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APPENDIX 3 RESOLUTION A RESOLUTION OF CENTRAL COLORADO WATER CONSERVANCY DISTRICT, IN WELD, ADAMS AND MORGAN COUNTIES, COLORADO, AUTHORIZING LOANS FROM THE COLORADO WATER CONSERVATION BOARD TO FINANCE AUTHORIZED PURPOSES APPROVED AT THE ELECTION HELD WITHIN THE DISTRICT ON NOVEMBER 6,2012,AND FOR THE LEVY OF PROPERTY TAXES WITHIN THE DISTRICT TO PAY SUCH LOANS; AND PROVIDING THE FORM OF THE LOANS AND OTHER DETAILS IN CONNECTION THEREWITH. WHEREAS, the Central Colorado Water Conservancy District, in Weld, Adams and Morgan Counties, Colorado (the "District"), is a duly organized and validly existing water conservancy district, quasi-municipal corporation and political subdivision of the State (unless otherwise indicated, capitalized terns used in this preamble shall have the meanings set forth in Section 1 of this Resolution); and WHEREAS, Article X, Section 20 of the Colorado Constitution provides that voter approval in advance is required for the creation of any district direct or indirect debt or other multiple-fiscal year financial obligation whatsoever except for refinancing district bonded debt at a lower interest rate; and WHEREAS, at an election on November 6,2012, a majority of the eligible electors of the District voting on such question,voted in favor of the following ballot issue: SHALL THE CENTRAL COLORADO WATER CONSERVANCY DISTRICT DEBT BE INCREASED UP TO $60 MILLION, WITH A MAXIMUM REPAYMENT COST OF UP TO $96.8 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $3.9 MILLION ANNUALLY FOR: • THE PURPOSE OF ENABLING LOCAL FARM FOOD PRODUCTION, KEEPING RANCHES WORKING AND DECREASING FARM DRY-UPS BY FINANCING THE COSTS OF,AND • SECURING ADDITIONAL WATER SUPPLIES, ACQUIRING, RECLAIMING AND IMPROVING ST'I'ES FOR WAl'ER STORAGE,AND PARTICIPATING IN THE CHATFIELD RESERVOIR WATER STORAGE REALLOCATION PROJECT; SUCH DEBT TO CONSIST OF THE ISSUANCE AND PAYMENT OF LIMITED TAX GENERAL OBLIGATION BONDS, WHICH BONDS SHALL BEAR INTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE NOT TO EXCEED 6.5% PER ANNUM AND SHALL BE DATED AND SOLD AT SUCH TIME OR TIMES, AT SUCH PRICES (AT, ABOVE OR BELOW PAR)AND IN SUCH MANNER AND CONTAINING SUCH TERMS, NOT INCONSIS LENT HEREWITH, AS THE BOARD OF DIRECTORS MAY DETERMINE; SHALL(I)AD VALOREM PROPERTY TAXES BE LEVIED IN ANY YEAR AT A LIMITED MILL LEVY RAIE NOT TO EXCEED 3 MILLS, EXCEPT AS PERMITTED IN SECTION 37.-45-126 OF THE COLORADO REVISED STATUTES, AND IN SUCH AMOUNTS AS SET FORTH ABOVE AND (II) THE DISTRICT BE AUTHORIZED TO ENCUMBER AND PLEDGE ANY OTHER REVENUES OF THE DISTRICT TO BE USED TO 4842-9493-1230.1