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<br />-') <br /> <br />.~ <br /> <br />RESOLUTION of the MEMBERS of SMITH IRRIGATION DITCH <br /> <br />Concerning a loan in the amount of $50,000 from the State of Colorado Water Conservation <br />Board ("CWCB") for the purpose of financing the construction of a new diversion structure on <br />Elkhead Creek, the members of Smith Irrigation Ditch ("the Company") adopted the following <br />resolutions at a special meeting held on GJc.r '" /9't 7 ,1997 at Craig, Colorado. The <br />members hereby charge that these resolutions shall be irrepealable for the term of the loan and <br />hereby authorize the Board of Directors 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 Assignment of Deposit Account as Security to <br />secure the revenues pledged to repay the loan, and the Promissory Note. <br /> <br />Adopted this "1 t!1 day of (JJt; M j ~ 1997. <br /> <br />Smith Irrigation Ditch <br /> <br />By 4:!~R L <br /> <br />Keith Pankey, lVtesident <br /> <br />SEAL <br /> <br />ATTEST: ;.J /1'7 <br /> <br />By ~ I-'JL../J_ <br />Julie Davidson, Secretary <br />