|
Revenues: ad valorem property taxes; any moneys borrowed and used for providing
<br /> Capital Improvements; any money and securities, and investment income therefrom, in
<br /> any refunding fund, escrow account, or similar account, pledged to the payment of any
<br /> bonds or other obligations; and any moneys received as grants or appropriations from the
<br /> United States, the State of Colorado or other sources, the use of which is limited or
<br /> restricted by the grantor or donor to the provision of Capital Improvements or for other
<br /> purposes resulting in the general unavailability thereof, except to the extent any such
<br /> moneys shall be received as payments for the use of the Project, services rendered
<br /> thereby, the availability of any such service, or the disposal of any commodities
<br /> therefrom. Notwithstanding anything contained above, amounts deposited in a rate
<br /> stabilization account shall not be deemed Gross revenue in the calendar year deposited
<br /> and amounts withdrawn from the rate stabilization account shall be deemed Gross
<br /> Revenue in the year withdrawn.
<br /> "Capital Improvement" means the acquisition of land, easements, facilities, and
<br /> equipment (other than ordinary repairs and replacements), and the construction or
<br /> reconstruction of improvements,betterments, and extensions, for use by, or in connection
<br /> with,the Project.
<br /> "Operation and Maintenance Expenses" means all reasonable and necessary current
<br /> expenses of the Enterprise, paid or accrued, for operating, maintaining and repairing the
<br /> Project, including without limitation Power Purchase Agreement charges,Lease of Power
<br /> Privilege charges, legal and overhead expenses of the Enterprise directly related to the
<br /> administration of the Project, insurance premiums, audits, professional services, salaries
<br /> and administrative expenses, labor and the cost of materials and supplies for current
<br /> operation; provided however, that there shall be excluded from Operation and
<br /> Maintenance Expenses any allowance for depreciation, payments in lieu of taxes or
<br /> franchise fees, expenses incurred with Capital Improvements, payments due in
<br /> connection with any bonds or other obligations, and expenses that are otherwise paid
<br /> from ad valorem property taxes.
<br /> SECTION 5. Direction to Take AuthorizingA ction. The President and Secretary of the
<br /> Enterprise are each hereby authorized and directed to execute said Loan Contract, with such
<br /> execution being conclusive evidence of their respective approval of, and agreement to, the
<br /> aforesaid changes and amendments, and they shall deliver the same to the CWCB.
<br /> SECTION 6. Authorization to Execute Collateral Documents. The Secretary or
<br /> Assistant Secretary is hereby authorized and directed to attest all signatures and acts of any
<br /> official of the Enterprise in connection with the matters authorized by this resolution and to place
<br /> the seal of the Enterprise on any document authorized and approved by this resolution. The
<br /> President, Vice President, the Secretary, and other appropriate officials or employees of the
<br /> Enterprise are hereby authorized and directed to take all action necessary or appropriate to
<br /> effectuate the provisions of this resolution, including without limiting the generality of the
<br /> foregoing, executing, attesting, authenticating and delivering for and on behalf of the Enterprise
<br /> any and all necessary documents, instruments or certificates and performing all other acts that
<br /> they deem necessary or appropriate in order to implement and carry out the transactions and
<br /> APPENDIX 4
<br />
|