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;"` :1 <br />RESOLUTION of the BOARD OF DIRECTORS of the <br />SUMMIT RESERVOIR AND IRRIGATION COMPANY <br />Concerning a loan in amount of 5200,000 from the State of Colorado Water Conservation <br />Board ISTATE) for the purpose of rehabilitation of the system including the Summit <br />Reservoir dam and the various coliection and distribution canals, the following resolutions <br />were adopted by the Board of Directors of the Summit Reservoir and Irrigation Company <br />(COMPANY) at their meeting held .�qr� 4,; , 1997, at Dolores, Colorado. The <br />Board of Directors hereby charges that these resolutions be irrepealable during the life of <br />the loan and hereby authorizes the President and Secretary as followss <br />1. RESOLVED, to enter into a contract with the Colorado Water Conservation Board for a loan <br />in the amount of $200,000, and to comply with aii the terms of the loan contract, and <br />2. RESOLVED, to make and levy assessments sufficient to pay the annual amounts due <br />under the loan contract inciuding, but not limited to, annual loan payments and deposits to <br />the reserve debt service fund, and <br />3. RESOLVED, to place assessment revenues pledged to make annual loan payments in a <br />speciai account separate and apart from other ConnaaNV revenues, and <br />4. RESOLVED, to make 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 a certificate of deposit to serve as collateral in the amount of one <br />annual loan payment ($11,217.52) as security for the loan, and to execute an assignment of <br />certificate of deposit in accordance with the loan contract, and <br />7. RESOLVED, to execute a Security Agreement and an Assignment Of Deposit Account As <br />Security to secure the revenues pledged to repay the loan. <br />Adoptedthis l"u��i dayof�-�UC��rS� 1997. <br />Summit Reseyyoir and Irrigatig� Company <br />��.��1�1/<%� <br />ATTEST: � , <br />( ; � ;. <br />By %��c,C-t-cz �JACI�.��"`�! <br />David V. Sanford, Secre ary-Treasurer <br />Appendix A to Loan Contract #C153770 <br />