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<br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE WINDSOR RESERVOIR AND CANAL COMPANY <br /> <br />Concerning a loan in amount of $1,202,000 from the State of Colorado Water Conservation Board <br />(STATE), for the purpose of repairing the Poudre Valley Canal and replacement of the outlet pipeline <br />from the Cobb Lake, the following resolutions were adopted by the Shareholders of the Windsor <br />Reservoir and Canal Company (COMPANY), at a meeting held Fe-b. lea , 1996, at Eaton, <br />Colorado, the following resolutions were adopted by the Board of Directors of the COMPANY. The <br />Board of Directors hereby authorizes the President and Secretary, on behalf of the COMPANY as <br />follows: <br /> <br />a. RESOLVED, to contract with the Colorado Water Conservation Board for a loan in the <br />amount of $1,202,000, and to comply with all the terms of the loan contract, and <br /> <br />b. RESOLVED, to pay the indebtedness on behalf of the COMPANY, and <br /> <br />c. RESOLVED, to make and levy assessments sufficient to pay the amounts due under the loan <br />contract and to. establish a reserve debt service fund equivalent to one-half an annual payment <br />within a period of five (5) years, and <br /> <br />d. RESOLVED, to set, aside this assessment revenue for both the annual payments and the <br />reserve debt service fund in a special account separate and apart frolJ'1h..l.r r 'iP PANY revenues <br />to assure repayment of this revenue to the STATE, and r 1-l.l. <br /> <br />e. RESOLVED, to .e~ecute the deed of trust as security requiftlt'5tth~~ as s~.~cified in <br />the Collateral ProvIsions of the loan contract, and A1 "I .L' U LI,:,.,i <br /> <br />f. RESOLVED, to execute a Uniform Commercial Code Security Agreement and Financing <br />Statement to pledge such assessment revenues in favor of the STATE, in accordance with the <br />Pledge of Revenues Provisions of the loan contract. <br /> <br />11+! <:.....'- { <br />Dated this _ _ day of -r~~ , 1996. <br />WINDSOR RESERVOIR AND CANAL COMPANY <br /> <br />By ~~tR~~ <br />Elmer R. Gustafson, Pr Ident <br /> <br />A TTES~ <br />/. <br /> <br />By <br />Donn Engel, S <br /> <br /> <br />APPENDIX A 1 <br />