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<br />RESOLUTION OF THE BOARD OF DIRECTORS <br />OF THE WINDSOR RESERVOIR & CANAL COMPANY <br /> <br />Concerning a loan in the amount of$I,155,000, which would constitute an additional loan and <br />Amendment No. I to Contract No. C153725 with the Colorado Water Conservation Board ("CWCB") <br />for the purpose of maintenance, repair and improving or replacing outlet structures on Annex, No. 8 <br />and Elder Reservoir, the following resolutions were adopted by the Board of Directors of the Windsor <br />Reservoir & Canal Company ("WRCC") at a meeting held February 9,2001 at Eaton, Colorado. The <br />Board of Directors hereby authorizes the President and Secretary, on behalf ofWRCC, as follows: <br /> <br />a) RESOLVED, to contract with CWCB for an additional loan in the amount of <br />$1,155,000.00, and to comply with all of the terms and conditions of the Contract Amendment No.1 <br />and the attachments thereto, including the Promissory Note, Amended Deed of Trust and Amended <br />Security Agreement (the "Amended Loan Documents"); <br /> <br />b) RESOLVED, to pay the indebtedness on behalf of WRCC as represented by the <br />Amended Loan Documents; <br /> <br />c) RESOLVED, to make and levy assessments sufficient to pay the amounts due under the <br />Amended Loan Documents and to establish a reserve debt service fund equivalent to one-half (1/2) of <br />the annual payment thereunder within a period of five (5) years; <br /> <br />d) RESOLVED, to set aside this assessment revenue for both the annual payments and the <br />reserve debt service fund in a special account separate and apart from other Company revenues to <br />assure repayment of this revenue to CWCB; <br /> <br />e) RESOLVED, to execute the Amended Deed of Trust as security required by CWCB as <br />specified in the collateral provisions of the Amended Loan Documents; and <br /> <br />f) RESOLVED, to execute a UCC Amended Security Agreement and associated <br />Financing Statement to pledge such assessment revenues in favor of CWCB as additional security in <br />accordance with the pledge of revenues provisions ofthe Amended Loan Documents. <br /> <br />Dated February 9th, 2001. <br /> <br />WINDSOR RESERVOIR & CANAL COMPANY <br /> <br />By: ~ rf? f.fULJ ~~..... <br />Elmer R. Gustafson, resident <br /> <br />AT~ . <br />By ~1 <br /> <br />Donn Engel, S cretary <br />