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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF THE NORTH POUDRE IRRIGATION COMPANY <br /> The Board of Directors of The North Poudre Irrigation Company, (Company), at a meeting held <br /> 914414-/ 2017, at , Colorado, adopted the following resolutions concerning a secured <br /> loan from the State of Colorado Water Conservation Board (CWCB), for the Mountain Supply Reservoir No.10 <br /> Repairs, (Project), in an amount not to exceed $499,950.00 which includes the CWCB LOAN ORIGINATION FEE of <br /> 1%of the BASE LOAN AMOUNT.The LOAN CONTRACT No.is CT2017-3641. <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 $499,950.00, 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 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 /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE /y DAY OF G�l'LIJI'Lf�. 2017. <br /> (SEAL) BY: <br /> Si ature <br /> ATTEST: <br /> NAME: 40/ZEIN L09/9- -41 BY: I <br /> Signature TITLE: RES!O a_.N.T <br /> NAMES QCOO 2-r DATE:9241A. Pi) aU/7 <br /> TITLE:C, POP14ThS&C/a7.4 7.4Z( <br /> !� Appendix 4 <br /> Page 1 of 1 <br />