining portion thereof) will be <br />collected at the time the Tiger Run RV Park includes into the SNMD, at the time the current water lease <br />agreement between SNMD and the Tiger Run RV Park terminates or expires and/or a new out-of-district service <br />contract is negotiated, or at such other time as the Board of Directors of the SNMD deems appropriate. Any <br />amounts paid by the Tiger Run RV Park Homeowners Association toward its plant investment fee will be for the <br />benefit of the current in-district properties of the SNMD and may be reflected, as appropriate, in the form of <br />reduced water service fees, reduced tax mill levies, or any other such action so considered by the Board of <br />Directors of the SNMD. <br />ADOPTED, this 7 d <br />Attest: <br />, 2010 by a vote 5 for 0 against <br />President SNMD <br />