Res 2023-208R approving a Resolution by the Board of Directors of the Alliance Regional Water Authority authorizing the issuance of Alliance Regional Water Authority bond anticipation note (Regional Water Supply Contract Project), Series 2023

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WHEREAS,the Sponsors have requested that the Authority issue a single series of bond anticipation notes in the aggregate principal amount of$46,000,000 pursuant to the Contract to finance their share of certain additional Phase 1B Improvements Water Supply Project Costs (the "Note"); and WHEREAS, this Resolution constitutes a Bond Resolution as that term is defined in the Contract; and WHEREAS, the principal of the Note and the interest thereon are and shall be solely payable from, and to the extent of, and secured solely by proceeds from the sale, issuance and delivery of future Bonds or additional bond anticipation notes. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ALLIANCE REGIONAL WATER AUTHORITY THAT: Section 1. DEFINITIONS. In addition to the definitions set forth in the preamble of this Resolution,the terms used in this Resolution (except as may be otherwise indicated in the FORM OF NOTE) and not otherwise defined herein shall have the meanings given in Exhibit "A" to this Resolution attached hereto and made a part hereof. Section 2. AMOUNT, PURPOSE AND DESIGNATION OF THE NOTE. (a) Amount and Designation. The Authority's Note issued pursuant to this Resolution shall be entitled "ALLIANCE REGIONAL WATER AUTHORITY BOND ANTICIPATION NOTE (Regional Water Supply Contract Project), Series 2023" and is hereby authorized to be issued in the aggregate principal amount of$46,000,000. (b)Purpose. The Note is to be issued for the following purposes: (i) FOR DESIGNING, CONSTRUCTING, ACQUIRING, IMPROVING AND/OR EXPANDING THE PROJECT INCLUDING BUT NOT LIMITED TO THE PAYMENT OF PROJECT COSTS FOR THE PHASE 1B IMPROVEMENTS WATER SUPPLY PROJECT AND (ii) PAYING THE COSTS OF ISSUANCE OF THE NOTE. Section 3. DATE, DENOMINATIONS, NUMBERS, MATURITIES AND TERMS OF NOTES. (a) Terms of Note. The Note shall initially be issued, sold, and delivered hereunder as a fully registered note, without interest coupons, numbered consecutively from R-1 upward (except the initial Note delivered to the Attorney General of the State which shall be numbered T-1), dated the date of delivery, payable to the respective initial Registered Owners thereof in an Authorized Denomination, on December 21] 2024, in the aggregate principal amount of$46,000,000. b) In General. The Note (i) may be redeemed prior to its scheduled maturity date on November 1, 2024 or any Business Day thereafter, (ii)may be assigned and transferred (but only to persons who have been provided sufficient information with which to make an informed decision to invest in the Note) in accordance with Section 5(f) hereof, (iii) may be exchanged for other Note(s), (iv) shall have the characteristics, (v) shall be signed, and the principal of and interest on the Note shall be payable, all as provided, and in the manner required or indicated, in the FORM OF NOTE set forth in Exhibit "B" to this Resolution. 3 ARWA\BAN\2023:Authorizing Resolution