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RYAN GULCH RESERVOIR CO, YY <br />P.O.BOX 299 <br />LOVELAND, COLORADO 80539 <br />Phone: 970 -667 -2680 FAX: 970 - 667 -0036 <br />RESOLUITIONS OF THE STOCKHOLDERS <br />OF THE RYAN GULCH RESERVOIR COMPANY <br />The Stockholders of The Ryan Gulch Reservoir Company (Company), at a Stockholders' <br />meeting held March 8, 1999, at Loveland, Colorado, adopted the following resolutions concerning <br />a loan in the amount of up to $317,500, not to exceed 75% of actual construction costs, from the <br />State of Colorado Water Conservation Board (State), for the construction of a new spillway on <br />Ryan Gulch pam. <br />At said meeting, the Stockholders charged that these resolutions are irrepealable during the term <br />of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors aria <br />officers as follows: <br />1. RESOLVED, to enter Into and comply with the terms of a co ct the Colorado Water. <br />W It <br />Conservation Board for a loan in the amount of up to 5317,500, and <br />2. RESOLVED, to levy and collect assessments from e Stockhol ' an amount sufficient <br />to pay the annual amounts due under the Loan ontract, and to pledge assessment <br />revenues and the Company's right t said reve s for repayment of the loan, and <br />3. RESOLVED, to places 'd pledge revenu s in a special account separate and apart from <br />other COMPANY rev <br />nu- and <br />4. RESOLVED, to ma t e annual payments required by the promissory note and to make <br />annual deposits to a d service reserve fund, and <br />5. RESOLVED, to pledge certain real property of the Company as collateral for the loan and <br />execute a deed of trust and any other documents necessary to convey a security interest in <br />said property to the CWCB, and <br />6. RESOLVED, to execute all documents as required by the loan contract, including, but not <br />limited to, a Security Agreement, Assignment Of Deposit Account As Security, and a <br />Promissory Note, and <br />7. RESOLVED, to take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br />CERTIFICATION <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY <br />THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMPANY'S STOCKHOLDERS DULY CAI,LEO 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 8'" AY 0 19 <br />gy �. <br />(SEAL) President <br />ATTEST: <br />gy <br />Corporate Sect ry <br />Appendix 1 to Loan Contract C150023 <br />