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<br /> THE PURPOSE OF PAYING, REIMBURSING OR FINANCING ALL OR ANY PART OF
<br /> THE COSTS OF ACQUIRING, CONSTRUCTING, RELOCATING, INSTALLING,
<br /> COMPLETING AND OTHERWISE PROVIDING, WITHIN OR WITHOUT THE
<br /> BOUNDARIES OF THE DISTRICT, THE EXTENSION AND IMPROVEMENT OF THE
<br /> EXISTING POTABLE AND NON-POTABLE WATER SUPPLY, STORAGE,
<br /> TRANSMISSION AND DISTRIBUTION SYSTEM OF THE DISTRICT, INCLUDING
<br /> TRANSMISSION LINES, DISTRIBUTION MAINS AND LATERALS, IRRIGATION
<br /> SYSTEMS AND PUMPING FACILITIES, WELLS, WATER TREATMENT, HYDRANTS,
<br /> WATER RIGHTS AND STORAGE FACILITIES, AND OTHER APPURTENANT
<br /> IMPROVEMENTS, PAYABLE IN WHOLE OR IN PART FROM THE TAXES DESCRIBED
<br /> ABOVE, SUCH BONDS TO BEAR INTEREST AT A MAXIMUM NET EFFECTIVE
<br /> INTEREST RATE NOT TO EXCEED TEN PERCENT (10%) PER ANNUM AND WITH A
<br /> MATURITY DATE NOT TO EXCEED 30 YEARS FROM THE DATE OF ISSUANCE,
<br /> SUCH BONDS TO BE ISSUED, DATED AND SOLD AT SUCH TIME OR TIMES AND IN
<br /> SUCH MANNER AND TO CONTAIN SUCH TERMS, NOT INCONSISTENT HEREWITH,
<br /> AS THE BOARD OF DIRECTORS MAY DETERMINE, WHICH AUTHORIZATION SHALL
<br /> INCLUDE AUTHORIZATION TO REFUND SUCH BONDS OR OBLIGATIONS AND ANY
<br /> REFUNDING BONDS OR OBLIGATIONS WITHOUT ADDITIONAL VOTER APPROVAL
<br /> AND IN CONNECTION THEREWITH SHALL THE PROCEEDS OF SUCH BONDS AND
<br /> • REFUNDING BONDS AND THE REVENUES PLEDGED AS SECURITY THEREFOR AND
<br /> ANY EARNINGS FROM THE INVESTMENT OF SUCH PROCEEDS AND REVENUES BE
<br /> COLLECTED AND SPENT WITHOUT LIMITATION OR CONDITION, AND WITHOUT
<br /> LIMITING THE COLLECTION OR SPENDING OR ANY OTHER REVENUES OR FUNDS
<br /> BY THE DISTRICT, UNDER ART ' a X, SECTION 20 OF THE COLORADO
<br /> CONSTITUTION OR ANY OTHER L• tir d fr/
<br /> WHEREAS, the District has previously issued its General Obligation Bonds,
<br /> Series 2006A and General Obligation Bonds, Series 2008, utilizing $6,000,000 and $790,000 of
<br /> the voter authorization approved at the election, leaving authorized but unissued bonding
<br /> capacity of$13,210,000; and
<br /> WHEREAS, the Board has determined that in order to finance the Project, it is
<br /> necessary and advisable and in the best interests of the District to enter into four separate loan
<br /> agreements (collectively, the "Loan Agreements") and four separate security agreements
<br /> (collectively, the "Security Agreements") with the Colorado Water Conservation Board
<br /> ("CWCB"), a body corporate and political subdivision of the State of Colorado, pursuant to
<br /> which the CWCB will loan the District the following amounts, for the following purposes: (a)
<br /> Contract No. C150409A, in an amount that will not exceed $1,845,270, for the District's sha re of
<br /> the price of a portion of the East Cherry Creek Valley Water and Sanitation District's Western
<br /> Pipeline (the "ECCV Pipeline"), to be purchased by the WISE Authority; (b) Contract No.
<br /> C150409B, in an amount that will not exceed $1,181,700, for the District's share of the cost of
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