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. , . Resolution NO.-04 A RESOLUTION TO RECOGNIZE AND ABIDE BY THE PROVISIONS OF AMENDMENT NO.1 Whereas; The Dolores Water Conservancy District (the District) Is a political sub division of the State of Colorado, created pursuant to Article 45 of Colorado Statutes. Whereas: Amendment No 1, an amendment to the Constitution of the State of Colorado, was enacted by the electorate at the 1992 General Election. Whereas: There are many unresolved questions as to administration of the provisions of said Amendment NO.1. Whereas: District must adopt a budget for 1993 by December 15, 1992 Whereas: The Board of Directors of the District wants to abide by the provisions of said amendment. Whereas: The District operates the Dolores River Reclamation Project, pursuant to the District - Reclamation Repayment Contract No. 7-07-40-W0470 and the Cooperative Agreement Contract No, 5-07 -40-L 1990. Whereas: The District budgets four funds as follows: (1) The Administrative Fund provides for the District's governmental functions. It is funded primarily by property taxes and interest on reserves. (2) The OM&R Fund provides for the operation, maintenance and replacement of Dolores River Reclamation Project facilities. It is an enterprise fund, primarily funded by the Bur.eau of Reclamation and user fees. The only tax revenues in this fund are monies transferred from the Pass-Through-Fund. The purpose is to fund the Capital Reserve Fund, as required by the Districts Repayment Contract with the Bureau of Reclamation. The revenue from taxes amount to less than 10% of the Revenue of the this fund. (3) The Cooperative Agreement Fund accounts for funds provided by the Bureau of Reclamation. ' The purpose is to reimburse the District, on behalf of the Bureau of Reclamation, for the District's OM&R of the Dolores Project. (4) The Pass-Through-Fund accounts for collections from user fees and taxes that are passed through to either the Bureau of Reclamation, pursuant to the Districts Repayment Contract, or to the OM&R Fund. Whereas: The assessed valuation of the District declined from $141,611,507 to $130,640,048 ($10,971,459). Be it resolved: That the Board of Directors of the District hereby comply with the intent and provisions of Amendment No 1. Therefore, the District's mill levy on real property in 1992 shall remain the same as the 1991 levy, 1.565 mills. ,or. Further resolved: That the Administrative Fund shall continue to have an operating reserve. The 1993 beginning balance is estimated to be $286,693. Further resolved: That an Emergency Reserve fund as required by provisions of Amendment No. I, be established and funded at the rate of 3% of the '1992 Administrative Fund expenditures. The 1993 beginning balance is estimated to be $5,700. Further Resolved; That the estimated ending fund balance for the 1992 Administrative Fund be transferred to the O&M Enterprise Fund's Replacement Reserve. ADOPTED THIS 10th DAY OF DECEMBER 1992. A.D. 'f f. ;:%/' Bruce C. McAfee, President I do hereby certify that this is true ;,0 rhl" 0h. ~~ Dona M. Aja, Sec-Trea and correct copy of Resolution # 92-04 adopted by the Dolores Water Conservancy District Board of Directors on 10{10/1992. JU-~ tt.,.J )f~~A