C150118 Paid in Full Contract

• Contract/PO #: C150118
• Contractor Name: The Kern Resevoir and Ditch company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE SHAREHOLDERS
OF KERN RESERVOIR AND DITCH COMPANY
The Shareholders of the Kern Reservoir and Ditch Company.,(Company), at a
Shareholders' meeting held /Y)� T; 2003, at 575° U�',,1 'Y; Colorado,
adopted the following resolutions conc ening a secured loan from th Sta e of Colorado Water
Conservation Board (CWCB), for the rehabilitation of Kern Reservoir, in the amount of
$3,620,000 or such actual amount, more or less, as may be needed by the Company and
available from the CWCB.
At said meeting, the Shareholders charged that these resolutions are irrepealable during
the term of the loan and, pursuant to the Company's bylaws, authorized the Board of Directors
and officers, RESOLVED as follows:
1. to enter into and comply with the terms of a contract with the Colorado Water Conservation
Board for a loan in the amount of $3,620,000, or such actual amount, more or less, as
needed to finance the project costs, and
2. to levy and collect assessments from the shareholders in an amount sufficient to pay the
annual amounts due under the Loan Contract, and to pledge assessment revenues and the
Company's right to receive said revenues for repayment of the loan, and
3. to place said pledged revenues in a special account separate and apart from other
COMPANY revenues, and
4. to make the annual payments required by the promissory note and to make annual deposits
to a debt service reserve fund, and
5. to execute a deed of trust to convey a security interest to the CWCB in the Company's Kern
Reservoir, and
6. to execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promissory Note, and
7. to take such other actions and to execute such other documents as may be necessary to
consummate and implement the loan.
,'•` 1z',•, CERTIFICATION
fes_
IHE UNbERSIGN'ED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY
CCRTIFY_THAJ THE.FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A
METI'(G*OF+TH COMPANY'S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT
TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 7 AY OF 4941 2003.
By .tet' 74/7,r%-( / )/!(
-
( SEAL ) W. WayrSe Miller, President
ATEST.
(.__;
By -- it, a.
, /- ,v
Julie C ester, Corporate Secretary
Appendix 3a to Loan Contract C150118