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<br />" <br /> <br />.9~~~-1~~1 l~:~lPM <br /> <br />rKUM STEAMBDATSPGSWATER 9708798169 <br />. . <br /> <br />P.3 <br /> <br />program at this time, the Board can reduce the net effective interest rate payable on the Series <br />1978 Bonds, reduce the total interest payable over the life of the Series 1978 Bonds by issuing <br />obligations at a lower net interest cost and having a lower net effective interest rate, reduce the <br />total principal and interest payable on the Series 1978 Bonds, effect other economies and <br />eliminate restrictive covenants contained in the resolution authorizing the is'suance of the Series <br />1978 Bonds; and <br /> <br />WHEREAS, the Board has detennined and hereby detennines that it is in the best <br />interests of the District and the residents and taxpayers thereof that the Series 1978 Bonds be <br />refunded, and that for such purpose there shall be issued general obligation (limited tax) water <br />conservancy refunding bonds in the total principal amount of $3,900,000 (the "Bonds"); and <br /> <br /> <br />WHEREAS, in addition to the pledge of the District's full faith and credit, the Bonds <br />shall have an irrevocable and fIrst lien, but not an exclusive such lien, on the net revenues <br />derived by the District from the operation of its water and hydroelectric facilities, on a parity <br />with the lien thereon of the District's Water Conservation Bond (Limited Tax), 1987 Series A, <br />currently outstanding in the principal amount of $7,700,000; and <br /> <br />WHEREAS, the proceeds derived from the sale of the Bonds, after the payment of the <br />costs of issuance properly aUocable thereto, together with other legally available moneys of the <br />District, shall be placed in a special fund and trust account herein authorized for the purpose <br />only of paying the principal of and interest on the Series 1978 Bonds as they become due and <br />payable, all as more particularly set forth hereinafter; and <br /> <br />WHEREAS, the Board has been presented with a proposal in the fonn of a Bond <br />Purchase Agreement from Hanifen, Imhoff Inc., Denver, Colorado (the "UndelWriter"), to <br />purchase the Bonds upon the tenns and conditions set forth therein; and <br /> <br />WHEREAS, after consideration the Board has delennined that the sale of the Bonds to <br />the UndelWriter upon the tenns and conditions set forth in the Bond Purchase Agreement is in <br />the best interests of the District and the residents and taxpayers thereof; and <br /> <br />WHEREAS, all conflicting interests, if any, of the members of the Board have been <br />disclosed in accordance with state law; and <br /> <br />WHEREAS, there has been presented [0 this meeting of the Board: (i) the Preliminary <br />Official Statement, (ii) the fonns of the Paying Agency Agreement and the Escrow Deposit <br />Agreement and (ill) the Bond Purchase Agreement, aU of which are defmed hereinafter; and <br /> <br /> <br />WHEREAS, the Board desires to authorize the issuance and sale of the Bonds and the <br />execution of the foregoing documents: <br /> <br />02110942.5 <br /> <br />2 <br />