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RESOLUTION <br /> A RESOLUTION APPROVING LOANS FROM THE COLORADO <br /> WATER CONSERVATION BOARD;AUTHORIZING THE FORM <br /> AND EXECUTION OF THE LOAN CONTRACTS,PROMISSORY <br /> NOTES TO EVIDENCE SUCH LOANS, AND SECURITY <br /> AGREEMENTSINCONNECTIONTHEREWITH;AUTHORIZING <br /> THE EXECUTION AND DELIVERY OF DOCUMENTS <br /> RELATED THERETO AND PRESCRIBING OTHER DETAILS IN <br /> CONNECTION THEREWITH. <br /> WHEREAS,the Cottonwood Water and Sanitation District,acting by and through its <br /> Cottonwood Water Enterprise (the "District"), in the County of Douglas and State of Colorado, is <br /> duly organized and existing under the Constitution and the laws of the State of Colorado; and <br /> WHEREAS, the Cottonwood Water Enterprise was duly authorized to operate by the <br /> Board of Directors("the Board")of the District pursuant to a Resolution Continuing the Operation <br /> Of a Water Activity Enterprise of the Cottonwood Water and Sanitation District dated November 19, <br /> 1996; and <br /> WHEREAS, the Board has been duly elected, appointed, and qualified; and <br /> WHEREAS, the Board in its enterprise capacity has the authority to issue notes or <br /> other obligations payable from the revenues derived or to be derived from the function, service, <br /> benefits, or facility or the combined functions, services, benefits, or facilities of the enterprise or <br /> from any other available funds of the enterprise pursuant to C.R.S. §37-45.1-105(2); 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 public <br /> interest and necessity demand and require that the District participate in the Water Infrastructure and <br /> Supply Efficiency Authority("WISE Authority")project,which participation will include sharing in <br /> the costs with other WISE Authority members of the acquisition and construction of certain water <br /> infrastructure, as further detailed herein(the "Project"); and <br /> WHEREAS, the cost of the Project to the District is estimated at $4,960,000 <br /> including design, engineering, legal, financing and administrative costs relating thereto, and any <br /> other costs incidental thereto; and <br /> APPENDIX 3 <br /> Q-7r 7,e, <br />