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<br />_.1 'l <br /> <br />'--',- <br /> <br />RESOLUTION <br /> <br />WHEREAS, Michigan River Water Conservancy District (the <br />District) desires to enter into a contract to borrow money <br />from the State of Colorado (the State) for the purpose of <br />consolidating two (2) existing loans, together with the <br />advancement of an additional Two Hundred Thousand and no/lOO <br />Dollars ($200,000.00), for a total loan amount of One Million <br />One Hundred Three Thousand Two Hundred and no/lOO Dollars <br />($1,103,100.00), for the benefit of the District and its <br />water contract allottees; and <br /> <br />WHEREAS, the District has authority to enter into a <br />contract to borrow money and incur liability in the name of <br />the District in excess of Ten Thousand and no/lOO Dollars <br />($10,000.00) only if such liability is approved in advance by <br />a majority of the water contract allottees by vote either <br />orally or by written ballot; and <br /> <br />WHEREAS, the District has authority to enter into a <br />contract to borrow money and incur liability in the name of <br />the District if the contract is signed by its President and <br />Secretary, and provided that a Resolution by the Board of <br />Directors shall first be duly passed at a regular or special <br />meeting of the Board of Directors authorizing the obtaining <br />of a loan by the District by contract with the State; and <br /> <br />WHEREAS, the District has the authority to levy water <br />allotment contract assessments for the purpose of repaying <br />any lawful contract plus interest; and <br /> <br />WHEREAS, the District and the State desire to enter into <br />Contract No. C-153577, which contract requires that previous <br />Contract Nos. C-153341, dated February 1, 19B1, and C-153352 <br />dated July 1, 19B1, be terminated; and <br /> <br />WHEREAS, the District and the State desire to enter into <br />Contract No. C-153577 for the loan of One Million One Hundred <br />Three Thousand Two Hundred and no/lOO Dollars ($1,103,200.00) <br />to the District, which contract will require the complete <br />repayment to the State by the terms therein, and will require, <br />the District to take all acts necessary to lawfully enter <br />into the contract, incur the liability, and assure repayment <br />to the State, including the adoption of a Resolution <br />approving the contract, submitting proof of the election <br />results and ballots showing approval by the water contract <br />allottees of an expenditure and liability in excess of Ten <br />Thousand and no/lOO Dollars ($10,000.00); the levy of water <br />allotment contract assessments to assure repayment of the <br /> <br />EXHIBIT "c" <br />