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WHEREAS, the Board desires to approve the forms of the Financing Documents and <br /> authorize the execution thereof. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF <br /> THE ARABIAN ACRES METROPOLITAN DISTRICT ACTING BY AND THROUGH ITS <br /> WATER ACTIVITY ENTERPRISE IN THE COUNTY OF TELLER AND STATE OF <br /> COLORADO: <br /> Section 1. Approvals, Authorizations, and Amendments. The forms of the Financing <br /> Documents filed with the Secretary are incorporated herein by reference and are hereby <br /> approved. The District shall enter into and perform its obligations under the Financing <br /> Documents in the forms of such documents,with such changes as are not inconsistent herewith <br /> and as are hereafter approved by the Chairman of the Board and President of the District <br /> ("President"). The President and Secretary or Acting Secretary are hereby authorized and <br /> directed to execute the Financing Documents and to affix the seal of the District thereto, and <br /> further to execute and authenticate such other documents or certificates as are deemed necessary <br /> or desirable in connection therewith. The Financing Documents shall be executed in <br /> substantially the forms approved at this meeting. <br /> The execution by the President, Secretary or Acting Secretary or other appropriate <br /> officers of the District of any instrument or certificate or other document in connection with the <br /> matters referred to herein shall be conclusive evidence of the approval by the District of such <br /> instrument or certificate or other document. <br /> Section 2. Election to Apply Supplemental Act. Section 11-57-204 of the Supplemental <br /> Public Securities Act,constituting Title 11,Article 57, Part 2, C.R.S. (the"Supplemental Act") <br /> provides that a public entity, including the District, may elect in an act of issuance to apply all <br /> or any of the provisions of the Supplemental Act. The Board hereby elects to apply all of the <br /> provisions of the Supplemental Act to the Financing Documents. <br /> Section 3. Delegation and Parameters. <br /> (a) Pursuant to Section 11-57-205 of the Supplemental Act,to the extent applicable, <br /> the Board hereby delegates to the President, the District Manager, or any member of the Board <br /> the authority to make the following determinations relating to and contained in the Financing <br /> Documents, subject to the restrictions contained in paragraph(b) of this Section 3: <br /> (i) The interest rate on the Loan, if any; <br /> 2 <br />