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<br />,..:~ <br />') <br />. " <br /> <br />RESOLUTION of the BOARD OF DIRECTORS of SMITH IRRIGATION DITCH <br /> <br />Conceming a loan in the amount of $50,000 from the State of Colorado Water Conservation <br />Board ("CWCS") for the purpose of financing the construction of a new diversion structure on <br />Elkhead Creek, the Board of Directors of Smith Irrigation Ditch ("the Company") adopted the <br />following resolutions at a meeting held on f)</(, '1 , 1997 at Craig, Colorado. The <br />Board of Directors hereby charges that these resolutions shall be irrepealable for the term of <br />the loan and hereby authorizes the President and Secretary as follows: <br /> <br />1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of $50,000 ("Loan Contract"); and <br /> <br />2. RESOLVED, to levy and collect dues and assessments in an amount sufficient to pay the <br />annual amounts due under the Loan Contract, including deposits to the reserve debt service <br />fund, and to pledge those revenues and the Company's right to receive said revenues from <br />its members for repayment of the loan; and <br /> <br />3. RESOLVED, to place the dues and assessment revenues pledged to make annual loan <br />payments in a special account separate and apart from other Company revenues; and <br /> <br />4. RESOLVED, to make annual loan payments in accordance with the promissory note and to <br />make annual deposits to a debt service reserve fund as required by the Loan Contract; and <br /> <br />5. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of one <br />annual loan payment as security for the loan, and to execute an assignment of certificate of <br />deposit as required by the Loan Contract; and <br /> <br />6. RESOLVED, to execute a Deed of Trust to convey a security interest to the CWCB in the <br />Company's new diversion structure; and <br /> <br />7. RESOLVED, to execute all other documents required by the Loan Contract, including, but <br />not limited to, a Security Agreement and Assignrnent of Deposit Account as Security to <br />secure the revenues pledged to repay the loan, and the Promissory Note. <br /> <br />,I;" I /; <br />Adopted this ~ day of t',. 'f" &y 1997. <br /> <br />Smith Irrigation Ditch <br /> <br />By ~L;(\R~ <br />Keith Pankey, P~sident <br /> <br />SEAL <br /> <br />A -F'~r ,/l.J /19- <br />SY':kJ~-.J~ <br />Julie Davidson, Secretary <br /> <br />Appendix 1 to Loan Contract C153787 <br />