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meaning of Article X, Section 20 of the Constitution of the State of Colorado ("TABOR") and
<br /> the Water Activity Enterprise Law, Part 1 of Article 45.1, Title 37, C.R.S.; and
<br /> WHEREAS, in accordance with an Intergovernmental Agreement (Regarding Cost
<br /> Sharing for Boxelder Basin Stormwater Mitigation Improvements) dated November 15, 2012
<br /> (the "TDA IGA"), between the Authority and the Timnath Development Authority, an urban
<br /> renewal authority established pursuant to Title 31, Article 25, Part 1 of C.R.S. (the "TDA"), the
<br /> TDA has agreed to pay to the Authority 25% of the Authority's actual costs (including costs of
<br /> construction) incurred in connection with the Larimer and Weld Canal Crossing Project and the
<br /> East Side Detention Facility Project(both as defined herein), as more particularly provided in the
<br /> TDA IGA, which amounts the Authority has determined do not constitute grants from a local
<br /> government within the meaning of TABOR or the Water Activity Enterprise Law; and
<br /> WHEREAS, the Authority is authorized pursuant to the Section 29-1-204.2, C.R.S. and
<br /> the Water Activity Law issue bonds, notes, or other obligations payable from the revenues
<br /> derived or to be derived from the Project Improvements and other legally available revenues of
<br /> the Authority; and
<br /> WHEREAS, the Authority has determined, for the benefit of the Authority and the
<br /> inhabitants of the Members, that it is necessary to provide for the Project Improvements
<br /> identified in the following recital; and
<br /> WHEREAS, the Board of Directors of the Authority (the "Board") has received the
<br /> following from the Colorado Water Conservation Board, an agency of the State (each referred to
<br /> as a"Loan Contract" and, collectively, as the "Loan Contracts"):
<br /> (i) Loan Contract (identified as Loan Contract C150352), for a loan in an
<br /> amount up to $1,010,000, at an interest rate of 2.75%per annum, for a repayment term of
<br /> 15 years, for the purpose of funding, generally, a structure designed to convey water from
<br /> Boxelder Creek across the Larimer-Weld Canal (as more particularly described as the
<br /> Project in such contract, referred to herein as the "Larimer and Weld Canal Crossing
<br /> Structure Project"); and
<br /> (ii) Loan Contract (identified as Loan Contract C150353), for a loan in an
<br /> amount up to $7,171,000, at an interest rate of 2.75%per annum, for a repayment term of
<br /> 15 years, for the purpose of funding, generally, a storm water detention facility (as more
<br /> particularly described as the Project in such contract, referred to herein as the "East Side
<br /> Detention Facility Project"); and
<br /> (iii) Loan Contract (identified as Loan Contract C150393), for a loan in an
<br /> amount up to $818,100, at an interest rate of 2.50% per annum, for a repayment term of
<br /> 15 years, for the purpose of funding, generally, improvements to County Road 52,
<br /> including the installation of drop box culverts (as more particularly described as the
<br /> Project in such contract, referred to herein as the "County Road 52 Improvements
<br /> Project"), which County Road 52 Improvements are the subject of an Intergovernmental
<br /> Agreement for the Larimer County Road 52 Project (the "County Road 52 IGA")
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<br /> 4831-0427-7019.3
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