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RESOLUTION of the BOARD OF DIRECTORS of SMITH IRRIGATION DITCH <br /> Concerning a loan in the amount of $50,000 from the State of Colorado Water Conservation <br /> Board ("CWCB") for the purpose of financing the construction of a new diversion structure on <br /> Elkhead Creek, the Board of Directors of Smith Irrigation Ditch ("the Company") adopted the <br /> following resolutions at a meeting held on � , 1997 at Craig, Colorado. The <br /> Board of Directors hereby charges that these resolutions shall be irrepealable for the term of <br /> the loan and hereby authorizes the President and Secretary as follows: <br /> 1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water <br /> Conservation Board for a loan in the amount of$50,000 ("Loan Contract"); and <br /> 2. RESOLVED, to levy and collect dues and assessments in an amount sufficient to pay the <br /> annual 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 from <br /> its members for repayment of the loan; and <br /> 3. RESOLVED, to place the dues and assessment revenues pledged to make annual loan <br /> payments in a special account separate and apart from other Company revenues; and <br /> 4. RESOLVED, to make annual loan payments in accordance with the promissory note and to <br /> make annual deposits to a debt service reserve fund as required by the Loan Contract; and <br /> 5. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of one <br /> annual loan payment as security for the loan, and to execute an assignment of certificate of <br /> deposit as required by the Loan Contract; and <br /> 6. RESOLVED, to execute a Deed of Trust to convey a security interest to the CWCB in the <br /> Company's new diversion structure; and <br /> 7. RESOLVED, to execute all other documents required by the Loan Contract, including, but <br /> not limited to, a Security Agreement and Assignment of Deposit Account as Security to <br /> secure the revenues pledged to repay the loan, and the Promissory Note. <br /> Adopted this - day ofck-- 1997. <br /> Smith Irrigation Ditch <br /> By ---/o%l, <br /> Keith Pankey, President <br /> SEAL <br /> ,;43A1 :0 ) <br /> By <br /> Julie Davidson, Secretary *FA: I <br /> Appendix 1 to Loan Contract C153787 <br />