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• <br /> proposed to be entered into among the Authority, the Members and the Timnath <br /> Development Authority; and <br /> WHEREAS, the Authority's repayment obligations under each of the Loan Contracts will <br /> be evidenced by a Promissory Note (collectively referred to herein as the "Promissory Notes") to <br /> be issued by the Authority to the CWCB, each of which Note shall constitute a special revenue <br /> obligation of the Authority which is to be paid from Net Revenues (defined herein), and the <br /> Promissory Notes shall be secured by such Net Revenues on a parity with each other; and <br /> WHEREAS, in accordance with the Authority IGA, the aggregate principal amount of the <br /> loans evidenced by the Loan Contracts do not exceed $9,000,000, the terms thereof do not <br /> exceed 15 years, and the interest rates thereon do not exceed 2.75%APR: and <br /> WHEREAS, after consideration, the Board has determined that the execution of the Loan <br /> Contracts and the issuance of the Promissory Notes to the CWCB is in furtherance of the Plan <br /> and in the best interests of the Authority and the inhabitants of the Members; and <br /> WHEREAS, voter approval in advance is not required under Article X, Section 20 of the <br /> Colorado Constitution or any other law for the execution of the Loan Contracts or the issuance of <br /> the Promissory Notes by the Authority; and <br /> WHEREAS, the Authority has no outstanding multi-year fiscal obligations which are <br /> secured by the Net Revenue; and <br /> WHEREAS, the form of the Loan Contracts and related appendices have been reviewed <br /> by the Authority staff and its counsel; and <br /> WHEREAS, the Authority desires to authorize the execution of the Loan Contracts, the <br /> issuance and delivery of the Promissory Notes, and the execution of any additional <br /> documentation which may be related to the financing, including any Security Agreement <br /> required by such Loan Contracts, provided that such authorization shall be contingent upon (i) <br /> the approval by the City and execution by all Members of the First Amendment to Authority <br /> IGA, and(ii) execution of the County Road 52 IGA by all parties thereto; therefore, <br /> NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF <br /> THE BOXELDER BASIN REGIONAL STORMWATER AUTHORITY AS FOLLOWS: <br /> Section 1. Definitions. The following terms shall have the following meanings as used <br /> in this Ordinance: <br /> "Board" means the Board of Directors of the Authority, the governing body of the <br /> Authority. <br /> "C.R.S." means the Colorado Revised Statutes, as amended and supplemented as of the <br /> date hereof. <br /> "CWCB" means the Department of Natural Resources, Colorado Water Conservation <br /> Board, an executive branch agency of the State. <br /> 3 <br /> 4831-0427-7019.3 <br />