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<br />. <br /> <br />e <br /> <br />RESOLUTION OF THE BOARD OF DIRECfORS <br />OF <br />BEAVER PARK WATER, INC. <br /> <br />Concerning a loan in ammount of $75,000 from the State of Colorado Water Conservation <br />Board (here after referred to as the State), for the purpose of conducting a feasibility study <br />for the repair of the Brush Hollow Dam; the following resolutions were (unanimously) <br />adopted by the Board of Directors, of Beaver Park Water, rnc, (here after referred to as the <br />Borrower), at a meeting of the Board of Directors held 2/28 , 1994 , at <br />Penrose , Colorado, <br /> <br />a. RESOLVED, that the Board of Directors hereby authorizes the Borrower to <br />contract for this loan debt, and authorizes the President and the Secretary to pay the <br />indebtedness on behalf of the Borrower, and <br /> <br />b, RESOLVED, that the Board of Directors hereby authorizes the Borrower to <br />execute the deed of trust as security required by the State, as specified in the Deed of <br />Trust provisions of this contract, and <br /> <br />c, RESOLVED, that the Board of Directors hereby authorizes the Borrower to make <br />and levy assessment(s) sufficient to payoff this contract loan pursuant to its terms and <br />to discharge this lawful indebtedness, and <br /> <br />d, RESOLVED, that the Board of Directors hereby authorizes the Borrower to set <br />aside this assessment revenue in a special fund separate and apart from other <br />Borrower revenues to assure repayment of this revenue to the State, and <br /> <br />e, RESOLVED, that the Board of Directors hereby authorizes the Borrower to sigil <br />a security interest in such assessment revenues in favor of the State to secure the <br />repayment. <br /> <br />Dated this 28 day of February, 199.!!.. <br /> <br /> <br />.' . <br /> <br />.' <br /> <br />.1 <br />.r <br />.: ~ <br /> <br />..I <br /> <br />-'- <br /> <br />Ilr <br /> <br />C:\wp51\IlEA VERPA.rco <br /> <br />APPENDIX B <br />