PROJC00211

• Contract/PO #: C153723
• Contractor Name: Orchard Mesa Irrigation District
• Contract Type: Loan
• Water District: 0
• County: Mesa
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Contract Documents

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and all other documents required to be executed by MMLE in connection with the Mutual Mesa
Project.

2. Loan Contract. The Board approves the Loan Contract in the form attached to
this Resolution and authorizes and directs MMLE's Manager to take all actions and sign all
documents necessary to enter into and comply with that contract.

3. Proiect Al!reement. The Board approves the Project Agreement in the form
attached to this Resolution and authorizes and directs MMLE's Manager to take all actions and
sign all documents necessary to enter into and comply with that agreement.

4. Contractor Agreement. The Board authorizes and directs MMLE's Manager to
take all actions and sign all documents necessary to enter into and comply with the Contractor
Agreement.

5. Certificate of Deposit Loan. The Board authorizes and directs MMLE's Manager
to take all actions and sign all documents necessary to: (i) borrow sufficient funds from OMID to
enable MMLE to establish a Certificate of Deposit in accordance with the terms of the Loan
Contract; (ii) to establish such Certificate of Deposit; and, (iii) execute an assignment of that
Certificate of Deposit to the State of Colorado in accordance with the terms of the Loan Contract.

6. Securitv Agreement. The Loan Contract requires MMLE to execute a Security
Agreement in accordance with the Pledge of Revenues provisions of the Loan Contract to secure
the State of Colorado's rights in MMLE revenues pledged to repayment of funds loaned pursuant
to the Loan Contract. The Board authorizes and directs MMLE's Manager to execute the
required Security Agreement in accordance with the terms of the Loan Contract.

7. Reserve Debt Service Fund. Pursuant to the Loan Contract, MMLE is required to
establish a reserve debt service fWld by making an annual deposit in an appropriate account
equivalent to one-tenth of an annual payment under the Loan Contract every year for ten years,
and to replenish that fund anytime it is depleted. The Board authorizes and directs MMLE's
Manager to take all actions and sign all documents necessary to establish the required reserve
debt service fund and fund it as required by the Loan Contract.

8. Repavment of Loan. The Board authorizes and directs MMLE's Manager to take
all actions and sign all documents necessary to:

(a) Set rates, fees and charges to be collected from OMID pursuant to the Project
Agreement in an amount sufficient to repay the annual amounts due to the State of
Colorado under the Loan Contract;

(b) Place money collected from OMID each year in a special account separate and
apart from other MMLE revenues in an amount sufficient to assure repayment of

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