C153757 Contract

• Contract/PO #: C153757
• Contractor Name: Decker Lateral Company
• Contract Type: Loan
• Water District: 3
• County: Weld
• Bill Number: SPL
• Loan Projects - Doc Type: Contract Documents

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STOCKHOLDERS RESOLUTION of the
DECKER LATERAL COMPANY

Conceming a loan in amount of $100,000 from the State of Colorado Water Conservation
Board (STATE), for the purpose of rehabilitating 7,900 linear feet of the lower end of
Decker Lateral Ditch, the following resolutions were adopted by the Stockholders of the
Decker Lateral Company (COMPANY), at a Stockholders' meeting held February 1, 1997,
at Eaton, Colorado. The Stockholders hereby charge that these resolutions be
irrepealable during the life of the loan and hereby authorize the Board of Directors as
follows:

1. RESOLVED, to enter into a contract with the Colorado Water Conservation board for
a loan in the amount of $100,000, and to comply with all the terms of the loan
contract, and

2. RESOLVED, to make and levy assessments sufficient to pay the amounts for the
annual loan payment and the deposit to the reserve debt service fund due under the
loan contract, and

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3. RESOLVED, to place assessment revenues pledged to make annual loan payments
and to make annual deposits to the reserve debt service fund in a special account
separate and apart from other COMPANY revenues, and

4. RESOLVED, to make annual payments and to make annual deposits to a debt
service reserve fund in accordance with the loan contract, and

, 5. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of
one annual loan payment ($5,959.82) as security for the loan, and to execute an
assignment of certificate of deposit in accordance with the loan contract, and '

6. RESOLVED, to execute a security agreement to secure the revenues pledged to
repay the loan.

Adopted this 151 day of February 1997:

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The Decker Lateral Company

By ;tJJ;/ ~1 J~

Robert A. Wardlaw, President

By