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4. The President and Secretary or Manager are authorized to <br />sign a security interest in such assessment revenues in favor of <br />the State of Colorado to secure the repayment. <br />PASSED this day of February, 1993. <br />The North Poudre Irrigation Company <br />By: <br />W'Oident <br />ATTEST: <br />O� ILIL <br />Secretary <br />avh:np.res <br />