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RESOLUTION <br /> A RESOLUTION APPROVING A LOAN FROM THE COLORADO WATER <br /> CONSERVATION BOARD; AUTHORIZING THE FORM AND EXECUTION OF <br /> THE LOAN CONTRACT, SECURITY AGREEMENT AND A PROMISSORY <br /> NOTE TO EVIDENCE SUCH LOAN; AUTHORIZING THE EXECUTION AND <br /> DELIVERY OF DOCUMENTS RELATED THERETO; AND PRESCRIBING <br /> OTHER DETAILS IN CONNECTION THEREWITH. <br /> WHEREAS, Swan's Nest Metropolitan District, Summit County, Colorado (the <br /> "District") is a duly organized and existing quasi-municipal corporation and political <br /> subdivision of the State of Colorado; and <br /> WHEREAS, the members of the Board of Directors of the District (the "Board") <br /> have been duly elected, chosen and qualified; and <br /> WHEREAS,the District has heretofore determined and undertaken to combine, <br /> operate, and maintain its water facilities as a public utility and income-producing project <br /> (the "Enterprise"); and <br /> WHEREAS, the District has determined that the Enterprise is an enterprise within <br /> the meaning of Article X, Section 20 of the Colorado Constitution; and <br /> WHEREAS, the Board has heretofore determined that the interest of the District <br /> and the public interest and necessity demand and require the District to acquire certain <br /> water rights (the "Project"), and to finance a portion of the costs of the Project in an <br /> amount not to exceed $155,000; and <br /> WHEREAS,the District has made application to the Coli • ,. ,t�^ j4rvation <br /> Board, a body corporate and political subdivision of the State ("CW : - its <br /> Construction Fund, for a loan; and , <br /> WHEREAS, the District has determined that in or e to fin e ' sL, <br /> , <br /> Project, it is necessary and advisable and in the best interests of the District for the <br /> District, acting by and through its enterprise, to enter into a Loan Contract (the "Loan <br /> Document") with CWCB, pursuant to which CWCB shall loan the District an amount of <br /> not to exceed $155,000 (the "Loan") for such purposes; and <br /> WHEREAS, the repayment obligations under the Loan Document shall be <br /> evidenced by a promissory note (the "Note") to be issued by the District to CWCB and <br /> secured by a Security Agreement(the "Security Agreement"); and <br /> {00198052.DOC I) <br /> Appendix 3 to Loan Contract C150312 <br />