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<br />Resolutions of the Board of Directors o� the
<br />SUMMIT RESERVOIR AND IRRIGATION COMPANY
<br />The Board of Directors of the Summit Irrigation and Reservoir Company (Company), at a meeting
<br />held MY��c f � , 200�, at Dolores, Colorado, adopted the following resolutions concerning
<br />an increase of $100,000 in the existing $200,000 loan from the Colorado Water Conservation Board
<br />(CWCB), for a loan total amount of $300,000, or such actual amount, more or less, as may be needed
<br />by the Company and available from the CWCB for up to 75% of the actual project costs, for the
<br />purpose of rehabilitation of the Company's system including the Dam on Summit Reservoir and the
<br />various collection and distribution canals.
<br />At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan and,
<br />pursuant to the Company's bylaws, authorized the President and Corporate Secretary as follows:
<br />1. RESOLVED, to enter into an amended contract and promissory note with the Colorado Water
<br />Conservation Board for a loan in the amount of up to $300,000, or such actual amount, more or
<br />less, as may be needed by the Company and available from the CWCB for up to 75% of the
<br />actual project costs, 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.
<br />C�
<br />�.
<br />RESOLVED, to place assessment revenues pledged to make annual loan payments in a
<br />special account separate and apart from other CoMPatvY revenues, and
<br />RESOLVED, to make the annual payments in accordance with the loan contract, and
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<br />loan contract, and
<br />6. RESOLVED, to obtain certificates of deposit to serve as collateral in the amount of one annual
<br />loan payment ($16,826.29) as security for the loan, and to execute an assignment of certificate
<br />of deposit in accordance with the loan contract, and
<br />7. RESOLVED, to execute an Amendment to Security Agreement to secure the revenues to repay
<br />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, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT THE
<br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S
<br />BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND THAT
<br />SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.
<br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE l s
<br />(SEAL)
<br />ATTEST:
<br />° �
<br />By �CGL� c�
<br />David V. Sanford, Secretary-Treasurer
<br />�
<br />DAY OF � � , 200 z.
<br />! i���
<br />�ike s, President
<br />Appendix 1 b to Contract C153770 Amendment No. 1
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