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� <br />� <br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF BULL CREEK RESERVOIR CANAL & POUWER COMPANY <br />The Board of Directors of Bull Creek Reservoi� Canal � Power Company (Company), at a <br />meeting held L�, 2007, at ,�.�,�, Colorado, adopted the foilowing resolutions <br />conceming a secured loan from the State of Cblorado Water Conservation Board (CWCB), for <br />the purpose of rehabilitating and enlarging the Bull Creek Reservoir No. 4 in the amount of <br />$1,212,000 or such actual amount, more or less, as may be needed by the Company and <br />available from the CWCB including the CWCB loan origination fee of 1% of the loan amount. <br />At said meeting, the Bcsard 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 $1,212,000, or such actual amount, more or less, as needed <br />to financ;e the project costs, including the CWCS loan origination fee of 1°k, and <br />2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual <br />amou�s due under the Loan Contract, and to pledge assessment revenues and the Company's <br />right to receive said revenues for repayment of the loan, and <br />3. to place said pledged revenues in a special account separat� and apart from other ConnPavY <br />revenues, and <br />4. to make the annual payments r�quired by the promissory note and to make annual deposits to <br />a debt service reserve fund, and <br />5. to execute all document� as required by the foan contract, including, but not limit�d to, a <br />Securiiy Agreement and a Promissory Note, and <br />6. to take such other actions and to execute such other dacuments as may be necessary to <br />consummate and implemen# 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 RE�OLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PI�RSUANT TO THE <br />COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR aESCINDED. <br />GIVEN UND�R OUR HANDS AND TNE SEAL OF THE �OMPANY TME � DAY OF /(/I �t, �- C Lt, 2007. <br />(SEAL) <br />By <br />ATTEST: <br />Inri Johnson, President <br />By � , <br />Betty awkins, Corporate Secretary <br />Appendix 3b to Loan Contr�ct C150240 <br />