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<br />. <br /> <br />. <br /> <br />RECEIVED <br /> <br />EXHIBIT C-l <br /> <br />SEP 1 6 '88 <br /> <br />13~~Q~IdIlQ~ <br /> <br />COLORADO WATER <br />CONSERV A rlON <br />BOARD <br /> <br />WHEREAS, the DeWeese-Dye Ditch & Reservo i r Company ( "the <br />Company, I. or "the Contractorll), a non-profit corporation <br />organized pursuant to the laws of the State of ColoradO, desires <br />to enter into a contract to borrow money from the State of <br />Colorado through the Colorado Water Conservation Board ("the <br />State') for the purpose of repairing and rehabilitating its <br />existing ditch system known as the DeWeese-Dye Ditch for the <br />benefit of company shareholders; and <br /> <br />WHEREAS, pursuant to the Articles of Incorporation and to <br />Article V Section No.s 3 and 4 of the BY-La~,O,Tf, the Company, the <br />Company has authority to enter into a ~, 't~~,to borrow money <br />and incur liability in the name of ~'" D~1f~,e,se-Dye Ditch &. <br />Reservoir Company if the,contract~ig~li;'t!"bi;jc4ts President and <br />lts Secretary, and provlded that a'~'lf;\!5ohlt'lOn!}jy the Board of <br />Directors shall first be dul~assed' at a', regdlar or a special <br />meeting of the Directors autho~~ng the ('~g:otiating for and the <br />~~~aining of a loan~\t~ cd(;mp~ny.';~:.J'~cint~act with the State; <br /> <br />~$\", "'~;'1 \ Hi;'Y <br />~7A i,7", " .;.r <br />WHEREAS, pursuant\>,t6.' the:"rticles of Incorporation and to <br />Article V Section No.':', 2 of tffe By-Laws of the Company, the <br />Company has the authority,yo levy assessments for the purpose of <br />maintaining the DeWeese~Dye Ditch and Reservoir system, and to <br />'make immediate expenditures of money to protect the interests of <br />Company shareholders, and to levy an assessment for the purpose <br />of discharging any lawful contract debt plus interest, and it is <br />the duty of the Board of Directors to make an estimate of Company <br />expense$ fOI each year and to make an assessment covering such <br />expenses in the manner provided in said Section 2; and <br /> <br />WHEREAS, pursuant to sections 37-60-119 and 37-60-120, <br />Colorado Revised Statutes, as amended, the State has the <br />authority to loan money to the Company by contract for the <br />purpose of repairing and rehabilitating the DeWeese-Dye Ditch <br />provided that the Company assures the repayment of the loan money <br />plus interest; and <br /> <br />WHEREAS, the Company and the State have negotiated a <br />contract for the loan of money to the Company, which contract <br />requires certain terms and conditions and complete repayment to <br />the State by the terms therein, and requires the Company to take <br />all acts necessary to lawfully enter into this contract and incur <br />this liability and assure repayment to the State, including: the <br />adoption of a resolution approving this contract; and the levy <br />of assessments to assure repayment of the contract; and the <br />execution of a security interest in such assessment revenues in <br />favor" of the State; and the setting aside of such assessment <br />revenues in a separate fund unavailable for any other uses. <br /> <br />EXHIBIT C-l <br />