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~ <br />RESOLUTIONS OF THE STOCKHOLDERS <br />OF THE PEOPLES DITCH COMPANY <br />The Stockholders of the Peoples Ditch Company (Company), at a Stockholders' meeting held <br />, 2000, at , Colorado, adopted the following resolutions concerning <br />a from the State of Colorado Water Con ervation Board (State), for the purpose of constructing a <br />pipeline to replace the Company's washed-out ditch and diversion, in the amount of $43,000 or <br />such actual amount, more or less, as may be needed by the Company and available from the <br />State. <br />At said meeting, the Stockholders charged that these resolutions are irrepealable during the term <br />of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and <br />officers as follows: <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 $43,000, or such actual amount, more or <br />less, as needed to finance the project costs, and <br />2. RESOLVED, to levy and collect assess m the stockholders in an amount sufficient <br />to pay the annual amounts du oan ontract, and to pledge assessment <br />revenues and the Company's right r e saj~ev~ugs for repayment of the loan, and <br />3. RESOLVED, to place said pledged rev 'n~~ecial account separate and apart from <br />other ConnPaNY revenues, and .~~ <br />4. RESOLVED, to make the annua~dyments required by the promissory note and to make <br />annual deposits to a debt service reserve fund, and <br />5. RESOLVED, to obtain a certificate of deposit in the amount of one annual loan payment to <br />serve as collateral and to execute an Assignment of Certificate of Deposit, and <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 />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 />CERTIFICATION <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY <br />THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMPANY'S STOCKHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />GIVEN UND~R OUR HANDS AND THE SEAL OF THE COMPANY THE ~~ DAY OF ~~j~v,2000 <br />,~SEA;~) ~ <br />ATTES ' .. . _ <br />~ ~ ., <br />By . ~. <br />l;orpor e Secretary <br />By ~ ~ <br />President <br />Appendix 1 a to Loan Contract C150049 <br />