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<br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE COLUMBINE RANCHES PROPERTY OWNERS ASSOCIATION <br /> <br />The Board of Directors of the Columbine Ranches Property Owners Association <br />(Association), at a meeting held February 20, 1999, at Commerce City, Colorado, adopted <br />the following resolutions concerning a loan in the amount of up to $305,250, not to exceed <br />75% of actual costs, from the State of Colorado Water Conservation Board (CWCB), for the <br />purpose of purchasing water rights for augmentation of the Associ~tion's irrigation well. <br /> <br />At said meeting, the Board charged that these resolutions are irrepealable during the <br />term of the loan and, pursuant to the Association's bylaws, authorized the President and <br />Secretary as follows. <br /> <br />1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of up to $305,250, and <br /> <br />2. RESOLVED, 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 assessment <br />revenues and the Association's right to refte said revenues for repayment of the loan, and <br /> <br />3. RESOLVED, to Place, said Ple~dev~n"'JI?.ecial account separate and apart from <br />other Association revenues, an .... ~.u <br /> <br />4. RESOLVED, to make the annual p yrre'5J.Uired by the promissory note and to make <br />annual deposits to a debt service reserve fU~~j <br /> <br />5. RESQL VED, to pledge the water rights obtaine . ~ Association with the proceeds of the <br />loan as collateral for the loan and execute all doc ents necessary to convey a security <br />interest in said property to the CWCB, and <br /> <br />6. RESOLVED, to execute all documents as required by the loan contract, including, but not <br />limited to, a Security Agreement, Assignment Of Deposit Account As Security, and a <br />Promissory Note, and <br /> <br />7. RESOLVED, to take,such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, THE PRESIDENT AND THE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />ASSOCIATION'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE <br />ASSOCIATION'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDE~ZINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE ASSOCIATION TH~ DAY OF Y 199 <br /> <br />(SEAL) <br /> <br /> <br /> <br />Appendix A to Loan Contract C15001 0 <br />