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RESOLUTION OF THE GOVERNING BODY OF THE <br />MANCOS WATER CONSERVANCY DISTRICT <br />WATER ACTIVITY ENTERPRISE <br />Concerning a loan in the amount of $62,500 from the State of Colorado water Conservation Board <br />(STATE), for the purpose of rehabilitating a portion of the inlet canal to the Jackson Gulch Reservoir, the <br />following resolutions were adopted by the Governing Body of the Mancos Water Conservancy District <br />Water Activity Enterprise (ENTER mE), at their meeting held December 10, 1996, at Mancos, Colorado. <br />The Governing Body hereby charge that these resolutions be irrepealable during the life of the loan and <br />hereby authorizes the following: <br />a. RESOLVED, the ENTm RmE to enter into a contract with the Colorado Water Conservation <br />Board for a loan in the amount of $62,500, and to comply with all the terms of the Loan Contract <br />#C153746 (CoNTRACT), and <br />b. RESOLVED, the ENmpra E to obtain a certificate of deposit in the amount of one annual <br />loan payment ($4,397.57) to serve aisecuri loan, and to execute an assignment of <br />certificate of deposit to the STATE, and <br />c. RESOLVED, the ENTEx Rm to d t service fund by making an annual <br />deposit equivalent to one -tenth of an arm f ar for 10 years and to replenish that <br />fund anytime it is depleted, and <br />d. RESOLVED, the EmERPmE to place water revenues received from the Mancos Water <br />Conservancy District (Drsnucr) in an amount sufficient to make annual payments and annual <br />deposits to the reserve debt service fund in a special account separate and apart from other <br />ENTE msE or Dmnucr revenues, and <br />e. RESOLVED, the ENT mmmE to make annual payments in accordance with the Promissory <br />Note Provisions of the ComRAcr, and to make annual deposits to a debt service reserve fund in <br />accordance with the Pledge of Revenues Provisions of the CoNTRAcr, and <br />f. RESOLVED, the ENTER w n to execute a Security Agreement to secure the revenues pledged <br />to pay the STATE. <br />Dated this 10th day of December 1996. <br />Mancos Water Conservancy District <br />Water Activity Enterprise <br />-1 <br />By cm <br />Thomas K. Colbert, President <br />ATTEST: <br />By Yd <br />Noland exander, Secretary <br />Appendix A to Contract #C 153746 <br />