CT2015-012 Amendment No. 2

• Contract/PO #: CT2015-012
• Contractor Name: Sanchez Ditch & Reservoir Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

Resolutions of the Board of Directors
of Sanchez Ditch and Reservoir Company
The Board of Directors of Sanchez Ditch and Reservoir Company(Company),at a meeting held March 7,2o18,at San
Acacia,Colorado,approved a modification to a loan from the Colorado Water Conservation Board(CWCB),authorizing the
form and execution of a loan contract amendment and the appendices thereto;pledging certain funds as security for the
repayment of amounts specified in the Loan Contract Amendment No.z.
At said meeting,the Board charged that these resolutions are irrepealable during the term of the loan and,pursuant to the
Company's bylaws,authorized the President and Corporate Secretary, RESOLVED as follows:
i. to modify the terms of the Loan Contract No.CTzo15-o12 with the Colorado Water Conservation Board,to increase the total
loan amount by$121,200.00 from$1,381,276.00 to$1,502,476.00,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 Amendment to Promissory Note and to make annual deposits to a debt service
reserve fund,and
5. to pledge the assessment revenues for debt service and the property of the Company described in Appendix 4 of the Original
Contract,as Collateral for the loan,and
6. to execute all documents as required, including the Loan Contract Amendment No. z and all Amendment Appendices,
including but not limited to,the Amended Promissory Note,Amended Security Agreement,and Amended Deed of Trust
necessary to convey a security interest in said property to the CWCB,and
7. to take such other actions and to execute such other documents as may be necessary to consummate and implement the loan.
Certification
The undersigned,the President and the Corporate Secretary hereby certify that the foregoing are true and correct copies of
resolutions duly adopted at a meeting of the Company's Board of Directors 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the Company's bylaws,and that said resolutions have not been amended or rescinded.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 day of March,2018.
(SEAL)
By
Signature
ATTEST:
Name: �� dV?
By ` �`� _'�� Title: / '%4i I
Signature
Date: I
Date: .5/Ar
Appendix E
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