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APPENDIX D <br /> RESOLUTION OF THE BOARD OF DIRECTORS OF <br /> THE TUNNEL WATER COMPANY <br /> AUTHORIZING AMENDMENT <br /> TO INCREASE CWCB LOAN <br /> A meeting of the Board of Directors of the Tunnel Water Company (the "Company"), <br /> called in accordance with Section II of the Company's Bylaws, was held on February 8, 2018 at <br /> the Company offices. A quorum was present. <br /> At the meeting,the Board discussed the status of the Colorado Water Conservation Board <br /> ("CWCB") Loan secured in October of 2015. This is CWCB Loan Number CT2016-2001 with <br /> an original loan balance of $1,111,000.00. The current balance of the loan is approximately <br /> $750,000.00. The Board also discussed work needed to maintain, repair and improve the <br /> facilities. It was noted that in order to proceed with the work, the Company would need to <br /> increase the loan balance to approximately $1,700,000.00. The understanding of the Board is <br /> that the CWCB is willing to amend loan number CT2016-2001 to increase the loan balance <br /> accordingly. <br /> It was determined that the Company proceed with amending CWCB Loan Number <br /> CT2016-2001. Following such discussion, and upon motion made and duly seconded,the Board <br /> resolved the Company make application to the CWCB for the amended loan and complete the <br /> required loan contract, promissory note, security agreement, and deed of trust for the amended <br /> loan. It was also resolved by the Board to execute the required resolutions required by the <br /> CWCB as part of the loan contract as well as to secure approval and execution of the resolution <br /> required by the CWCB for the shareholders of the Tunnel Water Company. A sample of the <br /> CWCB resolutions for the Board and shareholders are attached hereto and are hereby authorized <br /> to be executed in substantially the same form. <br /> I hereby certify that the foregoing resolution of the Board of Directors of the Tunnel <br /> Water Company was duly adopted by said Board,as above set forth. <br /> Dated this 8th day of February,2018 <br /> The Tunnel Water Company <br /> By: Keith Amen, resident <br /> ATTEST: <br /> The Tunnel Water Company <br /> By: Heather Thiede, Secretary <br /> APPEEIDIX D <br /> Page 1 of 1 <br />