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RESOLUTION <br /> A RESOLUTION APPROVING LOANS FROM THE <br /> COLORADO WATER CONSERVATION BOARD; <br /> AUTHORIZING THE FORM AND EXECUTION OF THE <br /> LOAN AGREEMENTS, PROMISSORY NOTES TO EVIDENCE <br /> SUCH LOANS, AND SECURITY AGREEMENTS; <br /> AUTHORIZING THE EXECUTION AND DELIVERY OF <br /> DOCUMENTS RELATED THERETO; AND PRESCRIBING <br /> OTHER DETAILS IN CONNECTION THEREWITH. <br /> WHEREAS, the Inverness Water and Sanitation District (the "District"), in the <br /> Counties of Arapahoe and Douglas and in the State of Colorado, is duly organized and existing <br /> under the Constitution and the laws of the State of Colorado; and <br /> WHEREAS, the members of the Board of Directors of the District (the "Board") <br /> have been duly elected, chosen and qualified; and <br /> WHEREAS, the Board has heretofore determined that in order for the District to <br /> reduce its dependence on non-renewable water sources, the interests of the District and the <br /> public interest and necessity demand and require that the District participate in the Water <br /> Infrastructure and Supply Efficiency Authority ("WISE Authority") project, which participation <br /> will include sharing in the costs with other WISE Authority members of the acquisition and <br /> construction of certain water infrastructure, as further detailed herein (the "Project"); and <br /> WHEREAS, the cost of the Project to the District are estimated at $5,454,000, <br /> including design, engineering, legal, financing and administrative costs relating thereto, and any <br /> other costs incidental thereto; and <br /> WHEREAS, at the regular election held November 1, 2005, a majority of those <br /> voting approved the proposition of creating general obligation indebtedness to finance the <br /> Project as set forth in the following questions: <br /> SHALL INVERNESS WATER AND SANITATION DISTRICT, ARAPAHOE AND <br /> DOUGLAS COUNTIES, COLORADO AD VALOREM PROPERTY TAXES BE <br /> INCREASED $3,300,000 ANNUALLY AND SHALL THE DISTRICT BE AUTHORIZED TO <br /> LEVY AN AD VALOREM PROPERTY TAX AT A RATE SUFFICIENT TO PRODUCE <br /> THIS INCREASE COMMENCING WITH "1'AXE" PAYABLE IN 2V,6 Hs" TT ER AFTI R <br /> TO PAY DISTRICT DEBT AND SHALL DISTRICT DEBT BE INCREASED IN AN <br /> AMOUNT NOT TO EXCEED $20,000,000 WITH A REPAYMENT COST NOT TO EXCEED <br /> $99,000,000 BY THE ISSUANCE OF ITS GENERAL OBLIGATION BONDS OR OTHER <br /> MULTIPLE-FISCAL YEAR OBLIGATIONS, INCLUDING DISTRICT CONTRACTS, FOR <br /> APPENDIX 3 <br />