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A RESOLUTION OF THE BOARD OF DIRECTORS OF EAST MESA WATER COMPANY <br /> REGARDING CWCB LOAN CONTRACT C150360 <br /> The Board of Directors of the Fast Mesa Water Company(Company), at its meeting held <br /> February 25_, 2015, at Carbondale, Colorado, adopts the following resolution concerning a <br /> secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of <br /> the installation of the Ditch Piping Project. <br /> WHEREAS East Mesa Water Company (hereinafter "Company") has entered Loan <br /> Contract C150360(hereinafter"Loan Contract") with the State of Colorado(hereinafter"State") <br /> acting by and through the Department of Natural Resources,Colorado Water Conservation Board <br /> (hereinafter"CWCB") for its Ditch Piping Project;and <br /> WHEREAS the amount of the Loan Contract is$555,500,which includes the CWCB 1% <br /> origination fee;and <br /> WHEREAS the Company's Board recommended to the shareholders that the Company <br /> will need an additional $200,000 in funds,exclusive of the additional 1% CWCB origination fee, <br /> to capitalize the Ditch Piping Project prior to reimbursement under the Company's NRCS grant <br /> and other reimbursement funds;and <br /> WHEREAS the shareholders have given their unanimous consent to increase the Contract <br /> Loan amount by an additional$200,000 plus 1%origination fee;and <br /> WHEREAS the CWCB has increased the Contract Loan amount by $202,000, which <br /> includes the additional 1%origination fee; <br /> NOW THEREFORE, the Board of Directors of the East Mesa Water Company hereby <br /> resolves to accept the Contract Amendment No. 1 between the Company and CWCB increasing <br /> the total Loan Contract amount to$757,500,and instructs the Company's President to execute the <br /> Contract Amendment,Promissory Note Amendment,Security Agreement Amendment,and Deed <br /> of Trust Amendment presented to the Board and considered herewith. <br /> Eas/�� s 1 Water Cl pany <br /> At <br /> Martin Nieslanik, President <br /> Date: 4 • '!� <br /> Attest: <br /> By: //� <br /> Nam- ,C,E <br /> Title: (tee eel / <br /> Date: a �,2/a//5 <br /> Appendix D <br /> T nan Contract Amendment <br />