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 Number 2, Special Meeting 12/6/96,
RESOLUTION OF THE STOCKHOLDERS
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 shareholders of the Consolidated
Extension Canal Company (Company), at their meeting held December 6, 1996, at Las Animas,
Colorado. The shareholders 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

I amounts

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

c. RESOLVED, to place the assessment revenues pledge
and to make annual deposits to a debt service reserve fund
Pledge of Revenues Provisions of the contract, i ecial acc
from other Company revenues, and

nual payments
rd ce with the
eparate and apart

d. RESOLVED, to make annual pay
Provisions of the contract, and to
accordance with the Pledge of Reven

ce h the Promissory Note
o a debt service reserve fund in
the contract, and

e. RESOLVED, to obtain a certificate of de 0 serve as collateral in the amount of
one annual loan payment as security for the an, and execute an assignment of
certificate of deposit as described in the Collateral Provisions of the contract, and

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

Dated this 6th day of December 1996.

ATTEST:

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