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

WRITTEN CONSENT IN LIEU OF
A SPECIAL MEETING OF
THE BOARD OF DIRECTORS OF
VOUGA RESERVOIR ASSOCIATION
September 17t 1996

In lieu of a Special Meeting of the Board of Directors ofVouga Reservoir Association, a
Colorado corporation (the " Corporation "). the directors of the Corporation, in accordance with
Section 7-108-102, Colorado Revised Statutes, unanimously agree to and adopt the following
resolutions:

RECITALS

A The Colorado Water Conservation Board ("CWCB") has approved a loan to the
Corporation in the amount of $632,000.00. The loan will be evidenced by a Loan Contract and
Promissory Note. Contract Encumbrance No. C153741 (the "Contract"). A copy of the Contract
is attached hereto as Exhibit A . I\... lD

B. CWCB requires tbat certain ~ ad'r. te.. ~.: y.. the Board of Directors of the
Corporation in connection with the Contract. . f\J 1.;).....<

c. A special meeting of the BmDirectors of the Corporation was called by the
President of the Corporation for the purpose of considering and adopting such resolutions. Notice
of the meeting was waived by all directors. Action was taken by unanimous consent of all members
of the Board of Directors. as allowed by applicable statutes.

NOW, THEREFORE, be it resolved as follows:

1. The President and the Secretary of the Corporation are hereby authorized and directed
to take the following actions on behalf of the Corporation:

a. Execute the Contract on behalf of the Corporation, and pay the indebtedness
evidenced by the Contract from funds of the Corporation;

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;