<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
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