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<br />- <br /> <br /> <br /> <br />RESOLUTIONS OF THE BOARD OF DIRECTORS <br />OF THE GLENWOOD IRRIGATION COMPANY <br /> <br />The Board of Directors of The Glenwood Irrigation Company (Company), at a meeting <br />held NO-{f2:-m~GfL -z...-, 2002, at Glenwood Springs, Colorado, adopted the following <br />resolutions conceming a secured loan from the State of Colorado Water Conservation Board <br />(CWCB), for the purpose of rehabilitation of the. Glenwood Ditch siphon, in the amount of <br />$386,000 or such actual amount, more or less, as may be needed by the Company and <br />available from the CWCB. <br /> <br />At said meeting, the Soard charged that these resolutions are irrepealable during the term of <br />the loan and, pursuant to the Company's bylaws, authorized the President and Corporate Secretary, <br />RESOLVED as follows. <br /> <br />1. To enter into and comply with the terms of a contract with the Colorado Water Conservation <br />Board for a loan in the amount of $386,000, or such actual amount, more or less, as needed <br />by the Company for the Project and available from the CWCS, and <br /> <br />2, To levy and collect assessments from the Stockholders in an amount sufficient to pay the <br />annual amounts due under the Loan Contract, and to pledge assessment revenues and the <br />Company's right to receive said revenues for repayment of the loan, and. <br /> <br />3. To place said pledged revenues in a special account separate and apart from other COMPANY <br />revenues, and <br /> <br />4, To make the annual payments required by the promissory note and to make annual deposits <br />to a debt service reserve fund, and <br /> <br />5, To execute a deed of trust to convey a security interest to the CWCS in the siphon.owned by <br />the Company, and <br />6, To execute all documents as required by the loan contract, including, but not limited to, a <br />Security Agreement and a Promissory Note, and . <br /> <br />7. To take such other actions and to execute such other documents as may be necessary to <br />consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT <br />THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE <br />COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S. <br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE "Z..tfj)pAY OF i\ldr{ E:4'116~002. <br /> <br />By -t?~.1'C1- . <br /> <br />(S E A L) Carter T,~Ck~, President <br /> <br />A~: <br /> <br />BY~ Jt. <br />Raymond . Thompson, Corporate Secr tary <br /> <br /> <br />Appendix 3b to Loan Contract No. C150106 <br />