LPPD000468

• Contract/PO #: C153747
• Contractor Name: Consolidated Extension Canal Company
• Contract Type: Loan
• Water District: 67
• County: Bent
• Loan Projects - Doc Type: Contract Documents

RESOLUTION OF THE BOARD OF DIRECTORS
OF THE CONSOLIDATED EXTENSION CANAL COMPANY

Concerning a loan in an amount not to exceed $400,000 from the State of Colorado Water
Conservation Board (State), for the purpose of rehabilitation the siphon running under the
Purgatoire River, the following resolutions were adopted by the Board of Directors of the
Consolidated Extension Canal Company (Company), at their meeting held December 6, 1996, at
Las Animas, Colorado. The Board of Directors hereby charge that these resolutions be
irrepealable during the life of the loan and hereby authorizes the President and Secretary as
follows:

a. RESOLVED, to enter into a contract with the Colorado Water Conservation Board for a
loan in an amount not to exceed $400,000, and to comply with all the terms of the
contract, and

b. RESOLVED, to levy assessments in an amount sufficient to pay the annual amounts
due under the contract, and

. ual payments
nc ith the
ate and apart

c. RESOLVED, to place the assessment revenues pledge
and to make annual deposits to a debt service reserve f
Pledge of Revenues Provisions of the contract, in a s
from other Company revenues, and

d. RESOLVED, to make annual payments in a
Provisions of the contract, and to make annual
accordance with the Pledge of Revenues P ovisio

romissory Note .
service reserve fund in.
tract, and

e. RESOLVED, to obtain a certific
one annual loan payment as secur"
certificate of deposit as described in the

f. RESOLVED, to execute a Security Agree t to secure the revenues pledged in
accordance with the Pledge of Revenues Provisions of the contract.

Dated this 6th day of December 1996.

Consolidated Extension Canal Company

By ~1? ~.&./~.
President U

ATTEST:

B1j~ ~~

Appendix A to Contract #C15:JT47.