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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF THE NORTH POUDRE IRRIGATION COMPANY <br /> The North Poudre Irrigation Company has requested an increase to its existing CWCB Loan <br /> Contract No. CT2017-3641 for the Mountain Supply Reservoir No. 10 Repairs (Project). The <br /> Project is to rehabilitate Reservoir No. 10. The requested increase and loan amount is due to the <br /> final design and bids received. This request increases the existing CWCB loan amount from <br /> $499,950.00 to $802,950.00. This is an increase of $303,000.00 including a loan service fee of <br /> 1%. <br /> The Board of Directors of The North Poudre Irrigation Company (Company), at a meeting <br /> held on December 2017, at 3729 Cleveland Avenue, Wellington, Colorado adopted the <br /> following resolutions concerning a secured loan from the State of Colorado Water Conservation <br /> Board (CWCB), which original loan is dated March 27, 2017 under Loan Contract No. CT2017- <br /> 3641, in the original amount of$499,950.00. This Amendment No. 1 is identified as Loan Contract <br /> No. CT2017-3641 (CMS 105995). <br /> At said meeting, the Board charged that these resolutions are irrepealable during the <br /> term of this loan and, pursuant to the Company's bylaws, authorized the President and Corporate <br /> Secretary, RESOLVED as follows: <br /> 1. to enter into and comply with the terms of Amendment No. 1, Loan Contract <br /> CT2017-3641 (CMS 105995) with the Colorado Water Conservation Board for a loan in the <br /> amount of $802,950.00 or such actual amount, more or less, as needed to finance the project <br /> costs, including the CWCB loan origination fee of 1%; and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to <br /> pay the annual amounts due under the LOAN CONTRACT AMENDMENT, and to pledge <br /> assessment revenues and the Company's right to receive said revenues for repayment of the <br /> loan; and <br /> 3. to place said pledged revenues in a special account separate and apart from other <br /> Company revenues; and <br /> 4. to make the annual payments required by the AMENDMENT TO PROMISSORY <br /> NOTE and to make annual deposits to a debt service reserve funds; and <br /> 5. to pledge as COLLATERAL, for the loan the Company's assessment revenues <br /> backed by a rate and covenant and an undivided one hundred percent (100%) interest in the <br /> MOUNTAIN SUPPLY RESERVOIR NO. 10 REPAIRS; and <br /> 6. to execute all documents are required by the LOAN CONTRACT AMENDMENT <br /> including, but not limited to an AMENDMENT TO PROMISSORY NOTE,AMENDMENT TO SECURITY <br /> APPENDIX D <br />