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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF LAKE CANAL RESERVOIR COMPANY <br /> The Board of Directors of Lake Canal Reservoir Company (Company), at a meeting held <br /> September 15, 2015, at Severance, Colorado, approved a modification to a loan from the <br /> Colorado Water Conservation Board (CWCB), authorizing the form and execution of a loan <br /> contract amendment and the appendices thereto; pledging certain funds as security for the <br /> repayment of amounts specified in the Loan Contract Amendment No. 1. <br /> At said meeting, the Board charged that these resolutions are irrepealable during the term of the <br /> loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br /> Secretary, RESOLVED as follows: <br /> 1. to modify the terms of the Loan Contract #CT2015-042 with the Colorado Water Conservation <br /> Board, increasing the loan contract amount from $116,625 to $204,298, and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the <br /> annual amounts due under the LOAN CONTRACT, and to pledge assessment revenues and the <br /> 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 COMPANY <br /> revenues, and <br /> 4. to make the annual payments required by the PROMISSORY NOTE and to make annual <br /> deposits to a debt service reserve fund, and <br /> 5. to pledge, as COLLATERAL, for the loan an undivided 100% interest in the North Gray <br /> Reservoir, and <br /> 6. to execute all documents as required, including the Loan Contract Amendment No. 1 and all <br /> Amendment Appendices, including but not limited to, the Amended Promissory Note, <br /> Amended Security Agreement, and Amended Deed of Trust necessary to convey a security <br /> interest in said property to the CWCB, 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 CORPORATE SECRETARY HEREBY CERTIFY THAT THE <br /> FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br /> COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE <br /> COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEUMENDED R RESC NDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 15 DAY OF 2015. <br /> LAKE CANAL RESERVOIR COMPANY <br /> (S E A L) <br /> Signature <br /> ATTEST: <br /> NAME: Rodney Nelson <br /> By /./.0_(i2TITLE President <br /> Alden V. Hill, Secretary <br /> DATE: g''/S /5- DATE: ?"-/5-AD J <br /> APPENDIX E <br />