PROJ00303

• Contract/PO #: C153571
• Contractor Name: Morrison Consolidated Ditch Company
• Contract Type: Loan
• Water District: 9
• County: Jefferson
• Bill Number: SB 87-15
• Loan Projects - Doc Type: Contract Documents

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EXHIBIT B

RESOLUTION THE BOARD OF DIRECTORS OF
MORRISON CONSOLIDATED DITCH COMPANY

WHEREAS, the Morrison Consolidated Ditch Company (the "Company"),

a non-profit corporation organized pursuant to the laws of the State of

Colorado, desires to enter into a contract to borrow money from the State of

Colorado through the Colorado Water Conservation Board ("the State") for
the purpose of replacing the Dry Creek Syphon for the benefit of Company

Shareholders; and

WHEREAS, pursuant to the Articles of I ncorporation and to Article IV,

Sections 1 and 3; Article V, Section 3; Article I X, Section 1 and Article X II,

Section 1 of the By-laws of the Company, the Board of Directors (the

"Board") has authority to enter a contract to borrow money and incur Iiabil-

ity in the name of the Morrison Consolidated Ditch Company if the contract

is signed by its President and Secretary, and provided that a resolution by

the Shareholders shall first be duly passed at a regular or a special meeting

of the Shareholders .authorizing the obtaining of a loan by the Company by

contract with the State; and

WHEREAS, pursuant to the Articles of Incorporation and Article IX of

the By-laws of the Company, the Company has the authority to levy assess-
ments for the purpose of maintaining and replacing the Dry Creek Syphon
and for the purpose of discharging any lawful contract debt plus interest for

such replacement;

WHEREAS, the Company and the State desire to enter into a contract

for the loan of money to the Company to be used to maintain and replace the

Dry Creek Syphon, which contract will require the complete repayment to

the State by the terms therein, and wi II requi re the Company to take all acts

EXHIBIT B