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WHEREAS, the District's repayment obligation under the Loan Contract will be <br /> evidenced by Promissory Note to be issued by the District to the CWCB, which Promissory Note <br /> shall constitute a special revenue obligation of the District which is to be paid from Pledged <br /> Revenues and, after consideration, the Board has determined that the execution of the Loan <br /> Contract and the issuance of the Promissory Note to the CWCB is to the best advantage of the <br /> District; and <br /> WHEREAS, there are currently no outstanding District debt or similar multiple fiscal <br /> year obligations which are payable from the Pledged Revenues; and <br /> WHEREAS, no member of the Board has a potential conflict of interest in connection <br /> with the authorization, issuance or use of proceeds of the Loan Contract; and <br /> WHEREAS, the form of the Loan Contract 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 Contract, the <br /> issuance and delivery of the Promissory Note, and the execution of any additional documentation <br /> which may be related to the financing; <br /> THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE BOW <br /> MAR WATER AND SANITATION DISTRICT IN ARAPAHOE AND JEFFERSON <br /> COUNTIES, COLORADO: <br /> Section 1. Definitions. The following terms shall have the following meanings as used <br /> in this Resolution: <br /> "Ballot Authorization" means the ballot issue approved by District voters on <br /> November 3, 2015 and set forth in the preambles hereto. <br /> "Board"means the Board of Directors of the District, and any successor body. <br /> "Counties"means Arapahoe and Jefferson Counties, Colorado. <br /> "CWCB" means the Department of Natural Resources, Colorado Water Conservation <br /> Board. <br /> "District" means the Bow Mar Water and Sanitation District, in Arapahoe and Jefferson <br /> Counties, Colorado, and any successor thereto. <br /> "Enabling Laws" means the Part 2, Article 57 of Title 11, Colorado Revised Statutes, as <br /> amended; Part 4, Article 35 of Title 31, Colorado Revised Statutes, as amended; Article 1 of <br /> Title 32, Colorado Revised Statutes, as amended; Part 1, Article 45.1 of Title 37, Colorado <br /> Revised Statutes, as amended; and all other laws of the State thereunto enabling. <br /> "Loan Contract" means the State public loan, identified by Loan Contract CMS Number <br /> 85680/CORE: CT2016-2516, as the same may be amended from time to time, by and between <br /> the State for the use and benefit of the CWCB and the District. <br /> {00488776.DOC/2} 2 <br /> 4833-8387-9213.1 <br />