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RESOLUTION <br /> COLORADO RIVER WATER CONSERVATION DISTRICT <br /> COLORADO RIVER WATER PROJECTS ENTERPRISE -- <br /> A RESOLUTION OF THE COLORADO RIVER WATER CONSERVATION <br /> DISTRICT, COLORADO RIVER WATER PROJECTS ENTERPRISE, <br /> AUTHORIZING THE EXECUTION AND DELIVERY OF A LOAN <br /> CONTRACT, DATED AS OF OCTOBER 1, 2004, BETWEEN THE STATE OF <br /> COLORADO DEPARTMENT OF NATURAL RESOURCES, COLORADO <br /> WATER CONSERVATION BOARD AND THE COLORADO RIVER WATER <br /> CONSERVATION DISTRICT ACTING THROUGH ITS COLORADO RIVER <br /> WATER PROJECTS ENTERPRISE. <br /> WHEREAS, the Colorado River Water Conservation District (the "District"), owns and <br /> conducts a business engaged in water activities pursuant to the Water Activity Enterprise Act, <br /> C.R.S. § 37-45.1-101, et seq., in order to provide for the beneficial use of water within the <br /> District known as the Colorado River Water Projects Enterprise (the "Enterprise"), which is an <br /> enterprise of the District within the meaning of art. X, § 20 of the Colorado Constitution; and <br /> WHEREAS, The District's Board of Directors confirmed its authority to operate such a <br /> business by Resolutions adopted on July 16, 1985, October 19, 1993, October 19, 1999, and <br /> October 17,2000. <br /> WHEREAS, the Enterprise made an application to the State of Colorado Department of <br /> Natural Resources, Colorado Water Conservation Board (the "CWCB") for a loan in the amount <br /> of $11,100,000.00 to finance the cost of raising the height of the existing dam on Elkhead <br /> Reservoir by twenty-four feet(24'); and <br /> WHEREAS,the CWCB has approved said application; and <br /> WHEREAS, there has been filed with the Enterprise the form of a Loan Contract, dated <br /> as of October 1, 2004 (the "Loan Contract"), between the CWCB and the District, acting by and <br /> through the Enterprise; and <br /> WHEREAS, the Loan Contract requires the Enterprise to execute a Promissory Note in <br /> the amount of $11,100,000 and a Security Agreement pledging revenues of the Enterprise to <br /> secure the Promissory Note for the benefit of the CWCB (the "Loan Documents"). <br /> NOW THEREFORE, BE IT RESOLVED BY THE COLORADO RIVER <br /> WATER CONSERVATION DISTRICT COLORADO RIVER WATER PROJECTS <br /> ENTERPRISE,AS FOLLOWS: <br /> 1. The foregoing recitals are incorporated herein as findings and determinations of <br /> the Enterprise. <br /> Appendix 3 to Loan Contract 150164 <br />