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Resolutions of the Board of Directors of the Trinchera Irrigation Company <br /> The Board of Directors of the Trinchera Irrigation Company, (Company),at a meeting held September 4, <br /> 2018,at 610 Main Street, Blanca,Colorado,adopted the following resolutions to modify the terms of Loan <br /> Contract No CT2018-3122 with the Colorado Water Conservation Board(CWCB),to increase the loan amount for <br /> the purpose of the Mountain Home Dam Outlet Rehabilitation Phase III (Project), in an amount not to exceed <br /> $756,490.00,which includes the CWCB Origination Fee of 1%of the Base Loan Amount. <br /> At said meeting,the Board charged that these resolutions are irrepealable during the term of the loan <br /> and,pursuant to the Company's bylaws, authorized the President and Corporate Secretary, RESOLVED as follows. <br /> 1.to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan in <br /> an amount not to exceed$756,490.00, as needed to finance the project costs, including the CWCB Origination Fee <br /> of 1%,and <br /> 2.to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts due <br /> under the 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 <br /> reserve fund,and <br /> 5.to pledge the assessment revenues backed by a rate covenant and the Mountain Home Reservoir Outlet <br /> Structure for the loan,and <br /> 6.to execute all documents as required by the Contract, including, but not limited to,a Promissory Note,Security <br /> 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 <br /> implement the loan. <br /> CERTIFICATION <br /> The undersigned,the President and the Corporate Secretary hereby certify that the foregoing are true and correct <br /> copies of resolutions duly adopted at a meeting of the Company's Board of Directors duly called and held as above <br /> recited, pursuant to the Company's bylaws,and that said resolutions have not been amended or rescinded. <br /> Given under our hands and the seal of the Company the „ •.y of / .t .I C 2018. <br /> (S E A L) <br /> Si:nature <br /> ATTEST: Name: t i ' <br /> By: � Title: p5ieleA) <br /> Y 7Xur /yam r f <br /> Name: i �y� , Date: n/ � <br /> ,„19 <br /> Title: r—t. 1.4i>✓ <br /> Date: /,' — —/2 <br /> APPENDIX D <br /> Page 1 of 2 <br />