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<br />~- <br />~.-.'~ <br /> <br />- <br /> <br />- <br /> <br />UW-93-03 <br /> <br />RESOLUTION <br /> <br />The Board of Directors ("Board") of the Ute Water Conservancy <br />District ("District"), at a regular meeting held on November lO, <br />1993, adopts the following Resolution: <br /> <br />RECITALS <br /> <br />A. The District is a Water Conservancy District in the State <br />of Colorado, and is an enterprise for purposes of Article X, <br />Section 20 of the Colorado Constitution. <br /> <br />B. The District desires to obtain a loan in the amount of <br />$400,000 from the Colorado Water Conservation Board ("CWCB"), for <br />the purpose of reconstructing its Colorado River Pump Station <br />facilities (the "Project"), as the first phase of the Plateau Creek <br />pipeline project. <br /> <br />C. CWCB desires to loan $400,000 to the District for the <br />Project. <br /> <br />D. The District and CWCB have negotiated a Contract relating <br />to such loan. A copy of the Contract is attached hereto as Exhibit <br />A. This Contract will be referred to in this Resolution as the <br />"Contract" . <br /> <br />NOW, THEREFORE, the Board of the District resolves as follows: <br /> <br />1. The Board finds and determines, pursuant to ~37-45- <br />139(1), C.R.S., that the annual obligation created by the Contract <br />will not require a greater annual expenditure than the annual <br />income and revenue of the District is estimated to permit, and so <br />no election is required under that statute. <br /> <br />2. The Board hereby authorizes and approves the Contract, <br />and authorizes the President and the Secretary of the Board to <br />execute the Contract on behalf of the District. The Board further <br />authorizes and directs the officers and employees of the District <br />to take all actions required and to perform all obligations of the <br />"Contractor" as set forth in the Contract, including without <br />limitation the execution and delivery of a deed of trust on the <br />Project, as required by Paragraph A.14. of the Contract. <br /> <br />3. As set forth in the Contract, the Board of Directors <br />acknowledges that if anticipated revenues are insufficient to pay <br />the amounts due under the Contract, the District may be required to <br />charge additional fees and charges to pay the amounts due. <br /> <br />Exhibit A and B <br />