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RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE HUERFANO COUNTY WATER CONSERVANCY DISTRICT The Board of Directors of Huerfano County Water Conservancy District(District), at a meeting held Decembera2,2013, at Walsenburg, Colorado, adopted the following resolutions concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of the Regional Augmentation Project in the amount of$2,222,000 or such actual amount, more or less, as may be needed by the District and available from the CWCB including the CWCB loan origination fee of 1%of the loan amount. At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan and, pursuant to the District's bylaws, authorized the President and Secretary, RESOLVED as follows: 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan in the amount of $2,222,000, or such actual amount, more or less, as needed to finance the project costs, including the CWCB loan origination fee of 1%,and 2. to levy and collect mill levy revenues in an amount sufficient to pay the annual amounts due under the LOAN CONTRACT, and to pledge said revenues and the District's right to receive said revenues for repayment of the loan,and 3. to place said pledged revenues in a special account separate and apart from other DISTRICT revenues,and 4. to make the annual payments required by the PROMISSORY NOTE and to make annual deposits to a debt service reserve fund, and 5. to pledge the mill levy revenues and provide annual financial reporting as COLLATERAL for the loan and execute all documents,including a security agreement, necessary to convey a security interest in said property to the CWCB, 6. to execute all documents as required by the LOAN CONTRACT, including, but not limited to, a PROMISSORY NOTE and a SECURITY AGREEMENT,and 7. to take such other actions and to execute such other documents as may be necessary to consummate and implement the loan. CERTIFICATION THE UNDERSIGNED, THE PRESIDENT AND THE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE DISTRICT'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE DISTRICT'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. GIVEN UNDER OUR HANDS AND THE SEAL OF THE DISTRICT THE // DAY OF 0.e ex.-am^ 2013. (S E A L) 0, a 1).A By Signature ATTEST: .�` . NAME: Cu -By s.,��" TITLE: t <-�L ) • Signature of Secretary DATE: i DATE: Z I i z '/3 Appendix 3 to Loan Contract C150364 Page 1 of 1