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<br />, ,~\ <br /> <br />RECEIVED <br />JAN 2 7 1997 <br /> <br />. ..:SOLUTION of the SHAREHOLDLrlS <br />of the WELDON VALLEY DITCH COMPANY <br /> <br />Colorado Wat~!r <br />Concerning a loan in amount of $188,000 from the State of C~ele" EWater <br />Conservation Board (STATE), for the purpose of rehabilitating the river diversion <br />structure, the following resolutions were adopted by the Shareholders of the Weldon <br />Valley Ditch Company (COMPANY), at the Shareholders' annual meeting held January <br />11, 1997, at Weldona, Colorado. The Shareholders hereby charge that these <br />resolutions be irrepealable during the life of the loan and hereby authorize the Board <br />of Directors as follows: <br /> <br />1. RESOLVED, to contract with the Colorado Water Conservation board for a loan <br />in the amount of $188,000, and to comply with all the terms of the loan contract, <br />and <br /> <br />2. RESOLVED, to make and levy assessments sufficient to pay the amounts for the <br />annual loan payment and the deposit to the reserve debt service fund due under the <br />loan contract, and <br /> <br />3. RESOLVED, to place assessment revenues pledged to make annual loan <br />payments and to make annual deposits to the reserve debt service fund in a special <br />account separate and apart from other COMPANY revenues, and <br /> <br />4. RESOLVED, to make annual payments in accordance with the loan contract, and <br /> <br />5. RESOLVED, to make annual deposits to a debt service reserve fund in <br />accordance with the loan contract, and <br /> <br />6. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount <br />of one annual loan payment ($13,227.88) as security for the loan, and to execute <br />an assignment of certificate of deposit in accordance with the loan contract, and <br /> <br />7. RESOLVED, to execute a security agreement to secure the revenues pledged to <br />repay the loan. <br /> <br />Adopted this 11 th day of January 1997. <br /> <br />Weldon Valley Ditch Company <br /> <br />By a, ~ / (J;{ 12;/ <br />Gerald Baugh, Pr dent <br /> <br />ATTEST: <br />By~~/2.,1'Af L T- <br />o <br />