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<br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF HOPE DITCH COMPANY <br /> <br />lhe ~d of Diree;rs qf Hope Ditch Company (Company) at a meeting held <br />~fr,!;? , 2006, at r:jJfan ' Colorado, adopted the following ?,solutions <br />co cernmg a secured loan:& the State of Colorado Water ConservatIon Board <br />(CWCB) to replace an existing well for domestic water supply in the amount of$154,530 <br />or such actual amount, more or less, as may be needed by the Company and available <br />from the CWCB including the CWCB loan origination fee of 1 % of the loan amount. <br /> <br />At said meeting, the Board charged that these resolutions are irrepealable during <br />the term of the loan and, pursuant to the Company's bylaws, authorized the President and <br />Corporate Secretary, RESOL YED as follows: <br /> <br />1. to enter into and comply with the terms of the Colorado Water Conservation <br />Board for a loan in the amount of $154,530, or such actual amount, more or <br />less, as needed to finance the project costs, including the CWCB loan <br />origination fee of 1 %, and <br /> <br />2. to levy and collect assessments from the shareholders in an amount sufficient <br />to pay the annual amounts due under the Loan Contract, and to pledge <br />assessment revenues and the Company's right to receive said revenues for <br />repayment of the loan, and <br /> <br />3. to place said pledged revenues in a special account separate and apart from <br />other Company revenues, and <br /> <br />4. to make the annual payments required by the promissory note and to make <br />annual deposits to a debt service reserve fund, and <br /> <br />5. to pledge the replacement water well, the parcel of land containing the <br />replacement water well, and all related appurtenances, as collateral for the <br />loan and execute all documents, including a security agreement and deed of <br />trust, necessary to convey a security interest in said property to the CWCB, <br />and <br /> <br />6. to execute all documents as required by the loan contract, including, but not <br />limited to, a security agreement and a promissory note, and <br /> <br />7. to take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br /> <br />Appendix 3 to loan Contract C150218 <br />