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WHEREAS, for such purpose, the District approved the following loan contracts with the
<br /> CWCB (each, referred to as a"Loan Contract" and, collectively, as the"Loan Contracts"):
<br /> (i) Loan Contract (identified as Loan Contract 72701/C150404A), for a loan
<br /> in an amount up to $716,000, at an interest rate of 3.00% per annum, for a repayment
<br /> term of 30 years, for the purpose of funding the District's portion of the storage
<br /> component of the Project; and
<br /> (ii) Loan Contract (identified as Loan Contract 72702/C150404B), for a loan
<br /> in an amount up to $4,102,000, at an interest rate of 3.00% per annum, for a repayment
<br /> term of 30 years, for the purpose of funding the District's portion of the engineering,
<br /> recreation facilities construction, on-site mitigation, off-site mitigation, and mitigation
<br /> monitoring of the Project; and
<br /> (iii) Loan Contract (identified as Loan Contract 72704/C 150404C), for a loan
<br /> in an amount up to $1,572,000, at an interest rate of 3.00% per annum, for a repayment
<br /> term of 30 years, for the purpose of funding the District's portion of off-site mitigation
<br /> and mitigation monitoring of the Project; and
<br /> WHEREAS, the District's repayment obligations under each of the Loan Contracts is
<br /> evidenced by three (3) separate Promissory Notes (each, a "Promissory Note" and collectively,
<br /> the "Promissory Notes") issued by the District, as maker, to the CWCB, as payee, each of which
<br /> constitutes a special revenue obligation of the District payable from the Pledged Revenues (as
<br /> defined in the Original Loan Resolution) on parity with each of the other Promissory Notes; and
<br /> WHEREAS, the District's repayment obligations under the Loan Contracts and the
<br /> Promissory Notes are also secured by three (3) separate Security Agreements (each, a "Security
<br /> Agreement"and, collectively, the"Security Agreements"); and
<br /> WHEREAS, voter approval in advance was not required under Article X, Section 20 of
<br /> the Colorado Constitution or any other law for the execution of the Loan Contracts, the
<br /> Promissory Notes, or the Security Agreements by the District, and is not required for execution
<br /> of the Amendment(defined below); and
<br /> WHEREAS, on October 13, 2017, the State of Colorado Department of Natural
<br /> Resources (as more particularly defined herein, the "CDNR") notified all participants in the
<br /> Chatfield Reallocation Project, including the District, that the cost estimate of such project
<br /> increased from the original cost estimate; and
<br /> WHEREAS, the District sought from the CWCB a loan increase in an amount sufficient
<br /> to cover 100% of its share of the increase in the estimated costs of the Chatfield Reallocation
<br /> Project(the"Proposed Loan Increase"); and
<br /> WHEREAS, on January 29, 2018, the District was notified by the CWCB that the CWCB
<br /> had recommended the Proposed Loan Increase to the Colorado General Assembly for final
<br /> authorization; and
<br /> {00465252.DOC/5} 2
<br /> 4831-6436-1066.1
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