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<br />Resolutions of the Board of Directors of the <br />SUMMIT RESERVOIR AND IRRIGATION COMPANY <br /> <br />The Board of Directors of the Summit Irrigation and Reservoir Company (Company), at a meeting <br />held WlA'( I { , 2 o O.;L , at Dolores, Colorado, adopted the following resolutions concerning <br />an increase of $100,000 in the existing $200,000 loan from the Colorado Water Conservation Board <br />(CWCS), for a loan total amount of $300,000, or such actual amount, more or less, as may be needed <br />by the Company and available from the CWCS for up to 75% of the actual project costs, for the <br />purpose of rehabilitation of the Company's system including the Dam on Summit Reservoir and the <br />various collection and distribution canals. <br /> <br />At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan and, <br />pursuant to the Company's bylaws, authorized the President and Corporate Secretary as follows: <br /> <br />1. <br /> <br />RESOLVED, to enter into an amended contract and promissory note with the Colorado Water <br />Conservation Board for a loan in the amount of up to $300,000, or such actual amount, more or <br />less, as may be needed by the Company and available from the CWCS for up to 75% of the <br />actual project costs, and to comply with all the terms of the amended loan contract, and <br /> <br />RESOLVED, to make and levy assessments from the shareholders in an amount sufficient to <br />pay the annual amounts due under the Amended Loan Contract, including, but not limited to, <br />annual loan payments and deposits to the reserve debt service fund, and <br /> <br />RESOLVED, to place assessment revenues pledged to make annual loan payments in a <br />special account separate and apart from other COMPANY revenues, and <br /> <br />RESOLVED, to make the annual payments in accordance with the loan contract, and <br /> <br />2. <br /> <br />3. <br /> <br />4. <br /> <br />Ri=~()1 \li=n tn m~ko ~nnll~1 rlonncitc tn ~ ...ocon/o rloht con,i,..o f"nrl in a,..,.."...rlan,..o IA,ith tho <br />I ____v............., '-' 111'-"",-, ......111_...... \,A_t-',",v.t."" 1o'\J..... _V'V"""IV,,",,, .....\J....,.. ....:IVIVIV_ I\.A.,Y Ilf "",""VI"",,, IIVV V...'"I '-IIV <br />loan contract, and <br /> <br />RESOLVED, to obtain certificates of deposit to serve as collateral in the amount of one annual <br />loan payment ($16,826.29) as security for the loan, and to execute an assignment of certificate <br />of deposit in accordance with the loan contract, and <br /> <br />RESOLVED, to execute an Amendment to Security Agreement to secure the revenues to repay <br />the loan, and <br /> <br />RESOLVED, to take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S <br />BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND THAT <br />SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE , 200~. <br /> <br />5. <br /> <br />6. <br /> <br />7. <br /> <br />8. <br /> <br />Sy <br /> <br /> <br />(SEAL) <br />ATTEST: <br />BYlJ~ JJ~ <br /> <br />David V. Sanford, Secretary-Treasurer <br /> <br />s, President <br /> <br />Appendix 1 b to Contract C153770 Amendment No.1 <br />