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Section 2. Approval and Authorization of Loan Contract Amendments, Security
<br /> Agreement Amendments and Promissory Notes Amendments. Pursuant to and in accordance
<br /> with the State Constitution and the Enabling Law, there is hereby authorized and approved the
<br /> execution of the Loan Contract Amendments, and the Security Agreement Amendments attached
<br /> thereto,in substantially the form submitted to the Board,subject to Section 4 hereof. There shall
<br /> be issued by the Authority the Promissory Note Amendments, in substantially the form
<br /> submitted to the Board, subject to Section 4 hereof, in the aggregate principal amount not to
<br /> exceed $8,824,104.53 (the current outstanding principal amounts of the Original Promissory
<br /> Notes). All covenants, statements, representations and agreements contained in the Original
<br /> Loan Contracts, as amended by the Loan Contract Amendments, and the Promissory Note
<br /> Amendments are hereby ratified, approved and adopted as the covenants, statements,
<br /> representations and agreements of the Authority.
<br /> Section 3. Form of Promissory Note Amendments. The Promissory Note
<br /> Amendments shall be in substantially the forms set forth as an appendix to each Loan Contract
<br /> Amendment,subject to Section 4 hereof,with such changes thereto,not inconsistent herewith,as
<br /> may be necessary or desirable and approved by the officials of the Authority executing the same
<br /> (whose manual or facsimile signatures thereon shall constitute conclusive evidence of such
<br /> approval), and each Promissory Note Amendment shall have the same final maturity date and
<br /> interest rate as the Original Promissory Note that is to be superseded by such Promissory Note
<br /> Amendment. The interest rates previously authorized for the Original Promissory Notes, and
<br /> which are hereby reaffirmed as authorized for the Promissory Note Amendments (executed to
<br /> replace the Original Promissory Notes) are as follows: (i) for the Promissory Note Amendment
<br /> executed in connection with Loan Contract No. 150352, as amended,2.75%per annum, (ii)for
<br /> the Promissory Note Amendment executed in connection with Loan Contract No. 150353, as
<br /> amended,235%per annum, (iii) for the Promissory Note Amendment executed in connection
<br /> with Loan Contract No. 150393, as amended, 2.50%per annum, in each case, exclusive of any
<br /> late charges of 5.0%of the annual payment due which may be imposed pursuant to the terms of
<br /> the Loan Contract for any late payments, and in each case,with maximum net effective interest
<br /> rates equal to the "net effective rate" calculated in accordance with the definition thereof set
<br /> forth in Section 31-35-401, C.R.S., and assuming the foregoing interest rates and terms of 15
<br /> years,and the annual payments set forth in such Promissory Note Amendments.
<br /> Section 4. Approval of Documents. The President (or in the President's absence the
<br /> Vice President)and the Secretary of the Board shall,and they are hereby authorized and directed
<br /> to take all actions necessary or appropriate to effectuate the provisions of this Resolution,
<br /> including, but not limited to, the execution of the Loan Contract Amendments, the Promissory
<br /> Note Amendments, and the Security Agreement Amendments in substantially the forms
<br /> presented to the Board, with such non-material changes thereto, not inconsistent herewith, as
<br /> may be necessary or desirable to effectuate the provisions of this Resolution and approved by
<br /> counsel to the Authority and the officials of the Authority executing the same (whose manual or
<br /> facsimile signatures thereon of such officials shall constitute conclusive evidence of such
<br /> approval), and execution of such additional agreements, certificates and affidavits as may be
<br /> reasonably required to effectuate the provisions of this Resolution. The execution by the
<br /> President (or in the President's absence the Vice President) of the Board of any document
<br /> authorized herein shall be conclusive proof of the approval by the Authority of the terms thereof.
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<br /> 4812-2618-5034.1
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