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Resolutions of the Board of Directors of the Fort Lyon Canal Company <br /> The Board of Directors of Thc Fort Lyon Canal Company (Company), at a meeting held may 63 2017, at <br /> La 5 /1/7 ma 6, Colorado, adopted the following resolutions concerning a secured loan from the State of Colorado Water <br /> Conservation Board(CWCB),for the purpose of The Adobe Creek Dam Rehabilitation(Project), in an amount not to exceed$8,181,000.00 <br /> which includes the CWCB Origination Fee of I%of the Base Loan Amount. <br /> At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan and, pursuant to the <br /> Company's bylaws,authorized the President and Corporate Secretary,RESOLVED as follows. <br /> 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan in an amount not to exceed <br /> $8,181,000.00,as needed to finance the project costs,including the CWCB Origination Fee of 1%,and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts due under the Contract,and to <br /> pledge assessment revenues and the Company's right to receive said revenues for repayment oldie 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 service reserve fund,and <br /> 5. to pledge the assessment revenues backed by an assessment covenant and the Project itself, consisting of the Adobe Creek Dam <br /> Outlet Works,for the loan,and <br /> 6. to execute all documents as required by the Contract,including,but not limited to,a Promissory Note,Security Agreement and Deed of <br /> Trust,necessary to convey a security interest in said property to the CWCB,and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate and implement the loan. <br /> CERTIFICATION <br /> The undersigned,the President and the Corporate Secretary hereby certify that the foregoing arc true and correct copies of resolutions <br /> duly addpted at ameeting of the Company's Board of Directors duly called and held as above recited,pursuant to the Company's bylaws, <br /> an4Ihat said resolutions have not been amended or rescinded. <br /> ivcn under our hands and tSic.seal of the Company the 11 day of October 2017. <br /> -(SEAL) <br /> By: ?Atrsignature <br /> IST TEST <br /> Name: Phil Hemphill <br /> Bye __ zit' <br /> Signature Title: president_ <br /> Name: Dale Mauch Date: nc-toper 1 1 , 2017 <br /> Title: SPrrPt-ary <br /> Date: October 11, 2017 <br /> Appendix 4 <br /> Page zof2 <br />