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<br />II <br /><, <br /> <br />..- <br /> <br />.-~ <br /> <br />1 <br /> <br />CORPORATE RESOLUTION <br /> <br />\'lHEREAS, the STEWART DITCH AND RESERVOIR COMPANY sustained <br />substantial damage to its ditch and irrigation system as a result <br />of a mud slide on or near Lennox /1esa in Delta County, Colorado; <br />and <br /> <br />WHEREAS, the Board of Directors of said corporation, <br />with the informal approval of an overwhelnung majority of the <br />stockholders of the corporation, have determined the need to <br />obtain f~nancing for the repair and restoration of the damaged <br />irrigation system; and <br /> <br />WHEREAS, the State of Colorado, acting through its Natural <br />Resources Department (Colorado Water Conservation Board) has pro- <br />posed a contract dated September 15, 1986, for the loan of $240,000 <br />on terms deemed favorable to the corporation by its board of <br />directors; <br /> <br />IT IS THEREFORE RESOLVED that the Stewart Ditch and <br />Reservoir Company be and the same is hereby authorized to contract <br />for indebtedness not to exceed the sum of $240,000.00 on the terms, <br />conditions, rate of interest, and provisions for repayment speci- <br />fied by the aforementioned contract with the State of Colorado <br />dated September 15, 1986, a complete copy of which is attached <br />hereto. <br /> <br />IT IS FURTHER RESOLVED that the President of the corpora- <br />tion, Norman E. Smith, and the Secretary of the corporation, <br />Dolores A. Burns, be and are hereby authorized to execute said <br />contract on behalf of the corporation and to further execute any <br />related documents that may be approved by the corporation's attorney <br />Brown and Brown of Delta, Colorado. <br /> <br />SECRETARY'S CERTIFICATE OF RESOLUTION <br /> <br />I, Dolores A. Burns, certify that I am the secretary of <br />the Stewart Ditch and Reservoir Company, a Colorado corporation, <br />and that the foregoing Resolution was unanimously adopted by all <br />five members of the present board of directors of said corporation <br />at a special meeting held at the office of the corporation on <br />September 21, 1986. ,,,"""". <br /> <br />~tl.(/ ),<~, 1\,:,>: :'; . <br />. .t:J~ -' ." ,>:...". ""..< <br />.: .' :........... " <br />Dolores A. Burns, Secreta;I:y';'.:,~. ".-' <br />: ~. t . ~": ~.)~ ~~.~ .[~: ; ;\, <br /> <br />," . ". o..'~' ..... . : ",' J <br /> <br />. , " <br />(: .~')' ',;:.')' ~ \ " '- <br /> <br />. '. <br /> <br />" <br /> <br />"1'1" " <br />