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RESOLUTIONS OF THE SHAREHOLDERS <br /> OF THE BRIGHTON DITCH COMPANY <br /> The of The Brighton Ditch Company (Company), at a Shareholders' meeting held <br /> 1!(� , 201` : ' fprColorado, adopted the following resolutions concerning a secured ban from the <br /> State of • • .•. Water onservation Board(CWCB),for the purpose of the River Breath Repair Project,in <br /> the amount of $225,000 or such actual amount, more or less, as may be needed by the Company and <br /> 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 imepealable 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$225,000, or such actual amount, more or less, as needed to finance the project <br /> Costs,including the CWCB loan origination fee of 1%,and <br /> 2. to levy and co$ect 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 Nom and to make annual deposits to a debt <br /> service reserve fund,and <br /> 5. to pledge the Company's assessment revenues, backed by an assessment covenant, and the Brighton <br /> Ditch diversion and headgate structure as COLLATERAL for the loan,and <br /> 6. to execute aU 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 /> CERTIFICATION <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 /> COMPAII}Y'S SF AREFIOq)ERS DULY CALLED AND HELD AS ABOVE RECITED,PURSUANT TO THE COMPANY'S BYLAWS, <br /> AND THAT SAIDJtfSQLUTIQ(S HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVENtpNOEROUR VIANDS/ IU THE SEAL OF THE COMPANY THE t�' DAY OF ' L,Lk(If l 201 b <br /> (SEL) * <br /> By aaac <br /> ......... Signature <br /> ATTEST: Aj <br /> NAME: %ADM--`E' <br /> B �l♦ <br /> dirI,,nature of•rporate -M -tary TITLE: We 51AN.1n t <br /> NAME: kC trif DATE: \ L <br /> DATE: /7 (f, <br /> Appendix 4a <br /> Page 1 of 1 <br />