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<br />'~:'l <br /> <br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE ELMWOOD LATERAL DITCH CO. <br /> <br />Concerning a loan in the maximum amount of $80,000 from the State of Colorado Water <br />Conservation Board (hereaher referred to as the STATE), for the purpose of financing <br />approximately 30% of the cost of placing their ditch in a pipeline as part of the salinity <br />control program for the Elmwood Lateral Ditch Co., the following resolutions were <br />(unanimously) adopted by the Board of Directors of the Elmwood Lateral Ditch Co., (hereaher <br />referred to as the BORROWER), at a meeting of the Board of Directors held :( oJ" e.- ~ 7 ' <br />1994, at Fruita, Colorado. <br /> <br />a. RESOLVED, thatthe Board of Directors hereby authorizes the BORROWER to contract <br />for this loan debt, and authorizes the President and the Secretary to pay the <br />indebtedness on behalf of the BORROWER, and <br /> <br />b. RESOLVED, that the Board of Directors hereby authorizes the BORROWER to execute <br />the deed of trust as security required by the STATE, as specified in the Security Interest <br />provisions of this contract, and <br /> <br />c. RESOLVED, thatthe Board of Directors hereby authorizes the BORROWER to make and <br />levy assessment(s) sufficient to payoff this contract loan pursuant to its terms, and <br /> <br />d , RESOLVED, that the Board of Directors hereby authorizes the BORROWER to set aside <br />this assessment revenue in a special fund separate and apart from other BORROWER <br />revenues to assure repayment of this revenue to the STATE, and <br /> <br />e, RESOLVED, that the Board of Directors hereby authorizes the BORROWER to sign a <br />security interest in such assessment revenues in favor of the STATE to secure the <br />repayment. <br /> <br />Dated this ~ day oJ~ 1994 <br /> <br />ATTEST: <br />J-"""P K rL,~, c,<? <br /> <br /> <br />idJ <br /> <br />A TT ACHMENTS\Elmwood.res <br /> <br />APPENDIX A <br />