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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF LAKE MCINTOSH RESERVOIR COMPANY <br /> The Board of Directors of�LaJs� McIntosh Reservoir Company (Company), at a meeting held <br /> 3 <br /> ( o -U % 2016), at ( y//� ), Colorado, adopted the following resolutions <br /> concerning a secured loan from the State of Colorado Water Conservation Board (CWCB), for the <br /> purpose of construction of the Lake McIntosh Outlet Works Repair (Project), in an amount not to exceed <br /> $1,727,100 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 <br /> loan and, pursuant to the Company's bylaws, authorized the President and Corporate Secretary, <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 a DEED OF TRUST,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,THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING <br /> ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF <br /> DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED,PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID <br /> RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE I '—DAY OF lair PLi 2016. <br /> (S E A L) <br /> By: A--.1(4 <br /> I nature <br /> ATTES <br /> NAME: Ne.„6-17, ..-6 <br /> B : • <br /> Signature TITLE: 1DCCS AQ_Af <br /> NAME: ` . /) ./4-(76„,,k/ DATE: 03 O)- 701(� <br /> TITLE: S, 0-N <br /> DATE: Q 3—b l - D) <br /> Appendix 4b <br /> Page 1 of 1 <br />