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RESOLUTION OF THE BOARD OF DIRECTORS <br /> OF CONSOLIDATED HOME SUPPLY DITCH AND RESERVOIR COMPANY <br /> The Board of Directors of the Consolidated Home Supply Ditch and Reservoir Company <br /> (Company), at a meeting held August 25, 2014, Johnson's Corner, adopted the following <br /> resolution increasing a secured loan from the State of Colorado Water Conservation Board <br /> (CWCB), for additional costs to repair the Big Dam Diversion Structure in the amount of <br /> $240,000 or such actual amount, more or less, as may be needed by the Company and available <br /> from the CWCB including the CWCB loan origination fee of 1% of the loan amount. <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 Secretary as follows: <br /> 1. To enter into and comply with the terms of a contract with the CWCB for a loan in the amount <br /> of$240,000 or such actual amount, more or less, as needed to finance the project costs, including <br /> the CWCB loan origination fee of 1%, 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 deposits to <br /> a debt service reserve fund, and <br /> 5. To pledge, as Collateral, for the loan the Company's assessment revenues backed by a rate <br /> covenant and an undivided one hundred(100%) interest in the Consoilidated Home Supply Ditch <br /> and Reservoir Company, and <br /> 6. To execute all documents as required by the Loan Contract, including, but not limited to, a <br /> Promissory Note, Security Agreement, and Deed of Trust necessary to convey as security interest <br /> 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 /> APPENDIX D <br />