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• <br /> (b) Enterprise Status. The District operates the Water Activity Enterprise, <br /> and covenants to continue to operate the Water Activity Enterprise, as an "enterprise" <br /> within the meaning of Article X, Section 20 of the Colorado Constitution; provided, <br /> however, after calendar year 2014 the District may disqualify itself as an "enterprise" in <br /> any year in which said disqualification does not materially, adversely affect the <br /> enforceability of the covenants made pursuant to this Resolution. <br /> (c) Findings of the Board. The Board, having been fully informed of and <br /> having considered all the pertinent facts and circumstances, hereby finds, determines, <br /> declares and covenants with the CWCB that: <br /> (i) The Water Activity Enterprise, sometimes referred to herein as the <br /> District, has been duly established and is operating during the current calendar <br /> year as an "enterprise" within the meaning of Article X, Section 20 of the <br /> Colorado Constitution; <br /> (ii) the Board elects to apply all of the provisions of Title 11, Article <br /> 57, Part 2, C.R.S. to the execution of the Loan Contracts and to the issuance of the <br /> Promissory Notes; and <br /> (iii) the execution of the Loan Contracts and the issuance and delivery <br /> of the Promissory Notes, and all procedures undertaken incident thereto, are in <br /> full compliance and conformity with all applicable requirements, provisions and <br /> limitations prescribed by the Constitution and the Enabling Law, and all <br /> conditions and limitations of the Enabling Law and other applicable law relating <br /> to the execution of the Loan Contracts and the issuance and delivery of the <br /> Promissory Notes have been satisfied. <br /> Section 7. Approval of Documents. The President (or in the President's absence the <br /> Vice President) and the Secretary of the Board shall, and they are hereby authorized and directed <br /> to take all actions necessary or appropriate to effectuate the provisions of this Resolution, <br /> including, but not limited to, the execution of the Loan Contracts, the Promissory Notes, the <br /> Security Agreements (as set forth in Appendices 2 and 4 to the Loan Contracts) in substantially <br /> the forms presented to the Board, with such non-material changes thereto, not inconsistent <br /> herewith, as may be necessary or desirable to effectuate the provisions of this Resolution and <br /> approved by counsel to the District and the officials of the District executing the same (whose <br /> manual or facsimile signatures thereon of such officials shall constitute conclusive evidence of <br /> such approval), and execution of such additional agreements, certificates and affidavits as may <br /> be reasonably required to effectuate the provisions of this Resolution. The execution by the <br /> President (or in the President's absence the Vice President) of the Board of any document <br /> authorized herein shall be conclusive proof of the approval by the District of the terms thereof. <br /> Section 8. Contingent Authorization. The authorization for funding draw requests <br /> related to any Loan Contract approved by this Resolution are expressly contingent upon <br /> satisfaction of all of the following conditions: <br /> {00465252.DOC/6}corrected 7 <br /> 4831-3765-6607.4 <br />