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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NOTE.The term Default Rate shall mean the "Default Rate" as defined in in the FORM OF The term Defeasance Securities shall mean (i) Federal Securities, (ii) noncallable obligations of an Authority or instrumentality of the United States of America, including obligations that are unconditionally guaranteed or insured by the Authority or instrumentality and that, on the date the Board adopts or approves proceedings authorizing the issuance of refunding bonds or notes or otherwise provides for the funding of an escrow to effect the defeasance of the Note are rated as to investment quality by a nationally recognized investment rating firm not less than "AAA" or its equivalent, (iii) non-callable obligations of a state or an Authority or a county, municipality, or other political subdivision of a state that have been refunded and that, on the date the Board adopts or approves proceedings authorizing the issuance of refunding bonds or notes or otherwise provide for the funding of an escrow to effect the defeasance of the Note, are rated as to investment quality by a nationally recognized investment rating firm no less than "AAA" or its equivalent, or (iv) any additional securities and obligations hereafter authorized by the laws of the State as eligible for use to accomplish the discharge of obligations such as the Note. The term Depository shall mean an official depository bank of the Authority. The term Designated Trust Office shall have the meaning ascribed to said term in Section 5(b) of this Resolution. The term Determination of Taxability shall mean a 'Determination of Taxability" as defined in in the FORM OF NOTE. The term Engineering Report shall mean the "Final Report of the Plumbing Plan," prepared by Lockwood, Andrews &Newnan, Inc., dated September 21, 2007, as such report may be amended, modified, changed or superseded with the approval of the Authority and Sponsors, at any time prior to the execution of construction contracts for the Project or as modified and changed by change orders issued after the execution of such construction contracts; provided, however, no such change orders shall adversely affect any of the Sponsors without the consent of the Sponsors. The term Event of Default shall mean an 'Event of Default" as defined in in the FORM OF NOTE. The term Facilities shall mean the facilities, wells, diversion structures, treatment plants, storage tanks, capacity rights, lines, booster pumps, and other appurtenances sufficient to produce, divert, treat and deliver the water to which the Sponsors are entitled under the Contract and any improvements, additions, or extensions to such Facilities hereafter acquired or constructed to deliver water between such places. The term Federal Securities shall mean direct, non-callable obligations of the United States of America, including obligations that are unconditionally guaranteed by the United States of America(including Interest Strips of the Resolution Funding Corporation). A-2 ARWA\BAN\2023:Authorizing Resolution