C150137 Contract

• Contract/PO #: C150137
• Contractor Name: Lake Meredith Reservoir Company, The
• Contract Type: Loan
• Water District: 17
• County: Crowley
• Loan Projects - Doc Type: Contract Documents

.. RESOLUTIONS OF THE BOARD OF DIRECTORS

OF THE LAKE MEREDITH RESERVOIR COMPANY

The Board of Directors of The Lake Meredith Reservoir Company (Company), a meeting
held May 14 , 2003,at Ordway , Colorado, adopted the following
resolutions concerning a secured loan from the State of Colorado Water Conservation Board
(CWCB), for the purpose of relocation of the outlet channel, in the amount of $1,000;000 or
such actual amount, more or less, as may be needed by the Company and available from the
CWCB, which includes the CWCB's loan service fee in the amount of 1 % of the loan amount.
At said meeting, the Board charged that these resolutions are irrepealable during the term of
the loan and, pursuant to the Company's bylaws, authorized the President and Corporate
Secretary, RESOL VEDas follows.
1. to enter into and comply with the terms of a contract with the Colorado Water Conservation
Soard for a loan in the amount of .$1,000,000, or such actual amount, more or less, as
needed to finance the project costs, which includes the CWCB's loan service fee of 1 % of
the loan amount and
2. to levy and collect assessments from the shareholders in an amount sufficient to pay the
annual amounts due under the Loan Contract, and to pledge assessment revenues and the
Company's right to receive said revenues for repayment of the loan, and
3. to place said pledged revenues in a special account separate and apart from other
COMPANY revenues, and
4. to make the annual payments required by the promissory note and to. make annual deposits
to a debt service reserve fund, and
5. to execute a deed of trust to convey a security interest to the CWCS in the Company's Lake
Meredith, and .
6. to execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, and .
7. to take such other actions and to execute such other documents as may be necessary to
consummate and implement the loan.
CERTIFICATION
THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE
COMPANy'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 14th DAYOF May 2003.

By

(SEAL)

Appendix 3b to Loan Contract C150137