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APPENDIX 4-RESOLUTIONS <br /> RESOLUTIONS OF THE SHAREHOLDERS of the Chilcott Ditch Company <br /> The Shareholders of the Chilcott Ditch Company,(Company)at a Shareholders' meeting held July 25,2018,at <br /> Fountain, Colorado, adopted the following resolutions concerning a secured loan from the State of Colorado Water <br /> Conservation Board (CWCB), for the purpose of the Chilcott Augmentation Station (Project), in an amount not to <br /> exceed$505,000.00 which includes the CWCB Loan Origination Fee of 1%of the Base Loan Amount. <br /> At said meeting, the Shareholders charged that these resolutions are irrepealable during the term of the <br /> loan and, pursuant to the Company's bylaws, authorized the Board of Directors and officers, RESOLVED as <br /> 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 <br /> amount not to exceed $505,000.00, as needed to finance the project costs, including the CWCB Loan Origination <br /> 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 <br /> the Loan Contract, and to pledge assessment revenues and the Company's right to receive said revenues for <br /> repayment of the 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 <br /> fund,and <br /> 5. to pledge(i)an irrevocable(but not exclusive)pledge to the CWCB of the assessment revenues in such amount as is <br /> necessary to make each annual payment due under this Loan Contract,(ii)an assessment covenant;and(iii)annual <br /> financial reporting and (iv) an undivided one hundred percent (100%) interest in the Augmentation Station <br /> Structure,and <br /> 6. to execute all documents as required by the Loan Contract, including, but not limited to, a Promissory Note, <br /> Security Agreement and Deed of 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 <br /> the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, RESPECTIVELY,THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY THAT THE <br /> FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S <br /> SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND THAT <br /> SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 25TH DAY OF JULY,2018. <br /> (SEAL) <br /> A1TEST: <br /> BY: ✓ BY: `��, �'� <br /> / S nate Signature <br /> NAME:MIKE FINK NAME: James W.Taylor <br /> TITLE:SECRETARY TITLE: PRESIDENT <br /> DATE: 7-25-2018 DATE: 7-25-2018 <br /> Appendix 4 <br /> Page 1 of 2 <br />