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<br />. <br />.. <br /> <br />,...'~.. <br />. ) <br /> <br />.-"- '. <br /> <br />RECEIVED <br />JAN 1 6 1996 <br /> <br />Colorado Waler <br />RESOLUTION OF THE STOCKHOLDF.RS Conservation Boa.d <br />OF THE APPLETON ML3S0 DITCH COMPANY <br /> <br />Concerning a loan in amount of $40,000 from the State of Colorado Water Conservation <br />Board (hereafter referred to as the STATE), for the purpose of enclosing existing ditch in <br />pipeline for salinity control, the following resolutions were adopted by the Stockholders of the <br />Appleton ML350 Ditch Company (hereafter referred to as the COMPANY), at a meeting of the <br />Stockholders held January L, 1996, at Grand Junction, Colorado, and are irrepealable <br />during the !ife of the loan. The Stockholders hereby authorize the Board of Directors as <br />follows: <br /> <br />a. RESOLVED, to contract for this loan debt, and authorize the President and the <br />Secretary to pay the indebtedness on behalf of the COMPANY, and <br /> <br />b. RESOLVED, to execute the deed of trust (Appendix B to the loan contract) as <br />security required by the STATE as may be required by the loan contract, and <br /> <br />c. RESOLVED, to make and levy assessments sufficient to payoff the loan contract <br />pursuant to its terms-and to discharge this lawful indebtedness, and <br /> <br />d. RESOLVED, to set aside this assessment revenue in a special fund, separate and <br />apart from other COMPANY revenues to assure repayment of this revenue to the STATE, <br />and <br /> <br />e. RESOLVED, to execute a Uniform Commercial Code Security Agreement and <br />Financing Statement (Appendix C to the loan contract) to pledge such assessment <br />revenues in favor of the STATE to secure the repayment of the loan to the STATE. <br /> <br />Dated this It) day of January, 1996 <br /> <br />Appleton ML350 Ditch Company <br /> <br />By ~ /(/aM~JJ jJ~, <br /> <br />f/ Janice Muller, President <br /> <br /> <br />APPENDIX A <br />