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RESOLUTION 2015-02 OF THE BOARD OF DIRECTORS <br /> OF ST.VRAIN AND LEFT HAND WATER CONSERVANCY DISTRICT, <br /> ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE <br /> The Board of Directors of the St.Vrain and Left Hand Water Conservancy District(District),acting by and <br /> through its Water Activity Enterprise, at a meeting held on December 14, 2015, at the District's office in <br /> Longmont, Colorado, adopted the following resolutions concerning a secured loan (Loan) from the State of <br /> Colorado Water Conservation Board (CWCB), for the purpose of the Emergency Rock'n WP Ranch Lake No. 4 <br /> Repair Project(Project) in the amount of$4,545,000 or such actual amount,more or less,as may be needed by <br /> the District and available from the CWCB including the CWCB loan origination fee of 1%of the loan amount <br /> At said meeting,the Board charged that these resolutions are irrepealable during the term of the Loan <br /> and,pursuant to the District's bylaws,authorized the District's President and Secretary,RESOLVED as follows: <br /> 1. to enter into and comply with the terms of a contract with the CWCB for a loan in the amount of$4,545,000, <br /> or such actual amount, more or less, as needed to finance the Project's costs, including the CWCB loan <br /> origination fee of 1%(Loan Contract);and <br /> 2. to levy and collect Water Activity Enterprise fees in an amount sufficient to pay the annual amounts due <br /> under the Loan Contract,and to pledge said revenues,excluding such revenue required for the Water Activity <br /> Enterprise's operations (Pledged Revenues) and the District's right to receive the Pledged Revenues for <br /> repayment of the loan;and <br /> 3. to place the Pledged Revenues in a special account separate and apart from other District revenues;and <br /> 4. to make the annual payments required by the Promissory Note (Appendix 2 to the Loan Contract) and to <br /> make annual deposits to a debt service reserve fund;and <br /> 5. to pledge the Water Activity Enterprise fees revenues backed by a rate covenant evidenced by annual <br /> financial reporting and C-BT units valued at a minimum of 110% of the Loan amount, as Collateral for the <br /> Loan,and <br /> 6. to execute all documents as required by the Loan Contract,including,but not limited to,a Promissory Note,a <br /> Security Agreement (Appendix 4 to the Loan Contract), and a Deed of Trust (Appendix 5 to the Loan <br /> Contract);and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate and <br /> implement the Loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED,THE PRESIDENT AND THE SECRETARY,HEREBY CERTIFY THAT THE FOREGOING ARE <br /> TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE DISTRICT'S BOARD <br /> OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE DISTRICT'S BYLAWS, <br /> AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> e' <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE DISTRICT THE �DAY OF DECEMBER,2015. <br /> (SEAL) <br /> ATTEST: <br /> By <br /> ' ,] Signator <br /> ByUU 1� :�'ga <br /> " NAME: Dennis Yanchunas <br /> Signature of Secr .:ry <br /> TITLE: President <br /> DATE: /a/iv hs' <br /> DATE: 424/ /i s' <br /> Appendix 3 <br /> Page 1 of 1 <br />