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PAY THE PRINCIPAL OF AND INTEREST ON SUCH BONDS AS THE SAME BECOME DUE
<br /> AND TO FUND ANY RESERVES FOR THE PAYMENT THEREOF; AND SHALL ANY
<br /> INVESTMENT EARNINGS (REGARDLESS OF AMOUNT) FROM SUCH TAX REVENUES AND
<br /> FROM THE PROCEEDS OF SUCH BONDS CONSTITUTE A VOTER-APPROVED REVENUE
<br /> CHANGE WITHIN THE MEANING OF ARTICLE X, SECTION 20 OF THE COLORADO
<br /> CONSTITUTION?
<br /> WHEREAS, the returns of the above-referenced election were duly canvassed and the
<br /> results thereof duly declared; and
<br /> WHEREAS, on April 24, 2013, the District issued its Limited Tax General Obligation
<br /> Bonds, Series 2013 in the aggregate principal amount of$29,250,000, which Series 2013 Bonds
<br /> have a total repayment cost of $45,397,623 and a maximum annual tax requirement of
<br /> $1,981,662 (resulting in remaining available Ballot Authorization for an aggregate principal
<br /> amount of $30,750,000, total principal and interest repayment costs of $51,402,377 and
<br /> maximum annual tax of$1,918,338); and
<br /> WHEREAS, on or about November 18, 2014, the Board adopted a resolution (referred to
<br /> herein as the 2014 Resolution) authorizing loans from the Colorado Water Conservation Board,
<br /> an agency of the State, and related promissory notes in the aggregate principal amount not to
<br /> exceed$30,750,000; and
<br /> WHEREAS, the District received three Loan Contracts (identified by CMS Number
<br /> 72516C/150407A, CMS Number 72517C/150407B and CMS Number 72518C/150407C) from
<br /> the Colorado Water Conservation Board, for a loans in amounts of$3,187,560, $18,263,830 and
<br /> $7,000,310, respectively (resulting in remaining available Ballot Authorization under the 2014
<br /> Resolution for an aggregate principal amount of$2,298,300), all of which loans bear interest at a
<br /> rate of 1.75%per annum for a repayment term of 30 years; and
<br /> WHEREAS, the District has been advised that the costs associated with CMS Number
<br /> 72517C/150407B, which were originally estimated in a loan principal amount of$18,263,830,
<br /> have increased$1,548,229 to $19,812,059 due to a re-evaluation and re-examination of Chatfield
<br /> Reallocation Project costs in October of 2017; and
<br /> WHEREAS, the CWCB has presented Loan Contract Amendment No. 1 to the District
<br /> for an amendment to Original Contract CMS Number 72517C/150407B modifying the original
<br /> loan contract amount and replacing it with the "Current Contract Maximum Amount" of
<br /> $19,812,059 (without changing the loan term or interest rate), and providing similar amendments
<br /> to the Promissory Note and the Security Agreement relating to said loan; and
<br /> WHEREAS, the form of Loan Contract Amendment No. 1 and related appendices have
<br /> been reviewed by the District staff and made available to the Board; and
<br /> WHEREAS, the Board desires to authorize the execution of Loan Contract Amendment
<br /> No. 1, the appended amendments, and the execution of any additional required documentation
<br /> which may be related to the financing consistent therewith;
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<br /> 4819-8542-2697.1
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