PROJC00632

• Contract/PO #: C153778
• Contractor Name: Upper Yampa Water Conservancy District
• Contract Type: Loan
• Water District: 0
• County: Routt
• Bill Number: SB 97-008
• Loan Projects - Doc Type: Contract Documents

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RESOLUTION

WHEREAS, the Upper Yampa Water Conservancy District, Routt and Moffat Counties,
Colorado Ithe "District"), is a public corporation duly authorized and existing as a water
conservancy district under the constitution and laws of the State of Colorado; and

WHEREAS, the District's loan from the United States Bureau of Reclamation for $3,835,000
(the "USBR Loan"), which wes used to finance the construction of the Stagecoach Reservoir has an
outstanding balance of approximately $2,015,000 and

WHEREAS, the District has determined that entering into a loan contract with the Colorado
Water Conservation Board ("CWCB.) for a loan in the amount of $2,000,000 willlmable the District
to repay in full the USSR Loan, using both CWCB loan funds BOO the District's own funds; and

WHEREAS, the District has determined that repaying the USSR Loan in full will reduce its
annual debt service significantly; and

WHEREAS, the District applied for and the ewes approved a loan of $2,000,000 at an
interest rate of 4% % for a term of twenty years (the "CWeB Loan.), provided thet the District uses
its own funds to pay in full the balance on the USBR Loan after applying the eWeB Loan funds to
repayment of the USBR Loan; and

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WHEREAS. there ha, been presented to the District's Board of Directors ("Board") a form of
Loan Contract, a Promissory Note in the amount of $2.000.000, an Assignment of Certificate of
Deposit, and a Security Agreement, (coDectively referred to herein as the "Loan Documents").
between the ewcs and the District; and

WHEREAS, the Board desires to authorize entering into the eWCB Loan and the execution of
the foregoing documents.

NOW THEREFORE, THE BOARD OF DIRECTORS OF THE UPPER YAMPA WATER
CONSERVANCY DISTRICT HEREBY RESOLVE THAT:

1. The Board incorporates the foregoing recitals as findings. determinations and conclusions.

2. This resolution is, and shall constitute, a legislative meaS\lre of the District and shall
constitute an irrevocable contract between the District and the eWCB. This resolution shall be and
shall remain irrepealable until the obligation evidenced by the loan Documenu is fully paid, satisfied'
or discharged.

3. The District is authorized to enter into and comply with the terms of the Loan Contract,
Promissory Note, Assignment of Certificate of DElPosit and Security Agreement with the CWCB.
Said loan shall be in the principal amount of $2,000.000 at an interest rata of 4 Yz % for a term of
twenty years.

4. The form of the Loan Documents, which ere incorporated herein by reference, and any
changes thereto as may be necessary in the opinion of the attorney for the District to effectuate the
intentions of the parties or to comply with appliclIble law, are hereby approved.

5. The President and SecretBry of the District are hereby authorized and directed to execute
and deliver the Loan Documents to the CWCB.

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Appendix A to Loan Contract #C153778