LPPD000278

• Contract/PO #: C153741
• Contractor Name: Vouga Reservoir Association
• Contract Type: Loan
• Water District: 72
• County: Saguache
• Bill Number: SB 94-029
• Loan Projects - Doc Type: Contract Documents

b. Levy assessments against the shareholders of the Corporation, sufficient to pay the
annual amounts due under the Contract and to establish a debt reserve fund equivalent to an annual
payment within a period often (10) years;

c. Place money collected from assessments each year in a special account separate and
apart from other revenues of the Corporation to assure repayment of the loan evidenced by the
Contract;

d. Execute and deliver the deed of trust attached as Appendix Bl to the Contract, to
provide the secwity as specified in the Collateral Provisions of the Contract;

e. Execute and deliver the Security Agreement attached as Appendix C to the Contract,
to secure the revenues pledged in accordance with the Pledge of Revenues Provisions of the Contract;

f. To take such other actions and executef1't~onal documents as may reasonably
be required to secure the loan evidenced by the p~aI1I

g. To perfonn the corpOratiO~t..~~ntraCl.

3. The resolutions set forth in p~ 1 and ~ above, are not repealable and shall not
be modified during the life of the loan evidenced by the Contract. unless the prior written consent of
CWCB to such repeal or modification is first obtained.

Each shareholder. by signing this consen~ waives notice of the time, place and purpose of this
Special Meeting of the Shareholders and agrees to the transaction of the business of this Special
Meeting by unanimous written consent of the shareholders in lieu of such Special Meeting.

Dated: September 17. 1996.

APPROVED:

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