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M e <br /> RESOLUTION of the BOARD OF DIRECTORS <br /> of the EXCELSIOR IRRIGATING COMPANY <br /> At its January 28, 1998 meeting, the Board of Directors 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 /> At the Board of Directors meeting held on April j i , 2000, the Board of Directors adopts the <br /> following and hereby charges that these resolutions be irrepealable during the life of the loan <br /> and hereby 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 pledged to make annual loan payments in a <br /> special account separate and apart from other COMPANY revenues, and <br /> 4. RESOLVED, to make annual loan payments and annual- 0v A•.�its� o . +ebt service <br /> 'i <br /> reserve fund in accordance with the Loan Contract, and , ` '7 >r <br /> i ' <br /> 5. RESOLVED, to execute the Promissory Note as required by the terms of the loan <br /> contract, and -F,.,,,-,1, <br /> ,, ` 1174s17 <br /> 6. RESOLVED, to execute the Deed of Trust, Security Areemdrit, aril -t' '••'`- ent of <br /> Deposit Account as Security to convey security interests to the STATE in accordance with <br /> the Loan Contract, and <br /> Adopted this I1 day of April 2000. <br /> The Excelsior Irrigating Company <br /> By e?. I—o <br /> C.R. Evans, President <br /> ATTEST: <br /> By cc kt,;,3- <br /> Erin Evans, Corporate Secretary <br /> Appendix 1(b) to Loan Contract C153797 <br />