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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The term Fiscal Year shall mean the twelve-month accounting period used by the Authority in connection with the operation of the Project, currently ending on September 30th of each year, which may be any twelve consecutive month period established by the Authority, but in no event may the Fiscal Year be changed more than one time in any three-calendar year period. The term Funds shall mean the Debt Service Fund and Project Fund created and held pursuant to this Resolution. The term Future Bond Proceeds shall mean proceeds from the sale, issuance and delivery of the Future Bonds(when, as and if issued) issued to refund the Note in full. The term Future Bonds shall mean the first issuance of Bonds and/or bond anticipation notes of the Authority issued after the date thereof,the proceeds of which shall be used to pay the outstanding principal of and interest on the Note in full. The term Government Securities shall mean (i) direct non-callable obligations of the United States, including obligations that are unconditionally guaranteed by, the United States of America; (ii) non-callable obligations of an Authority or instrumentality of the United States, including obligations that are unconditionally guaranteed or insured by the Authority or instrumentality and that, on the date the governing body of the issuer adopts or approves the proceedings authorizing the issuance of refunding bonds or notes, 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 governing body of the issuer adopts or approves the proceedings authorizing the issuance of refunding bonds or notes, are rated as to investment quality by a nationally recognized investment rating firm not 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 Interest Payment Date shall)_Wean the date interest is payable on the Note, as set forth in the FORM OF NOTE. The term IRS Code shall mean the Internal Revenue Code of 1986, as amended. The term Land Interests shall mean the easements, right-of-way, and other interests in real property necessary for the acquisition, construction, and operation of the Facilities and the Water Rights for the Project. The term Maturity shall mean the date on which the principal of the Note becomes due and payable as therein and herein provided, whether at Stated Maturity, by redemption or otherwise. A-3 ARWA\BAN\2023:Authorizing Resolution