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WHEREAS, in accordance with an Intergovernmental Agreement (Regarding Cost
<br /> Sharing for Boxelder Basin Stormwater Mitigation Improvements) dated November 15, 2012
<br /> (the "TDA IGA"), between the Authority and the Timnath Development Authority, an urban
<br /> renewal authority established pursuant to Title 31,Article 25,Part 1 of C.R.S. (the"TDA"),the
<br /> TDA has agreed to pay to the Authority 25% of the Authority's actual costs (including costs of
<br /> construction) incurred in connection with the Larimer and Weld Canal Crossing Project and the
<br /> East Side Detention Facility Project(both as defined herein),as more particularly provided in the
<br /> IDA IGA, which amounts the Authority has determined do not constitute grants from a local
<br /> government within the meaning of TABOR or the Water Activity Enterprise Law;and
<br /> WHEREAS, the Authority is authorized pursuant to the Section 29-1-204.2, C.R.S. and
<br /> the Water Activity Law to issue bonds, notes, or other obligations payable from the revenues
<br /> derived or to be derived from the Project Improvements and other legally available revenues of
<br /> the Authority;and
<br /> WHEREAS, the Authority determined, for the benefit of the Authority and the
<br /> inhabitants of the Members, that it was necessary to provide for the Project Improvements
<br /> identified in the following recital;and
<br /> WHEREAS, the Board of Directors of the Authority (the `Board") has previously
<br /> authorized (pursuant to a resolution of the Board adopted on May 28, 2014 (the "Original
<br /> Authorizing Resolution") and entered into the following with the Colorado Water Conservation
<br /> Board, an agency of the State (the "CWCB") (each referred to as an "Original Loan Contract"
<br /> and, collectively, as the "Original Loan Contracts"), initially having an aggregate authorized
<br /> principal amount of$8,999,100, but subsequently reduced, as a result of the below-described
<br /> amendment to Loan Contract No.C150352,to an aggregate of$8,824,104.53:
<br /> (i) Loan Contract (identified as Loan Contract C150352), for a loan in an
<br /> amount up to $1,010,000 (subsequently amended to reflect a loan in the amount of
<br /> $835,104.53), at an interest rate of 2.75%per annum, for a repayment term of 15 years,
<br /> for the purpose of funding,generally,a structure designed to convey water from Boxelder
<br /> Creek across the Larimer-Weld Canal (as more particularly described as the Project in
<br /> such contract, referred to herein as the "Larimer and Weld Canal Crossing Structure
<br /> Project");and
<br /> (ii) Loan Contract (identified as Loan Contract C150353), for a loan in an
<br /> amount up to$7,171,000,at an interest rate of 2.75%per annum,for a repayment term of
<br /> 15 years, for the purpose of funding, generally,a storm water detention facility (as more
<br /> particularly described as the Project in such contract,referred to herein as the"Fast Side
<br /> Detention Facility Project");and
<br /> (iii) Loan Contract (identified as Loan Contract C150393), for a loan in an
<br /> amount up to $818,100, at an interest rate of 2.50%per annum, for a repayment term of
<br /> 15 years, for the purpose of funding, generally, improvements to County Road 52,
<br /> including the installation of drop box culverts (as more particularly described as the
<br /> Project in such contract, referred to herein as the "County Road 52 Improvements
<br /> Project"),which County Road 52 Improvements are the subject of an Intergovernmental
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<br /> 4812-2618-5034.1
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