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<br />. <br /> <br />. <br /> <br />WHEREAS, the Company and the State desire to enter into a contract <br />for the loan of money to the Company, which contract will require the com- <br />plete repayment to the State by the terms therein, and will require the <br />Company to take all acts necessary to lawfully enter the contract and incur <br />the liability and assure repayment to the State, including: the adoption of a <br />resolution approving the contract; the levy of assessments to assure <br />repayment of the contract; the execution of a secu rity interest in such <br />assessment revenues in favor of the State; the setting aside of such <br />assessment revenues in a separate fund unavailable for any other uses; and <br />the execution of a deed of trust in the Project as security for the loan. <br />NOW, THEREFORE, BE IT RESOLVED BY THE SHAREHOLDERS OF THE <br />COMPANY that: <br />1 . The Company is authorized to sign a contract with the State to <br />borrow Eighty Thousand Dollars ($80,000.00) for the purpose of <br />repairing and rehabilitating the Dry Creek Syphon and protecting <br />the interest of the shareholders. <br />2. The President and the Secretary of the Company are authorized to <br />sign such a contract on behalf of the Company. <br />3. Assessments will be authorized to be levied in a timely manner and <br />in an amount sufficient to assure repayment to the State of the <br />contract loan debt plus interest according to the terms and con- <br />ditions of the contract. The Board of Directors will include the <br />contract repayment expense in its annual estimate of expenses. <br />4. In the event of any default in repayment to the State, as de- <br />termined in writing by the State, the Company is authorized to <br />immediately take any lawful action to cure such default. The <br />Company is also authorized to take any other lawful action which <br /> <br />2 <br />