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RESOLUTIONS OETHE BOARD OF DIRECTORS <br /> OF THE NORTH POUDRE IRRIGATION COMPANY <br /> The Board of Direc rs of The North Poudre Irrigation Company, (Company), at a meeting held <br /> Sji 0 , 2016, at , Colorado, adopted the following resolutions concerning a secured <br /> loan from the State of Co rado Water Conservation Board (CWCB), for Rehabilitation of the Livermore <br /> Irrigation Tunnel, (Project), in an amount not to exceed $1,451,673.00 which includes the CWCB LOAN <br /> ORIGINATION FEE of t%of the BASE LOAN AMOUNT.The LOAN CONTRACT No.is CT2O17*1402. <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 /> 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$1,451,673.00,as needed to finance the project costs,including the CWCB <br /> IRAN 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 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 NOTE and to make annual deposits to a debt <br /> service reserve fund,and <br /> 5. to pledge the(i)an irrevocable(but not exclusive)pledge to the CWCB of the PLEDGED REVENUES in such <br /> amount as is necessary to make each annual payment due under this LOAN CONTRACT, (ii)an assessment <br /> covenant;and(iii)annual financial reporting and(iv)an undivided one hundred percent(loo%)interest in <br /> Reservoir No.4(the 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 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 /> GWEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE L DAY OF L SrcttlAA/ 2016. <br /> (SEAL) ^, , <br /> BY: <br /> Signature <br /> ATTEST: <br /> J NAME: NEI..5 /!JELSP// <br /> BY: 3 . 4.+ A J i1 Jl t tit i,.z'I� <br /> Signature TITLE: <br /> NAME:SI4RAWE SEjlt,..JWE! DATE: eholiewite <br /> TITLE: �h�( <br /> DATE: `t��l d��0/ J <br /> Appendix 4 <br /> Page i of i <br />