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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF CULVER LATERAL DITCH COMPANY 1=��32Jn51 / i <br /> The Board of Directors of the Culver Lateral Ditch Company (Company), at a meeting held , 201 ! at <br /> (-4) '17/0 ti Colorado, adopted the following resolutions concerning a secured loan from the State of Colorado Water <br /> Conservation Board (CWCB), for the purpose of the Emergency Culver Mahoney Ditch Repair in the amount of$151,500 or <br /> such actual amount, more or less, as may be needed by the Company and available from the CWCB including the CWCB <br /> 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 loan and, <br /> pursuant to the Company's bylaws, authorized the President and Corporate Secretary, RESOLVED as follows: <br /> 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan in the amount <br /> of $151,500, or such actual amount, more or less, as needed to finance the project costs, including the CWCB loan <br /> origination fee of 1%, and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts due under the <br /> LOAN CONTRACT, and to pledge assessment revenues and the Company's right to receive said revenues for repayment of <br /> the loan, and <br /> 3. to place said pledged revenues in a special account separate and apart from other COMPANY revenues, and <br /> 4. to make the annual payments required by the PROMISSORY NOTE and to make annual deposits to a debt service reserve <br /> fund, and <br /> 8:" to pledge, as COLLATERAL, for the loan the Company's, assessment revenues backed by a rate covenant and an <br /> undivided one hundred percent (100%) interest in the CULVER LATERAL DITCH COMPANY'S DIVERSION, HEADGATE AND <br /> MEASUREMENT STRUCTURES,and <br /> 6 , to execute all documents as required by THE LOAN CONTRACT, including, but not limited to, a PROMISSORY NOTE,SECURITY <br /> AGREEMENT, and DEED OF TRUST necessary to convey a security interest in said property to the CWCB, and <br /> 7 6 to take such other actions and to execute such other documents as may be necessary to consummate and implement the <br /> loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND <br /> CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND <br /> HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR <br /> RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 6 ,DAY OF I 1 �-�%� 1L�/ 201f41 <br /> (SEAL) <br /> By <br /> ATTEST: Signature <br /> NAME: A m l ,(yt_ N A,a K EaN <br /> By � <br /> TITLE: Q.Z�.s,Jr✓;� <br /> Signature of Corporate Secretary DATE: ;-2 / I <br /> DATE: .12 I /1`/ <br /> Appendix 3b to Loan Contract C150390 <br /> Page 1 of 1 <br />