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<br /> PAY THE PRINCIPAL OF AND INTEREST ON SUCH BONDS AS THE SAME BECOME DUE
<br /> AND TO FUND ANY RESERVES FOR THE PAYMENT THEREOF; AND SHALL ANY
<br /> INVESTMENT EARNINGS (REGARDLESS OF AMOUNT) FROM SUCH TAX REVENUES AND
<br /> FROM THE PROCEEDS OF SUCH BONDS CONSTITUTE A VOTER-APPROVED REVENUE
<br /> CHANGE WITHIN THE MEANING OF ARTICLE X, SECTION 20 OF THE COLORADO
<br /> CONSTITUTION?
<br /> WHEREAS, the returns of the above-referenced election were duly canvassed and the
<br /> results thereof duly declared; and
<br /> WHEREAS, on or about April 24, 2013, the District issued its Limited Tax General
<br /> Obligation Bonds, Series 2013 in the aggregate principal amount of$29,250,000, which Series
<br /> 2013 Bonds have a total repayment cost of$45,397,623 and a maximum annual tax requirement
<br /> of$1,981,662 (resulting in remaining available Ballot Authorization for an aggregate principal
<br /> amount of $30,750,000, total principal and interest repayment costs of $51,402,377 and
<br /> maximum annual tax of$1,918,338); and
<br /> WHEREAS, the District has received three Loan Contracts (identified by CMS Number
<br /> 72516C/150407A, CMS Number 72517C/150407B and CMS Number 72518C/150407C) from
<br /> the Colorado Water Conservation Board, an agency of the State, for a loans in amounts of
<br /> $3,187,560, $18,263,830 and $7,000,310, respectively, all of which bear interest at a rate of
<br /> 1.75%per annum for a repayment term of 30 years; and
<br /> WHEREAS, the District's repayment obligations under the Loan Contracts will be
<br /> evidenced by Promissory Notes to be issued by the District to the CWCB, which Promissory
<br /> Notes shall constitute a limited tax obligations of the District which are to be paid from Pledged
<br /> Revenues on a basis which is subordinate to the District's Series 2013 Bonds and, after
<br /> consideration, the Board has determined that the execution of the Loan Contracts and the
<br /> issuance of the Promissory Notes to the CWCB is to the best advantage of the District; and
<br /> WHEREAS, no member of the Board has a potential conflict of interest in connection
<br /> with the authorization,issuance, sale or use of proceeds of the Loan Contracts; and
<br /> WHEREAS, the form of the Loan Contracts and related appendices have been reviewed
<br /> by the District staff and made available to the Board; and
<br /> WHEREAS, the Board desires to authorize the execution of the Loan Contracts, the
<br /> issuance and delivery of the Promissory Notes, and the execution of any additional
<br /> documentation which may be related to the financing;
<br /> THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
<br /> CENTRAL COLORADO WATER CONSERVANCY DISTRICT IN WELD, ADAMS AND
<br /> MORGAN COUNTIES, COLORADO:
<br /> Section 1. Definitions. The following terms shall have the following meanings as used
<br /> in this Resolution:
<br /> 7
<br /> 4842-9493-1230.1
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