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ST. VRAIN AND LEFT HAND WATER CONSERVANCY DISTRICT <br /> RESOLUTION 2017-01 <br /> A RESOLUTION TO SECURE A LOAN FROM THE STATE OF COLORADO WATER <br /> CONSERVATION BOARD (CWCB) FOR THE LAKE NO. 4 OUTLET PIPELINE REPAIR <br /> PROJECT <br /> The Board of Directors of the St. Vrain and Left Hand Water Conservancy District (District), <br /> acting by and through its Water Activity Enterprise, at a meeting held on February 13, 2017, at the <br /> District's office in Longmont, Colorado, adopted the following resolutions concerning a secured loan <br /> (Loan) from the State of Colorado Water Conservation Board (CWCB), for the purpose of the <br /> Rock'n WP Ranch Lake No. 4 Outlet Pipeline Repair Project (Project) in the amount of $619,130 or <br /> such actual amount, more or less, as may be needed by the District and available from the CWCB <br /> 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 <br /> of the Loan and, pursuant to the District's bylaws, authorized the District's President and Secretary, <br /> RESOLVED as follows: <br /> i. to enter into and comply with the terms of a contract with the CWCB for a loan in the amount of <br /> $619,130, or such actual amount, more or less, as needed to finance the Project's costs, <br /> including the CWCB loan 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 <br /> amounts due under the Loan Contract, and to pledge said revenues, excluding such revenue <br /> required for the Water Activity Enterprise's operations (Pledged Revenues) and the District's <br /> right to receive the Pledged Revenues for repayment of the loan; and <br /> 3. to place the Pledged Revenues in a special account separate and apart from other District <br /> revenues; and <br /> 4. to make the annual payments required by the Promissory Note and to make annual deposits to <br /> a debt service reserve fund; and <br /> s. to pledge the Water Activity Enterprise fees revenues backed by a rate covenant evidenced by <br /> annual financial reporting and C-BT units valued at a minimum of 110% of the Loan amount, as <br /> Collateral for the Loan, and <br /> 6. to execute all documents as required by the Loan Contract, including, but not limited to, a <br /> Promissory Note, a Security Agreement, and a Deed of Trust; and <br /> 7. to take such other actions and to execute such other documents as may be necessary to <br /> consummate and implement the Loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, THE PRESIDENT AND THE SECRETARY, HEREBY CERTIFY THAT THE <br /> FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A <br /> MEETING OF THE DISTRICT'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE <br /> RECITED, PURSUANT TO THE DISTRICT'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE <br /> NOT BEEN AMENDED OR RESCINDED. <br /> Appendix 4 <br /> Page 1 of 2 <br />