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<br />, . <br /> <br />'. <br /> <br />. <br /> <br />. <br /> <br />.: . -. . ~;.. _ _'___~_ ,-..... . :i. '__ <br /> <br />.. .. .__~_.":' __ :' .,';.~,c..;.~;.;_;";__. ~_ ..~~ .". u __.-. .. _ '" ". ...; . _ _ .' . <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 COMPANY), at a meeting of the <br />Board of Directors held dd~,"bf'1- .:22 ,1994, atp./{:J/v/,; <br />Colorado, and this resolution is irrepeala5ie 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 assessment<Sl 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.,b,v, day of JIIr."II1A'r, 1994 <br /> <br />Beaver Reservoir Company <br /> <br />~~b' <br />'-~~ <br /> <br /> <br />~r-;-v <br /> <br />Title: <br /> <br /> <br />APPENDIX A <br />