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setting forth the terms, conditions and details of the Note and the procedures relating thereto, is <br /> incorporated herein by reference and is hereby approved; all District officials, agents and <br /> employees are hereby directed to take such actions as are necessary and appropriate to fulfill the <br /> obligations of the District under the Financing Documents. The District shall enter into the Loan <br /> Contract and deliver the Note in substantially the form presented to the District at or prior to this <br /> meeting of the Board with only such changes as are not inconsistent herewith; provided that such <br /> documents may be completed, corrected, or revised as deemed necessary by the parties thereto in <br /> order to carry out the purposes of this Resolution. The accomplishment of the Project and the <br /> payment of Project Costs are hereby authorized, approved, and ordered. It is hereby determined <br /> that the date of final maturity of the Note does not exceed the estimated life of the Project. <br /> Section 3. Note Details. The Note shall be in substantially the form set forth in <br /> APPENDIX 3 to the Loan Contract with such changes thereto, not inconsistent herewith, as may <br /> be necessary or desirable and approved by the officials of the District executing the same (whose <br /> manual or facsimile signatures thereon shall constitute conclusive evidence of such approval). <br /> The Note shall be in an aggregate principal amount not to exceed $1,584,690 for a loan <br /> repayment term which does not exceed thirty-one years. The Note shall bear interest at an <br /> interest rate of 3.15% per annum (and a net effective interest rate not to exceed 3.50%), <br /> exclusive of late charges and related costs set forth in the Loan Agreement. For a period not to <br /> exceed one year from the effective date of this Resolution the Board hereby delegates to the <br /> President of the District, or in the absence of the President the Vice-President of the District, the <br /> right to determine the terms for the Note within the parameters established above. <br /> Section 4. Pledge for Payment of the Note. <br /> (a) Pledge of Supplemental Ravenna Water Transmission Charges. The <br /> Board set the supplemental Ravenna "Water Transmission Charge" in an amount <br /> anticipated to generate revenues adequate to pay principal and interest on the Note. The <br /> Water Transmission Charge is billed to each of the District's customers within the <br /> Ravenna Area, on a monthly basis, and is a flat monthly charge,regardless of the amount <br /> of water actually used by a particular customer. For the purpose of paying the principal <br /> of and interest on the Note when due, respectively, the Board shall annually determine <br /> and establish its Water Transmission Charge, without limitation as to amount, on each of <br /> the District's water customers within the Ravenna Area (those who have purchased a <br /> water tap from the District and paid the applicable system development charge), <br /> sufficient to produce an amount as may be necessary to pay the principal of and interest <br /> on the Note when due, respectively. The revenues generated by the District's Water <br /> Transmission Charge imposed pursuant to this subsection, when collected, shall be <br /> segregated and applied solely to the payment of the principal of and interest on the Note <br /> and for no other purpose until the Note, including principal and interest, is fully paid, <br /> satisfied and discharged. <br /> For purposes of the Loan Agreement and this Resolution, the revenues generated <br /> by the imposition of the District's Water Transmission Charge shall be considered the <br /> Pledged Revenues pledged to repayment of the principal and interest on the Note. The <br /> Note shall constitute a first lien upon the Pledged Revenues, but not necessarily an <br /> exclusive first lien. Pursuant to and in accordance with Section 11-57-208, C.R.S., the <br /> 4 <br /> AQ)o AAA1 cmo 1 <br />