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0 <br /> RESOLUTION OF THE SHAREHOLDERS <br /> OF THE EXCELSIOR IRRIGATING COMPANY <br /> At its January 28, 1998 meeting, the Shareholders of the Excelsior Ditch Company <br /> (Company) approved obtaining a loan in the amount of $230,000 from the State of Colorado <br /> Water Conservation Board (STATE) to finance Phase II of the rehabilitation of Excelsior Ditch. <br /> The cost of the project has been estimated to cost the Company an additional $21 ,125 and <br /> the State has agreed to increase the loan amount by the same amount. <br /> The Shareholders, at the annual meeting held on April 1), 2000, adopted the following and <br /> hereby charges that these resolutions be irrepealable during the life of the loan and hereby <br /> authorizes the President and Secretary as follows: <br /> 1. RESOLVED, to enter into and comply with the terms of a loan contract with the Colorado <br /> Water Conservation Board for a loan in the amount of $251 ,125 ("Loan Contract"), and <br /> 2. RESOLVED, to levy and collect assessments in an amount sufficient to pay the annual <br /> amounts due under the Loan Contract, including deposits to the reserve debt service <br /> fund, and to pledge those revenues and the Company's right to receive said revenues <br /> from its shareholders for repayment of the loan, and <br /> 3. RESOLVED, to place assessment revenues pledge,•:. • .k%. . ual loan payments in a <br /> special account separate and apart from other'COM .. ` e , d <br /> 4. RESOLVED, to make annual loan paymer►fts and annual .eposits to a debt service <br /> reserve fund in accordance with the Loan Co d r _. <br /> 5. RESOLVED, to execute the Promissory NI s =j,. s of the loan <br /> contract, and <br /> 6. RESOLVED, to execute the Deed of Trust, Security Agreement, and Assignment of <br /> Deposit Account as Security to convey security interests to the STATE in accordance with <br /> the Loan Contract, and <br /> Adopted this 1 I day of April 2000. <br /> The Excelsior Irrigating Company <br /> By <br /> C. R. Evans, President <br /> ATTEST: <br /> By t.uwk_ <br /> Erin Evans, Secretary <br /> Attachment 1(a) to Contract C153797 Amendment No. 1 <br />