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<br />"CO <br />":.1 <br /> <br />RESOLUTION of the SHAREHOLDERS <br />of the Greeley and Loveland Irrigation COMPANY <br /> <br />Concerning a loan in amount of $23,400 from the State of Colorado Water Conservation <br />Board (STATE), for the purpose of conducting a feasibility study to evaluate the <br />rehabilitation or replacement of the project elements addressed in the Scope of Study, <br />(attached), the following resolutions were adopted by the Shareholders of the Greeley <br />~d . Loveland Irrigation ComP,j3ny (COMPANY), at a Shareholders' meeting held <br />.,~ .:L 1 ' 1997, at ~.n g ~' ' Colorado. The Shareholders hereby <br />harge at these resolutions be irrep alable during the life of the loan and hereby <br />authorize the Board of Directors as follows: <br /> <br />1. RESOLVED, to enter into a contract with the Colorado Water Conservation Board for <br />a loan in the amount of $23,400, 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 annual amounts due <br />under the loan contract including, but not limited to, annual loan payments and <br />deposits to the reserve debt service fund, and <br /> <br />3. RESOLVED, to place assessment revenues pledged to make annual loan payments <br />in a special 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 reserve debt service fund in accordance <br />with the loan contract, and <br /> <br />6. RESOLVED, to obtain a certificate of deposit to serve as collateral in the amount of <br />one annual loan payment ($2,778.31) as security for the loan, and to execute an <br />assignment of certificate of deposit in accordance with the loan contract, and <br /> <br />7. RESOLVED, to execute all documents as required by the loan contract, including, but <br />not limited to, a Security Agreement and Assignment Of Deposit Account As Security <br />to secure the revenues pledged to repay the loan, a Promissory Note, and an <br />Assignment Of Certificate Of Deposit. <br /> <br />Adopted this .;2.7-K.day of r ~ .... <br /> <br />1997. <br /> <br />Greeley and Loveland Irrigation <br />Company <br /> <br />B~ <br />Title: . <br /> <br />ATTEST' <br /> <br />BY~~~l!-..J , <br />"'if /T;CJ. ~>J <br />APPENDlx B TO LOAN CONTRACT #C153788 <br />