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EXHIBIT B
<br /> A RESOLUTION OF PAGOSA AREA WATER AND SANITATION
<br /> DISTRICT, ACTING BY AND THROUGH ITS WATER ACTIVITY
<br /> ENTERPRISE, APPROVING AMENDMENTS TO AN EXISTING LOAN
<br /> AGREEMENT AND THE EXECUTION AND DELIVERY OF A SECOND
<br /> LOAN AGREEMENT, EACH BETWEEN THE COLORADO WATER
<br /> CONSERVATION BOARD AND THE DISTRICT, ACTING BY AND
<br /> THROUGH THE WATER ACTIVITY ENTERPRISE; AUTHORIZING THE
<br /> FORM AND EXECUTION OF AMENDMENTS TO THE EXISTING
<br /> PROMISSORY NOTE AND A SECOND PROMISSORY NOTE EVIDENCING
<br /> THE LOANS MADE BY SUCH LOAN AGREEMENTS, RESPECTIVELY;
<br /> PROVIDING FOR REPAYMENT OF SUCH PROMISSORY NOTES FROM
<br /> REVENUES OF THE WATER ACTIVITY ENTERPRISE; AND
<br /> PRESCRIBING OTHER DETAILS IN CONNECTION THEREWITH.
<br /> WHEREAS, Pagosa Area Water and Sanitation District, Archuleta County, Colorado, is
<br /> a quasi-municipal corporation duly organized and existing as a water and sanitation district under
<br /> the constitution and laws of the State of Colorado, including particularly Title 32, Article 1 of the
<br /> Colorado Revised Statutes ("C.R.S."), and is operating hereunder by and through its Water
<br /> Activity Enterprise under §37-45.1-101 et seq., C.R.S. (as so operating, the "District"); and
<br /> WHEREAS, the District is authorized by Title 32, Article 1, Parts 1 and 10, C.R.S., to
<br /> supply water for domestic and other public and private purposes by any available means and
<br /> provide all necessary or proper reservoirs, treatment works and facilities, equipment, and
<br /> appurtenances incident thereto, and to provide for storm or sanitary sewers, or both, flood and
<br /> surface drainage, treatment and disposal works and facilities, and all necessary or proper
<br /> equipment and appurtenances incident thereto; and to fix and from time to time to increase or
<br /> decrease fees, rates, tolls, penalties, or charges for services, programs, or facilities furnished by
<br /> the District; and
<br /> WHEREAS, the District has heretofore determined and undertaken to acquire and
<br /> develop certain properties and facilities for the diversion, storage, carriage, delivery, distribution,
<br /> collection, treatment, use, reuse, augmentation, exchange or discharge of water or wastewater,
<br /> which constitute a "water activity enterprise" within the meaning of §37-45.1-102(4), C.R.S.
<br /> (collectively, as further defined herein,the "System"); and
<br /> WHEREAS, the District is authorized by §32-1-1101(1)(d), C.R.S., and §37-45.1-104,
<br /> C.R.S., to issue revenue obligations authorized by action of the Board of Directors, acting as the
<br /> governing body of its Water Activity Enterprise (the "Board"), such obligations to be issued in
<br /> the manner provided in Part 4 of Article 35 of Title 31, C.R.S.; and
<br /> WHEREAS, the District operates its System as a "water activity enterprise" pursuant to
<br /> the provisions of Title 37, Article 45.1, C.R.S.; in addition, the System is a government-owned
<br /> business authorized to issue its own revenue bonds and receiving under 10% of annual revenue
<br /> in Grants, as defined in 37-45.1-102(2), C.R.S., from all Colorado state and local governments
<br /> combined, and it is hereby determined that the System is an enterprise within the meaning of
<br /> Article X, Section 20 of the Colorado Constitution; and
<br /> APPENDIX E-2
<br /> 4848-5023-6722.3
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