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RESOLUTION <br /> A RESOLUTION OF CENTRAL COLORADO WATER CONSERVANCY <br /> DISTRICT, IN WELD, ADAMS AND MORGAN COUNTIES, <br /> COLORADO, REFRESHING AUTHORIZATION FOR COLORADO <br /> WATER CONSERVATION BOARD LOANS FIRST APPROVED BY THE <br /> BOARD ON NOVEMBER 18, 2014, TO FINANCE VOTER APPROVED <br /> PURPOSES FROM THE DISTRICT'S ELECTION HELD ON <br /> NOVEMBER 6, 2012, AND FOR THE LEVY OF PROPERTY TAXES TO <br /> PAY SUCH LOANS; APPROVING THE FORM OF AN AMENDMENT <br /> TO LOAN NUMBER 72517C/150407B; AND RATIFYING AND <br /> REAFFIRMING THE INITIAL AUTHORIZATION OF THE BOARD. <br /> WHEREAS, the Central Colorado Water Conservancy District, in Weld, Adams and <br /> Morgan Counties, Colorado, is a duly organized and validly existing water conservancy district, <br /> quasi-municipal corporation and political subdivision of the State (unless otherwise indicated, <br /> capitalized terms used in this preamble shall have the meanings set forth in Section 1 of this <br /> Resolution); and <br /> WHEREAS, Article X, Section 20 of the Colorado Constitution provides that voter <br /> approval in advance is required for the creation of any district direct or indirect debt or other <br /> multiple-fiscal year financial obligation whatsoever except for refinancing district bonded debt at <br /> a lower interest rate; and <br /> WHEREAS, at an election on November 6, 2012, a majority of the eligible electors of the <br /> District voting on such question, voted in favor of the following ballot issue: <br /> SHALL THE CENTRAL COLORADO WATER CONSERVANCY DISTRICT DEBT BE <br /> INCREASED UP TO $60 MILLION, WITH A MAXIMUM REPAYMENT COST OF UP TO $96.8 <br /> MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $3.9 MILLION ANNUALLY <br /> FOR: <br /> • THE PURPOSE OF ENABLING LOCAL FARM FOOD PRODUCTION, KEEPING <br /> RANCHES WORKING AND DECREASING FARM DRY-UPS BY FINANCING THE <br /> COSTS OF,AND <br /> • SECURING ADDITIONAL WATER SUPPLIES, ACQUIRING, RECLAIMING AND <br /> IMPROVING SITES FOR WATER STORAGE,AND PARTICIPATING IN THE CHATFIELD <br /> RESERVOIR WATER STORAGE REALLOCATION PROJECT; <br /> SUCH DEBT TO CONSIST OF THE ISSUANCE AND PAYMENT OF LIMITED TAX GENERAL <br /> OBLIGATION BONDS, WHICH BONDS SHALL BEAR INTEREST AT A MAXIMUM NET <br /> EFFECTIVE INTEREST RATE NOT TO EXCEED 6.5% PER ANNUM AND SHALL BE DATED <br /> AND SOLD AT SUCH TIME OR TIMES, AT SUCH PRICES (AT, ABOVE OR BELOW PAR)AND <br /> IN SUCH MANNER AND CONTAINING SUCH TERMS, NOT INCONSISTENT HEREWITH, AS <br /> THE BOARD OF DIRECTORS MAY DETERMINE; SHALL(I)AD VALOREM PROPERTY TAXES <br /> BE LEVIED IN ANY YEAR AT A LIMITED MILL LEVY RATE NOT TO EXCEED 3 MILLS, <br /> EXCEPT AS PERMITTED IN SECTION 37-45-126 OF THE COLORADO REVISED STATUTES, <br /> AND IN SUCH AMOUNTS AS SET FORTH ABOVE AND (II) THE DISTRICT BE AUTHORIZED <br /> TO ENCUMBER AND PLEDGE ANY OTHER REVENUES OF THE DISTRICT TO BE USED TO <br /> 4819-8542-2697.1 APPENIX C <br />