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

,,,u" . "",,"axeS and Parcel Depat au FAX NO.

Jan. 15 2003 11:28AM P1

RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE RIVERSIDE DITCH AND ALLEN EXTENSION COMPANY

The Board of Directors 9,f The Lama Dhch and Lateral Company (Company), at a meeting held
c:r4nU""'~" , 2001, at Buena Vista. COlo/1ldo, adopted tile following resolutions conceming a
loan in tile amount of up to $50,000 from Ihe State of Colorado Water Conservation Board (CWCS),
for construction of siphons.

At said meeting, the Board charged that Ihese 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 tenns of a contract with the Colorado Water Conservation
Board for a loan in tile amount of $50,000, or such 'Ictua! amount, more or less, as needed to
finance the pmjeCl costs, and

2. to levy and collect assessments from the shareholders In anlll110unt Sufficient to pay the annual
amounts due under the I..oan Contrad, and to pledge assessment revenues and the company's
right 10 receive said revenues for repaymenl of the loan, and

3. 10 place said pledged revenues in a special accounl separate end apart from other COMPANY
revenues, and

4. 10 make the annual payments required by Ihe promls~;ory note and to make annual deposits to a
debt service reserve fund. and

5. to exl!Cl.lle 8 deed of tIUSI to convey a security interest to the CWCS in the ditch owned by the
Company, and

6. to execute all documents as reqUired by the loan coOlracl, indlll:lil'lQ, bu\ not limited to, a Security
Agreement and a Promissory Note. Snd

7. to take suCh other acUons snd to execute such other documenls as may be necessary to
consummate and implement the loen, I

CER'nAC/lTION

THE UNDERSIGNED, THE PRESIDENT AlID THE CORpORATE SECRETARY, RESPEC1lVELY, HEREBY CERllFY
THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF
THE COMPANY's BOARD OF DIRECTORS DULY CALLED AND liELO AS ABOVE RECITED, PURSUANT TO THE
COMPANY'S BYLAWS, AND THAT SAID RESOLUTIoNS HAVE NOT BEEN AMENDED RESCINDED.

GIVEN UNDER OUR HANDS AND THE SEAL OF THE CoMPANY The..L.5- DAY OF 200 J.

(SEAL) ::;':

By..

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By . ~d 1'hJ:,pu
Sussn L Miller, Corporate secretery

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