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NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF <br /> THE COTTONWOOD WATER AND SANITATION DISTRICT ACTING BY AND THROUGH <br /> ITS COTTONWOOD WATER ENTERPRISE IN THE COUNTY OF DOUGLAS AND STATE <br /> OF COLORADO: <br /> Section 1. Approvals, Authorizations, and Amendments. The forms of the <br /> Financing Documents presented at this meeting are incorporated herein by reference and are hereby <br /> approved. The District shall enter into and perform its obligations under the Financing Documents <br /> in the forms of such documents, with such changes as are not inconsistent herewith and as are <br /> hereafter approved by the Chairman of the Board of Directors and President of the District (the <br /> "Chairman"). The Chairman and Secretary of the District (the "Secretary") are hereby authorized <br /> and directed to execute the Financing Documents and to affix the seal of the District thereto, and <br /> further to execute and authenticate such other documents or certificates as are deemed necessary or <br /> desirable in connection therewith. The Financing Documents shall be executed in substantially the <br /> forms approved at this meeting. <br /> The execution of any instrument or certificate or other document in connection with <br /> the matters referred to herein by the Chairman and Secretary or by other appropriate officers of the <br /> District, shall be conclusive evidence of the approval by the District of such instrument. <br /> Section 2. Election to Apply Supplemental Act. Section 11-57-204 of the <br /> Supplemental Public Securities Act, constituting Title 11, Article 57, Part 2, C.R.S. (the <br /> "Supplemental Act") provides that a public entity, including the District, may elect in an act of <br /> issuance to apply all or any of the provisions of the Supplemental Act. The Board hereby elects to <br /> apply all of the Supplemental Act to the Financing Documents. <br /> Section 3. Delegation. <br /> (a) Pursuant to Section 11-57-205 of the Supplemental Act, the Board hereby <br /> delegates to the Chairman or any member of the Board the authority to make the following <br /> determinations relating to and contained in the Financing Documents, subject to the restrictions <br /> contained in paragraph (b) of this Section 3: <br /> (i) The interest rate on the Loans; <br /> (ii) The principal amount of the Loans; <br /> 3 <br />