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NOW, THEREFORE, THE BOARD OF THE DISTRICT AND OF THE ENTERPRISE <br />RESOLVE AS FOLLOWS: <br />1. Attached hereto as Exhibit 1 is a copy of a contract between CWCB and the District <br />and the Enterprise, identified as Loan Contract No. C 150026, relating to the loan of $7,000,000.00 <br />to the Enterprise for the Project (the "Project Contract "). Attached to the Project Contract are forms <br />of a Promissory Note (the "Promissory Note ") and a Security Agreement (the "Security <br />Agreement "). The Project Contract, the Promissory Note and the Security Agreement may hereafter <br />be collectively referred to as the "Project Loan Documents ". <br />2. The Board hereby authorizes the District and the Enterprise to enter into the Project <br />Contract, and authorizes the President and the Secretary of the Board to execute the Project Contract <br />on behalf of the District and the Enterprise. The Board further authorizes the Enterprise to enter into <br />the Promissory Note and Security Agreement, and authorizes the President and the Secretary of the <br />Board to execute such documents on behalf of the Enterprise. <br />3. Once the Project Loan Documents are executed by the President and Secretary of the <br />Board, the officers and employees of the District and Enterprise shall be authorized to and are <br />directed to take all actions required of and to comply with and perform all obligations of the District <br />and the Enterprise, as set forth in the Project Loan Documents. <br />4. During the term of the loan evidence4 byft, ect Loan Documents, the Enterprise <br />is further authorized to: a <br />A. Establish and collect water u�mebpr , rates and fees in amounts sufficient <br />to repay the loan evidenced and secured l palents; <br />B. Make the annual payments in accordance with the Promissory Note; <br />C. Pledge revenues from water user charges, rates and fees ( "water system <br />revenues ") to repay the loan evidenced and secured by the Project Loan Documents, and to execute <br />and deliver to CWCB the Security Agreement; and <br />D. Set aside sufficient water system revenues each year to pay the annual <br />installment due on the Promissory Note in a special account, separate and apart from other revenues <br />of the Enterprise, in accordance with the pledge of revenues provisions of the Project Contract. <br />5. The Board finds and determines, pursuant to §37- 45- 139(1), C.R.S., that the annual <br />obligation created by the loan from CWCB to the Enterprise will not require a greater annual <br />expenditure than the annual income and revenue of the District and Enterprise is estimated to permit. <br />6. The Enterprise was established by resolution of the Board of Directors of the District <br />dated September 14, 1994. After the Project Contract is fully executed by all parties to it, said <br />D:VMAMUTE\cwclrres -$7M —2— April l2, 2000 <br />