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'~" r.",'-.tl - RESOLUTION OF THE BOARD OF DIRECTORS OF THE WINDSOR RESERVOIBAND CANAL COMPANY Concerning a loan in amount of $ 1,202,000 from the State of Colorado Water Conservation Board (STATE), for the purpose of repairing the Poudre Valley Canal and replacement of the outlet pipeline from the Cobb Lake, the following resolutions were adopted by the Shareholders of the Windsor Reservoir and Canal Company (COMPANY), at a meeting held feb. " , 1996, at Eaton, Colorado, the following resolutions were adopted by the Board of Directors of the COMPANY. The Board of Directors hereby authorizes the President and Secretary, on behalf of the COMPANY as follows: a. RESOLVED, to contract with the Colorado Water Conservation Board for a loan in the amount of $ 1,202,000, and to comply with all the terms of the loan contract, and b. RESOLVED, to pay the indebtedness on behalf of the COMPANY, and c. RESOLVED, to make and levy assessments sufficient to pay the amounts due under the loan contract and to establish a reserve debt service fund equivalent to one-half an annual payment within a period' of five (5) years, and d. RESOLVED, to set. aside this assessment revenue for both the annual payments and the reserve debt service fund in a special account separate and apart from other COMPANY revenues to assure repayment of this revenue to the STATE, and e. RESOLVED, to execute the deed of trust as security required by the STATE, as specified in the Collateral Provisions of the loan contract, and f. RESOLVED, to execute a Uniform Commercial Code Security Agreement and Financing Statement to pledge such assessment revenues in favor of the STATE, in accordance with the Pledge of Revenues Provisions of the loan contract. Dated this ~ day of <;;,,-ie-J,.~ , ,1996. WINDSOR RESERVOIR AND CANAL COMPANY By ~L,...,I;tR.i:k.., ~&. J Elmer R. Gustafson, Pr ident APPENDIX A 1