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<br />."," <br />, . } <br /> <br />RESOLUTION of tbe SHAREHOLDER <br />of the ARISTOCRA T RANCHETTE WATER PROJECT, INe. <br /> <br />Concerning a loan in the amount of $600,000 from the State of Colorado Water Conservation <br />Board (S TATE), for the purpose of purchasing water units, the following resolutions were <br />adopted by the Shareholder of Aristocrat Ranchettes Water Project, Inc. (ARISTOCRAT), <br />at a Special Shareholder's Meeting held February 2, 1996, hereby charge that these <br />resolutions be irrepealable during the life of the loan and hereby authorize the President and <br />Secretary as follows: <br /> <br />1. RESOLVED, to enter into a contract with the Colorado Water Conservation Board <br />for a loan in the amount of $600,000, and to comply with all the terms of the loan <br />contract; and <br /> <br />2. RESOLVED, to make and levy asses~ments sufficient to pay the amounts for the <br />annual loan payment and the deposit to the reserve debt service fund due under the <br />loan contract, and <br /> <br />3. RESOLVED, to place assessment revenues pledged to make annual loan payments <br />and annual deposits into the reserve debt service fund in a special account separate <br />and apart from other ,COMPANY revenues, and <br /> <br />4. RESOLVED, to make annual payments and to make annual deposit to a debt service <br />reserve fund in accordance with the 10jlll contract, and <br /> <br />5. RESOLVED, to execute deeds of trust and security agreements as security required <br />by the State in accordance with the loan contract, and <br /> <br />6. RESOLVED, to execute a security agreement to secure the revenues pledged to repay <br />the loan, and <br /> <br />7. RESOLVED, to execute a Promissory Note in accordance with the loan contract. <br /> <br />Adopted as of the Shareholder's MeetiI1g on February 2, 1996. <br /> <br />." '. ..f t1f.... <br />" *' ....:r-'1'. <br />" ." <br />3IJ:J1L)~ <br />,.. "'- . '" <br />. ~ -" ~......, <br />. IO_~'..."'Y <br />. .-...' <br />. ......~)~'\ <br /> <br />ARISTOCRAT RANCHETTES WATER <br />PROJECT, INe. <br /> <br /> <br />Appendix A to Loan Contract #C153739 <br />