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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF DIXON CANON DITCH AND RESERVOIR COMPANY <br /> The Board of Directors of Dixon Canon Ditch and Reservoir Company,(Company),at a meeting held <br /> `t 2ot6,at FrCe(few•, Colorado, adopted the following resolutions concerning a secured loan from the <br /> State of Colorado Water Conservation Board(CWCB),for the purpose of Dixon Reservoir Dam Improvements <br /> (Project),in an amount not to exceed Wo.88Loo which includes the CWCB LOAN ORIGINATION FEE of i%of the <br /> BASE LOAN AMOUNT. <br /> At said meeting,the Board charged that these resolutions are irrepealable during the term of the loan <br /> and, pursuant to the Company's bylaws, authorized the President and Corporate Secretary, RESOLVED as <br /> follows. <br /> L 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 5280.881.00,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 CormtAcr,and to pledge assessment revenues and the Company's right to receive said <br /> 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,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 /> S. to pledge as COLLATERAL for the LOAN, the Company's, assessment revenues backed by an assessment <br /> covenant and an undivided one hundred percent(i00%)interest in the Dixon Reservoir Dam,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 and <br /> implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED,THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE TRUE <br /> AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY <br /> CALLED AND HELD AS ABOVE RECITED,PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE <br /> NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 2- DAY OF \UM.- 2016. <br /> (SEAL) <br /> BY: 1 <br /> .r• <br /> ATTEST: <br /> NAME: 'DOU6"1/4 J Ico14. <br /> TITLE: • <br /> • <br /> NAME:TAL.A1 k.."-Ruff �._ DATE: 4l 1 V <br /> Tm.E:4:Lt_. P< "- <br /> DATE: <br /> DATE: .LAI <br /> Appendix 4b <br /> Page of <br />