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<br />DOLORES WATER CONSERVANCY DISTRICT <br />RESOLUTION No. OO--ll.. <br /> <br />RESOLUTION APPROVING THE LOAN OF $75,000 FROM THE COLORADO WATER <br />CONSEiw A TION BOARD TO THE DOLORES WATER CONSERVANCY DISTRICT AND <br />THE DOLORES WATER CONSERVANCY DISTRICT WATER ACTMTY ENTERPRISE <br />TO PERFORM A FEASIBILITY STUDY FOR THE DEVELOPMENT OF ADDITIONAL <br />WATER SUPPLIES. <br /> <br />WHEREAS, the Dolores Water Conservancy District (the "District") is a water <br />conservancy district, located in Dolores and Montezuma Counties, Colorado, and established <br />pursuant to and governed by Colorado statute, C.R.S. 937-45-101, et sea.. to conserve and <br />develop the water resources of the Dolores River and its tributaries in Southwest Colorado; and <br /> <br />WHEREAS, the Dolores Water Conservancy District Water Activity Enterprise (the <br />"Enterprise") is an enterprise within the meaning ofC.R.S. 937-45.1-101 et~ and Article X, <br />Section 20 of the Colorado Constitution, and was established by Resolution No. 93-02 of the <br />District, dated December 14, 1993; and <br /> <br />WHEREAS, the Enterprise and the District applied to the Colorado Water Conservation <br />Board (the "CWCB") for a loan to finance the costs of a feasibility study (the "Study") of <br />alternatives for development of additional District water supplies (the "Project"), at a cost of <br />approximately $150,000. <br /> <br />WHEREAS, at its July 13-14, 1998 meeting, the CWCB approved a loan to the District and <br />the Enterprise in an amount not to exceed $75,000 or fifty percent (50%) of the cost of the Study, <br />whichever is less, at an interest rate of 3 .5% per annum for a term of up to 10 years to finance the <br />costs of the Study (the "Loan"); and <br /> <br />WHEREAS, the CWCB now desires to loan money to the District and the Enterprise for <br />this Study and the District and the Enterprise desire to borrow the money upon the terms and <br />conditions set forth in Loan Contract C150003. <br /> <br />NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the District <br />hereby: <br /> <br />1. approves Loan Contract C150003 ("Loan Contract") providing a CWCB loan to the <br />District and the Enterprise to pay for the costs associated with preparing the Study, up to a <br />maximum amount of$75,OOO, but no more than one-half the cost of the study, at an interest rate <br />of 3.5% annually; <br /> <br />2. authorizes and instructs the District to: <br />