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<br />RESOLUTlONS OF THE BOARD OF DIRECTORS
<br />OFTHE PLUMB AND DAILEY DITCH COMPANY
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<br />The Board of Directors of the Plumb and Dailey Ditch Company (Company), at a meeting
<br />held /)(1- L..j , ?OOO, at ~/I ~..;;f , Colorado, adopted the following resolutions
<br />concerning a loan in tbe amount of up to $42,000, not to exceed 90% of actual construction
<br />costs, from the State' of Colorado Water Conservation Board (CWCB), for the purpose of
<br />rehabilitation of the company's diversion structure on Boulder Creek.
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<br />At said mee,ing, the Board charged that these :esclutions are irreoealable during the term of
<br />the loan and, pursuant to the Company's bylaws, authorized the Presidem and Corporare
<br />Sec:etary as follows,
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<br />1. RESOLVED,;o enter Into and comply with [he terms of a contract with the Coioraco Warer
<br />Conservation Board for a loan In the amount of $42,000, or such actual amount, more or
<br />less, as needed to finance up to 90% of the project costs, and
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<br />2, RESOLVED, to levy and collect assessments from the stockholders in an amount sufficiem
<br />to pay the annual amounts due under the Loan Contract, and to pledge assessment
<br />revenues and the Company's right to receive said revenues for repayment of the loan, and
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<br />3, RESOLVED, to place said pledged revenues In a special account separate and apart from
<br />other COMPANY revenues, and
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<br />4, RESOLVED, to make the annual payments required by the promissory note and to make
<br />annual deposits to a debt service reserve fund, and
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<br />~. RESOLVED, to obtain a certificate of deposit in the amoum of one annual loan payment to
<br />serve as collateral and to execute an Assignment of Cerrificate of DepOSit, and
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<br />6. RESOLVED, to execute all documents as required by the loan contrac:, including, but nO{
<br />limited to, a Security Agreement, Assignment Of Deposit Account As Security, and 2.
<br />P:omissory Nore, and
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<br />7. RESOLVED, to take such other actions and to execute such other documents as may be
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<br />CECiTIFiCAilON
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<br />Tc;E UNDECiSIGNED, THE PRESIDENT AND THE CORPORATE Si::CRETARY, RES?::C:7IvEc'r, HECiE3Y Ci::CiTIFY THAT
<br />THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DUL'( ADOPED A, A MEETING OF ,HE
<br />CCMPANY'S BOARD OF DIREC:,ORS DULY CALLED AND HELD AS ABOVE REC::Ti::O, PUPSUANT ,0 ,HE COMPANY'S
<br />BYLAWS, AND THA, SAID RESOLUTIONS HAVE NOT BE=:N AMENDED OP RESCINDED,
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<br />GIVEN UNDECi OUR HANDS AND THE SEAL OF THE COMPANY THE 44 DAY OF Ocl-oh~v 2000,
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<br />(S EA L)
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<br />By ~ M~;;ams, PreSident
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<br />A TlEST:
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<br />By '1~~-s:::e!a~j~
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<br />Appendix 1 b to Loan Contract C150048
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