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H. The District desires to provide adequate security to CWCB for the repayment of the <br />funds borrowed by the District from CWCB. <br />NOW, THEREFORE, THE BOARD OF THE DISTRICT RESOLVES AS FOLLOWS: <br />1. Attached hereto as Exhibit A is a copy of a contract between CWCB and the District <br />identified as Loan Contract No. C150222, relating to the loan of an amount not to exceed <br />$545,400.00 to the District for the Project (the "Loan Contract "). Attached to the Loan Contract are <br />a Project Summary and forms of a Promissory Note (the "Promissory Note ") and a Security <br />Agreement (the "Security Agreement "). The Loan Contract, the Project Summary, the Promissory <br />Note and the Security Agreement may hereafter be collectively referred to as the "Project Loan <br />Documents ". <br />2. The Board hereby authorizes the District to enter into the Loan Contract, and <br />authorizes the President and the Secretary of the Board to execute the Loan Contract on behalf of <br />the District. The Board further authorizes the District to enter into the Promissory Note and Security <br />Agreement, and authorizes the President and the Secretary of the Board to execute such documents <br />on behalf of the District. <br />3. Once the Project Loan Documents are executed by the President and Secretary of the <br />Board, the fully executed Project Loan Documents shall be delivered to CWCB. Thereafter, the <br />District shall observe and fully perform all terms, co ns a*obligations of the Project Loan <br />Documents. The officers and employees of the Dis e a d to and are directed to take <br />all actions required of the District in the Project um comply with, observe and <br />perform all obligations of the District as set fa Prime ocuments. <br />4. Pursuant to Paragraph A.8. of the lean t, the District irrevocably pledges to <br />CWCB, as collateral for securing repayment of the 'd tified in the Loan Contract, revenues <br />levied by the District for that purpose and any of n s legally available to the District, in an <br />amount sufficient to pay the annual payments due un a Loan Contract. Such pledge of revenues <br />includes all of the agreements and covenants set forth in Paragraph A.8. of the Loan Contract. <br />5. After the Loan Contract is fully executed by all parties to it, this Resolution shall be <br />irrepealable for the term of the Loan Contract. <br />6. This Resolution supercedes and replaces the Resolution (CWCB - Stokes Gulch <br />Siphon Contract) adopted by the Board of Directors of the District on June 1, 2006. <br />-2- <br />Appendix 3 to Loan Contract 0150222 <br />