CT2015-140 Contract - Laserfiche WebLink

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Page 4 D-1246-12-14 December 19, 2014 "Operation and Maintenance Expenses" means all reasonable and necessary current expenses of the Enterprise, paid or accrued, for operating, maintaining and repairing the Project, including without limitation Power Purchase Agreement charges, Lease of Power Privilege charges, legal and overhead expenses of the Enterprise directly related to the administration of the Project, insurance premiums, audits, professional services, salaries and administrative expenses, labor and the cost of materials and supplies for current operation; provided however, that there shall be excluded from Operation and Maintenance Expenses any allowance for depreciation, payments in lieu of taxes or franchise fees, expenses incurred with Capital Improvements, payments due in connection with any bonds or other obligations, and expenses that are otherwise paid from ad valorem property taxes. SECTION 3. The General Manager and Secretary of the Enterprise are each hereby authorized and directed to execute said Loan Contract, with such execution being conclusive evidence of their respective approval of and agreement to the aforesaid changes and amendments, and they shall deliver the same to the CWCB. SECTION 4. The Board of Directors hereby elects to apply to the issuance of the Loan Contract,the Promissory Note (as defined in the Loan Contact) and the Security Agreement(as defined in the Loan Contract) all of the provisions of Part 2 of Article 57 of Title 11 of the Colorado Revised Statutes. SECTION 5. This resolution shall take effect immediately upon its adoption. CERTIFICATE I, Eric W. Wilkinson, do hereby certify that the above is a true and correct copy of a Resolution unanimously adopted by the Board of Directors of Northern Water Hydropower Water Activity Enterprise at a regular meeting of said Board held in Berthoud, Colorado, on DeCGrneI2 i°t° , 2014. Secretary 4