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I I I I I I I I I I I I I I I I I I I RESOLUTION OF THE STOCKHOLDERS OF THE WOOD LAKE MUTUAL WATER AND IRRIGATION COMPANY Concerning a loan in the amount of $188,000.00 from the State of Colorado Water Conservation Board (State), for the purpose of rehabilitating the Wood Lake Dams and appurtenant structures, the following resolutions were adopted by the Stockholders of the Wood lake Mutual Water and Irrigation Company (Company), at the Stockholders annual meeting held January 8, 1997 at Eaton, Colorado. The Stockholders hereby charge that these resolutions be irrepealable during the life of the loan and hereby authorize the Board of Directors as follows: 1, RESOLVED, to contract with the Colorado Water Conservation Board for a loan in the amount of $188,000.00 and to comply with all the terms of the proposed loan contract, and 2, RESOLVED, to make and levy assessments sufficient to pay the amounts for the annual loan payment and the deposit to the reserve debt service fund due under said loan contract, and 3. RESOLVED, to place assessment revenues pledged to make annual loan payments and to make annual deposits to the reserve debt service fund in a special account separate and apart from other Company revenues, and 4. RESOLVED, to make annual payments in accordance with said loan contract, and, to make annual deposits to the reserve debt service fund in accordance with said loan contract, and 5. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of one annual loan payment ($10,544.47) as security for said loan, and to execute an assignment of certificate of deposit in accordance with said loan contract, and 6. RESOLVED, to execute a security agreement to secure the revenues pledged to repay said loan. Adopted this 8th day of January, 1997, WOOD LAKE MUTUAL WATER AND IRRIGATION COMPANY By//J.({(_~:.e'h *1'#!?,J Ruben Hergert, President ATTEST By: () lei!..L' !3 Otl.Lf :.JPl '(,'iell;