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1. Loan Contract No. G150135 ("Loan ContracY') between the CWCB, the District and the Enterprise, a copy of which is attached and incorporated herein as Exhibit A, and which provides for a loan by the CWCB to the Enterprise of $486,0OO.OD for the replacement of the pump plant transformer that powers the pump delivering water from the Colorado River to the Pump Canal, is hereby authorized and approved. 2. Pursuant to the terms of the Loan Contract, and consistent with the authority set forth in Section 37-45.1-104, C.R.S. (2002), the Enterprise does hereby irrevocably pledge the revenues from water user rates, charges and fees in such amounts as sufficient to timely and fully pay each and every annual loan installment, and to make annual deposits required under the Loan Contract to the Debt Service Reserve Account. 3. The Enterprise shall take all necessary actions within its authority and power during the term of the Loan Contract to establish, levy and collect water rates, charges and fees in an amount sufficient to timely and fully pay the loan. 4. The Enterprise shall, in conjunction with the District, establish and maintain distinct and separate accounts into which shall be deposited pledged revenues for the payment of the loan and for the Debt Service Reserve Account, 5. The Enterprise shall pledge its interest in the revenues from water user rates, charges and fees of the District as collateral for the loan from the CWCB and execute documents necessary to convey a security interest in said property to the CWCB. 6. The Enterprise shall execute all documents as required by the Loan Contract, including, but not limited to, a Promissory Note and a Security Agreement. 7. The Enterprise shall submit to the CWCB an annual audit report and a cerrificate of debt service coverage from a Certified Public Accountant. Resolution Silt Water Conservancy District Water Activity Enterprise Page3