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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF GRAND VALLEY WATER USERS ASSOCIATION <br /> ,I The Board of Directors of Grand Valley Water Users Association, (Company), at a meeting held <br /> K�✓ /0,2016,at 6.Lf )u4 c7F 1i 6 Colorado,adopted the following resolutions concerning a secured loan <br /> from the State of Colorado Water Conservation Board (CWCB), for the Government Highline Canal Lining <br /> ("PROJECT"). As part of the Roller Dam Rehabilitation, this PROJECT will line the first 500 feet of canal <br /> immediately below the Roller Dam.The total loan amount,not to exceed$151,500.00,includes the CWCB Loan <br /> Origination Fee of i%of the Base Loan Amount.The LOAN CONTRACT NUMBER is CT2017-2258. <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, RESOLVED <br /> 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 $151,500.00, 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 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 as COLLATERAL, for the LOAN, the Company's, assessment revenues backed by an assessment <br /> covenant and evidenced by an annual financial reporting,and <br /> 6. to execute all documents as required by the LOAN CONTRACT, including, but not limited to, a PROMISSORY <br /> NOTE and SECURITY AGREEMENT,necessary to convey a security interest in said to the CWCB,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 /a DAY OF /lib(/L1Y1 2- 2016. <br /> (SEAL) f <br /> BY: .`C- <br /> Signature <br /> ATTEST: rr__ <br /> AME: JO-Cae In C- et`k1sr <br /> l <br /> BY:�� - 'i 0'"—? <br /> Signature TITLE: Frei'k ,It <br /> NAME: , / 4'1 4l 7(50P( DATE: / se—PePM. <br /> TITLE:cc eCI tca" <br /> DATE: `j /'o/ G_ 040 <br /> Appendix 4 <br /> Page 1 of <br />