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RESOLUTIONS OF THE SHAREHOLDERS <br /> OF FORT LYON CANAL COMPANY <br /> The Shareholders of Fort Lyon Canal Company (Company), at a Shareholders' meeting held <br /> * , MIX, at ** , Colorado, adopted the following resolutions concerning a secured loan from the <br /> State of Colorado Water Conservation Board (CWCB),for the purpose of the Replacement of the Horse Creek <br /> Flume in the amount of$1,629,130, or such actual amount, more or less, as may be needed by the Company <br /> 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, <br /> RESOLVED as follows: <br /> 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a <br /> loan in the amount of$1,629,130, or such actual amount, more or less, as needed to finance the project <br /> costs, including the CWCB loan origination fee of 1%, and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts <br /> due under the LOAN CONTRACT, and to pledge assessment revenues and the Company's right to receive <br /> said revenues for repayment of the loan, and <br /> 3. to place said pledged revenues in a special account separate and apart from other COMPANY revenues, <br /> and <br /> 4. to make the annual payments required by the PROMISSORY NOTE and to make annual deposits to a debt <br /> service reserve fund, and <br /> 5. to pledge its assessment revenues backed by an assessment covenant and the Horse Creek Flume and <br /> all appurtenances as COLLATERAL for the loan, and <br /> 6. 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 <br /> to the CWCB, and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate <br /> and implement the loan. <br /> * December 15 , 2014 , CERTIFICATION <br /> ** Las Animas <br /> THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY THAT <br /> THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br /> COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, <br /> AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 14th DAY OF October 2015. <br /> (S E A L) / ate <br /> By hjl (i(,/(o(/�° <br /> Signature <br /> ATTEST. <br /> / NAME: Josh Weimer <br /> By ..4111,-1'� /lam <br /> Signature of Corpora Secretary TITLE: President <br /> NAME: Dale Mauch DATE: October 14 , 2015 <br /> DATE: October 14 , 2015 <br /> Appendix 4a <br /> Page 1 of 1 <br />