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RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE WATER SUPPLY AND STORAGE COMPANY <br />The Board of Directors of The Water Supply and Storage Company (Company), at a <br />meeting held ����/,�- / 2009, at ':'jG� �, Colorado, adopted the following resolutions <br />concerning a secuYed loan from the State of Colorado Water Conservation Board (CWCB), for <br />the purpose of construction of the Grand River Ditch and Kluver Reservoir Outlet Projects in the <br />amount of $843,350 or such actual amount, more or less, as may be needed by the Company <br />and available from the CWCB including the CWCB loan origination fee of 1% of the loan amount. <br />At said meeting, the Board charged that these resolutions are irrepealable during the term <br />of the loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br />Secretary, RESOLVED as follows. <br />1. to enter into and comply with the terms of a contract with the Colorado Water Conservation <br />Board for a loan in the amount of $843,350, or such actual amount, more or less, as needed to <br />finance the project costs, including the CWCB loan origination fee of 1%, and <br />2. if collected revenues are insufficient to service annual payments due under the loan, to levy and <br />collect assessments from the shareholders in an amount sufficient to pay the annual amounts <br />due under the Loan Contract, and to pledge assessment revenues and the Company's right to <br />receive said revenues in an amount sufficient to service the loan, as described in the Loan <br />Contract and Security Agreement and <br />3. to place said pledged revenues in a special account separate and apart from other CoMPANY <br />revenues, and <br />4. to make the annual payments required by the promissory note and to make annual deposits to <br />a debt service reserve fund, and <br />5. to execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br />6. to take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE <br />COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE I t � DAY OF , f� l 2009. <br />(SEAL) <br />ATTEST`� , <br />;, ) � i <br />By , <br />Dana M. Parker, Secretary/Treasurer <br />� <br />; ;: <br />� <br />By ��. , i�;' ., <br />Eldon . Marrs, President <br />C � /' <br />Appendix 3b to Loan Contract C150281 <br />