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WHEREAS, the Board finds and determines that it is in the best interest of the <br /> District to finance a portion of the costs of a water resource project (the "Project"); and <br /> WHEREAS,the District has made application to the State of Colorado's Department <br /> of Natural Resources, Colorado Water Conservation Board (the "CWCB") for a loan to finance the <br /> Project; and <br /> WHEREAS,the CWCB has approved a total loan amount of$9,926,280 for payment <br /> of the costs of the Project, such loan amount to be evidenced and documented through the execution <br /> of four separate loan contracts between the District and the CWCB, and the Board has determined <br /> and hereby determines that such loans are necessary and advisable, and in the best interests of the <br /> District and its customers; and <br /> WHEREAS, this resolution (the "Loan Resolution") shall authorize the District to <br /> enter into one of such loan contracts designated Contract No. C150411C (the "Loan Contract") for a <br /> loan in the aggregate principal amount of$1,427,130 (the "Loan"); and <br /> WHEREAS, the repayment obligations under the Loan Contract shall be <br /> evidenced by a promissory note(the "Note")to be issued by the District to CWCB, and the District <br /> will also execute and deliver to the CWCB that certain Security Agreement (the "Security <br /> Agreement") in substantially the form set forth in the Loan Contract; and <br /> WHEREAS, the District's obligations under the Loan Contract, the Note, and the <br /> Security Agreement(collectively referred to herein as the "Financing Documents") shall constitute a <br /> limited obligation of the District payable solely from the"Net Revenue" (as defined herein), and shall <br /> not constitute a debt or indebtedness of the District; and <br /> WHEREAS,the forms of the Financing Documents are on file with the Secretary; <br /> and <br /> WHEREAS,the Board desires to approve the form of the Financing Documents and <br /> other documents referenced therein, and authorize the execution and delivery of the same; and <br /> WHEREAS, none of the members of the Board have any financial interest or other <br /> potential conflicting interests in connection with the authorization or execution of the Financing <br /> Documents, or the use of the proceeds of the Loan; <br /> NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS <br /> OF THE DENVER SOUTHEAST SUBURBAN WATER AND SANITATION DISTRICT, <br /> ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE: <br /> Section 1. Approvals, Authorizations, and Amendments. <br /> (a) The forms of the Financing Documents as are on file with the Secretary are <br /> hereby approved, and any member of the Board is hereby authorized and directed to execute the <br /> Financing Documents in substantially the forms as are on file with the Secretary,with such changes <br /> - 2 - <br />