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<br />_.-.- .-.----. <br /> <br />, , <br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />..--.-..--...-.... ...... ..-....... ..._-.~.-._---_........ ....- <br /> <br />... ... ..- ~.. ........;.~.....~:..~.;.;...;......--~._,,- ~-_... ..:...:..-.._~._.. .,. . <br /> <br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE BEAVER RESERVOIR COMPANY <br /> <br />concerning a loan in amount of $373,000 from the State of Colorado Water <br />Conservation Board (hereafter referred to as the STATE>, for the purpose of <br />rehabilitation of Beaver Reservoir and refinancing FmHA loans, the following <br />resolutions 'were (unanimously) adopted by the Board of Directors of Beaver <br />Reservoir Company (hereafter referred to as the COMPA~ at a meeting of the <br />Board of Directors held ~ v<."/', Im- :22 , 1994, at:!::!!.!? /1/ /r; , <br />Colorado, and this resolution is irrepealable during the life of th~ loan. <br /> <br />a. RESOLVED, that the Board of Directors hereby authorizes the COMPANY to <br />contract for this loan debt, and authorizes the President and Secretary to <br />pay the indebtedness on behalf of the CoMPANY. and <br /> <br />b. RESOLVED, that the Board of Directors hereby authorizes the COMPANY to <br />, execute the deed of trust as security required by the STATE, as specified In <br />the Security Interest provisions of this contract, and . <br /> <br />,c. RESOLVED, that the Board of Directors hereby authorizes the COMPANY to <br />make and levy assessmentCS) sufficient to payoff the contract loan pursuant <br />to Its terms and to discharge this laWful Indebtedness, and <br /> <br />d. RESOLVED, that the Board of Directors hereby authorizes the COMPANY to <br />set aside this assessment revenue In a special fund separate and apart from <br />other CoMPANY revenues to assure repayment of this revenue to the STATE, <br />and <br /> <br />e. RESOLVED, that the Board of Directors hereby authorizes the COMPANY to <br />, sign a security interest In such assessment revenues In favor of the STATE to <br />secure the repayment <br /> <br />Dated this ;L),,,,. day of ~t/("It1kr, 1994 <br /> <br />Beaver Reservoir Company <br /> <br /> <br /><---1,~ ' C) J--' <br />BY? ;:t/ '~r~,-;--u <br />Title: ~,.- 1'"/''' v/ . <br /> <br /> <br />~ <br /> <br />APPENDIX A <br />