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in the Burch Lake Dam Outlet Works Rehabilitation Project. By executing the loan contract <br /> amendments,the Board of Directors of the Oligarchy were authorized to enter into a loan contract <br /> amendments to increase the principal amount of the loan,to levy and collect assessments in amounts <br /> necessary to pay the annual amounts due under the loan contract(as amended)and to make certain <br /> pledges of assessment revenues and properties owned by the Oligarchy to secure payment of the loan <br /> to CWCB. A copy of the Shareholders' Resolution is attached as Exhibit A. <br /> 3. The Board of Directors also passed a Resolution which authorized the President and <br /> Secretary of the Oligarchy to take all actions and execute any loan contract amendments necessary <br /> to consummate and amendment of the loan with the CWCB.A copy of the Directors' Resolution is <br /> attached as Exhibit B. <br /> 4. The Board of Directors of the Oligarchy,by its President and Secretary, is duly authorized <br /> to execute the loan contract amendments with the CWCB and to take all actions necessary to bind <br /> the Oligarchy according to the terms of the loan contract amendment. <br /> 5. There are no provisions in the Oligarchy's articles of incorporation, by-laws, state or local <br /> laws or other reviewed documents which would prohibit the action of the Oligarchy to enter into the <br /> loan contract amendment with the CWCB. <br /> 5. Upon execution by the duly authorized officers or directors of the Oligarchy, the loan <br /> contract amendments to loan contract#CT 2016-1597 with the CWCB will be valid,binding and <br /> enforceable against the Oligarchy. <br /> This opinion may be relied upon by the CWCB in approving the loan contract,as amended,with the <br /> Oligarchy and for this purpose only. <br /> cere , <br /> P 'Hip S. on.. <br /> pwong8543@aol.com <br /> C:\Data\wpdocs\ditchcompanies\Oligarchy-C W CB-Opinion-3.Itr.wpd <br />