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<br />contract repayment expense in its annual estimate of expenses <br />and shall make any additional assessments necessary to assure <br />repayment to the State as required by the contract in the manner <br />provided by law. <br /> <br />4. In the event of any default in repayment to the State, <br />as determined in writing by the State, the Company is authorized <br />to immediately take any lawful action to cure such default. The <br />Company is also authorized to take any other lawful action which <br />may be required by the Articles of Incorporation or By-Laws to <br />properly execute this contract and perform all the terms and <br />conditions thereof in a timely manner. <br /> <br />5. The Company is authorized to grant a security interest <br />in the form provided by the State and the revenues resulting <br />from the assessments levied for the purpose of repayment of the <br />contract loan to the State. Such security interest shall be <br />evidenced by an appropriate Security Agreement and Financing <br />Statement executed by the president or vice-president of the <br />Company and shall be deemed to include any future assessment <br />revenues obtained for repayment at the contract loan. The <br />Company shall ensure that the state has priority interest in <br />such revenues. <br /> <br />6. The Company is authorized to establish a separate fund <br />account in the Company name and in the name of liThe State of <br />Colorado for the Use and Benefit of the Colorado Water <br />Conservation Construction Fundl' at a State or National bank or <br />Savings and Loan Association insured by the Federal government, <br />and to deposit in such account all revenues resulting trom the <br />assessments made to repay the contract loan to the State and to <br />pay such monies to the State as required by the contract. The <br />Company shall ensure that these revenues are not used for any <br />other purpose. <br /> <br />The foregoing resolution was introduced, read, passed and <br />adopted at a regular or special meeting of the Overland Ditch <br />and Reservoir Company this la day of September, 1988. <br /> <br />~~~ h_ ZJ~ <br />D1rector <br /> <br />Dire~t1l /)~ <br />&aw (7 7iwJ,~__L1 <br />Director <br /> <br />IY:: ~ <br />Director <br /> <br />A~~ <br /> <br />~cn........~..~....... <br />Director CS <br /> <br />\ <br /> <br />-2- <br />