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WHEREAS, the District ana the Enterprise desire to provide the -' <br />Colorado Water Conservation Board adequate security for Che <br />repayment of the funds borrowed pursuant to the obligation to be <br />incurred. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF <br />THE CONEJOS WATER CONSERVANCY DISTRICT AND TFIE PLATORO RESERVOIR <br />ENTERPRISE: <br />1. That the District and the Enterprise shall be authorized <br />to enter into a contract ("Project Contract") with the State of <br />Colorado to borrow $350,000 and to accept an additional $100,000 <br />which shall be non-repayable to the State in exchange for the <br />State's right to use a portion of Platoro Reservoir storage <br />capacity for the purpose of ineeting Colorado's obligations under <br />the Rio Grande Compact, for the purpose of paying the construction <br />costs of PJ.atoro Dam aad Reservoir and related water works and <br />facilities, said loan for• $350,000 to be repaid, together with <br />$50,000 previously loaned to the District by the Colorado Water <br />Conservation Board, for a total of $400,000, to bear interest at a <br />net effective interest rate of 5% per annum over 40 years. <br />2. That said loan for $350,000, together with the previous <br />loan of $50,000, for a total of $400,000, shall be repaid as <br />follows: <br />a. During the f�rst two years, installments shall be <br />paid into a reserve escrow account maintained for the benefit of <br />the Colorado Water Conservation Board. <br />b- During the next 38 years, installments shall be paid <br />to the Colorado Water Conservation Board. <br />c. Installments shall be equal annual payments of <br />$26,085.06, based upon $440,000, which is the principal amount plus <br />simple interest for the first two years at 5�, amortized in equal <br />annual payments over 38 years at 5% interest. <br />3. The District and the Enterprise are authorized to <br />establis'.i and maintain a reserve escrow account and to set aside <br />sufficient annual Platoro Reservoir Project revenues in such <br />account, separate and apart from other revenues of the District and <br />the Enterprise to assure repaymer�t of this revenue to the State; to <br />fix and collect charges and fees sufficient to pay off the new loan <br />and the $50,000 loan under the Computer Modelling Contract, <br />pursuant to the terms of the Project Contract; to sign a security <br />interest in such revenues in favor of the State to secure <br />repayment; and to repay these loans to the State. <br />4. The Enterprise was established by resolution'of the Board <br />of Directors of the District dated July 7, 1993. Said resolution <br />shall be irrevocable for the duration of the Project Contract and <br />� <br />