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~ ~ NOW, THEREFORE, the Board of Directors of the District ("Board") resolves as follows: 1. The Project shall be completed: a. in a ccordance w ith a" Feasibility S tudy" p repared b y S teven C. Harris, Harris Water Engineering, PC and Philip Saletta, P.E., former General Manager of District. (The CWCB has reviewed and approved the Feasibility Study which is on file in the office of the CWCB.); and b. within three (3) years of the date of the complete execution of the Loan Contract, unless the CWCB agrees in writing to an extension of such time. 2. The District warrants that the Board and the Board o ir rs of the Enterprise have complied with the order establishing the rprise un r C. S. § 37- 45.1-101 et s~., and all statutory and other legal requirement 3. The Board hereby ees tha he Bo wer ma . a. enter in d comply with the terms of the Loan Contract. The "Promissory Note" for repaym t of the Loan is attached as Appendix 2 to the Loan Contract; b. repay the Loan to the CWCB by making annual payments to the CWCB in accordance with the Promissory Note; c. amend the Investment Agreement to reflect that the Agreement is security for both Loan Contract C150193 as well as Loan Contract C150058A, as required under the Loan Contract; d. execute all documents necessary to implement the Loan Contract; e. not draw more than $2,530,000 from CWCB Loan Contract C 150058A; f. amend Loan Contract 150058A to add, as additional security, the pledge of Borrower's revenues from the Enterprise necessary to assure payment of the annual debt service on the Loan under that Contract until such time as MBIA, Inc. makes its first payment from the Agreement to the CWCB. g. pay the fee of one percent (1 %) of the Loan proceeds withdrawn from CWCB at the time of the Project's substantial completion. 4. The Board specifically agrees that this resolution shall be irrepealable for the term of the Loan Contract. This document is incorporated into the contract by ref~:~~~n~~F,_ _ 2