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<br />. <br /> <br />. <br /> <br />favor of the State; and the setting aside of such assessment <br />revenues in a separate fund unavailable for any other uses. <br /> <br />WHEREAS, in addition, if funds derived from such assessments <br />are inadequate to provide the state with the required monies, the <br />additional security listed below is to be held in trust by the <br />State of Colorado until such time as the loan is paid off. <br /> <br />Security is an undivided fifty percent (50%) of the follow- <br />ing: <br /> <br />1. 4000 plus or minus linear feet of 6" PVC pipe with <br />appurtenances. <br />2. 1600 plus or minus linear feet of 8" PVC pipe with <br />appurtenances. <br /> <br />3. 3 metal flumes. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF <br />THE COMPANY at a special meeting that: <br /> <br />1. The Ish Reservoir Company is authorized to sign the <br />attached contract with the State to borrow THIRTY~SIX THOUSAND <br />DOLLARS ($36,000.00) in principal and to repay a total amount of <br />FIFTY-SEVEN THOUSAND SEVEN HUNDRED SEVENTY-FIVE and 80/100 <br />DOLLARS ($57,775.80) on the terms and conditions stated therein <br />for the purpose of repair and rehabilitation of Ish Dam. <br /> <br />2. The president and the secretary of the Company are <br />authorized to sign the contract on behalf of the Company. <br /> <br />3. As assessment is hereby authorized to be levied in a <br />timely manner and in an amount sufficient to assure repayment to <br />the State of the loan according to the terms and conditions of <br />the contract. This contract loan debt is for the purpose of <br />maintaining the Ish Dam and of protecting the interests of the <br />shareholders, and of discharging this lawful contract debt plus <br />interest. The Board of Directors shall include this contract <br />repayment expense in its annual estimate of expenses and shall <br />make any additional assessments necessary to assure repayment to <br />the State as required by the contract, in the manner provided in <br />the Articles of Incorporation and By-laws of the Company. <br /> <br />4. In the event of any default in repayment to the State, <br />as determined in writing by the State, the Company is authorized <br />to immediately take any lawful action to cure such default. The <br />Company is also authorized to take any other lawful action which <br />may be required by the Articles of Incorporation or By-laws to <br />properly execute this contract and perform all the terms and <br />conditions thereof in a timely manner. <br />