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<br />BEAVER PARK WATER, INC. <br />RESOLUTION ofthe BOARD OF DIRECTORS <br /> <br />On October 23, 1996, the Board of Directors of the Beaver Park Water, Inc. (Company) adopted a <br />resolution authorizing the Company to enter into a contract with the State of Colorado Water <br />Conservation Board (State) for a loan in the amoLlnt of $750,000, for the purpose of rehabilitating the <br />Brush Hollow Dam, as authorized by the Company's stockholders at their Annual Meeting held on <br />February 28, 1995. <br /> <br />After construction on the rehabilitation project was started, it was discovered that the outlet pipe would <br />need to be replaced. The loan authorization from the State was increased by $225,000 years to be used <br />to finance up.to 75% of the cost of the outlet pipe repair. The total 101m amount shall be $975,000 at <br />3.5% interest for a term of 30 years <br /> <br />The Board of Directors, at their meeting held March 25 , 1997, at Penrose, Colorado, <br />hereby charge that as authorized by the Stockholders at their meeting held February 25, 1997, the <br />following resolutions be adopted and made irrepealable during the life of the loan and hereby authorizes <br />the President and Secretary as follows: <br /> <br />a. RESOLVED, to enter into an amendment to Loan Contract #C153742 with the State for an increased <br />loan amount of $975,000, and to comply with alllhe terms of the contract amendment, and <br /> <br />b. RESOLVED, to authorize the President and ths Secretary to pay the indebtedness on the total loan <br />debt on behalf of the COMPANY, and'.' <br /> <br />c, RESOLVED, to make and Ie:Yy assessments sufficient to pay the amounts due under the Loan <br />Contract, as amended, and to establish a reserVe debt service fund equivalent to an annual payment <br />within a periOd of ten (10) years, and <br /> <br />d. RESOLVED, to set aside the assessment revenue for both the annual payments and the reserve <br />debt service fund in a special account separate and apart from other COMPANY revenues to assure <br />repayment of this revenue to the STATE, and <br /> <br />e, RESOLVED, to execute an amended deed of trust as security required by the STATE, to secure the <br />collateral for the Loan Contract, to execute an amended Security Agreement to secure the revenues <br />pledged to repay the Loan Contract, and to execute a promissory note, <br /> <br />Adopted this 25th day of March <br /> <br />1997, <br /> <br />ATTE~T:U <br /> <br /> <br />~h"S.""fui' Sel:/!; ~ <br /> <br /> <br />Exhibit 1 to Contract #C153742 Amendment #1 <br />