C150008 Contract

• Contract/PO #: C150008
• Contractor Name: Leroux Creek Water Users Association
• Contract Type: Loan
• Water District: 40
• County: Delta
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Contract Documents

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RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE LEROUX CREEK WATER USERS' ASSOCIATION

WHEREAS, On December 14, 1998, the Board of Directors of the Leroux Creek Water Users'
Association (Association) were authorized by the Stockholders to borrow money from the Colorado Water
Conservation Board (State) for the rehabilitation of the Carl Smith Reservoir Dam.

WHEREAS, Due to unforeseen costs of the rehabilitation of the dam, the Association is requesting
that the existing contract with the State for a loan in the amount of $1,250,000 be increased by $200,000.

NOW THEREFORE, the Board of Directors, at its meeting held on December 13, 1999,
charge that the following resolutions are irrepealable during the term of the loan and, pursuant to
the Association's bylaws, authorize the Board of Directors and officers as follows:

1. RESOLVED, to enter into and comply with the terms of a contract with the Colorado Water
Conservation Board for loans in the amount of LlP to $1,450,000, and

2. RESOLVED, to levy and collect assessments from the stockholders in an amount sufficient to pay the
annual amounts due under each Loan Contract, and to pledge assessment revenues and the
Association's right to receive said revenues for repayment of each loan, and

3. RESOLVED, to place said pledged revenues in a special account separate and apart from other
Association revenues, and

4. RESOLVED, to make the annual payments rE!quired by each promissory note and to make annual
deposits to a debt service reserve fund, and

5. RESOLVED, to pledge certain property of the Association as collateral for each loan and execute the
deeds of trust or other documents necessary to convey a security interest in said property to the
CWCB, and

6. RESOLVED, to execute all documents as required by each loan contract, including, but not limited to,
a Security Agreement, Assignment Of Deposit Account As Security, and a Promissory Note, and

7. RESOLVED, to take such other actions and to execute such other documents as may be necessary to
consummate and implement each loan.

CERTIFICATION

THE UNDERSIGNED, THE PRESIDENT AND THE CORPoRATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT THE
FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLtlTIONS DULY ADOPTED AT A MEETING OF THE ASSOCIATION'S
BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED. PURSUANT TO THE ASSOCIATION'S BYLAWS, AND THAT
SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED.

GIVEN UNDER OUR HANDS AND THE SEAL OF THE ASSOCIATION THE f1 thDAy OF DECEMBER 1999.

By

(S EAL)

ATTEST:

By

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