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J � <br />� . � • <br />♦� ♦ . • <br />. w <br />�� <br />NOW, THEREFORE, BE IT RESOLVED BY THE SHAREHOLDERS OF <br />THE COMPANY that: <br />1. The Company is authorized to sign a contract with the State to <br />borrow One Hundred Thousand Doilars ($100,000.00) for the <br />purpose of repairing and 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. Assessments will be authori e e levied in a timely manner <br />and in an amount suffic re repayment to the State of <br />the contract loan de o ding to the terms and <br />conditions of the co . e 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 />immediately take any lawful action to cure such default. The <br />Company is also authorized to take any other lawful action which <br />may be required by the Articles of Incorporation or E3y-Laws of <br />the Company to properly execute the contract and perform all <br />the terms and conditions thereof in a timely manner. <br />5. The Company is authorized to execute and perfect a security <br />interest in the form provided by the State in the revenues <br />resulting from the assessment(s) levied for the purpose of <br />repayment of the contract loan to the State. That security <br />interest shall be signed by the President and the Secretary. <br />2 <br />