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II • <br /> RESOLUTION <br /> A RESOLUTION APPROVING A LOAN FROM THE <br /> COLORADO WATER CONSERVATION BOARD; <br /> AUTHORIZING THE FORM AND EXECUTION OF THE LOAN <br /> CONTRACT, A PROMISSORY NOTE TO EVIDENCE SUCH <br /> LOAN, AND A SECURITY AGREEMENT IN CONNECTION <br /> THEREWITH; AUTHORIZING THE EXECUTION AND <br /> DELIVERY OF DOCUMENTS RELATED THERETO AND <br /> PRESCRIBING OTHER DETAILS IN CONNECTION <br /> THEREWITH. <br /> WHEREAS,the Central Weld County Water District,acting by and through its water <br /> activity enterprise(the"District"), in the County of Weld and State of Colorado, is duly organized <br /> and existing under the Constitution and the laws of the State of Colorado; and <br /> WHEREAS,the members of the Board of Directors of the District(the"Board")have <br /> been duly elected, chosen and qualified; and • <br /> WHEREAS,the Board has heretofore determined that the interest of the District and <br /> the public interest and necessity demand and require the acquisition,construction,and completion of <br /> certain water facilities known as the Dry Creek Reservoir, at a cost of not to exceed $3,937,500, <br /> including design, engineering, legal, financing and administrative costs relating thereto, and any <br /> other costs incidental thereto (the"Project"); and <br /> WHEREAS, the Board has determined that in order to finance a portion of the <br /> Project, it is necessary and advisable and in the best interests of the District to enter into a loan <br /> contract (the "Loan Contract") with the Department of Natural Resources, Colorado Water <br /> Conservation Board("CWCB"),pursuant to which CWCB shall loan * • .. amount not to <br /> A <br /> exceed $3,937,500 for such purposes; and <br /> WHEREAS, the District's repayment obligati,'A r - • I act shall be <br /> evidenced by a promissory note(the"Promissory Note")to be issue• ,, '• • . • . CWCB; <br /> and * <br /> WHEREAS, the Promissory Note, the Loan Contract and the security agreement <br /> executed in connection with the Loan Contract(the"Security Agreement"and collectively with the <br /> -1- <br /> Appendix 3 to Loan Contract C150122 <br /> Page 1 of 9 <br />