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Improvements, including, without limitation, all legal and administrative expenses of the <br /> Authority. <br /> "Resolution" means this Resolution which authorizes the execution of the Loan Contracts <br /> and the issuance of the Promissory Notes, including any amendments properly made hereto. <br /> "Payment Date" means the date established pursuant to the applicable Loan Contract for <br /> the annual payment of the principal of and interest on the related Promissory Note, as set forth <br /> therein. <br /> "Project" means, with respect to each Loan Contract, the project defined as the "Project" <br /> in such Loan Contract. <br /> "Project Costs" means, with respect to any Project Account establish in connection with <br /> a Loan Contract, the Authority's costs properly attributable to the Project described in such Loan <br /> Contract and permissible as "Eligible Expenses" as set forth in provision B(2) of such Loan <br /> Contract. <br /> "Promissory Note" means, in connection with a Loan Contract, the Promissory Note <br /> evidencing the Authority's repayment obligation from the date of substantial completion of the <br /> Project(as described in such Loan Contract), as set forth in Appendix 2 to such Loan Contract. <br /> "Promissory Notes" means, collectively, the Promissory Notes executed in connection <br /> with the Loan Contracts. <br /> "Required Reserve Amount"means, with respect to each Loan Contract, the amount equal <br /> to an annual loan payment thereon, as shown in the Promissory Note relating thereto. <br /> "Reserve Account" means a special account of the Authority designated as the "2014 <br /> CWCB Note Reserve Account," created by this Resolution for the purpose of paying, if <br /> necessary,the principal of and interest on the Promissory Notes. <br /> "State" means the State of Colorado. <br /> "Supplemental Public Securities Act"means Part 2 of Article 57 of Title 11, C.R.S. <br /> "Water Activity Law" means Title 37, Article 45.1, C.R.S. <br /> Section 2. Approval of Loan Contracts and Authorization of Promissory Notes. <br /> Pursuant to and in accordance with the State Constitution and the Enabling Law, there is hereby <br /> authorized and approved the execution of the Loan Contracts, and the Security Agreements <br /> attached thereto, in substantially the form submitted to the Board, subject to Section 9 hereof. <br /> There shall be issued by the Authority the Promissory Notes, in substantially the form submitted <br /> to the Board, subject to Section 9 hereof, in the aggregate principal amount not to exceed <br /> $8,999,100, for the purpose of paying the Project Costs and other costs in connection with the <br /> Promissory Notes. All covenants, statements, representations and agreements contained in the <br /> Loan Contracts and the Promissory Notes are hereby approved and adopted as the covenants, <br /> 5 <br /> 4831-0427-7019.3 <br />