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<br />,. <br /> <br />r. <br /> <br />NOW THEREFORE, BE IT RESOLveD BY THE BOARD OF DIRECTORS OF <br />THE COMPANY at a special meeting that: <br /> <br />1. <br /> <br />The DeWeese-Dye DitCh & Reservoir Company is authorized to <br />sign the attached contract ~ith the State to borrow One <br />Hundred Six Thousand Dollar6 ($106.000) in principal and to <br />repay a total amount of Two Hundred Forty-Seven Thousand <br />One Hundred Six Dollars and Eighty Cents ($247,106.80) on <br />the terms and conditions stated therein for the purpose of <br />repair and rehabilitation of the DeWeese-Dye Ditch. <br /> <br />2. <br /> <br />The President and the Secretary of the Company are <br />authorized to sign the contract on behalf of the Company. <br /> <br />3 . <br /> <br />An assessment is hereby autborized to be levied in a timely <br />manner and in an amount sufficient to assure repayment to <br />the State of the loan according to th~~~rms and conditions <br />of the contra~t. ,T~is contract 10jJl:f~eb'~~~ for the <br />purpose of ma1nta1n1ng the DeWe~we-~~,D1r-q,g. and of <br />protecting the interests of t~;~hareft~ldee~. and of <br />...-~.... ", ~:~ <br />disCharging this lawful contract\.:'d~bt\pl:psji1interest. The <br />Board of Directors shall i.nclude'this corltract repayment <br />expense in its annual estf~a~ Of\~xp~'ses and sball make <br />any additional asses,!;!!l,!,!ntsfneces"sary.7to assure repayment to <br />."'( -. "~'-l:\. .' . _ '.." <. .. <br />the ?tate.as r?qu~~d~D:Y t~~~c~~~~act. in the manner <br />provlded 1n sa 1d"Sect1on, 2 'of tdle BY-Laws. <br />-.::; -~. / 'I- <br /> <br />The Company is auth~~i'zed t~execute and perfect a security <br />interest in the form\provided by the State in the revenues <br />resulting from the as~~ssment(s) levied for the purpose of <br />repayment of the contract loan to the State. That security <br />interest shall be signed by the President and the <br />Secretary. That security interest shall be deemed to <br />include any future assessment revenues obtained for <br />repayment of the contract loan. The Company shall insure <br />that the State has priority interest in such revenues. <br /> <br />In the event of any default in repayment to the state, as <br />determined in writing by the State. the Company is <br />authorized to immediately take any lawful action to cure <br />such default. The Company is also authorized to take any <br />other lawful action which may be required by the Articles <br />of Incorporation or By-Laws to properly execute this <br />contract and perform all the terms and conditions thereof <br />in a timely manner. <br /> <br />4 . <br /> <br />5. <br /> <br />6. <br /> <br />The Board of Directors is authorized to execute a warranty <br />deed which conveys to the State an undivided fifty percent <br />of project assets as follows: <br /> <br />-2- <br />