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THIS LOAN AGREEMENT is made and entered into as of this 20th day of May 2011, by <br /> and between the COLORADO WATER RESOURCES AND POWER DEVELOPMENT <br /> AUTHORITY (the "Authority"), a body corporate and political subdivision of the State of <br /> Colorado, and NORTHERN WATER HYDROPOWER WATER ACTIVITY <br /> ENTERPRISE (a government-owned business within the meaning of Article X, Section <br /> 20(2)(d) of the Colorado Constitution, organized pursuant to C.R.S. §37-45.1-101 et seq. and <br /> owned by the Northern Colorado Water Conservancy District)(the "Governmental Agency"); <br /> WITNESSETH THAT: <br /> WHEREAS, the Authority was created to initiate, acquire, construct, maintain, repair, <br /> and operate or cause to be operated certain projects, including hydroelectric facilities, and to <br /> finance the cost thereof; <br /> WHEREAS, the Authority is empowered to utilize its funds for the purpose of financing, <br /> including making loans to governmental agencies for, projects such as that of the Governmental <br /> Agency, and has determined to utilize such funds to make loans to governmental agencies for <br /> financing of all or a portion of the cost of certain hydroelectric facilities; <br /> WHEREAS, the Governmental Agency has made timely application to the Authority for <br /> a loan to finance a portion of the cost of a certain hydroelectric facility; <br /> WHEREAS, the Governmental Agency is a governmental agency within the meaning of <br /> § 37-95-103(5), Colorado Revised Statutes, ("C.R.S.") and a political subdivision of the State of <br /> Colorado, duly organized and operating under the constitution and laws of the State, including <br /> but not limited to §37-45.1-101 et seq., C.R.S.; and <br /> WHEREAS, the Governmental Agency is authorized by the Constitution and laws of <br /> Colorado, inter alia to: (i) operate and maintain hydropower plants and any and all works, <br /> facilities, improvements, and property necessary or convenient therefore; (ii) generate, distribute, <br /> sell, or contract to sell, electric energy through the operation of works and facilities of Northern <br /> Colorado Water Conservancy District at wholesale both within and without the boundaries of <br /> Northern Colorado Water Conservancy District or the Municipal Subdistrict,Northern Colorado <br /> Water Conservancy District; and (iii) carry out the purposes for which the Governmental <br /> Agency is established, to issue bonds, notes, or other obligations payable solely from the <br /> revenues derived from the functions, services, systems, or facilities of the Governmental <br /> Agency; and <br />