PROJ01886

• Contract/PO #: C150010
• Contractor Name: Columbine Ranches Property Owners Association
• Contract Type: Loan
• Water District: 1
• County: Adams
• Bill Number: SB 99-173
• Loan Projects - Doc Type: Contract Documents

. Resolutions of the Board of Directors
OF THE COLUMBINE RANCHES PROPERTY OWNERS ASSOCIATION

The Board of Directors of the Columbine Ranches Property Owners Association (Association),
at a meeting held ~~ /'6. 2003, at~~ ' Colorado, adopted the following
resolutions concerning an . crease' of $93,750 to the existing $. ,250 secured loan from the State of
Colorado Water Conservation Board (CWCB), for a total loan amount of $399,000 or such actual
amount, more or less, as may be needed by the Company and available from the CWCS for actual
project costs.

At said meeting, the Board charged that these resolutions are irrepealable during the term of the
loan and, pursuant to the Association's bylaws, authorized the President and Corporate 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 $399,000, or such actual amount, more or less, as needed to
finance project costs, 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 Association'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 ASSOCIATION
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 all documents as required, including, but not limited to, deed of trust, security
agreement and stock assignment, to convey a security interest to the CWCB in certain water
rights purchased by the Association, 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 ASSOCIATION'S
BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE ASSOCIATION'S BYLAWS, AND
THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.

GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY TH

'( SEA L)

~~~

. . . Corporate . r:s1f~1FIt..

By

Appendix 1 to Loan Contract C150010 Amendment No.1