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<br />-~ <br /> <br />RESOLUTION <br /> <br />BE IT RESOLVED, that the Julesburg Irrigation District (the "District") shall <br />enter into and comply with the terms of the Loan Contract No, CI50060 ("Loan <br />Contract") with the State of Colorado for the use and benefit of the Department of <br />Natural Resources, Colorado Water Conservation Board, (the "State"), <br /> <br />BE IT FURTHER RESOLVED, that the President and Secretary are authorized to <br />execute the Loan Contract on behalf of the District; <br /> <br />BE IT FURTHER RESOLVED, that the District, through the above officers, <br />borrows under the terms of the Loan Contract, the principal sum of$IOO,OOO,OO; <br /> <br />BE IT FURTHER RESOLVED, that the District shall enter into and comply with <br />the terms of the Promissory Note, attached hereto as Appendix 2, whereby the District <br />promises to pay the State the principal sum of $100,000,00 plus interest at the rate of3,5 <br />percent per annum for a term of thirty years, pursuant to the Loan Contract; <br /> <br />BE IT FURTHER RESOLVED, that the District shall pledge revenues from the <br />District's general fund in an amount sufficient to pay off the loan made under the Loan <br />Contract; <br /> <br />BE IT FURTHER RESOLVED, that the District shall set aside the pledged <br />revenues each year to pay the annual installment in a special account, separate and apart <br />from other revenues of the District; <br /> <br />BE IT FURTHER RESOLVED, that the District shall make annual loan payments <br />in accordance with the promissory note; <br /> <br />BE IT FURTHER RESOLVED, that the District shall establish a reserve debt <br />service account in the amount of one annual payment, and to replenish that fund anytime <br />it is depleted; <br /> <br />BE IT FURTHER RESOLVED, that the pistrict shall execute a security <br />agreement to convey a security interest to the State in the pledged revenues; <br /> <br />BE IT FURTHER RESO," VED, that the District shall execute a deed of trust to <br />convey a security interest to the State in the land underlying the Julesburg Reservoir; <br /> <br />BE IT FURTHER RESOLVED, that this RESOLUTION constitutes a legislative <br />measure of the District and is irrepealable for the term of the Loan Contract. <br /> <br />I certify that the foregoing Resolution was duly adopted by the Board of Directors <br />of the Julesburg Irrigation District at a special meeting of the Board held on March I, <br />2001. <br /> <br />~ <br />( ny&- (l~vJ)w.) <br /> <br />Pamel~ins-Secret~ry <br /> <br />Appendix 3 to Loan Contract C150060 <br />