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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF LOWER ARKANSAS VALLEY WATER CONSERVANCY DISTRICT <br /> ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE <br /> The Board of Directors of Lower Arkansas Valley Water Cons rvancy District, acting by and through its Water <br /> Activity Enterprise, at a meeting held..ywt�l7 2015, at f r Colorado, adopted the following resolutions <br /> concerning a secured loan from the State of Colorado Water Conservation Board(CWCB),for the purpose of the Water <br /> Rights Purchase in the amount of$2,560,350 or such actual amount, more or less, as may be needed by the District <br /> and available from the CWCB including the CWCB 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 District's bylaws,authorized the President and 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 <br /> amount of$2,560,350, or such actual amount, more or less, as needed to finance the project costs, including the <br /> CWCB loan origination fee of 1%,and <br /> 2. to levy and collect Water Activity Enterprise fees in an amount sufficient to pay the annual amounts due under the <br /> LOAN CONTRACT, and to pledge said revenues and the District's right to receive said revenues for repayment of the <br /> loan,and <br /> 3. to place said pledged revenues in a special account separate and apart from other DISTRICT revenues,and <br /> 4. to make the annual payments required by the PROMISSORY NOTE and to make annual deposits to a debt service <br /> reserve fund,and <br /> 5. to pledge the Water Activity Enterprise fees revenues and an undivided one-hundred percent (100%) interest in <br /> Water Rights consisting of 408.6 shares of Colorado Canal Company, 282 shares of Lake Meredith Reservoir <br /> Company, and 126.6 shares of Lake Henry Reservoir Company as COLLATERAL for the loan and execute all <br /> documents, including a PROMISSORY NOTE,SECURITY AGREEMENT, DEED OF TRUST and STOCK ASSIGNMENTS necessary <br /> to convey a security interest in said property to the CWCB, <br /> 6. 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, THE PRESIDENT AND THE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE <br /> TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE DISTRICT'S BOARD <br /> OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE DISTRICT'S BYLAWS, <br /> AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE DISTRICT THE 1.7 DAY OF , Jun .- 2015. <br /> (SEAL) <br /> By eiLer/7/141 <br /> Signature <br /> ATTEST: / � <br /> NAME: /\L11'7Cl�'41 1./'I I J <br /> BL '" ��- TITLE: Ckuj rry OV) <br /> lgnature of Set -tary <br /> 11 7 )5- <br /> // DATE: <br /> DATE: (D f I '1 1 5 <br /> Appendix 3 <br /> Page 1 of 1 <br />