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<br />'.: <br /> <br />.r <br />,- <br /> <br />RESOLUTION <br /> <br />WEST DIVIDE WATER CONSERVANCY DISTRICT <br /> <br />WHEREAS the WEST DIVIDE WATER CONSERVANCY DISTRICT, <br />hereinafter referred to as "West Divide", has undertaken the <br />project of building the dam and reservoir generally known as the <br />Alsbury Reservoir; and <br /> <br />WHEREAS West Divide has requested financial assistance for <br />this project from the Department of Natural Resources, State of <br />colorado, Colorado Water Conservation Board, hereinafter referred <br />to as "Colorado"; and ' <br /> <br />WHEREAS Colorado has agreed to provide partial financing for <br />the project under specific terms and conditions ,all as,set forth in <br />the certain Project Contract and Promissory, Note, "hereinafter <br />referred to as the "contract", whic;h has been"signe,!:i by David <br />Walker on behalf of Colorado and has been this date "submitted to <br />West Divide for approval; and ,'",.),.~;'j:; <br />_ __ ::,,__' _ . . .,: '..:.>-" .,~_:;';:J-- <br />WHEREAS it is the opinion of .the Jl,.oard"'-of Directors of West <br />Divide that, pursuant to ,sectiori~ 37-45-139, Colorado Revised <br />Statutes (1990 Replacemen~voYume), the annual obligation created <br />by the contracting of this loan debt of $136,605 will not require <br />a greater annual expenditure than the annual income and revenue <br />that West Divide is estimated to permit, and therefore submission <br />of the proposition of incurring such debt to the electors of West <br />Divide is not required; and <br /> <br />WHEREAS it is the desire of West Divide to enter into the <br />Contract. <br /> <br />NOW THEREFORE BE IT RESOLVED AND ORDERED that the Board of <br />Directors of West Divide at a Special Board Meeting held within the <br />West Divide District in Rifle, Colorado, on May 29, 1991, by motion <br />duly made, seconded and passed, reviewed and approved the Contract <br />including all exhibits attached thereto and directed the President <br />to sign, and the Secretary to attest the President's signature, the <br />Contract and its accompanying exhibits which provide for,a security <br />interest to be granted to Colorado for collateral purposes, it <br />being the intention of the Board of Directors of West Divide to <br />authorize and order the borrowing and repayment of construction <br />funds for the Alsbury project all as specifically set forth in the <br />Contract. <br /> <br />1 <br /> <br />EXHIBIT A <br />