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<br />RESOLUTION of the BOARD OF DIRECTORS <br />of the. Greeley and Loveland Irrigation Company <br />Concerning a loan in amount of 523,400 from the State of Colorado Water <br />Conservation Board (STATE), for the purpose of conducting. a feasibility study to <br />evaluate the rehabilitation or replacement of the project elements addresssed in the <br />Scope of Study, (attached), the following resolutions were adopted by the Board of <br />Directors of the <br />Greeley and Loveland Irrigation Company (COMPANY), at their meeting held <br />~Ct~c/,,,i,~ ~y 1997, at Colorado. The Board of <br />Directors hereby charges that these resol ions be irrepealable during the life of the <br />loan and hereby authorizes the President and Secretary as follows: <br />1. RESOLVED, to enter into a contract with the Colorado Water Conservation Board for <br />a loan in the amount of $23,400, and t all the terms of the loan contract, <br />and <br />2. RESOLVED, to make and levy s fficient to pay the annual amounts due <br />under the loan contract inclu ut i i d ,annual loan payments and <br />deposits to the reserve debt service fund, an <br />3. RESOLVED, to -place assessment revenues pledged to make annual loan payments <br />in a special account separate and apart from other COMPANY revenues, and <br />4. RESOLVED, to make annual payments in accordance with the loan contract, and <br />5. RESOLVED, to make annual deposits to a reserve debt service fund in accordance <br />with the loan contract, and <br />6. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of <br />one annual loan payment ($2,778.31) as security for the loan, and to execute an <br />assignment of certificate of deposit in accordance with the loan contract, and <br />7. RESOLVED, to execute all documents as required by the loan contract, including, but <br />not limited to, a Security Agreement and Assignment Of Deposit Account As Security <br />to secure the revenues pledged to repay the loan, a Promissory Note, and an <br />Assignment Of Certificate Of Deposit. <br />Adopted this 7~ day of ~~ 1997. <br />ATTEST: By `;~ <br />Vie- /7`~t-e u.~ <br />Greeley and Loveland Irrigation <br />Company <br />Title: <br />