C150172 Contract

• Contract/PO #: C150172
• Contractor Name: Union Ditch Company, The
• Contract Type: Loan
• Water District: 2
• County: Weld
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE BOARD OF DIRECTORS

OF THE UNION DITCH COMPANY

The Board of Directors of The Union Ditch Company (Company), a meeting held
February 13 ,2006, at Greeley, Colorado, adopted the following resolutions concerning a
secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of
construction of a ground water recharge project to augment existing wells in the amount of
$312,595 or such actual amount, more or less, as may be needed by the Company and available
from the CWCB including the CWCB loan origination fee of 1 % of the loan amount.
At said meeting, the Board charged that these resolutions are irrepealable during the term
of the loan and, pursuant to the Company'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 $312,595, or such actual amount, more or less, as needed to
finance the project costs, including the CWCB loan origination fee of 1%, 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 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 required by the promissory note and to make annual deposits to
a debt service reserve fund, and
5. to pledge Company's Union Ditch diversion headgate structure on the South Platte River as
collateral for the loan and execute all documents, including a deed of trust, necessary to convey
a security interest in said property to the CWCB, 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 ~~[)~~SIGNED; THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE
F;qRE~GA~E TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
GOMP):l;foN~';S6ARD OFDIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE
- ,- .. " '\"
./.:.t0~F>ANY.(S.13'iLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
':"~:'<3W{~:SUM~g:OU~'~ANDS AND THE SEAL OF THE COMPANY THE 13th DAY OF February 2006.

r t(~~i;~i~~9i By ~ e~dent

B~l,/,;::~ C~

DonhaCoble, Corporate Secretary

Appendix 3b to Loan Contract C1501711.