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� <br />0 <br />RESOLUTION OF SHAREHOLDERS OF <br />BAUER LAKES WATER COMPANY <br />WHEREA5, the Bauer Lakes Water Company (the "Company,") a <br />non-profit corporation organized pursuant 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 the 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 shareholders; and <br />WHEREAS, pursuant to sections 37-60-119 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 pur o epairing and rehabilitating <br />the Bauer Reservoir No. 1 provided ompany assures the repay- <br />ment of the loan money plus inte a � <br />WHEREAS, the Company an �= e S ate desire to enter into a contract <br />for the loan of money to the Company, which contract will require the <br />complete repayment to the State by the terms therein, and will 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 />and the execution of a deed of trust in the Project as security for the <br />loan . <br />EXHIBIT "F" <br />