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WHEREAS, the District has determined, for the benefit of the District and its inhabitants, <br /> that it is necessary to provide for the Project by entering into the Loan Contracts identified in the <br /> following recital; and <br /> WHEREAS, the Board has received the following from the Colorado Water Conservation <br /> Board, an agency of the State (each referred to as a "Loan Contract" and, collectively, as the <br /> "Loan Contracts"): <br /> (i) Loan Contract (identified as Loan Contract 72701/C150404A), for a loan <br /> in an amount up to $716,000, at an interest rate of 3.00% per annum, for a repayment <br /> term of 30 years, plus a loan origination fee of 1.00% ($7,160), for the purpose of <br /> funding the District's portion of the storage component of the Project; and <br /> (ii) Loan Contract (identified as Loan Contract 72702/C150404B), for a loan <br /> in an amount up to $4,102,000, at an interest rate of 3.00% per annum, for a repayment <br /> term of 30 years, plus a loan origination fee of 1.00% ($41,020), for the purpose of <br /> funding the District's portion of the engineering, recreation facilities construction, on-site <br /> mitigation, off-site mitigation, and mitigation monitoring of the Project; and <br /> (iii) Loan Contract (identified as Loan Contract 72704/C150404C), for a loan <br /> in an amount up to $1,572,000, at an interest rate of 3.00% per annum, for a repayment <br /> term of 30 years, plus a loan origination fee of 1.00% ($15,720), for the purpose of <br /> funding the District's portion of off-site mitigation and mitigation monitoring of the <br /> Project; and <br /> WHEREAS, the District's repayment obligations under each of the Loan Contracts will <br /> be evidenced by a Promissory Note (collectively referred to herein as the "Promissory Notes") to <br /> be issued by the District to the CWCB, each of which Note shall constitute a special revenue <br /> obligation of the District which is to be paid from Pledged Revenues (defined herein), and the <br /> Promissory Notes shall be secured by such Pledged Revenues on a parity with each other; and <br /> WHEREAS, after consideration, the Board has determined that the execution of the Loan <br /> Contracts and the issuance of the Promissory Notes to the CWCB is in furtherance of the Project <br /> and in the best interests of the District and its inhabitants; and <br /> WHEREAS, voter approval in advance is not required under Article X, Section 20 of the <br /> Colorado Constitution or any other law for the execution of the Loan Contracts or the issuance of <br /> the Promissory Notes by the District; and <br /> WHEREAS, the Loan Contracts and related appendices have been reviewed by the <br /> District staff and its counsel; and <br /> WHEREAS, the District 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, including any Security Agreement <br /> required by the Loan Contracts, provided that satisfaction of the contingencies described in <br /> Section 8 herein shall be required prior to the funding of any draw request. <br /> {00465252.DOC/6}corrected 2 <br /> 4831-3765-6607.4 <br />