C153857 Contract

• Contract/PO #: C153857
• Contractor Name: Western Mutual Ditch Company
• Contract Type: Loan
• Water District: 2
• County: Weld
• Bill Number: SPL
• Loan Projects - Doc Type: Contract Documents

,',' '1

RESOLUTION OF THE STOCKHOLDERS
OF THE WESTERN MUTUAL DITCH COMPANY

The Stockholders of the Western Mutual Ditch Company (Company), at a Stockholder's meeting held July 16,
1998 at Gilcrest, Colorado adopted the following resolutions concerning a loan in the amount of up to
$100,000.00 from the State of Colorado Water Conservation Board (State), for the purpose of rehabilitating
the Company's check dam on the South Platte River,

At said meeting, the Stockholders charged that these resolutions are irrepealable during the term of the loan
and pursuant to the Company's bylaws, authorized ihe Board of Directors and officers as follows:

1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water
Conservation Board for a loan in the amount of $100,000,00, and

2, RESOLVED, to levy and collect assessments from the shareholders in an amount sufficient to pay
the annual amounts due under the Loan Contract, and to pledge assessment revenues and the
Company's right to receive said revenues for repayment of the loan, and

3, RESOLVED, to place said revenues in a special account separate and apart from other Company
revenues, and

4, RESOLVED, to make annual payments required by the promissory note and to make annual deposits
to a debt service reserve fund, and

5, RESOLVED, to obtain a certificate of depos~ in the amount of one annual loan payment to serve as
collateral and to execute an Assignment of Certificate of Deposi~ and

6, RESOLVED, to execute all documents as required by the loan contrac~ including, but not limited to,
a Security Agreement, Assignment of Deposit Account as Security, and a Promissory Note, and

7. RESOLVED, to take such other actions and to execute such other documents as may be necessary
to consummate and implement the loan,

CERTIFICATION

The undersigned, respectively, the President and Secretary of the Company, hereby certify that the foregoing
are true and correct copies of resolutions duly adopted at a meeting of the Company's shareholders duly
called and held as above recited, pursuant to the Company's bylaws, and that said resolutions have not been
amended or rescinded,

"

Given under our hands and the seal of the Company the 16'" day of July, 1998.

ATTEST:

By
Frank Eckhardt, Jr" President

(Seal)

By~ D 0 j OIlt1(;(':A fh II jrw hrlJ
\. Corporate Secretary

F:\KIMlWESTERN,MUTIRES01

Appendix 1 (a) to Loan Contract C153857