C150153 Paid in Full Contract - Laserfiche WebLink

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2. The District, acting by and through the Enterprise, shall complete the Project within three (3) years of the date of the complete execution of the Loan Contract unless the CWCB agrees in writing to an extension of such time. 3. The Board warrants that the Boards of Directors of both the District and the Enterprise have complied with the order establishing the Enterprise under C.R.S. §37-45.1-101 et seq. and all other statutory and legal requirements. 4. The Board hereby authorizes and instructs the District, acting by and through the Enterprise, to: a. enter into and comply with the terms of the Loan Contract. The Promissory Note for the Initial Loan Amount is attached as Appendix 2 to the Loan Contract; b. repay the Loan to the CWCB by making annual payments to the CWCB in accordance with the Promissory Note; c. pledge as security for the Loan, as required under the Loan Contract, revenues from the District's Water Activity Enterprise, which shall include the Dove Creek Secondary Water Supply System tap fees and operations revenues, as well as any other Water Activity Enterprise revenues necessary to assure payment of the annual debt service and debt service reserve deposit; and d. execute all documents necessary to implement the Loan Contract. 5. ,,Tlae s •aa,oVit ctors specifically agrees that this resolution shall be irrepealable for the term o I .2, ,� ^tet A 'z , A. _..,, Y q ± t (} 1 '`'.: -=.' Donald W. Schwindt, President Dolores Water Conservancy District Water Activity Enterprise CERTIFICATION I, Billy F. Smart, Secretary of the Board of Directors of the Dolores Water Conservancy District Water Activity Enterprise, do hereby certify that the aboA) resolution wi,dopted by the Board of Directors at a regular meeting held on March 4, 2004 ., j/; anus rte. ,...z,- ill. - bSmart, Secretary Dolores Water Conservancy District Water Activity Enterprise H:\sps\DWCD\Resolutions\CWCB Dove Creek loan-Ent.doc3/12/04 2