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WHEREAS, the returns of the 2010 Election were duly canvassed and the results thereof <br /> duly declared; and <br /> WHEREAS, by Resolution No. 2011-9-1, the Board of Directors ("Board") of the <br /> District found and determined that it was in the best interest of the District to finance a portion of <br /> the cost of acquiring the groundwater and groundwater rights for which the debt was approved <br /> by the 2010 Election (the "Project"); and <br /> WHEREAS, pursuant to said Resolution No. 2011-9-1, the Board entered into and <br /> executed Loan Contract No. C150320 ("Original Loan Contract") with the Colorado Water <br /> Conservation Board (the "CWCB") and related general obligation promissory note ("Original <br /> Promissory Note") for a maximum amount of$318,150 (the "Loan"); and <br /> WHEREAS, due to the passage of time and other circumstances it has become necessary <br /> to amend to the Original Loan Contract and the Original Promissory Note; and <br /> WHEREAS, the form of the Loan Contract Amendment No. 1 and the form of the <br /> Amendment to the Original Promissory Note (collectively referred to herein as the <br /> "Supplemental Financing Documents") constitute general obligations of the District for the <br /> payment of which the District pledges its full faith and credit; and <br /> WHEREAS, the forms of the Supplemental Financing Documents are on file with the <br /> District's Secretary; and <br /> WHEREAS, the Board desires to approve the forms of the Supplemental Financing <br /> Documents and other documents referenced herein and, in particular, Loan Contract Amendment <br /> No. 1 and the Amendment to the Original Promissory Note; and <br /> WHEREAS, none of the members of the Board have any financial interest or other <br /> potential conflicting interest in connection with the authorization or execution of the <br /> Supplemental Financing Documents, or the use of the proceeds of the Loan. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF <br /> THE THUNDERBIRD WATER AND SANITATION DISTRICT AS FOLLOWS: <br /> Section 1. Additional Definitions. As used herein, the following capitalized terms <br /> have the respective meanings set forth below, unless the context indicates otherwise. <br /> "Acts" means Title 32, Article 1, C.R.S.; and Title 11, Article 57, Part 2, C.R.S. <br /> "Board"means the Board of Directors of the District. <br /> "Certified Valuation" means the assessed valuation of all taxable property within the <br /> District as determined annually by the County Assessor of Douglas County, Colorado in <br /> accordance with State law. <br /> "C.R.S."means the Colorado Revised Statutes, as amended and supplemented as of the <br /> date hereof <br /> {220091.DOC/} 2 <br />