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<br />;?) <br /> <br />RESOLUTION of the BOARD OF DIRECTORS <br />. ofthe ARISTOCRAT RANCHETTE WATER PROJECT, INC. <br /> <br />,.-'~. <br /> <br />Concerning a loan in the amount of $600.000 from the State of Colorado Water Conservation <br />Board (STATE), for the purpose of purchasing water units, the following resolutions were adopted <br />by the Board of Directors of the Aristocrat Ranchette Water Project, Inc. (ARISTOCRAT), at a Board <br />of Directors' meeting held April 3,1997, at Fort Lupton, Colorado. The Board of Directors, as <br />authorized by a vote of the members at a special meeting held February 2, 1996, hereby charge <br />that these resolutions be irrepealable durtng the life of the ioan and hereby authorize the <br />President and Secretary as follows: <br /> <br />1. RESOLVED, to enter Into a contract with the Colorado Water Conservation Board for a loan in <br />the amount of $600,000, and to comply with all the terms of the loan contract, and <br /> <br />2. RESOLVED, to make and levy assessments sufficient to pay the amounts for the annual loan <br />payment and the deposit to the reserve debt service fund due under the loan contract, and <br /> <br />3. RESOLVED, to place assessment revenues pledged to make annual loan payments and <br />annual deposits Into the reserve debt service fund in a special account separate and apart <br />from other COMPANY revenues, and <br /> <br />4, RESOLVED, to make annual payments and to make annual deposits to a debt service reserve <br />fund in accordance with the loan contract, and <br /> <br />5. RESOLVED, to execute deeds of trust and security agreements as security required by the <br />State In accordance with the loan contract, and <br /> <br />6. RESOLVED, to execute a security agreement to secure the revenues pledged to repay the <br />Joan, and <br /> <br />7. RESOLVED, to execute Q Promissory Note in accordance with the loan contract. <br /> <br />Adopted this 3"' day of April 1997. <br /> <br />Aristocrat Ranchette Water Project, Inc. <br />, <br /> <br />, i: ~., <br />...........'4)- .. <br />..' ~ .....~ <br />~ ".' <br />A. ...... <br />;... <br />"'-" :,.., <br />. <br /> <br />By <br /> <br /> <br />8r'" <br /> <br /> <br />Appendix A to Loan Contract #C153739 <br />