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<br />Resolutions of the Shareholders of the
<br />SUMMIT RESERVOIR AND IRRIGATION COMPANY
<br />The Shareholders of the Summit Irrigation and Reservoir Company ("Company'), at a
<br />Shareholders' meeting held M�!'� �r ����- at Dolores, Colorado, adopted the following
<br />resolutions concerning an increase of $100,000 in the existing $200,000 loan from the Colorado
<br />Water Conservation Board (CWCB), for a loan total amount of $300,000, or such amount, more
<br />or less, as may be needed by the Company and available from the CWCB for up to 75% of the
<br />actual project costs, for the purpose of rehabilitation of the Company's system including the Dam
<br />on Summit Reservoir and the various collection and distribution canals.
<br />At said meeting, the Shareholders charged that these resolutions are irrepealable during
<br />the term of the loan and, pursuant to the Company's bylaws, authorized the Board of
<br />Directors and officers as follows:
<br />1. RESOLVED, to enter into an amended contract and promissory note with the Colorado
<br />Water Conservation Board for a loan in the amount of up to $300,000, or such actual
<br />amount, more or less, as may be needed by the Company and available from the CWCB,
<br />and to comply with all the terms of the amended loan contract, and
<br />2. RESOLVED, to make and levy assessments from the shareholders in an amount sufficient to
<br />pay the annual amounts due under the Amended Loan Contract, including, but not limited to,
<br />annual loan payments and deposits to the reserve debt service fund, and
<br />3. RESOLVED, to place assessment revenues pledged to make annual loan payments in a
<br />special account separate and apart from other ConnPaNY revenues, and
<br />4. RESOLVED, to make the annual payments in accordance with the loan contract, and
<br />5. RESOLVED, to make annual deposits to a reserve debt service fund in accordance with the
<br />loan contract, and
<br />6. RESOLVED, to obtain certificates of deposit to serve as collateral in the amount of one
<br />annual loan payment ($X) as security for the loan, and to execute an assignment of
<br />certi€ieate af deposit in accordance with the loan contract, ar�d
<br />7. RESOLVED, to execute a Security Agreement to secure the revenues to repay the loan, and
<br />8. RESOLVED, to take such other actions and to execute such other documents as may be
<br />necessary to consummate and implement the loan.
<br />CERTIFICATION
<br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE COMPANY, HEREBY CERTIFY
<br />THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE
<br />COMPANY�S SHAREHOLDERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S
<br />BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
<br />GIVEN UNDER QUR HANDS AND THE SEAL OF THE COMPANY THE s%
<br />(SEAL)
<br />By
<br />,Y OF r�� �1 , 200�
<br />es, President
<br />ATTEST:
<br />By
<br />� � �� ;�
<br />David V. Sanford, ecreta - Treasurer
<br />Appendix 1 a to Contract C153770 Amendment No. 1
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