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SANCHEZ DITCH AND RESERVOIR COMPANY <br /> RESOLUTION <br /> A RESOLUTION APPROVING AN AMENDMENT TO <br /> CWCB LOAN CONTRACT C150342 CMS No. 53629 <br /> WHEREAS, the Sanchez Ditch and Reservoir Company has determined that an increase <br /> to the loan contract total amount of its existing CWCB Loan Contract No. C150342 is necessary <br /> to complete the Sanchez Reservoir Outlet Rehabilitation Project as contemplated under the <br /> existing Loan Contract; and <br /> WHEREAS, the Sanchez Ditch and Reservoir Company has determined that an increase <br /> in the loan amount of$252,500 to fund the increased project costs and the 1% loan service fee is <br /> necessary to ensure the completion of the improvements contemplated by the original Loan <br /> Contract; and <br /> WHEREAS, the Sanchez Ditch and Reservoir Company submitted a written request for <br /> such an increase to the CWCB; and <br /> WHEREAS, the Sanchez Ditch and Reservoir Company and the CWCB have agreed to <br /> the terms of an amendment to the Loan Contract, as set forth in Amendment CMS NO. 71714; <br /> NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Sanchez Ditch <br /> and Reservoir Company, upon motion by Major Oringdulph and seconded by Jack Carter at a <br /> special stockholders meeting held August 4, 2014, and such motion carried unanimously, that: <br /> 1. This resolution is irrepealable for the term of the loan contemplated in the Loan <br /> Contract and any amendments thereto; and <br /> 2. The Sanchez Ditch and Reservoir Company is authorized, through its board of <br /> directors, to enter into the Contract Amendment set forth in Amendment CMS No. 71714 to <br /> borrow an additional loan amount ($252,500) to complete the Sanchez Reservoir Outlet <br /> Rehabilitation Project, thereby amending the total loan amount from $1,128,776 to $1,381,276, <br /> and to execute such documents as are necessary to enter into such Contract Amendment; and <br /> 3. The Sanchez Ditch and Reservoir Company is authorized, through its board of <br /> directors, to establish and collect assessments sufficient to pay the annual loan payments, and to <br /> pledge said assessments for repayment of the loan; and <br /> APPENDIX D <br />