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RESOLUTIONS OF THE SHAREHOLDERS <br /> OF Supply Irrigating Ditch Company <br /> The Sh reholders pf the Supply irrigating Ditch Company (Company), at a Shareholders' meeting held <br /> AQUA alf 9, 20.t4 located at CV406,,'�rCColorado, adopted the following resolutions concerning a secured loan from <br /> the'State of Colorado Water Conservation Board (CWCB), for the purpose of the Emergency Supply Ditch <br /> Rehabilitation Project, in the amount of$324,210 or such actual amount, more or less, as may be needed by the <br /> Company and available from the CWCB including the CWCB loan origination fee of 1%of the loan amount. <br /> At said meeting, the Shareholders charged that these resolutions are irrepealable during the term of <br /> the loan and, pursuant to the Company's bylaws, authorized the Board of Directors and officers, RESOLVED <br /> as follows: <br /> 2. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan <br /> in the amount of $324,210 or such actual amount, more or less, as needed to finance the project costs, <br /> including the CWCB loan origination fee of 1%, and <br /> 3. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts due <br /> under the LOAN CONTRACT, and to pledge assessment revenues and the Company's right to receive said <br /> revenues for repayment of the loan,and <br /> 4. to place said pledged revenues in a special account separate and apart from other COMPANY revenues, and <br /> 5. to make the annual payments required by the PROMISSORY NOTE and to make annual deposits to a debt <br /> service reserve fund, and <br /> 6. to pledge, as COLLATERAL, for the loan the Company's, assessment revenues backed by an assessment <br /> covenant and an undivided one hundred percent(100%) interest in the Diversion Dam, Headgate Structure, <br /> and Flume. <br /> 7. to execute all documents as required by THE LOAN CONTRACT, including, but not limited to, a PROMISSORY <br /> NOTE, SECURITY AGREEMENT, and DEED OF TRUST necessary to convey a security interest in said property to <br /> the CWCB, and <br /> 8. to take such other actions and to execute such other documents as may be necessary to consummate and <br /> implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY THAT THE <br /> FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S <br /> SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID <br /> RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE _ DAY OF .3144 t,'A a y 201 <br /> (S E A L) By <br /> Sign ure <br /> ATTEST: <br /> BY (. L°�� O NAME: <br /> () TITLE: ?l-LS) T <br /> Signature of Corporate Secretary DATE: I/' / I .S <br /> DATE: JP) !1a <br /> Appendix 3b <br /> Page 1 of 1 <br />