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f <br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE <br />LOWER ARKANSAS WATER MANAGEMENT ASSOCIATION <br />Concerning a loan in the amount of up to $750, 000 from the State of <br />Colorado Water Conservation Board (hereafter referred to as the <br />State), for the purpose of making refundable down payments for the <br />purchase of water rights; the following resolutions were adopted <br />by the Board of Directors of The Lower Arkansas Water Management <br />Association (hereafter referred to as the Borrower), at a meeting <br />of the Board of Directors held ~i~„ljej- 2 1995, at <br />~,,,,~,- Colorado. <br />a. RESOLVED, that the Board of Directors hereby authorizes <br />the Borrower to contract for this loan debt, and authorizes <br />the President and the Secretary to pay the indebtedness on <br />behalf of the Borrower, and <br />b. RESOLVED, that the Board o.f Directors hereby authorizes <br />the Borrower to execute a Security Agreement required by the <br />State, as specified in the Security interest provisions of the <br />contract, and <br />c. RESOLVED, that the Board of Directors hereby authorizes <br />the Borrower to make and levy assessment(s) sufficient to pay <br />the interest on this contract loan pursuant to its terms and <br />to discharge this lawful indebtedness, and <br />d. RESOLVED, that the Board of Directors hereby authorizes <br />the Borrower to set aside this assessment revenue in a special <br />fund separate and apart from other Borrower revenues to assure <br />payment of this revenue to the State. <br />Dated this '~=~ day of ober 1995 <br />The Lower Arkansas Water Management <br />Association <br />B <br />Title. <br />ATTEST: <br />~~- <br />(Secretary) <br />APPENDIX B <br />