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"Note"means the promissory note to be issued by the Subdistrict to the CWCB pursuant <br /> to the Loan Agreement, a form of which is set forth in Appendix 2 to the Loan Contract. <br /> "Project"means the acquisition of a permanent raw water supply from the City of Aurora, <br /> pursuant to that certain Intergovernmental Agreement for Water Supply, entered into by and <br /> between the District, acting by and through its water activity enterprise, and the City of Aurora, <br /> Colorado, dated as of October 15, 2014. <br /> "Project Costs" means the Subdistrict's costs properly attributable to the Project, or any <br /> parts thereof, and permitted by the provisions of the Acts. <br /> "State"means the State of Colorado. <br /> "Subdistrict" means the Plum Valley Heights Subdistrict of Roxborough Water and <br /> Sanitation District. <br /> "Subdistrict Board"means the Board of Directors of the Subdistrict. <br /> Section 2. Approval of the Loan Contract and the Note. Pursuant to and in accordance <br /> with the Acts; and all other laws of the State thereunto enabling, the Note shall be issued by the <br /> Subdistrict. The form of the Loan Contract, setting forth inter alia the terms, conditions and <br /> details of the Note and the procedures relating thereto, are incorporated herein by reference and <br /> are hereby approved; and the Subdistrict shall enter into the Loan Contract and deliver the Note, <br /> and perform its obligations thereunder, in substantially the form presented at this meeting with <br /> only such changes as are not inconsistent herewith; provided that such documents may be <br /> completed, corrected, or revised as deemed necessary by the parties thereto in order to carry out <br /> the purposes of this Resolution. The accomplishment of the Project and the payment of Project <br /> Costs are hereby authorized, approved, and ordered. <br /> Section 3. Note Details. The Note shall be in the principal amount not to exceed <br /> $2,248,260 shall be subject to repayment in the amounts and on the dates, and shall be subject to <br /> prior redemption as set forth in the Loan Contract. The interest rate on the Note shall be 3.05% <br /> per annum. The Subdistrict Board hereby delegates to the President, for a period of twelve <br /> months following the date of adoption of this Resolution, the right to determine the matters set <br /> forth in Section 11-57-205(1), C.R.S., which information will be set forth in the Loan Contract; <br /> provided, however, the repayment cost of the Loan Contract and Note, together with all other <br /> debt issued as authorized by the Election, shall not exceed $14,500,000, and the tax increase for <br /> payment of the Note and all other debt issued as authorized by the Election shall not exceed <br /> $450,000 annually. <br /> Section 4. Pledge for Payment of the Note. <br /> (a) General Obligation Pledge. The Note shall be a general obligation of the <br /> Subdistrict and the full faith and credit of the Subdistrict are pledged for the punctual payment of <br /> the principal of and interest on the Note. The Note shall not constitute a debt or indebtedness of <br /> 5 <br />