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(i) the Water Activity Enterprise has been duly established and is <br /> operating during the current calendar year as an "enterprise" within the meaning <br /> of Article X, Section 20 of the Colorado Constitution; <br /> (ii) the Board elects to apply all of the provisions of Title 11, <br /> Article 57, Part 2, C.R.S. to the execution of the Loan Contract and to the <br /> issuance of the Note; <br /> (iii) the execution of the Loan Contract and the issuance and delivery <br /> of the Note, and all procedures undertaken incident thereto, are in full compliance <br /> and conformity with all applicable requirements, provisions and limitations <br /> prescribed by the Constitution and the Enabling Laws, and all conditions and <br /> limitations of the Enabling Laws and other applicable law relating to the <br /> execution of the Loan Contract and the issuance and delivery of the Note have <br /> been satisfied; and <br /> (iv) it is in the best interests of the District and its residents that the <br /> Note be authorized, issued and delivered at the time, in the manner and for the <br /> purposes provided in this Resolution. <br /> Section 6. Approval of Miscellaneous Documents. The President is hereby <br /> authorized and directed to execute the Loan Contract and all documents and certificates <br /> necessary or desirable to effectuate the issuance of the Note and the financing contemplated by <br /> this Resolution, and the Secretary of the Board is hereby authorized and directed to attest to such <br /> execution by the President where necessary. In the absence of the President, the Vice-President <br /> is hereby authorized to execute the above-referenced agreements, documents and certificates. <br /> The execution of any agreements, documents and certificates by said officials shall be conclusive <br /> evidence of the approval by the District of such agreements, documents and certificates in <br /> accordance with the terms thereof and this Resolution. <br /> Section 7. Amendment of Resolution. This Resolution may be amended only with <br /> the prior written consent of CWCB. <br /> Section 8. Ratification of Prior Actions. All actions heretofore taken (not <br /> inconsistent with the provisions of this Resolution) by the Board or by the officers and <br /> employees of the District directed toward the issuance of the Note for the purposes herein set <br /> forth are hereby ratified, approved and confirmed. <br /> Section 9. Headings. The headings to the various sections and paragraphs to this <br /> Resolution have been inserted solely for the convenience of the reader, are not a part of this <br /> Resolution, and shall not be used in any manner to interpret this Resolution. <br /> Section 10. Resolution Irrepealable. After the Note has been issued, this Resolution <br /> shall constitute a contract between CWCB and the District, and shall be and remain irrepealable <br /> until the Note and the interest accruing thereon shall have been fully paid, satisfied, and <br /> discharged, as herein provided. <br /> 8 <br /> 4828-5273-6853.1 <br />