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<br />,- <br /> <br />r <br /> <br />RESOLUIlON <br /> <br />WHEREAS, Chatfield South Water District, Douglas County, Colorado (the <br />"District"), is a quasi-municipal corporation duly organized and existing as a special district <br />under the constitution and laws of the State of Colorado, including particularly Title 32 of the <br />Colorado Revised Statutes; and <br /> <br />WHEREAS, the District is authorized by Title 32, Article I, C,R.S" to provide for <br />the acquisition of water rights and acquiring, constructing and installing a water supply <br />transmission and distribution system and all necessary appurtenances thereto, for the District and <br />its inhabitants; and <br /> <br />WHEREAS, the Board of Directors (the "Board") has heretofore determined and <br />undertaken to acquire and develop a water supply, transmission and distribution system; and <br /> <br />WHEREAS, the District has determined to acquire certain water rights to provide <br />the District with a water supply, transmission and distribution system (the "Project"); and <br /> <br />WHEREAS, the District is authorized by Title 32, Article I, C,R,S" to issue <br />general obligation indebtedness if approved at iIll election by the electors of the District; and <br /> <br />WHEREAS, the Board has previously entered into a loan agreement with the <br />Colorado Water Resources and Power Development Authority, pursuant to which the Authority <br />loaned to the District the amount of $728,500; and <br /> <br />WHEREAS, the Board has detennined and hereby determines that in order to <br />finance the purchase of certain water rights, it is necessary and advisable and in the best interest <br />of the District to enter into a loan contract (the "Loan Contract") with the State of Colorado for <br />the use and benefit of the Department ofNatund Resources, Colorado Water Conservation Board <br />(the "CWCB"), pursuant to which the CWCB will loan to the District the amount not to exceed <br />$500,000; and <br /> <br />" <br />WHEREAS, the loan from CWeB will be evidenced by a Promissory Note in the <br />total principal amount of $500,000 (the "Note"); and <br /> <br />WHEREAS, at a special election of the qualified electors of the District, duly <br />called and held on Tuesday, November 4, 1997 (the "1997 Election"), in accordance with law and <br />pursuant to due notice, a majority of those qualified to vote and voting at the 1997 Election voted <br />in favor of incurring an indebtedness for the purpose of providing for said water improvements, <br />the question relating thereto being as follows: <br /> <br />" <br /> <br />-3- <br />