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RESOLUTIONS OF THE SHAREHOLDERS <br /> OF LAKE MCINTOSH RESERVOIR COMPANY <br /> The Shareholders of the *e McIntosh Reservoir Company(Company), at a Shareholders' meeting <br /> held () -;;2 .2:2_ ,!o 2016, at [ /4 a.9( , Colorado, adopted the following resolutions concerning a <br /> secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of the Lake <br /> McIntosh Outlet Works Repair (Project), in an amount not to exceed $1,727,100 and available from the <br /> 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 <br /> of 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 an amount not to exceed$1,727,100, as needed to finance the project costs, including the CWCB <br /> 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 the assessment revenues backed by an assessment covenant, and an undivided one hundred <br /> percent(100%) interest in the Lake McIntosh Dam and Reservoir,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 /> 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 /> COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S <br /> BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 1' DAY OF /Y ?cr,ri 2016. <br /> (SEAL) <br /> By: _ id - �� <br /> _ "'natu 1,1 <br /> ATTES Ni9,60aNAME: Tie-6 <br /> AOW .,...1. <br /> Tire TITLE: ADIP_Sj e4 t- <br /> NAME: . ,`)i Ac J(iL/ DATE: D3-(7I-2oI6,- <br /> TITLEAvycl L-' <br /> DATE: Z6--D)- c: D1 b <br /> Appendix 4a <br /> Page 1 of 1 <br />