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RESOLUTION af the BOARD OF DIRECTORS of the EXCELSIOR IRRIGATING COMPANY Concerning a loan in the amount of $230,000 from the State of Colorado Water Conservation Board (STATE) to finance Phase II of the rehabilitation of Excelsior Ditch, the following resolutions were adopted by the Board of Directors of the Excelsior Irrigating Company (COMPANY), at their meeting held ~q N~~; I'~ ~t ~ , at Pueblo, Colorado. The Board of Directors hereby charges that these resolutions be irrepealable during the life of the loan and hereby authorizes the President and Secretary as follows: 1. RESOLVED, to enter into and comply with the terms of a loan contract with the Colorado Water Conservation Board for a loan in the amount of $230,000 ("Loan Contract"), and 2. RESOLVED, to levy and collect assessments in an amount sufficient to pay the annual amounts due under the Loan Contract, including deposits to the reserve debt service fund, and to pledge those revenues and the Company's right to receive said revenues from its shareholders for repayment of the loan, and 3. RESOLVED, to place assessment revenues pledged to make annual loan payments in a special account separate and apart from other ConnPANY revenues, and 4. RESOLVED, to make annual loan payments and annual deposits to a debt service reserve fund in accordance with the Loan Contract, and 5. RESOLVED, to execute the Promissory Note as required by the terms of the loan contract, and 6. RESOLVED, to execute the Deed of Trust, Security Agreement, and Assignment of Deposit Account as Security to convey security interests to the STATE in accordance with the Loan Contract, and Adopted this ~ S day of ~ q N 1998. The Excelsior Irrigating Company, a Colorado mutual ditch company gy ~ ,~ ~ C.R. Evans, President AT~~ST: B~~ ~.~. r~.u.~-c-~?~ ~rin E~ans, Corporate Sec~etary Appendix 1(b) to Loan Contract C153797