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r--, , , - " , I. THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF CHATFIELD SOUTH WATER DISTRICT, DOUGLAS COUNTY, COLORADO: Section 1. Approvals. Authorizations. and Amendments, The form of the Financing Documents presented at this meeting is incorporated herein by reference and is hereby approved and are attached hereto as Exhibit A. The District shall enter into and perform its obligations under the Fin3Ilcing Documents in the forms of such documents, with only such changes as are not inconsistent herewith, The President of the District and the Secretary are hereby authorized and directed to execute the Financing Documents and to affix the seal of the District thereto, and further to execute and authenticate such other documents or certificates as are deemed necessary or desirable in connection therewith, The Financing Documents shall be executed in substantially the form approved hereby, provided that such documents may be completed, corrected, or revised as deemed necessary by the parties thereto in ' order to carry out the purpose of this Resolution, The execution of any instrument or certificate or other document in connection with the matters referred to herein by the President or Secretary or by other appropriate officers or employees of the District shall be conclusive evidence of the approval by the District of such instrument and the terms thereof Section 2. Authorization of Note arid Proiect. In accordance with the Constitution of the State of Colorado; the 1997 Election; Title 32, Article 1, C,R,S,; and all other laws of the State of Colorado thereunto enablir1g, and the provisions of the Loan Contract, there shall be issued the Note for the purposes set forth in the Loan Contract. The accomplishment of the Project is hereby authorized, approved, and ordered, The Board hereby finds and determines that the Project is a capital improvement anticipated to be acquired, and which is a reasonable and necessary improvement for the continuing operational integrity of the District. Section 3, Note Details. The Note shall be in a principal amount not to exceed $500,000, shall bear interest at a rate of 4,75% per annum, calculated as provided in the Loan Contract, shall mature and be payable as provided in the Loan Contract, but in no event later than twenty years from the date cifthe,Note, and shall be payable in the time and manner, and shall be subject to prior redemption, as set forth in the Financing Documents, The maximum , , net effective interest rate authorized for the Note is 9.50% per annum, and the actual net effective interest rate of the Note does not exceed such maximum rate, The District shall execute and deliver to CWCB the Note pursuant to the Loan Contract. The Note shall be substantially in the form set forth in the Loan Contract. " -5-