C150115 Contract

• Contract/PO #: C150115
• Contractor Name: Riverside Ditch and Allen Extension Company, The
• Contract Type: Loan
• Water District: 11
• County: Chaffee
• Bill Number: MC3
• Loan Projects - Doc Type: Contract Documents

RESOLUTIONS OF THE SHAREHOLDERS
OF THE RIVERSIDE DITCH AND ALLEN EXTENSION COMPANY

The Shareholders of The Riverside Ditch and Allen Extension Company (Company), at a Shareholders'
meeting held kl-/.3. {),Z ,2002, at Buena Vista, Colorado, adopted the following resoiutions concerning
a secured loan from the State of Colorado Water Conservation Board (CWCB), for the purpose of
construction of new siphons, in the amount of $50,000 or such actual amount, more or less, as may be
needed by the Company and available from the CWCS.

At said meeting, the Shareholders charged that these resolutions are irrepealable during the term of the
loan and, pursuant to the Company's bylaws, authorized the Board of Directors and officers, 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 $50,000, or such actual amount, more or less, as needed to finance 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 execute a deed of trust to convey a security interest to the CWCB in the ditch owned by the
Company, and

6. to execute all documents as required by the loan contract, including, but not limited to, a Security
Agreement and a Promissory Note, and

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

CERTIFICATION

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BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT B EN AMENDED OR RESCINDED.",

GIVEN UNDER OUR HANDS AND THE SEAL OF THE C PANY A g'iL DAY 0,,", !J.if.c,'b>1.dE'JC'. 2002.
I
,7

(SEAL)

ATTEST:
. 1
By ,~6({OI 'ti1. J., lfu iFtA
Susan C. Miller, Corporate Secretary

Appendix 3 to Loan Contract C150115