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<br />:>-. <br />. , <br />:-/:~) <br /> <br />,_. <br /> <br />RESOLUTION OF THE BOARD OF DIRECI'ORS <br />OF THE <br />WINDSOR RESERVOIR AND CANAL COMPANY <br /> <br />Concerning a loan in amount of $300,000 from the State of Colorado Water Conservation <br />Board (here after referred to as the State), for the purpose of making emergency repairs to <br />the Poudre Valley Canal; the following resolutions were (unanimously) adopted by the <br />Board of Directors of The Windsor ReserVoir and Canal Company (here after referred to <br />as the Borrower), at a meeting of the Board of Directors held March 4 , 1994, at <br />Eaton , Colorado. <br /> <br />a. RESOLVED, that the Board of Directors hereby authorizes the Borrower to <br />contract for this loan debt, and authorizes the President and the Secretary to pay the <br />indebtedness on behalf of the Borrower, and <br /> <br />b. RESOLVED, that the Board of Directors hereby authorizes the Borrower to <br />execute the deed of trust as security required by the State, as specified in the Deed of <br />Trust provisions of this contract, and <br /> <br />c. RESOLVED, that the Board of Directors hereby authorizes the Borrower to make <br />and levy assessment(s) sufficient to payoff this contract loan pursuant to its terms and <br />to discharge this lawful indebtedness, and <br /> <br />d. RESOLVED, that the Board of Directors hereby authorizes the Borrower to set <br />aside this assessment revenue in a special fund separate and apart from other <br />Borrower revenues to assure repayment of this revenue to the State, and <br /> <br />e. RESOLVED, that the Board of Directors hereby authorizes the Borrower to sign <br />a security interest in such assessment revenues in favor of the State to secure the <br />repayment. <br /> <br />Dated this 8th day of <br /> <br />March <br /> <br />t994 <br />, - <br /> <br />TIlE WINDSOR RESERVOIR AND CANAL co. <br /> <br />CO. <br /> <br /> <br /> <br />C:\wpSl\W1NDSOR. <br /> <br />EXHIBIT A <br />