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11-12-1996 03:07PM FROM TO 2417097 P.01 -....- RESOLUTION OF ORCHAR.D MESA IRIUGATION DISTRICT The undersigned. being a majority of the directors of the On;hanl Mesa Irrigation District ("OMID") at a special board meeting held October 29, 1996. at whil.:h a quorum of directors is present. consent to. adopt and vote in favor of the 1()lIowing resolution: RECITALS A. OMID 1m.') d~lermjned that it will benefIt landowners within its service area to place the Mutual Mesa Lat~ral s~ction or its delivery system, which is currently open ditch. in closed pipe (referred to below as the "Mutual Mesn Project"). B. By Resolution of this Board dated Octoher 3, 1996, OMID limned the Mutual Mesa Lateral Enterprise ("MMLF."), a wat'?r activity enterprise as ddined al c.R.S. s* 37-45. I- 101 e( Sty, to undertake the Mutual Mesa Project. C. The Colorado Water Conservation Board ("CWeB") has agreed to loan MMLE a portion of the funds. up to $871.800, necessary to undertake the Mulual Mesa Project. subject to the tenn!; and conditions of a Loan Contract & Promissory Note by and between the State of Colorado, OMID. and MMLE (the "Loan Contract"). an unsigned copy of which is attached to this Resolution and incorporated here by refcrcnce. While no funds will be loaned to OMID, the Loan Contract imposes certain duties and obligations on OMID. D. OMID and MMLE have agreed to the terms and conditions tll1der which MMLE will Wldertake the Mutual Mesa Project on OMID's behalf, and bave redueed that understanding to a written contract (the "Project Agreement"), an unsigned copy or which il' attached to this Resolution and incorporated here by reference. E. After an open bid process. OMID has negotiated an i-.Igreemenl with Mendel: Construction te) pertorm necessary construction Oil the Mutual Mesa Project (the "Contractor Agreement"), a copy of which is allached lu this Resolulion and im:orporalcd here by rcterence. Because MMLE has agreed to undertake the Mutual Mesa Project and retain all contraclors necessary to construct the Mutual Mesa Project, OMID desire:>; to as~igl1 all of its rights to enter into and peTfonn the Contractor Agreement to MMLE. F. Pursuant l() the Loan Contract, MMLE must establish a Certificate of Deposit account in the amount 01'$50.370.02 and assign the Certilkate ()fDl~posit to the State of Colorado. Pursuant tu the Project Agreement, as additional compell$ation for the duties aud ubligations undertakel' by MMLE pursuant to that agreement, OMID is required to loan MMLE the amount necessary to establish the requiTed Certilicate of Oeposit. TOTAL P.01