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RESOLUTION NO. 15-08-11 A RESOLUTION OF THE PLUM VALLEY HEIGHTS SUBDISTRICT OF ROXBOROUGH WATER AND SANITATION DISTRICT APPROVING A LOAN BETWEEN THE STATE OF COLORADO FOR THE USE AND BENEFIT OF THE DEPARTMENT OF NATURAL RESOURCES, COLORADO WATER CONSERVATION BOARD AND THE SUBDISTRICT FOR THE PURPOSE OF FINANCING THE SUBDISTRICT'S ACQUISITION OF A PERMANENT RAW WATER SUPPLY; AUTHORIZING THE FORM AND EXECUTION OF A LOAN CONTRACT AND A PROMISSORY NOTE SECURING REPAYMENT OF THE LOAN; PROVIDING FOR PAYMENT OF THE PROMISSORY NOTE FROM THE LEVY OF AD VALOREM PROPERTY TAXES, THE IMPOSITION OF WATER SYSTEM USER RATES AND CHARGES; AND FROM OTHER LEGALLY AVAILABLE REVENUES; AND PROVIDING OTHER DETAILS IN CONNECTION THEREWITH WHEREAS, the District, located entirely within Jefferson and Douglas Counties, Colorado, is a validly existing special district, quasi-municipal corporation and political subdivision of the State (unless otherwise indicated, capitalized terms used in this preamble shall have the meanings set forth in Section 1 of this Resolution);and WHEREAS, by resolution of the Board dated August 21, 2013, the District established the Subdistrict, pursuant to Section 32-1-1101(f), and 32-1-1101(1.5), C.R.S. for the purpose of providing for the financing, installation, and operation of certain water system improvements to serve the property owners and residents of the Subdistrict; and WHEREAS, pursuant to Section 32-1-1101(1)(f)(II), C.R.S., the Subdistrict is a separate legal entity and political subdivision of the State,with all of the powers of the District; and WHEREAS, pursuant to Article X, Section 20 and Article XI, Section 6 of the State Constitution, and Section 31-15-302(1)(d), C.R.S., prior to contracting any debt by loan in any form, the Subdistrict is required to submit the question of incurring the same to the electors of the Subdistrict; and WHEREAS, at an election on November 4, 2014 (the "Election"), the following ballot question (the "Ballot Question") was approved by a majority of the eligible electors of the Subdistrict voting on the Ballot Question: SHALL PLUM VALLEY HEIGHTS SUBDISTRICT OF THE ROXBOROUGH WATER AND SANITATION DISTRICT DEBT BE INCREASED $8,500,000 WITH A REPAYMENT COST OF $14,500,000, AND SHALL PLUM VALLEY HEIGHTS SUBDISTRICT TAXES BE INCREASED $450,000 ANNUALLY OR SUCH LESSER AMOUNT AS MAY BE NECESSARY FOR THE PAYMENT OF SUCH DEBT AND ANY REFUNDINGS THEREOF, SUCH INCREASED TAXES TO BE IN ADDITION TO ANY OTHER TAXES IMPOSED BY ROXBOROUGH WATER AND SANITATION DISTRICT, FOR THE PURPOSE OF PAYING, LEASING, FINANCING OR REIMBURSING ALL OR ANY PART OF THE COSTS OF ACQUIRING, DESIGNING, INSTALLING, CONSTRUCTING, RELOCATING, COMPLETING AND OTHERWISE PROVIDING, 1 APPENDIX 3