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RESOLUTIONS OF THE BOARD OF DIRECTORS
<br /> • OF THE PLUMB AND DAILEY DITCH COMPANY -
<br /> The Board of Directors of the Plumb and Dailey Ditch Company (Qatmpany), at a meeting
<br /> held ©c/- y , 2000, at ,Low ' , Colorado, adopted)the'fo o _ -„ esolutions
<br /> concerning a loan in tfie amount of up $42,000, not to exceed 9 .fpccta b'1.truction
<br /> costs, from the State of Colorado Water Conservation Boatel` 1LCB), forr- t '' ,'pose of
<br /> rehabilitation of the company's diversion structure on Boulder:CiealrC. 7"''r ►- .
<br /> , f ` w
<br /> At said meeting, tlfie Board charged that these resolutions are irrepe b u ► 't ' erm of
<br /> the loan and, pur.want to the Company's bylaws, authorized the Presiden ," , orate
<br /> Secretary as folio s.
<br /> 1. RESOLVED, t. enter into and comply with the terms of a contract with the Colorado Water
<br /> Conservation :card for a loan in the amount of $42,000, or such actual amount, more or
<br /> less, as neede• to finance up to 90% of the project costs, and
<br /> 2. RESOLVED, to levy and collect assessments from the stockholders in an amount sufficient
<br /> to pay the an ual amounts due under the Loan Contract, and to pledge assessment
<br /> revenues and t e Company's right to receive said revenues for repayment of the loan, and
<br /> 3. RESOLVED, to place said pledged revenues in a special account separate and apart from
<br /> other COMPANY evenues, and
<br /> 4. RESOLVED, to make the annual payments required by the promissory note and to make
<br /> annual deposits to a debt service reserve fund, and
<br /> 5. RESOLVED, to obtain a certificate of deposit in the amount of one annual loan payment to
<br /> serve as collate al and to execute an Assignment of Certificate of Deposit, and
<br /> 6. RESOLVED, to execute all documents as required by the loan contract, including, but not
<br /> limited to, a S-curity (Agreement, Assignment Of Deposit Account As Security, and a
<br /> Promissory Not and
<br /> 7. RESOLVED, to take such other actions and to execute such other documents as may be
<br /> recessari :o cc ,summto and Inclement the !can.
<br /> CERTIFICATION
<br /> THE UNDERSIGNED, TH PRESI ENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT
<br /> THE FOREGOING ARE 'UE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
<br /> COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S
<br /> BYLAWS, AND THAT SAID RESOLLiTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
<br /> GIVEN UNDER OUR HAN IDS AND Ti-IE SEAL OF THE COMPANY THE 7 DAY OF O6f-04,0I1- 2000.
<br /> ( SEAL) ._ Byi/t(laaril-1--7
<br /> Les Williams, President
<br /> ATTEST:
<br /> By /6 __s.._. ,
<br /> or'orate Se retary
<br /> Appendix 1b to Loan Contract C150048
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