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Resolution of the Board of Directors of North Delta Irrigation Company. <br />BE IT RESOLVED that the Board of Directors of North (Delta Irrigation Company <br />(Company), at a meeting held February 11, 2012, at Delta, Colorado, adopted the <br />following resolution concerning a secured loan from the State of Colorado Water <br />Conservation Board (CWCB), for the purpose of construction of the Tunnel <br />Reconstruction Project in the amount of $1,000,000.00 or such actual amount, more or <br />less, as may be needed by the Company and available from the CWCB including the <br />CWCB loan origination fee of 1% of the loan amount. <br />At said meeting, the Board agreed that these resolutions are not repealable <br />during the term of the loan and, pursuant to the Company's bylaws, authorized the <br />President and Secretary, as follows. <br />1. to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of $1,000,000.:00, or such actual amount, <br />more or less, as needed to finance the project costa, including the CWCB loan <br />origination fee of 1 %, and <br />2. to pledge revenues in the amount of $55,000.00 /year derived from annual assessments <br />and the Company's 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 <br />COMPANY revenues, and <br />4. to make the annual payments required by the promissF:,)ry note and to make annual <br />deposits to a debt service reserve fund, and <br />5. to pledge a first position lien in the Company's water rights out of the Gunnison River <br />for the North Delta Canal being 49.625cfs with adjudication date of June 23, 1914 as <br />collateral for said loan and to execute all documents, including a security agreement, <br />promissory note and deed of trust as necessary to convey a security interest in said <br />property to the CWCB, and <br />6. to execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement, a Promissory Note, and deed of trust and <br />7. to take such other actions and to execute such other documents as may be necessary <br />to consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, THE PRESIDENT AND THE SECRETARY HEREBY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING <br />OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND MELD AS ABOVE RECITED, <br />PURSUANT TO THE COMPANY'S BYLAWS, AND THAT SAID RESOWTIONS HAVE 140T BEEN <br />AMENDED OR RESCINDED. �✓ <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE. ak DAY OF 2012. <br />a (SEAL) <br />t <br />By <br />Ken <br />-ATTE <br />By c �' <br />Gafol h K. Hawkins, Secretary <br />Appendix 3 to Loan Contract C150331 <br />Page 1 of 1 <br />President <br />