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<br />r-. <br />. .\ <br /> <br />('""'- <br /> <br />1. Loan Contract No. C-150030 ("Loan Contract") between the CWCB, the <br />Di,trict a nd the Enterpri,e, a copy of which is attached and incorporated herein as Exhibit <br />A, and which provides for a loan by the CWCB to the Enterprise of $100,000.00 for the <br />rehabilitation of a water diversion and delivery system, is hereby authorized and approved. <br /> <br />2. Pursuant to the terms of the Loan Contract, and consistent with the authority <br />set forth in Section 37-45.1-104, C.R.5 (1999), the Enterprise does hereby irrevocably pledge <br />the revenues from wa ter user charges, rates and fees in such amounts as sufficient to timely <br />and fully pay each and every annual loan installment, and to make annual deposits to a <br />debt service fund. <br /> <br />3. The Enterprise shall take all necessary actions within its authority and power <br />during the term of the Loan Contract to establish, levy and collect water rates, charges and <br />fees in an amount sufficient to timely and fully pay the loan. <br /> <br />4. The Enterprise shall, in conjunction with the District, establish and maintain <br />distinct and separate accounts into which shall be deposited pledged revenues for the <br />payment of the loan and for a debt service reserve. <br /> <br />5. The Enterprise shall pledge its interest in certain property of the District as <br />collateral for the loan from the CWCB and execute documents necessary to convey a <br />security interest in said property to the CWCB, and/or obtain a Certificate of Deposit in the <br />amount of one annual loan payment to serve as collateral, and to execute an Assignment <br />of Certificate of Deposit. <br /> <br />6. The Enterprise shall execute all documents as required by the Loan Contract, <br />including, but not limited to, a Security Agreement, Assignment of Certificate of Deposit <br />Account as Security, and a Promissory Note. <br /> <br />7. The Enterprise shall take such other actions and execute such other <br />documents as may be necessary to consummate and implement the loan with the CWCB. <br /> <br />Resolutiol1 <br />Silt \Vater COl1ser,mncy District \iVater Activity El1te"prise <br /> <br />1'11:":'< :2 <br />