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�; � <br />�� <br />WHEREAS, the Company and the State desire to enter into a contract <br />for the loan of money to the Company, which contract wiil require the <br />complete repayment to the State by the terms therein, and wifl require the <br />Company to take all acts necessary to lawfully enter the contract and incur <br />the liability and assure repayment to the State, including: the adoption of <br />a resolution approving the contract; and the levy of assessments to assure <br />repayment of the contract; and the execution of a security interest in such <br />assessment revenues in favor of the State; and the setting aside of such <br />assessment revenues in a separate fund unavailable for any other uses. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIREC- <br />_:�-�.. <br />TORS OF THE COMPANY that: � kl` �` <br />,� �' � <br />� y �<, <br />R.i ,� <br />4� <br />1. The Company is authorizei�' to sign ai ;co tr ct with the State to <br />��� <br />borrow One Hundred �� �Ifars ($100 000.00) for the <br />, �,., . <br />purpose of repairing and tl rehabilitating the Bauer Reservoir No. <br />1, and protecting the interests of the shareholders. <br />2. The President and the Secretary of the Company are authorized <br />to sign such a contract on behalf of the Company. <br />3. An assessment will be authorized to be levied in a timely manner <br />and in an amount sufficient to assure repayment to the State of <br />the contract loan debt plus interest according to the terms and <br />conditions of the contract. The Board of Directors will include <br />the contract repayment expense in its annual estimate of ex- <br />penses <br />4. In the event of any default in repayment to the State, as de- <br />termined in writing by the State, the Company is authorized to <br />2 <br />