LPPD000446

• Contract/PO #: C150098
• Contractor Name: Lake Henry Reservoir Company
• Contract Type: Loan
• Water District: 17
• County: Crowley
• Bill Number: HB 02-1152
• Loan Projects - Doc Type: Contract Documents

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RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE lAKE HENRY RESERVOIR COMPANY

The Board of Directors of The Lake Henry Reservoir eompany (eompany), at a meeting held
January 28, 2002, at Sugar City, Colorado, adopted the following resolutions concerning a
loan in the amount of up to $490,000, not to exceed 75% of actual construction costs, from the
State of eolorado Water eonservation Board (CWCB), for the purpose of rehabilitation of the
Lake Henry Reservoir Dam.

At said meeting, the Board charged that these resolutions are irrepealable during the term of
the loan and, pursuant to the eompany's bylaws, authorized the President and eorporate
Secretary, RESOLVED as follows.

1. To enter into and comply with the terms of a contract with the Colorado Water Conservation
Board for a loan in the amount of $490,000, or such actual amount, more or less, as needed to
finance up to 75% of the project costs, and

2. To levy and collect assessments from the Stockholders 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 requ_ired 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 CWCB in certain property owned
by the Company, 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, RESPECTIVELY, 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THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED; rt.-

GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE :;2 td - DAY OF JANUARY 2002.

By ftlJ--1l! .~

( SEA L ) Robert L. Robler, President

ArreST:
8

By QQQu- l ~
Allen L. Ringle, Corpora Secretary

Appendix 3b to Loan Contract C150098