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WHEREAS, the Town is authorized to issue parity obligations payable out of and <br /> which have a lien on the System revenues which is parity in all respects to the pledge and lien <br /> thereon of the Senior Bonds,and to issue senior obligations payable out of and which have a lien on <br /> the System revenues which is senior in all respects to the pledge and lien thereon of the Subordinate <br /> Note; and <br /> WHEREAS,the Board has heretofore determined that the interest of the Town and <br /> the public interest and necessity demand and require the acquisition,construction,and completion of <br /> assets for and improvements to the System, including design, engineering, legal, financing and <br /> administrative costs relating thereto, and any other costs incidental thereto (the"Project"); and <br /> WHEREAS,the cost of the Project to the Town is estimated at$2,408,850 including <br /> design, engineering, legal, financing and administrative costs relating thereto, and any other costs <br /> incidental thereto; and <br /> WHEREAS, the Board has determined that in order to finance the Project, it is <br /> necessary and advisable and in the best interests of the Town to enter into a loan contract(the"Loan <br /> Contract") and a security agreement (the "Security Agreement") with the Colorado Water <br /> Conservation Board("CWCB"),a body corporate and political subdivision of the State of Colorado, <br /> pursuant to which the CWCB will loan the Town $2,408,850 pursuant to the Loan Contract to <br /> finance the Project; and <br /> WHEREAS, the Town's repayment obligations under the Loan Contract shall be <br /> evidenced by a promissory note(the"Promissory Note")to be executed and delivered by the Town <br /> to the CWCB; and <br /> WHEREAS, the Promissory Note, the Loan Contract and the Security Agreement <br /> (collectively, the "Financing Documents") may be approved by the Board acting in its enterprise <br /> capacity without an election pursuant to C.R.S. §§ 37-45.1-104 to106; and <br /> WHEREAS, the Financing Documents shall be revenue obligations of the Town, <br /> payable from the Pledged Revenues (as defined in the Financing Documents and herein); and <br /> WHEREAS, there have been presented to the Board the forms of the Financing <br /> Documents; and <br /> WHEREAS,the Board desires to approve the forms of the Financing Documents and <br /> ( authorize the execution thereof; and <br /> 2 <br />