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RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE AMITY MUTUAL IRRIGATION COMPANY <br />The Board of Directors of the Amity Mutual Irrigation Company (Company), at a meeting <br />held March 4, 2002, at Holly, Colorado, adopted the following resolutions concerning a loan <br />in the amount of up to $360,000 from the State of Colorado Water Conservation Board <br />(CWCB), for the purpose of rehabilitation of the Neenoshe Reservoir Dam. <br />At said meeting, the Board charged that these resolutions are irrepealable during the term of <br />the loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br />Secretary, RESOLVED as follows. <br />1. To enter into and comply with the terms of a contract with the Colorado Water Conservation <br />Board for a loan in the amount of $360,000, or such actual amount, more or less, as needed <br />and available from the CWCB up to 90% of the project costs, and <br />2. To levy and collect assessments from the shareholders in an amount sufficient.to pay the <br />annual amounts due under the Loan Contract, and to pledge assessment revenues and the <br />Company's right to receive said revenues for repayment of the loan, and <br />3. To place said pledged revenues in a special account separate and apart from other ConnParvY <br />revenues, and <br />4. To make the annual payments required by the promissory note and to make annual deposits <br />to a debt service reserve fund, and <br />5. To execute a deed of trust to convey a security interest to the CWCB in certain property <br />owned by the Company, and <br />6. To execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br />7. l"o take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT <br />THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />GQMPAf�Y'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY�S <br />,-BYLAW�';,�cW[� �HAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />,�`�1V�N.�J1�ER L�UR�H/aNDS AND THE SEAL OF THE COMPANY THE �� DAY OF MARCH 2O02. <br />� x�� <br />F � sr q <br />N ,,ry . ys; ..,� t ,, � /� <br />� � �:r � � ,�� �.� <br />_ � � i BY «� <br />�, ', q Lt � i1 �.'� Keith Clark, President <br />'•?�f..:#='L���j.�;,�."y,+ �..x /� , . . . _ <br />� i � <br />�`������'� _- <br />' ` x � #,:•.-� { <br />By <br />6 �ate ecreta <br />p rY <br />Appendix 3b to Loan Contract C150099 <br />