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WHEREAS, the returns of the Election were duly canvassed and the results thereof duly <br /> declared; and <br /> WHEREAS, pursuant to Section 32-1-1101.5, C.R.S., the results of the Election were <br /> certified by the Subdistrict by certified mail, to the board of county commissioners of each <br /> county in which the Subdistrict is located and filed with the division of securities established by <br /> Section 11-51-701, C.R.S., within forty-five days after the Election or no later than thirty days <br /> prior to the issuance of any general obligation indebtedness authorized by the Ballot Question; <br /> and <br /> WHEREAS, the Subdistrict has issued $5,199,125 of the indebtedness authorized by the <br /> Election, in the form of a loan from the Colorado Water Resource and Power Development <br /> Authority(the "CWRPDA Loan"); and <br /> WHEREAS, following the issuance of the CWRPDA Loan, there remains $3,300,875 in <br /> unissued debt authorized by the Election; and <br /> WHEREAS, the Subdistrict Board has determined that it is necessary and in the best <br /> interests of the Subdistrict and its property owners and residents to proceed with the acquisition <br /> of a permanent raw water supply; and <br /> WHEREAS, to finance a portion of the estimated costs of the Project, the Subdistrict <br /> Board has determined to enter into the Loan Contract with the CWCB, pursuant to which the <br /> CWCB is to loan the Subdistrict an amount not to exceed $2,248,260; and <br /> WHEREAS, the Subdistrict's repayment obligations under the Loan Contract shall be <br /> evidenced by a promissory note to be issued by the Subdistrict to the CWCB, which note shall be <br /> repaid by the Subdistrict pursuant to the terms of the Loan Contract, the Note, and this <br /> Resolution; and <br /> WHEREAS, the Note is exempt from registration under the "Colorado Municipal Bond <br /> Supervision Act" by virtue of the exemption provided in Section 11-59-110, C.R.S., and Rule <br /> 59-10.3, promulgated by the Colorado Division of Securities pursuant to Section 11-59-103, <br /> C.R.S., and the appropriate filings shall be made pursuant to Section 11-59-110(2), C.R.S., to <br /> make such exemption applicable; and <br /> WHEREAS, in accordance with Section 32-1-1101(6)(b), C.R.S., the Subdistrict shall <br /> impose a debt service mill levy, not to exceed fifty mills, to meet its repayment obligations on <br /> the Note; and <br /> WHEREAS, the Subdistrict shall impose such rates and charges as may be necessary to <br /> repay the Note, in the event the Subdistrict's debt service mill levy revenues are not adequate to <br /> make any required payment on the Note; and <br /> 3 <br />