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RESOLUTION NO. 18-08-11 <br /> A RESOLUTION OF ROXBOROUGH WATER AND SANITATION <br /> DISTRICT, ACTING BY AND THROUGH ITS WATER ACTIVITY <br /> ENTERPRISE, APPROVING A LOAN WITH THE STATE OF <br /> COLORADO, DEPARTMENT OF NATURAL RESOURCES, <br /> COLORADO WATER CONSERVATION BOARD FOR THE PURPOSE <br /> OF FINANCING THE CONSTRUCTION OF A WATER TRANSMISSION <br /> SYSTEM, AUTHORIZING THE FORM AND EXECUTION OF A LOAN <br /> AGREEMENT AND PROMISSORY NOTE, PROVIDING FOR <br /> PAYMENT OF THE NOTE FROM THE IMPOSITION OF WATER <br /> SYSTEM USER RATES AND CHARGES, AND PROVIDING OTHER <br /> DETAILS IN CONNECTION THEREWITH. <br /> WHEREAS, Roxborough Water and Sanitation District, in Douglas and Jefferson <br /> Counties, Colorado, is a quasi-municipal corporation, duly organized as a water and sanitation <br /> district and currently operating under the constitution and laws of the State of Colorado (certain <br /> capitalized terms used in the preamble of this Resolution are defined in Section 1 hereof); and <br /> WHEREAS, the District is acting hereunder by and through its Water Activity Enterprise, <br /> which has been duly and regularly established pursuant to Enabling Laws and by resolution of <br /> the District dated December 6, 1994,which enterprise has been and continues to be operated as a <br /> "water activity enterprise" within the meaning of Section 37-45.1-102(4), C.R.S., and constitutes <br /> a government owned business which is authorized to issue its own revenue bonds and which <br /> shall not receive 10% or more of annual revenue in grants from all Colorado state and local <br /> governments combined; and <br /> WHEREAS, to finance a portion of the estimated costs of the Ravenna Development <br /> Interconnect Project, located in Douglas County, to provide a permanent and reliable water <br /> source to Ravenna by constructing two additional interconnects between the District and <br /> Ravenna, the Board has determined to enter into a Loan Contract with the Colorado Water <br /> Conservation Board, an agency of the State, pursuant to which CWCB is to make a loan to the <br /> District a principal amount not to exceed$1,584,690; and <br /> WHEREAS, the District's repayment obligation under the Loan Contract will be <br /> evidenced by a promissory note to be issued by the District to CWCB, which Note shall <br /> constitute a special revenue obligation payable from Pledged Revenues (which generally <br /> includes a supplemental Water Transmission Charge imposed in the Ravenna area) and, after <br /> consideration, the Board has determined that the execution of the Loan Contract and the issuance <br /> of the Note to CWCB is to the best advantage of the District; and <br /> WHEREAS, as of the date of adoption of this Resolution, the District has no outstanding <br /> obligations which are secured by the Pledged Revenues; and <br /> WHEREAS, the Note is exempt from registration under the "Colorado Municipal Bond <br /> Supervision Act" by virtue of the exemption provided in Section 11-59-110(1), C.R.S., and <br /> novo AUA1 CCM 1 <br />