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• <br />• <br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF CRYSTAL LAKES WATER & SEWER ASSOCIATION <br />The Board of Directors of Crystal Lakes Water & Sewer Association, a Colorado nonprofit <br />corporation (Company), at a meeting held January 21, 2012, at Red Feather Lakes, Colorado, <br />adopted the following resolutions concerning a secured loan from the State of Colorado Water <br />Conservation Board (CWCB), for the purpose of construction of the Lower Lone Pine Lake <br />Enlargement Project in the amount of $2,363,400 or such actual amount, more or less, as may <br />be needed by the Company and available from the CWCB including the CWCB loan origination <br />fee of 1 % of the loan amount. <br />At said meeting, the Board charged that these resolutions are irrepealable during the term <br />of the loan and, pursuant to the Company's bylaws, authorized the President and Secretary, <br />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 $2,363,400, or such actual amount, more or less, as needed <br />to finance the project costs, including the CWCB loan origination fee of 1 %, and <br />2. to levy and collect assessments from the members in an amount sufficient to pay the annual <br />amounts 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 separate and apart from other COMPANY <br />revenues, and <br />4. to make the annual payments required by the promissory note and to make annual deposits to <br />a debt service reserve fund, and <br />5. to pledge the Company's water rights set forth in the Deed of Trust as collateral for the loan and <br />execute all documents, including a security agreement and deed of trust, necessary to convey a <br />security interest in said property to the CWCB, <br />6. to execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and <br />7. to take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, THE PRESIDENT AND THE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE <br />TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S <br />BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 21 ST DAY OF JANUARY, 2012. <br />(SEAL) <br />ATTEST: <br />By <br />G iegel, SfiEretary <br />Appendix 3 to Loan Contract C150325 <br />