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RESOLUTION OF THE <br /> BELLYACHE RIDGE WATER ENTERPRISE <br /> OF THE BELLYACHE RIDGE METROPOLITAN DISTRICT <br /> A RESOLUTION APPROVING THE TERMS OF A SECURED LOAN FROM <br /> THE STATE OF COLORADO WATER CONSERVATION BOARD TO THE <br /> BELLYACHE RIDGE WATER ENTERPRISE FOR A WELL REPLACEMENT <br /> PROJECT, AND AUTHORIZING THE EXECUTION OF DOCUMENTS <br /> NECESSARY TO ACCOMPLISH SAME. <br /> WHEREAS, the Bellyache Ridge Metropolitan District ("District") is a Colorado metropolitan <br /> district with all powers attributable thereto; and <br /> WHEREAS, the District has established its Bellyache Ridge Water Enterprise ("Enterprise") <br /> pursuant to C.R.S. 37-45.1-101 (et. seq.); and <br /> WHEREAS, in order to facilitate the Well Replacement Project ("Project") the District, acting <br /> by and through its Enterprise, has applied for and been approved for a loan in the amount of <br /> $169,175 from the Colorado Water Conservation Board ("CWCB"); and <br /> WHEREAS, the Board of Directors of the District, acting as the governing body of the <br /> Enterprise, has reviewed the loan documentation and desires to approve the loan and authorize <br /> the Enterprise to enter into the loan transaction. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE <br /> BELLYACHE RIDGE METROPOLITAN DISTRICT, ACTING AS THE GOVERNING <br /> BODY OF THE BELLYACHE RIDGE WATER ENTERPRISE: <br /> 1. The Enterprise is authorized to enter into and comply with the terms of a contract <br /> with the CWCB for a loan in the amount of$169,175, or such actual amount, more or less, as <br /> needed to finance the Project, including a CWCB loan origination fee of 1% ("Loan Contract"). <br /> 2. The Enterprise is authorized and directed to impose and collect water activity <br /> enterprise revenues in an amount sufficient to pay the annual amounts due under the Loan <br /> Contract, and to pledge said revenues and the Enterprise's right to receive said revenues for <br /> repayment of the loan approved herein. <br /> 3. The Enterprise shall place said pledged revenues in a special account separate and <br /> apart from other Enterprise revenues. <br /> 4. The Enterprise is to make the annual payments required by the Loan Contract and <br /> related Promissory Note, and to make annual deposits to a debt service reserve fund as required <br /> by the Loan Contract. <br /> 5. The Enterprise is authorized to pledge its revenues, backed by CWCB's <br /> customary rate covenant and annual financial reporting, as collateral for the loan and to execute <br /> DN 954968.1 <br />