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<br />.h\ <br />I, '-) <br />",. <br /> <br />RESOLUTIONS OF THE STOCKHOLDERS <br />OF THE LEROUX CREEK WATER USERS' ASSOCIATION <br /> <br />WHEREAS, On December 14, 1998, the Stockholders of the Leroux Creek Water Users' <br />Association (Association) adopted a resolution authorizing the Association to borrow money from the <br />Colorado Water Conservation Board (State) for the rehabilitation of the Carl Smith Reservoir Dam. <br /> <br />WHEREAS, Due to unforeseen costs of the rehabilitation of the dam, the Association is requesting <br />that the existing contract with the State for a loan in the amount of $1 ,250,000 be increased by $200,000. <br /> <br />NOW THEREFORE, the Stockholders, at the annual meeting held December 13, 1999, <br />charge that the following resolutions are irrepealable during the term of the loan and, pursuant to <br />the Association's bylaws, authorize the Board of Directors and officers as follows: <br /> <br />1. RESOLVED, to enter into and comply with the terms of the loan contracts with the Colorado Water <br />Conservation Board for loans in the amount of UP to $1,450,000, and <br /> <br />2. RESOLVED, to levy and collect assessments from the stockholders in an amount sufficient to pay the <br />annual amounts due under each Loan Contract, and to pledge assessment revenues and the <br />Association's right to receive said revenues for repayment of each loan, and <br /> <br />3. RESOLVED, to place said pledged revenues in a special account separate and apart from other <br />Association revenues, and <br /> <br />4. RESOLVED, to make the annual payments required by the promissory notes and to make annual <br />deposits to a debt service reserve fund, and <br /> <br />5. RESOLVED, to pledge certain property of the Association as collateral for the loans and execute the <br />deeds of trust or other documents necessary to convey a security interest in said properties to the <br />CWCB, and . <br /> <br />6. RESOLVED, to execute all documents as required by each loan contract, including, but not limited to, <br />a Security Agreement, Assignment Of Deposit Account As Security, and a Promissory Note, and <br /> <br />7. RESOLVED, to take such other actions and to execute such other documents as may be necessary to <br />consummate and implement each loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, RESPECTIVELY, THE PRESIDENT AND SECRETARY OF THE ASSOCIATION, HEREBY CERTIFY THAT THE <br />FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLLJTlONS DULY ADOPTED AT A MEETING OF THE ASSOCIATION'S <br />STOCKHOLOERS DULY CALLED AND HELD AS ABOVE RECITED. PURSUANT TO THE ASSOCIATION'S BYLAWS, AND THAT SAID <br />RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE ASSOCIATION THE I 3 J:b, DAY OF DECEMBER 1999. <br /> <br />(S EAL) <br /> <br />By <br /> <br /> <br />ATTEST: <br /> <br />By <br /> <br />~~ <br />.......-co"x ra secret~ / - (:-~_ H <br /> <br />Attachment 1 to Contract C150008 Amendment No.1 <br />