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<br />.' .,- .' ~1 <br /> <br />7 <br /> <br />RESOLUTIONS OF THE BOARD OF DIRECTORS . <br />OF THE WEST RHONE LATERAL DITCH COMPANY <br /> <br />The Board of Directors of the West Rhone Lateral Ditch Company (Company), at a meeting <br />held November $, 2000, at Fruita, Colorado, adopted the following resolutions conceming <br />a loan in the amount of up to $100,000, not to exceed 90% of actual construction costs, from <br />the State of Colorado Water Conservation Board (CWCB), for the purpose of rehabilitating the <br />lateral and establishing a new headgate. <br /> <br />At said meeting, the Board charged that these resolutions are irrepealable during the term of the <br />loan and, pursuant to trle Company's bylaws, authorized the President and Corporate Secretary as <br />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 $100,000, or such actual amoun~ more or less, <br />as needed to finance up to 90% of the project costs, and <br /> <br />2. RESOLVED, to levy and collect assessments from the shareholders in an amount sufficient to <br />pay the annual amounts due under the Loan Contract, and to pledge assessment revenues <br />and the Company's right to receive said revenues for repayment of the loan, and <br /> <br />3. RESOLVED, to place said pledged revenues in a special account separate and apart from <br />other COMPANY revenues, and <br /> <br />4. RESOLVED, to make the annual payments required by the promissory note and to make <br />annual deposits to a debt service reserve fund, and <br /> <br />5. RESOLVED, to obtain a certificate of deposit in the amount of one annual loan payment to <br />serve as collateral and to execute an Assignment of Certificate of Deposit. <br /> <br />6. RESOLVED, to execute all documents as required by the loan contract, including, but not <br />limited to, a Security Agreement, Assignment Of Deposit Account As Security, and a <br />Promissory Note, and <br /> <br />7. RESOLVED, to take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />THE uNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS OULY ADOPTED AT A MEETING OF THE COMPANY'S <br />BOARD OF DIRECTORS DULY CALLEO AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND <br />THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEt-j UNDER OUR HANDS AND THE SEAL OF THE COMPANYTHE =i4- DAY OF I1J1tlt=;!,lJ gt;/iooo. <br /> <br />E / <br /> <br />By <br /> <br /> <br />(SEAL) <br /> <br />:7EWd1~j <br /> <br />Carol L Todd, Corporale Secretary <br />