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r.-- (,. (\ "SHALL CHATFIELD SOUTB WATER DISTRlCT DEBT BE INCREASED $1,995,000, WITH A REPAYMENT COST OF NOT MORE THAN $4,705,111; AND SHALL CHATFIELD SOUTH WATER DISTRlCT TAXES BE INCREASED $240,299 ANNUALL Y, OR BY SUCH LESSER ANNUAL AMOUNT AS MA Y BE NECESSARY TO PAY THE DISTRlCT'S DEBT; SUCH DEBT TO CONSIST OF GENERAL OBLIGATION BONDS OR OTHER OBLIGATIONS, ISSUED FOR THE PURPOSE OF ACQUIRING WATER RlGHTS AND ACQUIRING, CONSTRUCTING, AND INSTALLING A WATER SUPPLY, TRANSMISSION, AND DISTRlBUTION SYSTEM, FOR THE DISTRlCT AND ALL NECESSARY APPURTENANCES THERETO, SUCH DEBT TO BEAR INTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE OF 9,5% PER ANNUM, AND TO MATURE ORBE PAYABLE IN NOT MORE TBAN 20 YEARS AFTER ISSUANCE; SUCH TAXES TO CONSIST OF AD VALOREM TAXES LEVIED WITHOUT LIMITATION OF RATE AND IN AMOUNTS SUFFICIENT TO PRODUCE THE ANNUAL TAX INCREASE SET FORTH ABOVE OR SUCH LESSER AMOUNT AS MAY BE NECESSARY; AND SHALL THE PROCEEDS OF ANY SUCH DEBT AND TAXES, ANY OTHER MONEY USED TO PAY SUCH DEBT, AND INVESTMENT INCOME THEREON, CONSTITUTE VOTER-APPROVED REVENUE CHANGES AND BE COLLECTED AND SPENT BY THE DISTRlCT WITHOUT REGARD TO ANY EXPENDITURE, REVENUE-RAISING, OR OTHER LIMITATION CONTAINED WITHIN ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION, AND WITHOUT LIMITING IN ANY YEAR THE AMOUNT OF OTHER REVENUES THAT MAYBE COLLECTED AND SPENT BY THE DISTRlCT?" WHEREAS, the Board has been presented with the forms of the Loan Contract and Note, and other documents referenced therein (collectively, the "Financing Documents"), and WHEREAS, the Board desires to approve the forms of the Financing Documents and authorize the execution thereof; and WHEREAS, none of the members of the Board have any potential conflicting interests in connection with the execution of the Loan Contract or the issuance of the Note, or the use of the proceeds thereof; " -4-