C150044 Paid in Full Contract

• Contract/PO #: C150044
• Contractor Name: Riverside Reservoir & Land Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

I
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE RIVERSIDE RESERVOIR AND LAND COMPANY
The Board of Directors of the Riverside Reservoir and Land Company (Company), at a
meeting held on September 5, 2000, at Fort Morgan, Colorado, adopted the following resolutions
concerning a loan in the amount of up to $405,000, or such actual amount, more or less, as may
be needed by the company and available from the Colorado Water Conservation Boad (CWCB)
for up to 90% of the actual project costs, for the purpose of rehabilitation of the Com any's
diversion structure on the South Platte River.
At said meeting, the Board charged that these resolutions are irrepealable during the term
of the loan and, pursuant to the Company's bylaws, authorized the President and Corporate
Secretary as follows.
1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water
Conservation Board for a loan in the amount of$405,000, or such actual amount, more or
Less, as needed to finance up to 90% of the projects costs, and
2. RESOLVED, to levy and collect assessments from the shareholders in an amount,sufficient
to pay the annual amounts due under the Loan Contract, and to pledge assessment revenues
and the Company's right to receive said revenues for repayment of the loan, and
3. RESOLVED,to place said pledged revenues in a special account separate and apart from
other Company revenues, and
4. RESOLVED,to make the annual payments required by the promissory note and to make
annual deposits to a debt service reserve fund, and
5. RESOLVED, to pledge certain property of the Company as collateral for the loan and
execute documents necessary to convey a security interest in said property to the CWCB, and
6. RESOLVED,to execute all documents as required by the loan contract, including, but not
limited to, a Security Agreement, Assignment Of Deposit Account As Security, and a
Promissory Note, and
7. RESOLVED, 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 CORPORATE SECRETARY,RESPECTIVELY,HEREBY,CERTIFY
THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOULTIONS DULY ADOPTED AT IA MEETING
OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED,PURSUANT TO
THE COMPANY'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THEE DAY OF SEPTEMBER'12000.
By X/��� � eta
Paul McDiilll,,(President
(SEAL)
ATTEST: p4410
By nider,Corporate Secretary
IN Fir Tit
Appendix lb to Loan Contract C150044