C153521 Contract

• Contract/PO #: C153521
• Contractor Name: Grand Valley Water Users' Association
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Bill Number: SB 000
• Loan Projects - Doc Type: Contract Documents

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RESOLUTION

WHEREAS, the Grand Valley Users Association (hereinafter
"Association") is indebted to the United States of America under
two Rehabilitation and Betterment Contracts each of which provides
for annual payments; and
WHEREAS, the Department of the Interior, acting in behalf
of the United States is offering to substantially discount the
total amount payable to the United States in exchange for a lump
sum payment; and
WHEREAS, the Colorado Water Conservation Board has money
available to loan to the Association to permit payment of the
discounted lump sum; and
WHEREAS, the Association would substantially benefit by discharging
the payments to be made to the United States by payment of the
lump sum discount.
NOW THEREFORE, BE IT RESOLVED: That the Association, acting
by and through its Board of Directors, is hereby authorized to
borrow funds and to use any other funds which may be available
to make a payment to the United States of the lump sum discount
thereby discharging the payments owing to the United States under
the Rehabilitation and Betterment Contracts; and
BE IT FURTHER RESOLVED: That the Board of Directors negotiate
and determine the terms and conditions of any such loan and that
the officers of this corporation are hereby authorized to execute
any documentation necessary or desirable and satisfactory to the
Board of Directors to evidence or secure the repayment of any
such loan; and
BE IT FURTHER RESOLVED: That the officers of the Association
are authorized and directed to execute the Letter of Intent indicating
to the United States the intent of the Association to accept the
prepayment discounted offer.

CERTIFICATE

I, Victor J. Thompson, Secretary of the Grand Valley Water

Users Association ("Association") do hereby certify that the foregoing

is a full, true and correct copy of a Resolution that was ratified

EXHIBIT A
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