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� <br />EXHIBIT E <br />��� <br />RESOLUTION <br />WHEREAS, the Bauer Lakes Water Company (the "Company,") a <br />non-profit corporation organized purs�ant to the laws of the State of <br />Colorado, desires to enter into a contract to borrow money from the State <br />of Colorado through fhe Colorado Water Conservation Board ("the State") <br />for the purpose of repairing and rehabilitating its Bauer Reservoir No. 1 <br />for the benefit of Company sharehoiders; and <br />WHEREAS, pursuant to the Articles of Incorporation and to Article 2 <br />and Article 3, Section 2, of the By-laws of the Company, the Company has <br />authority to enter a contract to b�or�v�� `i�oney and incur �liability in the <br />name of the Bauer Lakes Water`�,C�,napany if t, contract is signed by its <br />t "`''� <br />President and Secretary, and �r�vide�f that„�,�' olution by the Board of <br />'; '� ' .� <br />Directors shall first he tluly" �passed at a regular - or��a special meeting of - =. <br />the Directors authorizing the obtaining of a loan by the Company by <br />contract with the State; and <br />NlHEREAS, pursuant to the Articles of Incorporation and to Article 6 <br />of the By-Laws of the Company, the Company has the authority to levy <br />_ assessments for the purpose of maintaining and repairing the 8auer Reser- <br />voir No. 1, and for ihe purpose of discharging any Iawful contract debt <br />plus interest for such repairs; and <br />WHEREAS, pursuanf to sections 37-60-719 and 37-60-120, Colorado <br />Revised Statutes, as amended, the State has the authority to loan money <br />to the Company by contract for the purpose of repairing and rehabilitating <br />the Bauer Reservoir No. 1 provided that the Company assures the <br />, repayment of the loan money plus interest; and <br />EXHIBIT E to Project Contract <br />Page 1 of 6 <br />