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WHEREAS, in connection with the loan from the CWCB to the District, the CWCB and
<br /> the District will enter into three Loan Contracts, including Promissory Notes for each Loan
<br /> Contract as described hereinafter; and
<br /> WHEREAS, the District's participation in the Chatfield Reallocation Project, specific to
<br /> the storage component, is $4,978,290 which includes a one percent (1%) loan service fee of
<br /> $49,290 at an interest rate of 3.0% for 30 years as set forth in the Loan Contract for the storage
<br /> component, including the Promissory Note and Security Agreement (as defined herein) are
<br /> attached hereto as Exhibit A and incorporated herein(the "A Loan Contract"); and
<br /> WHEREAS, the District's participation in the Chatfield Reallocation Project, specific to
<br /> engineering, recreation facilities construction, on-site mitigation, off-site mitigation, and
<br /> mitigation monitoring component, is $28,527,450 which includes a one percent (1%) loan
<br /> service fee of$282,450 at an interest rate of 3.0% for 30 years as set forth in the Loan Contract
<br /> for the engineering, recreation facilities construction, on-site mitigation, off-site mitigation, and
<br /> mitigation monitoring component, including the Promissory Note and Security Agreement are
<br /> attached hereto as Exhibit B and incorporated herein (the "B Loan Contract"); and
<br /> WHEREAS, the District's participation in the Chatfield Reallocation Project, specific to
<br /> the off-site mitigation and mitigation monitoring component, is $10,934,260 which includes a
<br /> one percent (1%) loan service fee of$108,260 at an interest rate of 3.0% for 30 years as set forth
<br /> in the Loan Contract for the off-site mitigation and mitigation monitoring component, including
<br /> the Promissory Note and Security Agreement are, attached hereto as Exhibit C and incorporated
<br /> herein(the "C Loan Contract"); and
<br /> WHEREAS, the A Loan Contract, the B Loan Contract and the C Loan Contract,
<br /> including the Promissory Notes and Security Agreements for each are collectively referred to as
<br /> the "Loan Contracts"; and
<br /> WHEREAS, the Loan Contracts provide that the District irrevocably pledges to the
<br /> CWCB, for purposes of repayment of the loans under the Loan Contracts, Pledged Revenues and
<br /> any other funds legally available to the District in an amount sufficient to pay the annual payments
<br /> due under the Loan Contracts. Pledged Revenues as described in the Loan Contract and in this
<br /> Resolution are defined herein as Net Revenue. Net Revenue means Gross Revenue after
<br /> deducting Operation and Maintenance Expenses deposited and held by the in a special fund
<br /> defined in this Resolution as the Revenue Bond Fund pledged to the payment of all Outstanding
<br /> Obligations including the Loan Contracts; and
<br /> WHEREAS, Section 11-57-208, Colorado Revised Statutes provides that revenues pledged for
<br /> the payment of any securities, as received by or otherwise credited to the public entity, shall
<br /> immediately be subject to the lien of each such pledge without any physical delivery, filing, or
<br /> further act; and
<br /> WHEREAS, the Security Agreements are not necessary to the creation, perfection,
<br /> enforcement, and priority of Pledged Revenues but are required by the Loan Contracts; and,
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