PROJC00814

• Contract/PO #: C150034
• Contractor Name: Owl Creek Supply and Irrigation Company
• Contract Type: Loan
• Water District: 1
• County: Weld
• Bill Number: HB 00-1419
• Loan Projects - Doc Type: Contract Documents

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RESOLUTIONS OF THE BOARD OF DIRECTORS
of the Owl Creek Supply and Irrigation Company

The Board of Directors of the Owl Creek Supply and Irrigation Company (Company), at a meeting
heIChee.4-, I'1'I't ~,at Eaton, Colorado, adopted the following resolutions concerning a loan
in the amount of up to $450,000, not to exceed 90% of actual construction costs, from the State of
Colorado Water Conservation Board (CWCB), for the purpose of rehabilitation of the Owl Creek
Ditch hydraulic structures.

At said meeting, the Board charged that these resolutions are irrepealable during the term of the
loan and, pursuant to the Company's bylaws, authorized the President and Corporate Secretary,
RESOLVED as follows.,

1. To enter into and comply with the terms of a contract with the Colorado Water Conservation
Board for a loan in the amount of $450,000, or such actual amount, more or less, as needed
to finance up to 90% of the project costs, and

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

3. To place said pledged revenues in a special account separate and apart from other COMPANY
revenues, and
,

4. To make the annual payments required by the promissory note and to make annual deposits
to a debt service reserve fund, and

5, To obtain a certificate of deposit in the amount of one annual loan payment to serve as
collateral and to execute an Assignment of Certificate of Deposit, and

6. To execute a deed of trust to convey a security interest to the CWeB in certain property
owned by the Company, and

7. To execute all documents as required by the loan contract, including, but not limited to, a
Security Agreement and a Promi~~qT~LNot~,-,lnd

8. To take such other actions and to execute such other documents as may be necessary to
consummate and implement the loan.

CERTIFICATION

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

GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPAN::!dYTHE ~:o~u 2001.

(SEAL) . -.(') -;;~
By' :...~./~
, Steve Cecil, sident '

B

Appendix 1 b to Contract No. C150034